New | MetLife sees rosy prospect in China’s insurance business as population ages
"China is facing the problem of an ageing population, pension and health insurance are the two directions that will continue to gain support by the government"
US life insurance giant MetLife pins its hopes on growth in China’s pension and health insurance businesses on the back of the government's supportive measures to cope with an ageing population.
The insurance sector has become a strategic industry on the mainland and this would boost life insurance growth business in the next 10 years, said George Tan, MetLife China CEO.
"China is facing the problem of an ageing population, pension and health insurance are the two directions that will continue to gain support by the government," Tan said in an interview with the South China Morning Post in Beijing on Wednesday.
He said that the penetration rate of the two insurance categories was low, but the government's support would encourage more people to plan for their pension and health insurance, offering huge potential for business growth.
"With more experience in the US and other developed countries, there is an advantage for MetLife to provide customised products and services for mainland (China) customers," he said.