WHEN the Lippo group decided to go into the life insurance business in Hong Kong, a four-year search was initiated to find the right partner.
The group eventually decided to team up with the American company, Protective Life Corporation, for the Hong Kong venture, which will form the base for an Asia-wide assault on the life insurance market.
John Johns, an executive vice-president of Protective Life Corporation, as well as a director of the new company, said Lippo Protective Life Insurance - was 'the perfect marriage'.
He said: 'Both companies have been able to bring complementary skills to the market place, as well as considerable financial clout.' The Asia-based Lippo Group has developed across the Asia-Pacific region for over three decades participating in banking, insurance, property, information technology and manufacturing.
The total assets of the group's Hong Kong operations are more than US$3 billion.
The American-based Protective Life Corporation has more than US$46 billion of life insurance in force. It has 87 years of experience and total assets of US$6.1 billion.
