New York Life Insurance Company and Prudential Financial Inc. are moving to support earthquake relief efforts in China’s Sichuan Province.
A 7.9-magnitude earthquake struck the province May 12, and Chinese officials have estimated the quake may have killed tens of thousands of people.
New York Life, New York, has helped start a joint venture, Haier New York Life, that has offices in Chengdu, Deyang, Guaghan and Zhongjiang in China’s Sichuan province.
The lives of Haier New York Life employees and agents in the affected areas were spared by the earthquake, New York Life reports.
Employees and agents in China have been contributing cash and supplies to help Sichuan province employees, agents, policyholders and families affected by the earthquake, the company says.
New York Life has announced that it will donate $100,000 to aid and support earthquake relief efforts in China and match the contributions of employees and agents, with half of the money going to the Chinese Red Cross and half to other relief agencies.
“The people caught in the disaster area and the rescue workers making valiant efforts to save lives have been in our thoughts and prayers since we learned of this tragic event,” New York Life President Theodore Mathas says in a statement.
“Our support for our joint venture is strong, and our commitment to be there when our policyholders and friends need us is unwavering,” Mathas says. “We are confident the people struck by this disaster will find the courage to emerge from this challenge, and New York Life will stand firmly beside them.”
Prudential, Newark, N.J., which has invested in a joint venture, Everbright Pramerica, based in Shanghai, and also has other operations in China, does not believe employees or agents were directly affected by the earthquake, a company representative says.
Prudential is donating $150,000 to the American Red Cross earthquake relief efforts.