French-based insurance giant Axa-UAP believes mainland authorities will very soon grant permission allowing it to operate and sell life products in Shanghai, company officials said.
Axa-UAP's chief representative in Beijing, Olivier Moore, said yesterday it was putting the finishing touches to a joint effort with its mainland partner, China National Metals & Minerals Import & Export (Minmetals).
The latest news followed a number of steps that had been completed by the partners after they were allowed last year by the People's Bank of China, which formerly regulated the insurance industry, to start the preparatory work.
The China Insurance Regulatory Commission (CIRC) has recently taken over responsibility for the sector.
Axa-UAP will be acting with its Australian subsidiary, National Mutual Holdings, as a group in the soon-to-be-opened Jinsheng Life Insurance, with the pair taking a combined 51 per cent stake.
Minmetals will hold the remainder.