China Post Group wins approval to set up life insurance unit
The China Insurance Regulatory Commission (CIRC) said it has given its approval to China Post Group, a 10 bln-usd company formed out of the State Postal Bureau, to set up a life insurance unit in Beijing.
In a statement dated April 30, the CIRC said the unit will have registered capital of 500 mln yuan.
China Post is expected to operate its insurance business through the postal network.
The group has a 50-50 insurance joint venture, Sino-French Life Insurance Co, with France’s CNP Assurances.
Sino-French Life reported premium income of 8.16 mln yuan in the first three months.
(1 USD = 7.0 Yuan)
The China Insurance Regulatory Commission (CIRC) said it has given its approval to China Post Group, a 10 bln-usd company formed out of the State Postal Bureau, to set up a life insurance unit in Beijing.
In a statement dated April 30, the CIRC said the unit will have registered capital of 500 mln yuan.
China Post is expected to operate its insurance business through the postal network.
The group has a 50-50 insurance joint venture, Sino-French Life Insurance Co, with France’s CNP Assurances.
Sino-French Life reported premium income of 8.16 mln yuan in the first three months.
(1 USD = 7.0 Yuan)
