The new company, known as Pramerica Fosun Life Insurance Company Ltd., will focus on offering life insurance through several distribution channels, including worksite marketing, an agency sales force and bancassurance partners.
"China's emerging life insurance industry presents significant growth opportunities for the business," says Vice Chairman Mark Grier, who joined Fosun Chairman Guo Guangchang and Kenny Wu, the general manager of Pramerica Fosun, at the ceremony. "By combining our life insurance expertise with Fosun's track record in China and the PFL team's insights, we are confident that we will build a strong company known for providing competitive products and excellent customer service."
Wu notes that the company is arriving at a critical time, as demand is growing in China for comprehensive protection for the livelihoods of families around the country. "We are confident that this market will continue to grow over the long term," he says. "We are implementing a differentiated strategy to meet the needs of our customers -- one that always puts their needs first."
Prudential and Fosun, the largest privately owned investment group in China, are also partners in a private equity fund for the Chinese marketplace, named the Pramerica-Fosun China Opportunity Fund, L.P., which was created in 2011.
With the opening of Pramerica Fosun, Prudential now has a presence in the life insurance markets of 11 countries.