Two Metlife Insurance Ventures In China To Be Merged (MET)
February 02, 2010 9:43 AM
The Wall Street Journal reports that MetLife Inc. (NYSE: MET) is finalizing plans to merge the two JVs in life insurance that it has in China.
The company hopes this will increase its market share in a market that is growing at a very fast pace. The company plans to have one of its partners, Capital Airports Holding Co, sell 50% of its stake to its other partner, which is Shanghai Alliance Investment Ltd.
This is a consolidation plan under which China’s insurance regulator wants foreign insurers to have only one joint venture in the country. "China is a key strategic market for MetLife. By having a single partner across the country we can create a stronger brand and portfolio of offerings for the market," Eugene Marks, an executive vice president and head of the Asia-Pacific region for MetLife, said.
