Aviva plc ("Aviva"), the international savings, investments and insurance group, announces that its joint-venture in China, Aviva-COFCO, has obtained regulatory approval for a branch licence in the province of Jiangsu.
Aviva plc ("Aviva"), the international savings, investments and insurance group, announces that its joint-venture in China, Aviva-COFCO, has obtained regulatory approval for a branch licence in the province of Jiangsu. The approval was awarded by the China Insurance Regulatory Commission.
Aviva-COFCO now has eight branches in the provinces of Guangdong, Beijing, Sichuan, Fujian, Shandong, Hunan, Hebei and Jiangsu. Including its sales offices, the joint venture is now operating in 23 cities.
Aviva-COFCO opened its first branch in Guangzhou in 2003. Today, the company is the leading foreign life insurance company in terms of number of branches in China. As of October 2007, with a compound aggregate growth rate of over 200%, Aviva-COFCO's full-year premiums rank second among all foreign life companies.*
Jiangsu has been a China hot spot for economic development, and is now one of China's most prosperous provinces. 75 million people live in Jiangsu, out of which 35 million people make up its urban population. Aviva-COFCO will be adopting a multi-distribution channel strategy in the province.
-ends-
*According to latest figures from the China Insurance Regulatory Commission.
Enquiries:
Vanessa Rhodes, group media relations manager +44 (0)20 7662 2482
Hayley Stimpson, director of group media relations +44 (0)20 7662 7544
James Murgatroyd/Ed Simpkins, Finsbury +44 (0)20 7251 3801
Notes to editors:
- Aviva is the leading provider of life and pensions to Europe with substantial positions in other markets around the world, making it the world's fifth largest insurance group based on gross worldwide premiums at 31 December 2006.
- Aviva's principal business activities are long-term savings, fund management and general insurance, with worldwide total sales of £41.5 billion and assets under management of £364 billion at 31 December 2006.
- In Asia Pacific, Aviva operates in Australia, China, India, Singapore, Hong Kong, Malaysia, Taiwan and the Middle East. Aviva sells its products and services via a multi-distribution model including direct sales force, brokers, independent financial advisers and bancassurance.
- The Aviva media centre at www.aviva.com/media includes images, company and product information and a news release archive.