Sino-US MetLife, a 50-50 joint venture (JV) between US life insurer MetLife and Shanghai Alliance Investment, has become the first Chinese insurer with foreign investment to receive regulatory approval to open a branch in Shanghai's free trade zone.
The approval was announced by Sino-US United Metlife Insurance Co.
Following approval from the China Insurance Regulatory Commission, the underwriter will have to complete all the formalities pertaining to the opening of a sub-branch within the six months.
Metlife has joined two other insurance firms, including, China Pacific Property Insurance and Dazhong Insurance, which have set up branches in the FTZ.
The Chinese government established free trade zone with an aim to boost investment, promote trade development and increase financial reform.
Earlier, the China Insurance Regulatory Commission said insurance companies can benefit from looser restrictions on offshore investment and yuan-dominated cross-border reinsurance businesses.
Apart from boosting its China presence, MetLife in collaboration with AMMB Holdings (AmBank Group) has launched two insurance brand names, AmMetLife and AmMetLife Takaful.
The new insurance firms will develop new life assurance products and services in wealth, protection, retirement, health and education.
MetLife, which manages operations in 50 nations across the globe, will use AmBank Group’s domestic expertise and capabilities to boost the financial experience of Malaysian consumers.
Image: MetLife building at 200 Park Ave in New York City, the company’s corporate headquarters. Photo: courtesy of Postdlf.