Fosun, Prudential announce insurance joint venture
Chinese financial conglomerate Fosun Group and Prudential Financial have announced their life insurance joint venture, the first such partnership between Chinese and foreign parties since 2008. Fosun and Prudential – known outside the US as Pramerica – will each take a 50% interest in the company, which will have $78 million in initial registered capital.
It is expected to start operations in the fourth quarter of next year, The Wall Street Journal reported. The joint venture received approval from the China Insurance Regulatory Commission in August....
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