30th Jan 2006 13:07
Prudential PLC30 January 2006 FOR IMMEDIATE RELEASE 30 January 2006 Prudential announces new city licence for Jinan in Eastern China. Prudential's life insurance joint venture in China, CITIC Prudential Life, hasbeen awarded a life insurance licence for the capital city of Jinan in ShandongProvince, north-east China. The licence is Prudential's first in Shandong andbrings Prudential's total city licences in China to eleven. Jinan is the capital city of Shandong and is the province's political andeconomic centre. The city reflects the compelling demographics of China and theopportunity that the region presents. Jinan has a population of 5.9 million, aGDP which increased 16% in the last year and a low insurance product penetrationrate. The Jinan branch is expected to be operational by the end of the secondquarter of 2006. Mark Norbom, Chief Executive, Prudential Corporation Asia said: "We are very excited about the Jinan licence because it means entry into a newprovince, Shandong, which has a population of 92 million people. It will alsocomplement our successful operations in nearby Beijing, Jiangsu and Shanghai." CITIC Prudential is committed to continuing its expansion in China and helpingto meet the life insurance needs of the Chinese people. - ENDS - Enquiries to:Media Investors / analystsJon Bunn 020 7548 3559 James Matthews 020 7548 3561Joanne Doyle 020 7548 3708 Marina Novis 020 7548 3511 *Prudential plc, a company incorporated and with its principal place of businessin the United Kingdom, and its affiliated companies constitute one of theworld's leading financial services groups. It provides insurance and financialservices directly and through its subsidiaries and affiliates throughout theworld. It has been in existence for over 150 years and has £214 billion inassets under management, (as at 30 June 2005). Prudential plc is not affiliatedin any manner with Prudential Financial, Inc, a company whose principal place ofbusiness is in the United States of America. About CITIC- Prudential CITIC Prudential, a joint venture between CITIC and Prudential, continues toexpand its presence in China since 2000. It currently has eleven city licencesfor individual life insurance, a licence permitting it to sell group lifeinsurance nationally in China and a network of over 11,000 agents and staff inChina. In addition to life insurance, CITIC Prudential also has a fundmanagement operation based on Shanghai with a national licence to sell retailmutual funds. City Province Date licence granted Launch DateGuangzhou Guangdong April 2000 October 2000Beijing Direct Administration Zone March 2003 August 2003Suzhou Jiangsu March 2004 September 2004Shanghai Direct Administration Zone November 2004 May 2005Foshan Guangdong February 2005 March 2005Dongguan Guangdong February 2005 March 2005Wuhan Hubei March 2005 August 2005Zhongshan Guangdong April 2005 May 2005Nanjing Jiangsu June 2005 July 2005Shenzhen Guangdong April 2005 July 2005Jinan Shandong January 2006 Q2 2006 About Prudential Prudential plc is a leading international financial services group, providingretail financial services and fund management in its chosen markets: the UnitedKingdom, the United States, Asia and continental Europe. Prudential has been writing life insurance in the United Kingdom for over 150years and has had the largest long-term fund in the United Kingdom for over acentury. Today, Prudential has over 16 million customers worldwide and over £214billion (as of 30 June 2005) of funds under management. In the United Kingdom Prudential is a leading life and pensions provideroffering a range of retail financial products. M&G is Prudential's UK &European Fund Manager, with around £126 billion of funds under management.Jackson National Life, acquired by Prudential in 1986, is a leading provider oflong-term savings and retirement products to retail and institutional customersthroughout the United States. Egg plc, in which Prudential has a 78 per centshareholding, provides banking, insurance and investment products through itsinternet site www.egg.com. Prudential is the leading European-based life insurer in Asia with operations in12 countries. About CITIC Group (China International Trust and Investment Corporation) CITIC was established on 4 October 1979 by Rong Yiren. The creation of CITIC wasinitiated and approved by Deng Xiaoping, chief architect of China's reform. CITIC is a window on the way China has opened to the outside world. Since itsinception, CITIC has always adhered to the principle of innovation. In line withgovernment laws, regulations and policies, CITIC has attracted and utilisedforeign capital, introduced advanced technologies, and adopted advanced andscientific international practices in operations and management. CITIC hasestablished successful, strong performing businesses in many fields. As aresult, CITIC has made significant contributions to the country's reform andopening up drive and has improved China's reputation both domestically andabroad. CITIC has grown into a large multinational conglomerate. It now owns 44subsidiaries in countries including Hong Kong, the United States, Canada,Australia and New Zealand. The company has also set up representative offices inTokyo, New York and Frankfurt. CITIC's core business ranges from financialservices to service industries. By the end of 2003, CITIC had total assets ofover RMB 596 billion (US$72 billion). This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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