24 Jul 2006
CITIC Prudential awarded 14th life licence in China
Prudential plc announced today that its life insurance joint venture, CITIC Prudential, has been awarded a life insurance licence in Zhejiang Province for its capital city of Hangzhou, on the south eastern coast of China. This new licence is CITIC Prudential’s 2nd provincial branch licence awarded in 2006 and also its 14th city licence, continuing the company’s well planned expansion into the rapidly growing Chinese life insurance market.
Hangzhou is located 180 kilometres southwest of Shanghai and has a population of 6.6 million. It is the largest city and the political, economic and cultural centre in Zhejiang Province which has a total population of 48 million. Hangzhou also serves as an economic development hub in the southern flank of the Yangtze River Delta, accelerating its speed of attracting foreign investment since its listing in 1998 as one of the open economic coastal areas. In 2005 Hangzhou had a GDP of US$36 billion (RMB 291 billion) and annual income per capita of US$2,000 (RMB 16,601), an increase of 12.5% and 14% over 2004 respectively.
CITIC Prudential’s Hangzhou branch is expected to be operational in Q4 2006.
Garth Jones, Managing Director, Insurance, Prudential Corporation Asia said “We are very excited about the Hangzhou licence because it means entry into the fast growing Zheijang province. We believe our Hangzhou branch will also complement our successful operations in nearby Shanghai and Jiangsu province”
CITIC Prudential is committed to continuing its expansion in China and helping to meet the life insurance needs of the Chinese people.
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Notes to Editors:
CITIC Prudential, the joint venture between CITIC and Prudential, continues to expand its presence in China since 2000. It currently has 14 city licences for individual life insurance, a licence permitting it to sell group life insurance nationally in China and a network of over 11,000 agents and staff in China. In addition to life insurance, CITIC Prudential also has a fund management operation based on Shanghai with a national licence to sell retail mutual funds.
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Prudential plc is a leading international financial services group, providing retail financial services and fund management in its chosen markets: the United Kingdom, the United States, Asia and continental Europe.
Prudential has been writing life insurance in the United Kingdom for over 150 years and has had the largest long-term fund in the United Kingdom for over a century. Today, Prudential has over 21 million customers worldwide and over £234 billion (US$400 billion as of 31 December 2005) of funds under management.
In the United Kingdom Prudential is a leading life and pensions provider offering a range of retail financial products. M&G is Prudential's UK & European Fund Manager, with around £149 billion of funds under management (US$254 billion as of 31 December 05). Jackson National Life, acquired by Prudential in 1986, is a leading provider of long-term savings and retirement products to retail and institutional customers throughout the United States. Egg provides banking, insurance and investment products through its internet site www.egg.com.
Prudential is the leading European-based life insurer in Asia with operations in 12 markets as well as funds management businesses in 9 of those 12 markets.
*Prudential plc, a company incorporated and with its principal place of business in the United Kingdom, and its affiliated companies constitute one of the world's leading financial services groups. It provides insurance and financial services directly and through its subsidiaries and affiliates throughout the world. It has been in existence for over 150 years and has £234 billion in assets under management, (as at 31 December 2005). Prudential plc is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America.
About CITIC Group (China International Trust and Investment Corporation)
CITIC was established on October 4 1979 by Rong Yiren. The creation of CITIC was initiated and approved by Deng Xiaoping, chief architect of China's reform.
CITIC is a window on the way China has opened to the outside world. Since its inception, CITIC has always adhered to the principle of innovation. In line with government laws, regulations and policies, CITIC has attracted and utilized foreign capital, introduced advanced technologies, and adopted advanced and scientific international practices in operations and management. CITIC has established successful, strong performing businesses in many fields. As a result, CITIC has made significant contributions to the country's reform and opening up drive and has improved China’s reputation both domestically and abroad.
CITIC has grown into a large multinational conglomerate. It now owns 44 subsidiaries in countries including Hong Kong, the United States, Canada, Australia and New Zealand. The company has also set up representative offices in Tokyo, New York and Frankfurt. CITIC's core business ranges from financial services to service industries.