NEW YORK, N.Y., September 27, 2005 — Haier New York Life, the joint venture between New York Life Insurance Company and China's Haier Group, announced the opening of a branch in Qingdao, China. This new office represents the company's second expansion since launching operations in Shanghai in 2002 and follows the opening of a branch operation in Chengdu in December of 2004.
Qingdao, in Shandong province, is the home of New York Life's partner The Haier Group, a major employer and an important player in the city's recent economic growth. Shandong province has one of the strongest GDP growth rates among all provinces in China and, with a population of almost 7 million, Qingdao city is the engine of that provincial growth.
"We are confident that our company and its products will be well received in this vibrant city and it will support New York Life's expansion strategy in China," said Joe Gilmour, President and CEO of New York Life International. "This opening represents the ongoing commitment of New York Life to bringing its 160 years of expertise in life insurance to more families in China. We are committed to demonstrating our reputation for financial strength, integrity and humanity as we serve the people of China."
Haier New York Life counts more than 1500 professional agents throughout China and is looking forward to meeting the insurance needs of the people in Qingdao. The company already counts 180 employees and sales personnel in Qingdao and intends to increase the number of sales agents rapidly.
"This opening is a further step in solidifying New York Life's presence as an Asian leader in life insurance and follows on its growth in other important Asian markets," Gilmour said.
New York Life International has operations in Argentina, China, Hong Kong, India, Mexico, the Philippines, South Korea, Taiwan and Thailand and a representative office in Vietnam.
New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States and one of the largest life insurers in the world. Headquartered in New York City, New York Life's family of companies offers life insurance, annuities and long–term care insurance. New York Life Investment Management LLC provides institutional asset management and retirement plan services. Other New York Life affiliates provide an array of securities products and services, as well as institutional and retail mutual funds.
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