ING Capital JV expands into Beijing

The life insurer receives approval from the China Insurance Regulatory Authority to set up a branch office in the capital.

In a sign of the rising competition in China's life insurance market, ING has set up a branch office in Beijing. Despite speculation that the high capital requirements might put insurers off, ING Group chairman Michel Tilmant insisted that ING Group was focused on expanding its China operations.

A spokesman added later that company was keen on setting up a further two branches in Qingdao and Shenyang next year.

Indeed, under current regulations all insurers must commit a minimum of Rmb 200 million US$24 million of paid-in capital for the establishment of a single branch. A national license, of which ING Group unusually has two in...

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