The China Insurance Regulatory Commission (CIRC) has officially approved Pacific Life Re’s application to establish a representative office in Shanghai, marking the firm’s entry into the mainland.
The company is seeking to deepen its commitment to the region especially in North Asia markets, according to Alex King, managing director of Pacific Life Re Asia. It established a South Korea branch last year and a Singapore branch in 2006.
“With a representative office in Shanghai, we are embarking on the initial phase of learning about the needs of the market,” said King. “Through robust market research and the insights gained, we will be in a better position to customise and bring fresh and innovative product ideas to the Chinese life insurance market.”
The firm has appointed Vivian Wei as its China representative. Among other things, she will help prepare Pacific Life Re for the China market by conducting market research on the ground. Wei has more than 17 years of experience in the life insurance industry, undertaking both local and regional roles, said the company.
Pacific Life Re has a financial strength credit rating from S&P of AA-, and Fitch of A+ (both stable outlook). The firm’s parent company is Pacific Mutual – a US-based mutual life insurance company founded in 1868 with more than US$143bn in company assets at the end of December last year.
“China has an existing protection need that is bigger than any market in Asia, and I am confident in our ability to work closely with the insurers in China to increase sales of products that would meet the needs of local consumers,” said Pacific Life Re CEO Dave Howell.
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