Life Insurance Quotes

Prudential Financial enters the life insurance race in China

08/24/11

According to Reuters, Prudential Financial is moving forward with plans to enter the life insurance market in China. The U.S. based company is expected to forge a partnership with Shanghai Fosun Industrial Technology Development within the next year.

Prudential is no newcomer to Chinese markets, and this venture is the company's second project with Fosun, a widely varied company with holdings in everything from research and pharmaceuticals to retail ventures, in less than 12 months. This past January, Prudential invested $500 million in a Fosun controlled private equity fund.

The recently approved partnership, which gives Prudential access to China's estimated $156 billion life insurance market, is just one of several recent moves by Fosun to enter the financial marketplace.

As of 2007, China Life Insurance company was the largest life insurer in the country, controlling 39.7 percent of the market. The same year, the top five foreign life insurance providers in the country accounted for just 4.4 percent of the market share, but analysts note that the life insurance industry is more open to foreign investment than any other insurance market in the nation, according to the Chinese Insurance Regulatory Commission.  

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