Shanghai Daily news

Foreign-funded life insurers are increasingly tapping the growing market in China's second-tier cities, where momentum is stronger than in the major metropolitan areas.
Among them, Dalian-based ING Capital Life Insurance Co, a joint-venture between the Netherlands' ING Groep NV and Beijing Capital Group, said yesterday it has secured a license from the China Insurance Regulatory Commission to set up a branch in Shenyang, capital of northeast China's Liaoning Province.
"It will be the first Sino-foreign joint venture to begin operations in the city," said ING in a statement yesterday.
"The latest license will speed up the company's expansion in Liaoning, and later to other markets in north China," said the statement.
In addition, the Shanghai-headquartered AEGON-CNOOC Life Insurance Co said yesterday it has received a branch license from the CIRC to begin doing business in Nanjing, capital of neighboring Jiangsu Province.
"Entering the insurance market in Nanjing is strategically important for our business in China as insurance premiums generated from Jiangsu account for a large proportion of the country's total," said Lin Shaodong, chairman of AEGON-CNOOC Life, which also involves a Dutch firm.
Premium income rose 9.41 percent to 41.9 billion yuan (US$5.05 billion) in Jiangsu Province last year from a year earlier, the highest total among all of the mainland provinces.
In comparison, Shanghai's premium income rose 5.9 percent to 30.71 billion yuan last year.