CITIC-Prudential Life Insurance has announced that it will open a new branch in a province of China having received regulatory approval.
The insurer received approval from the China Insurance Regulatory Commission (CIRC) to set-up a branch in the Sichuan province, following its expansion into the Anhui province at the end of last year.
Preparatory work has now begun in the province, China’s fourth largest, which experienced a 43% year-on-year rise in life gross written premiums in 2016.
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“Over the last five years, our new business sales and profit in China have more than doubled, as has the number of active agents,” Tony Wilkey chief executive of Prudential Corporation Asia said.
“With Sichuan, we will have a presence in the top 10 provinces in China in terms of Life Gross Written Premiums.”
CITIC-Prudential Life Insurance was established in 2000 and was the first Sino-British insurance joint venture in China. With 169 sales offices in 69 cities, the firm is now represented in 15 provinces in China.
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