China greenlights BNP Paribas, Prudential insurance firms

China’s fast assets growth last year attracted both parties.

China has approved new insurance ventures by BNP Paribas and Prudential Financial, as part of its ongoing efforts to open the world’s second-largest insurance market to foreign firms, reported Reuters.

According to Li Yunze, head of the National Financial Regulatory Administration (NFRA), BNP Paribas will establish a joint venture with Volkswagen Financial Services, whilst Prudential Financial has been granted approval to set up an insurance asset management firm in Beijing.

"Next, we will support Beijing's financial opening up as always," Li stated at a financial forum in Beijing.

China's insurance sector, one of its fastest-growing financial areas, reached $4.2t in total assets by the end of 2023, making it second only to the US.

Additionally, China's securities regulator expressed support for foreign institutions investing and operating in the country.

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