The joint venture CITIC-Prudential Life Insurance has received approval from the CBIRC to begin preparatory work for the establishment of a new branch in Shaanxi province -- the company's 20th branch in China.
The expansion is part of CITIC-Prudential's commitment to extend its footprint in China and serve the protection and savings needs of millions of consumers in one of the country's most prominent regions.
In a statement, Mr Nic Nicandrou, chief executive of Prudential Corporation Asia (PCA) and chairman of CITIC-Prudential, said:, "China is central to Prudential's growth strategy and represents our third largest growth market in Asia. The rising middle class, ageing population and soaring household wealth present tremendous opportunities for us to support the health and protection needs of the population in China where many families are still un-insured or under-insured."
In the first nine months of 2018, health and protection solutions accounted for around 42% of the company's sales mix in China and grew 15% over this period.
"Since entering China in 2000, CITIC-Prudential has seen strong annual double-digit, high quality growth," Mr Nicandrou continued. "The addition of the Shaanxi branch is a milestone because it allows us to better serve customers in Northwest China. With our vast and growing network, we are well placed to meet the evolving needs of Chinese consumers, leveraging not just our geographic reach but also innovation and digital technology with a human touch."
Established in 2000, CITIC-Prudential is the first Sino-British insurance joint venture in China and has maintained a leading position among foreign joint venture companies in the country.
PCA is a business unit of Prudential of the UK, comprising its life insurance operations in Asia and its asset management business, Eastspring Investments. It is headquartered in Hong Kong. PCA spans 12 markets in Asia, covering Cambodia, China, Hong Kong, India, Indonesia, Laos, Malaysia, the Philippines, Singapore, Taiwan, Thailand and Vietnam.