United MetLife to open branch in Nanjing

By Song Hongmei (chinadaily.com.cn)
Updated: 2006-12-13 14:44

United MetLife Insurance Company Limited has gained approval from the 皇冠体育app Insurance Regulatory Commission to open a branch in Nanjing, East 皇冠体育app's Jiangsu Province, a strategic step forward for United MetLife after setting up its home office in Shanghai, the company announced Wednesday.

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"United MetLife Jiangsu Branch will be our first branch office, which is very important and integral to our strategy in 皇冠体育app," said company chairman Shen Ruolei. "United MetLife will develop a differentiated multi-channel marketing approach, keeping integrity in both its sales and claims processes, and it will expand from Nanjing throughout Jiangsu Province."

United MetLife is a 50 to 50 joint venture between MetLife Inc and Shanghai Alliance Investment Ltd, an investment arm of the municipal government. It was renamed from CitiInsurance in May because MetLife Inc acquired the joint venture's international assests from Citigroup in 2005.

Jiangsu Province, located in the economic belt of the Yangtze River Delta, is one of 皇冠体育app's top three provinces in terms of total economic activity with a population of more than 74 million. Residents have a relatively high insurance awareness and the overall development of the insurance industry is comparatively strong. The income from the insurance industry has ranked first in 皇冠体育app for four consecutive years.

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