China Post Group approved to set up life insurance unit
China Post Group, a 10 bln-usd company formed out of the State Postal Bureau, said it has won regulatory approval to set up a life insurance unit.
In a recruitment advertisement published on the Renmin University of China website, the company said it received the approval from the China Insurance Regulatory Commission (CIRC) in June.
However, the CIRC declined to provide comment when contacted by XFN-Asia.
China Post can operate its insurance business through the country’s comprehensive postal network.
The group already has a 50-50 insurance joint venture, Sino-French Life Insurance Co Ltd, with France’s CNP Assurances.