NU Online News Service, Nov. 13, 3:15 p.m. – China's regulators have allowed AEGON N.V., The Hague, the Netherlands, to start a 50/50 joint venture to sell life insurance in one major city of China.
Another company, Sun Life Financial Corp, Toronto, says it is in the final stages of receiving approval from the Chinese government to sell life insurance in Tianjin, a port city located 65 miles southeast of Beijing.
AEGON and Sun Life are initially allowed to sell individual life insurance, which is believed to be an unfamiliar financial product for most of China's 1.3 billion people.
The name of the city where AEGON will operate was not disclosed.
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