ING Groep's China insurance activities has picked up speed following the official opening of a Beijing branch in association with its joint venture partner Beijing Capital Life and the award of a licence to launch another branch in Shenyang, Liaoning province.
Based out of the northern port of Dalian, ING Capital Life Insurance received regulatory approval to start sales in Beijing in January 2005 and last month started sales of two bancassurance products through the Bank of Beijing, in which it holds a19.9% stake. It also plans to expand its bancassurance product range to include unit-linked, traditional life insurance, short-term accident insurance and personal loan products.
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