Prudential Financial and Fosun International Commemorate Launch of Life Insurance Joint Venture in China

SHANGHAI, Nov. 29 -- Prudential Financial issued the following news release:

Pramerica Fosun Life Insurance Company Ltd. (PFL), a 50/50 joint venture between Fosun International Limited and Prudential Financial, Inc., marked the start of its operations with a grand opening ceremony in Shanghai today.

In September, PFL received approval from the China Insurance Regulatory Commission (CIRC) to launch operations. PFL, which has registered capital of RMB 500 million, is the first life insurance joint venture in China to receive approval from CIRC in the last three years.

During the ceremony, Fosun's Chairman Guo Guangchang and Prudential's Vice Chairman Mark Grier expressed their confidence in the new company.

Guo said, "Fosun believes financial services will be a high growth industry in China in the future. As a shareholder of PFL, Fosun will leverage its own advantages to provide the joint venture with abundant channel resources."

Grier noted, "China's emerging life insurance industry presents significant growth opportunities for the business. There is no better partner than Fosun to help us develop a strong presence in the Chinese life insurance industry. 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."

In his welcoming remarks at the ceremony, Kenny Wu, PFL's general manager and a 27-year veteran of the Chinese life insurance industry, said, "PFL has arrived at a critical time for the life insurance industry in China, as demand is growing 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, and we are implementing a differentiated strategy to meet the needs of our customers - one that always puts their needs first."

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