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MetLife China To Establish Foshan Sub-Branch

MetLife China signed a strategic partnership with Citibank in China, in June 2007, to strengthen its business network

Beijing-based MetLife China, a joint venture between US based MetLife and China’s Capital Airports, has been approved to set up a sub-branch in Foshan city in southern China’s Guangdong province.

The joint-venture sells insurance products through tied agents, telesales, bancassurance and group insurance in China. To further widen the insurer’s business networks in the country, MetLife China signed a strategic partnership with Citibank in China, in June 2007.

During the first four months of 2009, MetLife China recorded accumulated original premium income of 530 million yuan ($77.6 million), representing a growth of 46.4%, according to the CIRC.

In Guangdong province, the regulator said that the insurance segment had domestic cumulative original premium income of 35.45 billion yuan by the end of April. Of the total, life insurance accounted for 25.35 billion yuan, property insurance 8.06 billion yuan, health insurance 1.36 billion, and accident insurance accounted for the remaining 676 million yuan.

Apart from the new one, the company has branches in western China’s Chongqing municipality, southern China’s Guangdong province, and northern China’s Liaoning province.