ASIANET: UK Prudential & China CITIC Launch First Sino-British Life Insurance JV in China

GUANGZHOU, China, Oct.13 /HK PRNewswire-AsiaNet/-- UK Prudential plc (Prudential) and China International Trust & Investment Corporation (CITIC) today launched their joint-venture company - CITIC Prudential Life Insurance Co. With an initial capital investment of RMB200 million (US$23 million), the 50/50 partnership of these two prestigious financial institutions makes it the first Sino-British life insurance operation in China.

"Our partnership with CITIC provides a strong foundation on which to build a substantial life insurance business in Guangzhou and China as a whole," said Mr. Mark Tucker, Chief Executive of Prudential Corporation Asia. "This new joint venture will combine Prudential's over 150 years of life insurance experience with CITIC's local market knowledge and distribution strengths to meet the savings and protection needs of the people of China. This partnership underscores once again Prudential's confidence and long-term commitment to Asia. China is a very vital part of our portfolio of businesses in Asia."

"It is a milestone in CITIC's 20-year history, " added Mr. Chang Zhen Ming, Vice President of CITIC. "CITIC Prudential marks the start of CITIC in the life insurance industry. I am very pleased to join with a partner as strong and experienced as Prudential. I believe with the combined strengths of both parties, CITIC Prudential will bring positive competition into China's life insurance industry and ultimately the Chinese consumers will benefit."

The Right Honourable John Prescott MP, (Deputy Prime Minister of the United Kingdom), Mr. Wang Qishan, (Vice Governor of Guangdong Province), Sir Anthony Galsworthy, (UK's Ambassador to China), and Mr. Lin Shusen, (Mayor of Guangzhou City), were also on hand to witness the launch ceremony of CITIC Prudential.

During the ceremony, Prudential, CITIC and CITIC Prudential donated RMB600,000 (US$72,000) to the Hope Primary School to expand their equipments and facilities for over 1,000 students .

Founded in London in 1848, Prudential is the largest life insurance and retail mutual funds company in the United Kingdom with over US$270 billion in funds under management worldwide. With a network of almost 25,000 agents and staff, Prudential now has life insurance and mutual funds operations/offices in 11 markets in Asia.

In addition to Guangzhou, Prudential has representative offices in four other cities in Mainland China-Beijing, Shanghai, Tianjin and Shenyang.

Established in 1979, CITIC (China International Trust & Investment Corporation) is a state-owned enterprise formed under the direct leadership of the State Council of the People's Republic of China. CITIC is actively involved in the field of finance, investment and services. CITIC has 40 subsidiaries and banks worldwide with total assets of RMB268.2 billion (US$ 32.5 billion).

For further information, please contact:

Helen Shang

PR Officer

CITIC Prudential Life Insurance Co.

Tel: 86-20-8752-1966 Ext. 751

Fax: 86-20-8752-1932

Colleen Cheng

Consultant

Ogilvy Public Relations Worldwide

Tel: 86-20-3877-1888 Ext. 265

Fax: 86-20-3877-0455

SOURCE UK Prudential plc

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