Japan-based Dai-ichi Life Insurance Company (DLI) and China Huadian Corporation have acquired permit from the China Insurance Regulatory Commission to establish a joint venture (JV) life insurance company in China.
Beijing-based China Huadian is a state-owned electric power company. It owns 412 companies including 5 listed companies and administrated by the State-owned Assets Supervision and Administration Commission, which reports directly to the State Council.
China Huadian currently owns companies operating in asset management and insurance broker businesses and also has stake in companies operating in non-life, banking and securities businesses.
According to DLI, this entry to the Chinese market follows its overseas business development initiatives in Vietnam, India,Thailand and Australia.
DLI said it will seek to strengthen the operations of existing overseas businesses in each country and take initiatives in the rest of the overseas life insurance markets in order to expand business network.