CITIC Prudential Forge Ahead with New Licence for Beijing

CITIC Prudential Forge Ahead with New Licence for Beijing

A major milestone for British participation in China's rapidly developing life insurance sector was reached today when Prudential plc's joint life insurance venture, CITIC Prudential, was awarded a life licence for Beijing by the China Insurance Regulatory Commission (CIRC). This creates a clear lead for Prudential as the only British life insurer authorized to operate in two Chinese cities and the only European insurer licensed in Beijing.

Chief Executive of Prudential Corporation Asia, Mark Tucker commented "Prudential was delighted to be the first British life insurer to launch in China with our partners CITIC back in October 2000. As in all our markets, in China we are taking a long-term view and are firmly committed to building a successful business that will be sustainable for the long-term."

"We are very pleased to be extending our relationship with Prudential" added Chang Zhenming, Vice President of CITIC Holdings. "The success of CITIC Prudential in Guangzhou proves that Prudential's over 150 years of life insurance experience and CITIC's local market knowledge and strong distribution are a very powerful combination. We look forward to the continued development of our partnership with Prudential in China".

Dominic Leung, Managing Director Greater China, Prudential Corporation Asia said "Our operation in Guangzhou has rapidly become a tremendous success and we have been very keen to leverage this into new cities. As China's capital city, Beijing is a very material and important market and there are significant opportunities for us to continue the track record of success we have established in Guangzhou."

CITIC Prudential, the life insurance joint venture owned 50:50 by CITIC and Prudential, has been going from strength to strength since launching in Guangzhou on 13 October 2000. It is the first Sino-British life insurance joint venture, and is already Number 4 in the market in terms of new business with a share of 12%. In May 2001 CITIC Prudential was the first joint venture life company to launch unit linked life products. CITIC Prudential now has over 3,500 staff and agents and continues to build high quality distribution and focus on delivering excellent customer service.

CITIC Prudential Beijing life insurance operation is expected to be open for business in the second quarter of 2003.

About Prudential

Founded in London in 1848, Prudential plc is one of the UK's leading retail financial services companies with US$250 billion in funds under management worldwide.

Today Prudential is internationally diversified and amongst the leading companies in its chosen markets in UK, US and Asia.

Prudential plc has deep roots in Asia having established its first operation in 1923. Today it is the UK's largest life insurance company in the region with life operations in 12 countries and complementary asset management operations in 7 of these. BOCI-Prudential is also one of the leading Mandatory Provident Fund players in Hong Kong.

Alongside its wholly owned operations in Asia, Prudential has forged successful joint ventures and strategic alliances with some of the region's leading financial institutions including CITIC, Bank of China International, India's ICICI and Standard Chartered Bank.

About CITIC (China International Trust and Investment Corporation)

China International Trust and Investment Corporation (CITIC) was established on October 4, 1979 by Rong Yiren. The creation of CITIC was initiated and approved by Deng Xiaoping, chief architect of China's reform.

CITIC is a window on the way China has opened to the outside world. Since its inception, CITIC has always adhered to the principle of innovation. In line with government laws, regulations and policies, CITIC has attracted and utilized foreign capital, introduced advanced technologies, and adopted advanced and scientific international practices in operations and management.

CITIC has established successful, strong performing businesses in many fields. As a result, CITIC has made significant contributions to the country's reform and opening up drive and has improved China's reputation both domestically and abroad.

CITIC has grown into a large multinational conglomerate. It now owns 44 subsidiaries in countries including Hong Kong, the United States, Canada, Australia and New Zealand. The company has also set up representative offices in Tokyo, New York and Rotterdam. CITIC's core business ranges from financial services to service industries. By the end of 2002, CITIC had total assets of over RMB 410 billion (US$49 billion).

SOURCE CITIC Prudential

--Distributed by AsiaNet (www.asianetnews.net)--

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