First Sino-U.S. Life Insurer to Enter Central China’s Largest City
New York Life’s International Operations Delivering Record-Setting Results
NEW YORK, N.Y., JANUARY 18, 2007 – Haier New York Life, the joint venture between New York Life Insurance Company and China’s Haier Group, announced it has opened a branch in Wuhan, the capital of Hubei province and the most populous city in Central China. Haier New York Life, which recently celebrated its fifth anniversary, is the first Sino-U.S. life insurance joint venture with a license for the economically important city of Wuhan. The operation received approval from the China Insurance Regulatory Commission (CIRC) to establish its Wuhan branch in November 2007.
“Our entry into Wuhan further demonstrates the strength of our commitment and our confidence in the long-term growth potential of our China operations. Our outstanding joint venture with the Haier Group has experienced strong growth since Haier New York Life began operations in Shanghai in 2002 and we are confident that our expansion into Wuhan will play an important role in Haier New York Life’s future success,” said John Harrison, chief executive officer, Asia Region, and vice chairman, New York Life International, LLC.
“Wuhan is the fourteenth city that Haier New York Life has entered since launching in Shanghai in late 2002. It is generally regarded as the economic and cultural center for Central China. With a population of more than 9 million, Wuhan has a solid economic foundation and serves as an important functional center for the economy, trade, finance, transportation, information technology and education in Central China. Wuhan’s GDP was $34.9 billion in 2006, an increase of 15.7% from the prior year.”
“We are confident that Haier New York Life and its products will be well received in this vibrant city of Wuhan and we look forward to becoming a significant contributor to the city’s future growth and development,” said Xiao Xia Zhao, president and chief executive officer, Haier New York Life.
New York Life International, LLC, which also has operations in Hong Kong, India, Argentina, Mexico, South Korea, Taiwan and Thailand, is on pace for a record year. Operating revenue for New York Life International, LLC, was more than $1.4 billion for the first nine months of 2007, a 19% increase from 2006, while insurance sales were more than 20% for the first nine months. Haier New York Life delivered record results in 2007; in fact, the joint venture’s insurance sales increased more than 45% in the first nine months of last year.
Haier New York Life Insurance Company Limited, established in 2002 in Shanghai, is committed to providing its customers with a comprehensive range of life insurance products and services. The company is now operating in fourteen cities including Shanghai, Chengdu, Qingdao, Nanjing, Deyang, Yantai, Suzhou, Wuxi, Changzhou, Jimo, Zhongjiang, Guanghan,Yangzhou and Wuhan.
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. New York Life has the highest possible financial strength ratings from all four of the major credit rating agencies. Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments 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.
Please visit New York Life’s Web site at www.newyorklife.com for more information.
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