Taiwan Life Insurance Co (台灣人壽) said yesterday its Chinese joint venture had gained the approval of the Beijing-based China Insurance Regulatory Commission to set up a branch office in Fuzhou City, Fujian Province.
King Dragon Life Insurance Co (君龍人壽), a 50-50 joint venture formed by Taiwan Life and China’s Xiamen C&D Corp (廈門建發集團) late last year, will be allowed to open for business in Fuzhou City, Taiwan Life said in a statement yesterday.
Chinese insurance authorities gave the green light to King Dragon to sell insurance policies in Fuzhou City on Monday.
The company was already operating in Xiamen City, where it opened in December with an initial investment of 240 million yuan (US$35.1 million).
The approval came after China’s State Council announced on May 14 it would make Fujian Province a priority investment destination for Taiwan before it agrees to expand banking cooperation across the Taiwan Strait.
The announcement “is very positive for Taiwan Life,” the statement said, adding that King Dragon would soon launch points-of-sale in Quanzhou City and Zhangzhou City, both in Fujian Province.
As part of its plan to expand in the Chinese life insurance market, the venture will open one branch office in China every year, the statement said.
Taiwan Life issued the statement before the close of the stock market, where the its share prices rose 5.68 percent to NT$27.9. The stock has risen 71.17 percent so far this year, but was still 47.16 percent lower than a year ago, Taiwan Stock Exchange data showed.
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