The firm is trying to be in the first group of foreign insurance companies to win approval from the China Insurance Regulatory Commission (CIRC) to start business in Beijing.

Gunnar Moberg, chief executive of Skandia Asia Pacific, said: "In June, Skandia signed an agreement with its Chinese partner, the Beijing State-owned Assets Management Corporation Ltd, to start a joint-venture life-assurance firm in China.

"We are now waiting for approval from the CIRC to start the business," Moberg said.

He added that the joint venture aims to combine Skandia's strong technology and management expertise with the local resources and advantages of its Chinese partner.

Li Kemu, vice-chairman of the China Insurance Regulatory Commission, said the entry of foreign insurance companies would enable China to learn from foreign technology and management expertise to help develop China's insurance industry.

China will give more foreign insurers approval to sell policies in more areas, in keeping with the commitments the country made when joining the World Trade Organization, Li said.

(China Daily September 11, 2002)