The ACE Group of Companies' partner organization, Huatai Life Insurance Company, a subsidiary of the Huatai Insurance Company, has received approval from the China Insurance Regulatory Commission to commence life insurance operations in China.
Huatai is our partner in China, a rapidly-developing and dynamic country, and we are pleased to receive a license to conduct life insurance business, said Evan Greenberg, president & CEO of ACE Limited.
We view a life presence in China as the centerpiece of our life insurance strategy in Asia. We have and will continue to provide management and technical support to ensure the success of Huatai Life, he continued.
Headquartered in Beijing with branches in 26 cities in China, Huatai Insurance Company is the first national joint-stock property and casualty insurance company formed in China and the first diversified insurance company to offer P&C, life and asset management services. ACE made a strategic investment in Huatai in 2002 and is the single largest shareholder.