Prudential's Chinese life insurance joint venture, CITIC Prudential, has been awarded two more licenses to operate in Chinese cities.
CITIC is now licensed for Jiangmen in Guangdong Province and Wuxi in Jiangsu Province – bringing its total life licenses in China to 13. Jiangmen has a population of 4 million and is CITIC Prudential’s sixth city license in Guangdong Province.
UK-based Prudential’s Asian life operations have produced strong results for the company with sales in the region up 47% in the first quarter of this year.
The company also announced that its fund management joint venture in China, CITIC Prudential Fund Management Company, achieved inflows of more than RMB3 billion from over 77,000 customers during its launch period from April 5 to April 26, 2006. The company plans to launch another fund later this year.