New Joint Venture Insurance Company to Set up in China

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Last updated at: (Beijing Time) Tuesday, August 13, 2002

New Joint Venture Insurance Company to Set up in China

A new joint venture insurance company named after the Aviva Corporation and China National Cereals, Oils, Foodstuffs Import and Export Corporation (COFCO) will be set up by the end of 2002.

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A new joint venture insurance company named after the Aviva Corporation and China National Cereals, Oils, Foodstuffs Import and Export Corporation (COFCO) will be set up by the end of 2002.

The registered capital for the new company, Aviva-COFCO, will be 500 million yuan (62 million US dollars), with each side owning50 percent.

"Besides Guangzhou, the joint venture plans to open new branches in other cities," said Zhang Wenwei, general manager-elect of the company. "Two or three cities are now under consideration. We hope to find a market which can grow together with the joint venture."

China would become the most important Asian insurance market, and an essential growing point for Aviva, which now had four offices in the country, he said.

Since entering the Chinese market, Aviva has carried out a series of cooperative education programs with the Chinese insurance industry. As the largest comprehensive insurance companyin Britain, Aviva's business includes life and non-life policies and investments.

COFCO, China's largest importer and exporter of agricultural products, is also making its debut in the real estate and financial sectors.

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