China’s Communist party is establishing or reviving “party committees” inside joint ventures with foreign insurance companies in the country, according to five industry executives.
By taking a stronger role in the leadership of the groups, the ruling party hopes to keep the foreign-backed partnerships in line with China’s broader goals for the sector, the people said.
Prudential, Generali, Aviva, Axa, Manulife, MetLife and Chubb are among those insurers based overseas that have partnered Chinese companies to access the market, although not all have gone into ventures with insurance groups.
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