Prudential, Fosun approved for China insurance JV
The China Insurance Regulatory Commission (CIRC) has approved US-based Prudential Financial's plans to set up a joint venture life insurance unit with conglomerate Fosun Group. This extends a partnership between the two companies that already includes a private equity fund.
The CIRC said in a statement that Prudential can take an up-to 50% stake in the joint venture, which is likely to be set up within the next year. Reuters data notes that 28 overseas brands have launched...
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