China Approves BNP Paribas, Prudential Insurance Firms

China’s remarkable assets growth in the insurance sector last year has caught the attention of international players. China has greenlighted new insurance ventures by BNP Paribas and Prudential Financial. This is part of China’s continuous drive to open its vast insurance market, the second – largest globally, to foreign firms.

Li Yunze, head of the National Financial Regulatory Administration (NFRA), disclosed that BNP Paribas will form a joint venture with Volkswagen Financial Services. Meanwhile, Prudential Financial has received the go – ahead to establish an insurance asset management firm in Beijing. “We will consistently support Beijing’s financial opening – up,” Li said at a Beijing financial forum.

China’s insurance industry is among the fastest – growing financial segments. By the end of 2023, total assets reached $4.2 trillion, ranking second only to the US. Moreover, China’s securities regulator has shown support for foreign institutions’ investment and operation within the country, further enhancing the allure of the Chinese financial market for international players.

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