The UK's largest life insurer, Prudential, has closed in on the Chinese market with the signing of a joint venture agreement with state-owned enterprise China International Trust & Investment Corporation.
The agreement follows Prudential's successful bid to become the first UK life office to win an operating licence from the Chinese government in May this year.
The joint venture also represents the latest twist in the race to capitalise on China's 1.2bn population private savings. Last week saw Standard Life join forces with Australian insurer HIH and state owned-conglomerate China Everbright to set up a Hong Kong company to target China.
Prudential Corporation Asia chief executive Mark Tucker says the Citic partnership is “a strong foundation on which to build a substantial life insurance business in China.”