China Pacific Insurance (Group), one of China's top 10 insurers, has made a splash in Shanghai by teaming up with Shanghai Pudong Development Bank in fields across personal finance to infrastructure construction, the insurer said in a statement.
The two companies, both of which are headquartered in Shanghai, are exploring new ways of cooperation between a large insurance company and a bank.
They will start comprehensive cooperation in insurance, personal and corporate financial services, construction of large infrastructure projects, and financial market operations, the statement said.
The two parties have agreed to share resources including customers and channels, creating innovative insurance and bank's wealth management products, managing corporate financing risks, funding infrastructure projects, and delivering support to technology and innovation companies.
China Pacific, which is listed in Shanghai and Hong Kong, posted a 24.1% increase in gross premiums to CNY163.1 billion (US$24 billion) for the first half of this year. Its life insurance unit saw premiums soar by 34.4% to CNY110.6 billion while the property insurance arm reported a modest 6.9% increase in premiums to CNY52.5 billion.