Close Close
Sign In
Newsletters
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor

Life Health > Life Insurance

Sun Life Venture Follows MetLife Venture Into Beijing

By Allison Bell

X
Your article was successfully shared with the contacts you provided.

NU Online News Service, Oct. 22, 2003, 10:02 a.m. EDT – Chinese insurance regulators have given Sun Life Financial Services Inc., Toronto, permission to sell life insurance in Beijing through a joint venture, Sun Life Everbright Life Insurance Company Ltd.

Sun Life formed Sun Life Everbright with China Everbright Group Ltd., Beijing, in April 2002.

China Everbright is a government-owned financial services company with three publicly traded affiliates.

The Sun Life Everbright joint venture now has a field force of 2,500 agents in 16 sales offices. The company has been selling term life insurance, participating life insurance and critical illness insurance in Tianjin, a Chinese port city with a population of 10 million, for more than a year.

The Tianjin operation had attracted 30,000 local customers and generated the equivalent of about $7 million in premium revenue by May 31, according to China Everbright.

Earlier this month, MetLife Inc., New York, announced that it is seeking permission from Chinese regulators to sell life insurance in Beijing, a city with a population of 13 million, through a joint venture with Capital Airports Holding Company, Beijing.

Chinese regulators have reacted to China’s accession to the World Trade Organization by granting many operating licenses to foreign life insurers in recent months. The regulators have been encouraging foreign life insurers to start out in smaller markets before moving into the bigger markets.

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.