31st Jan 2005 07:00
Prudential PLC31 January 2005 CITIC Prudential awarded group life insurance licence in China Embargo 07.00 Monday 31st January 2005 CITIC Prudential, the 50:50 life insurance joint venture between CITIC andPrudential plc today announced that it has been awarded a licence by the ChinaInsurance Regulatory Commission (CIRC) to sell group life insurance business inthe rapidly growing Chinese market. Wang Chuan, Vice Chairman CITIC Group said, "This new licence for group lifeinsurance complements the company's rapid geographic expansion in China. We areconfident CITIC Prudential will continue its impressive track record of growthand look forward to more positive developments in 2005." Mark Norbom, Chief Executive of Prudential Corporation Asia said "We are verypleased that we have been awarded a group life insurance licence for China. Weare committed to meeting more of the savings, protection and investment needs ofthe Chinese people and this licence will allow us to offer large numbers of newcustomers our high quality products and services." Captain Chia, Chief Executive Officer, CITIC Prudential commented, "CITICPrudential continues to grow its presence in China reaching out to more and morecustomers. In September 2004 we launched our Suzhou operation, in November 2004we were awarded a life insurance licence for Shanghai. This latest licence, forgroup life insurance, is further evidence of CITIC Prudential's strong momentumin the rapidly growing Chinese life insurance market." CITIC Prudential has seen great success since launching in Guangzhou on 13October 2000. It is the first Sino-British life insurance joint venture, and isalready among the top five providers in the Guangzhou market in terms of newbusiness. In August 2003, CITIC Prudential successfully launched their secondoperation in Beijing, and in September 2004 their third in Suzhou. In November2004 CITIC Prudential was awarded a life insurance licence for Shanghai. CITICPrudential Shanghai branch is expected to be open for business in the firstquarter of 2005. CITIC Prudential will begin offering group life insurance products in Q2 2005. - ENDS - Enquiries: Media Relations: Investors / analysts: Clare Staley 020 7548 3719 Marina Lee-Steere 020 7548 3511 Joanne Davidson 020 7548 3708 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 overUS$300 billion (as of 30 June 2004) 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 & EuropeanFund Manager, with around US$200 billion of funds under management. JacksonNational 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 24 operationsin 12 countries. Across the region Prudential Corporation Asia has 11 operationswith a top-five market share. * Prudential plc, a company incorporated and with its principal place ofbusiness in the United Kingdom, and its affiliated companies constitute one ofthe world's leading financial services groups. It provides insurance andfinancial services directly and through its subsidiaries and affiliatesthroughout the world. It has been in existence for over 150 years and has overUS$300 billion (170 billion) in assets under management, as at 30 June2004. Prudential plc is not affiliated in any manner with Prudential Financial,Inc, a company whose principal place of business is in the United States ofAmerica. About CITIC Group (China International Trust and Investment Corporation) CITIC was established on October 4 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 utilizedforeign 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 700 billion (US$84.6 billion). This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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