Hanwha Life heading to China’s Hangzhou to embark on new JVHanwha Life Insurance, Korea’s No. 2 life insurer, said yesterday it has received permission to operate a joint venture in China from the Chinese insurance authority.
The move comes after it agreed with Zhejiang International Business Group to establish a joint venture in an effort to tap Asia’s fifth-largest insurance market by premiums in 2009.
Under the deal, Hanwha Life will hold 50 percent of Sino-Korea Life Insurance with its Chinese partner owning the remaining stake.
The joint venture will be capitalized at 500 million yuan, with Hanwha Life in charge of management. The insurer, formerly Korea Life Insurance, said the new Chinese affiliate will start its operation in Hangzhou, the provincial capital of Zhejiang, next month.
Hanwha Life is a subsidiary of Hanwha Group, one of Korea’s leading family-run conglomerates.