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China has granted approval for BNP Paribas and Prudential Financial to establish separate insurance units in the country, signaling a further opening up of its insurance market to foreign companies. The National Financial Regulatory Administration has given the green light for a joint venture between BNP and Volkswagen Financial Services, along with the establishment of an insurance Asset management firm in Beijing by Prudential Financial.
Insurance has seen rapid growth in China, with total insurance assets reaching $4.2 trillion by the end of 2023, making it the second-largest insurance market globally after the United States. Additionally, China’s securities regulator has expressed support for foreign institutions to invest and engage in business within the country.
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SOURCE
Emma Collins, graduated in Financial Economics from the University of Chicago in the USA in 2016. She has since worked at an asset management firm in New York, where she specializes in investment strategies and portfolio management. Emma has a keen interest in financial analysis and has published several articles in renowned financial journals. Her work focuses on providing actionable insights to investors, and she is known for her forward-thinking approach to managing financial portfolios.
