AXA-Minmetals Assurance wins approval to open Tianjin branch

Nov. 20, 2008 (China Knowledge) - AXA-Minmetals Assurance Co has won the approval from the China Insurance Regulatory Commission (CIRC) to open a new branch in Tianjin, according to sources.

The establishment of Tianjin branch should be completed within up to six months after getting the regulatory approval, but it is not permitted to commence operation during the preparation period.

The Shanghai-based insurance company, a 51-49 joint venture between Europe's No. 2 insurer AXA and China Minmetals Corp, currently has branches in Beijing, Guangdong and Jiangsu, and raked in RMB 459.18 million in premium income over the first nine months this year.