Prudential, Citic Form Beijing's First Insurance Asset Management JV This Year
DATE:  Apr 03 2020
/ SOURCE:  yicai
Prudential, Citic Form Beijing's First Insurance Asset Management JV This Year Prudential, Citic Form Beijing's First Insurance Asset Management JV This Year

(Yicai Global) April 3 -- British life insurance leader Prudential and China's state-backed Citic Group have joined hands to establish Beijing's first insurance asset management joint venture formed this year to tap into the market with relaxed access.

Citic-Prudential Life Insurance put down CNY500 million (USD70.6 million) in registered capital to set up Prudential-Citic Asset Management to help it manage its assets better, the Local Financial Supervision and Administration Bureau's website showed yesterday.

China is further opening up for overseas firms as Premier Li Keqiang said last July that China will allow foreign entities to own securities, futures, and life insurance firms in China this year.

In January, the Banking and Insurance Regulatory Commission gave the green light to the Prudential Citic JV whose business scope includes selling insurance products, as well as managing yuan and foreign currency funds. 

The London-headquartered firm and the Beijing-based one have teamed up before by setting up Citic-Prudential Life Insurance in 2000. The JV had about CNY91.6 billion (USD12.9 billion) in total assets under management by the end of last June.

Founded in 1848, Prudential has maintained its position as the UK's largest life insurer since 1890.

Editor: Emmi Laine

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Keywords:   Prudential,Insurance