Mr Jean Azéma, CEO of Groupama and Mr Gu Huizhong, vice president and CFO of AVIC Group Aviation Industry Corporation of China Group, have signed a memorandum of understanding in order to finalise an agreement to create a joint venture by 31 December 2010.
The joint venture is expected to enable both partners to expand in the field of non-life insurance in the People's Republic of China.
The new company, whose creation will be contingent on the approval of the competent authorities, will be owned equally by AVIC and Groupama.
Groupama said the objective of the venture will be to become one of the leading players in the commercial, individual and agricultural insurance segment in China.
China is the world's sixth largest insurance market (75% life insurance and 25% non-life insurance), with average annual growth of 24% between 2000 and 2009.
The joint venture aims to leverage the expertise of Groupama and the might of the AVIC Group - one of China's leading industrial groups, involved not only in aeronautics but also in logistics, the motor industry, civil engineering and asset management.
The joint venture was signed at the Elysée Palace last week in the presence of Nicolas Sarkozy, President of the French Republic and Mr Hu Jintao, President of the People's Republic of China.
Read more: http://www.postonline.co.uk/post/news/1895537/groupama-joins-forces-chinese-industrial-jv?WT.rss_f=News&WT.rss_a=Groupama+joins+forces+with+Chinese+industrial+group+for+new+joint+venture#ixzz154CJdJUJ
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Life insurance is exploding in China, British companies need to get a move on and get in there before the American or European rivals get there first. David Camerons trade mission to China will hopefully grease the wheels in this regard.
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