NEW YORK, N.Y., September 15, 2004 — Haier New York Life, the joint venture between New York Life Insurance Company and China's Haier Group, announced it has received approval from the China Insurance Regulatory Commission (CIRC) to establish a branch in Chengdu in western China.
The Chengdu branch will be the company's first expansion since launching operations in Shanghai in late 2002. The company has experienced strong growth in the competitive Shanghai market with total premium income in 2003 of RMB 80 million (approx. USD $10 million), ranking fourth by market share among foreign life insurance companies there.
"New York Life is looking forward to bringing our products and services to the people of Chengdu," said Gary Benanav, Chairman and CEO of New York Life International. "Our outstanding joint venture with the Haier Group has experienced a strong start in 2003 and we believe our company will be equally well-received in Chengdu."
Chengdu, with a population of nearly 10 million, is the capital of Sichuan province and is generally regarded to be the leading city of China's vast western regions. Haier New York Life's intention to establish a branch in Chengdu highlights the rapid growth of the city in recent years and the desire by foreign companies to continue to invest in China's west. New York Life International has been active in the region for a number of years, establishing a representative office in Chengdu in 1999.
"While this is a significant step for New York Life in China, it is also important to recognize the efforts of CIRC and its local Chengdu office," said Benanav. "The entry of foreign companies into the Chengdu market underscores the competence and professionalism of the CIRC, which is making great efforts to open the country's insurance market to foreign participation."
New York Life International offers insurance products through its subsidiaries and affiliates in Hong Kong, India, Argentina, Mexico, the Philippines, South Korea, Taiwan, Thailand, and Shanghai, China. The company has a representative office in Hanoi, 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, retirement planning and trust 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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|Haier New York Life To Establish Branch In Western China|