NEW INSURERS FOR CHINA’S SHAANXI PROVINCE

Two Chinese life insurers, including one of the country’s largest, have been given the go ahead to open branches in Shaanxi Province’s capital Xi'an. The northwestern city now boasts 24 insurance companies. Its two newest are Beijing-headquartered Minsheng Life Insurance and Yingda Taihe Life Insurance. Minsheng Life Insurance, which was founded six years ago by 21 companies, including WanXiang Capital and China Oceanwide Holdings Group, in 2002 has grown into one of the largest life insurers in China. Meanwhile Yingda Taihe Life Insurance was set up a year go by 30 large-sized state companies, including top Chinese power transmission company State Grid Corporation of China. It focuses on personal insurance services like life insurance, health insurance and accident insurance.