Asian News - Singapore: China Life opens first branch in Lion City
Source: Asia Insurance Review | Jul 2015
China’s biggest life insurer, China Life Insurance, has set up its first office in Singapore – also its first establishment outside mainland China, Hong Kong and Macau.
The move is part of Chinese President Xi Jinping’s “One Belt, One Road” development strategy, which focuses on connectivity and cooperation among countries. The Chinese insurer is the first to set up an overseas branch since the State Council, which is the Chinese cabinet, set down a policy last August which encourages domestic insurance institutions to go abroad.
The Singapore office is not fully functional yet as the firm is still working towards fulfilling the Monetary Authority of Singapore’s requirements to start operations.
China Life Insurance Singapore plans to offer such services as life and health insurance, wealth management, including those involving the Chinese currency.
Mr Yang Mingsheng, Chairman of China Life Insurance (Group) Company, said Singapore is an integral part of the group’s expansion in South-east Asia. He also added that China Life Insurance Singapore has signed a memorandum of understanding with the Singapore branches of the Bank of China and the Industrial and Commercial Bank of China to develop cooperation.