CITIC Prudential Life Insurance Co. chooses eBaoTech Group LifeSystem to manage their group life insurance operations
CITIC Prudential Life Insurance Co., a joint venture between London-based Prudential and China International Trust & Investment Corp was awarded a license by the China Insurance Regulatory Commission (CIRC) to sell group life insurance business in January 2005. After careful evaluation conducted by selected insurance experts across the region (Hong Kong, Taiwan and mainland China), CITIC Prudential chose eBaoTech Group LifeSystem as the strategic platform to manage their group insurance operations. They will be offering group life insurance products in Q2 2005.
CITIC Prudential Life is the first Sino-British life insurance joint venture, and is already among the top five providers in the Guangzhou market in terms of new business. Since CITIC Prudential’s launch in Guangzhou in 2000, they have seen great success in the China market and today have several branches (Guangzhou, Beijing, Suzhou and Shanghai) throughout the country. eBaoTech will work closely with CITIC Prudential for a long term strategy to support them as they continue to aggressively grow their presence in China reaching out to more and more customers.
Prudential plc, a company incorporated, with its principal place of business, in the United Kingdom. Her affiliated companies constitute one of the world’s leading financial services groups. It provides insurance and financial services directly and through its subsidiaries and affiliates throughout the world. It has been in existence for over 150 years and has over £187 billion in assets under management, (as of 31 December 2004).
About CITIC Group (China International Trust and Investment Corporation)
CITIC was established on October 4, 1979 and since its inception, CITIC has always adhered to the principle of innovation. In line with government laws, regulations and policies, CITIC has attracted and utilised 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 grown into a large multinational conglomerate. It now owns 44 subsidiaries in countries and regions including Hong Kong, the United States, Canada, Australia and New Zealand. The company has also set up representative offices in Tokyo, New York and Frankfurt. CITIC’s core business ranges from financial services to service industries. By the end of 2003, CITIC had total assets of over RMB 596 billion (£39 billion)
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