22 September 2012

Fosun and Prudential insurance joint venture in China gets CIRC approval

- Pramerica Fosun Life Insurance is a 50/50 JV with registered capital of RMB 500 million 

Shanghai, September 18, 2012 – Today, Fosun International Limited and Prudential Financial, Inc. jointly announced that their proposed joint venture has been officially approved by the China Insurance Regulatory Commission (CIRC) to begin operations. The company, named Pramerica Fosun Life Insurance Company Limited (PFL), is a 50/50 joint venture with registered capital of RMB 500 million.

Kenny Wu, a 27-year veteran of the Chinese life insurance industry, will serve as general manager of PFL. The company is expected to begin operating in the fourth quarter of 2012. 

Guo Guangchang, chairman of Fosun, said, “The life insurance industry in China is experiencing rapid growth, driven by an increasing focus on protecting the livelihoods of families around the country. We look forward to benefitting from Prudential’s deep actuarial experience, asset management expertise and 137-year history of success in the life insurance industry, as we move forward together to develop products that address the life insurance needs of this market.” 

Prudential’s Vice Chairman Mark Grier said, “Fosun is one of China’s most outstanding private businesses with unrivalled experience and in-depth understanding of the market. We look forward to joining forces with Fosun to win the loyalty and respect of Chinese customers through products and services that help them protect their livelihoods.” 

Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $961 billion of assets under management as of June 30, 2012, has operations in the United States, Asia, Europe, and Latin America. 

Founded in 1992, Fosun Group is a classic story of success after China's reform and opening-up. On 16 July 2007, Fosun International (00656.HK), the parent company of Fosun Group was listed on the main board of the Hong Kong Stock Exchange.

Source: Prudential Financial