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Pru turns to China

The UK&#39s 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&#39s 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&#39s 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.”


Boost to internet share deals

A new survey has revealed 45 per cent of private investors plan to use the Internet in their share dealings and 20 per cent intend to trade on-line in the near future.The survey of 260 people for City ShareShop showed twice as many men as women plan to trade on-line.It also showed the most popular […]

FSA warning on endowments

The Association of British Insurers is creating guidelines on endowment mortgages to help confused consumers.The initiative follows the Financial Services Authority&#39s rejection of consumer campaigner calls for a full-blown enquiry into alleged endowment mortgage misselling.The ABI has devised a ten point action plan designed to reassure and educate new and existing policyholders.The FSA is working […]

Insurers bite back on Millennium bug

Most householders don&#39t know how the millennium bug may bite, according to Axa Insurance.Many consumers have little idea how the bug could affect their motor, home and travel insurance policies, according to Axa&#39s survey.The figures also show only a third of people know house insurance policies will cover claims caused by the bug.Also, only a […]

Exchange rollercoaster ride

Shares in Exchange Holdings, the personal finance Internet group went on a rollercoaster ride yesterday as news of its links with Egg, Bank of Scotland and Capital Bank spread.Early trading saw the shares enjoy a 7 per cent surge, while at close the price fell 111/2p to 358p.Exchange&#39s link-up with the financial service providers will […]


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