Dutch insurance company Aegon's Chinese joint venture has won a new operating license for Nanjing, China. The designation positions the insurer as one of the first overseas insurance companies to gain access to the Nanjing market.

Aegon-CNOOC Life Insurance, which is a 50/50 joint venture between the Dutch insurer and the Chinese company Chinese National Offshore Oil Corporation (CNOOC), has received a license from the regulatory authorities to start life insurance activities in Nanjing.

This license makes Aegon-CNOOC an early foreign entrant into the Nanjing insurance market and the province of Jiangsu, one of the fastest growing and most developed provinces of China.

Following the launch of Aegon-CNOOC’s headquarters in Shanghai in May 2003 and the opening of the Beijing branch office in May 2005, the Nanjing office will be the organization’s second branch in China.

Revealing the award in a press release Aegon said that the new license furthered its core strategy of generating business growth in China’s rapidly expanding life insurance market through the expansion of its physical presence in the nation.