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China Life gets Tibet subsidiary

By Li Zengxin (chinadaily.com.cn)
Updated: 2006-12-19 16:08

Related publication: Related readings: A-share listing of China Life approved China Life to invest in Southern Power Grid China Life to set up property insurance arm China Life eyes Agricultural Bank stake China Life buys CITIC stake

According to theChina Insurance Regulatory Commission,China Life InsuranceCo Ltd application to set up a subsidiary inTibetAutonomous Region of west China has been approved. Upon the formal approval, China Life became the first life insurance company that has an outlet in Tibet.

The business scope of the new branch in Tibet will cover medical insurance, pension, child education insurance and casualty insurance. On top of regular insurance policies, the company will also develop products tailored to the needs of local residents, said Wu Yan, president of China Life.

Currently there are only two property insurance companies in Tibet and no life insurance companies. The special geographical location of the area, the under-developed economy and the fact that over 90 percent of total investment in Tibet belongs to fiscal allocation have kept insurers out of the region in the past.

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The full text is available in the December Issue ofChina Insurance.