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Regulators Approve Haier N.Y. Life Chengdu Office

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NU Online News Service, Sept. 15, 2004, 2:42 p.m. EDT

Chinese insurance regulators have given Haier New York Life, Shanghai, permission to open a branch in Chengdu, a city in western China.[@@]

Haier New York Life is a joint venture owned by New York Life Insurance Company, New York, and Haier Group, a Qingdao, China, appliance manufacturer. The joint venture started up in December 2002, and it generated the equivalent of about $10 million in premium income in 2003.

Chengdu is the capital of China’s Sichuan province and has a population of about 10 million. New York Life’s New York Life International unit opened a representative office in Chengdu in 1999.


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