Prudential Financial, Fosun Launch Life insurance Joint Venture in China

Pramerica Fosun Life Insurance Company Ltd. (PFL), a 50/50 joint venture between Fosun International Limited and Prudential Financial

marked the start of its operations with a grand opening ceremony in Shanghai today. In September, PFL received approval from the China Insurance Regulatory Commission (CIRC) to launch operations. PFL, which has registered capital of RMB 500 million, is the first life insurance joint venture in China to receive approval from CIRC in the last three years. During the ceremony, Fosun's Chairman Guo Guangchang and Prudential's Vice Chairman Mark Grier expressed their confidence in the new company. Guo said, “Fosun believes financial services will be a high growth