Great Eastern Life opens its joint venture in China. Great Eastern Life Assurance (China) Co. Ltd. uses eBaoTech LifeSystem as its core insurance system

June 19, 2006

Following is part of the news release from Great Eastern Life.


Official Launch of Great Eastern Life Assurance (China) Company Ltd

The first foreign joint venture life insurance company to be headquartered in Chongqing

Chongqing, 19 June 2006: Great Eastern Life Assurance Company Ltd and Chongqing Land Properties Group are pleased to announce the launch of their joint venture life insurance company, Great Eastern Life Assurance (China) Company Ltd.

The official launch event held today at Chongqing World Trade Centre was graced by Vice Mayor Zhou Mubing. Among other distinguished guests at the celebration were the Singapore Ambassador to China, BG (Ret) Chin Siat Yoon, and officials from the Chongqing Municipal Government, China Insurance Regulatory Commission (CIRC) and IE Singapore.

The CIRC has given approval on 8 May 2006 to the joint venture company to commence life insurance business operations.

Great Eastern Life Assurance (China) Company Ltd has a registered paid-up capital of RMB 300 million. Great Eastern Life Assurance Company Ltd and Chongqing Land Properties Group each holds 50% share in the joint venture.

The joint venture company will carry out individual and group life, health and accident insurance and other approved insurance business. It is the first foreign joint venture life insurance company in China to be headquartered in Chongqing.


Mr. Tan Beng Lee, Director & Group CEO of Great Eastern Holdings Ltd and Great Eastern Life Assurance Company Ltd said, “We are very excited to launch the new joint venture company. It is a major step to enhance Great Eastern’s regional presence beyond Singapore and Malaysia.

“Great Eastern has been established in Singapore and Malaysia for nearly 100 years. We have long been recognised for our financial strength and stability. Renowned for our high standard of personalised service, we have been able to leverage on IT to drive down business cost and at the same time enhance customer service and delivery. We have the competitive advantage to provide financial security to the people in Chongqing as well as the rest of China. Our competence in innovative product design and packaging will also help meet their financial planning and wealth management needs. Being Asian and sharing a common language, we believe we are able to better understand the culture and needs of the people in China.”





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