China Admits Three More Foreign Insurers
Chinese regulators have given the green light to three more foreign companies to set up operations in the country. Licenses have been approved for the U.S. Liberty Mutual, the U.K.’s Standard Life, and a company identified as a Japanese Property Insurer.
Standard Life, Europe’s largest mutual life insurance company, will establish a 50-50 partnership (the maximum stake allowed under Chinese law) with Tianjin TEDA Investment Holdings Co. to be called Heng-An Standard Life Insurance Co.
Details concerning Liberty’s plans and those of the Japanese insurer have not yet been released.
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