MetLife 934623
MetLife Inc's China venture said on Wednesday that its premiums grew to 1.6 billion yuan ($212.9 million) in the first nine months of this year, nearly nine times its premiums for all of 2006.
Bob Pei, chief executive of Shanghai-based United MetLife Insurance Co, told Reuters that the venture had applied to China's insurance regulator to open a second branch in the eastern Chinese province of Zhejiang. The first branch was opened early this year in neighbouring Jiangsu province.
"We are keen to expand outside Shanghai to boost our network and team of sales agents," said Pei.
"We will also cooperate with more domestic and foreign banks in China to boost our sales through bancassurance channels," he told Reuters on the sidelines of a media briefing.
China has become a magnet for foreign insurers due to its huge growth potential. Among China's 1.3 billion people, fewer than 4 percent have life insurance coverage.
Pei said his company's rapid growth in premiums this year was mainly due to strong economic growth, which is fuelling demand for insurance and wealth management products among the rising ranks of affluent Chinese.
United MetLife is a 50-50 venture between MetLife, the top U.S. life insurer, and Shanghai Alliance Investment Ltd, an investment arm of the Shanghai city government. ($1=7.514 Yua
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