Generali China Life Insurance Company Ltd began operations on
Tuesday in Gunangzhou, capital of South China's Guangdong Province
-- the first joint-venture insurer since China joined the World
Trade Organization.
The new insurance company is a 50-50 joint venture founded by
Italy-based Assicurazioni Generali SpA and China National Petroleum
Corp (CNPC). Its registered capital is 200 million yuan (US$24
million).
Assicurazioni Generali SpA, established in 1831, is one of the
world's leading insurers. Generali has set up 176 insurance and
financial entities in approximately 50 countries and regions
worldwide.
CNPC is one of China's biggest and most influential State-owned
enterprises, focusing on the production and trade of petroleum and
natural gas.
"Insurance is an industry with an extremely huge potential in
China," noted Lin Jingao, chairman of the insurance company. "The
win-win partnership will make good use of the advantage of both
CNPC and Generali, and will favourably position the joint venture
in the competitive but lucrative life insurance market in
China."
CNPC's advantages include its financial strength, its good
understanding of the domestic market and its local management
experience, while Generali's advantages include its financial power
and its expertise in the insurance industry.
"This partnership underlines Generali's confidence in and long-term
commitment to the success of the joint venture, which will have the
opportunity of constantly sharing its international focus,"
remarked Sergio Balbinot, general manager of Generali Group, at the
opening ceremony.
(China Daily February 28, 2002)
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