"After many years of comprehensive study, we are now ready to establish insurance services in China, Groupama's Chief Executive Officer Jean Azema said at the end of his three-day visit to China.

"Groupama is firmly committed to developing insurance business opportunities in China as part of its long terms strategy," he said.

During the visit, Azema met with officials of the China Insurance Regulatory Commission and reaffirmed the group's strong interests to enter the Chinese market.

He disclosed that the group has submitted applications for a joint venture life insurance company and a solely owned property insurance company in China in March and November of last year, respectively.

Fang Yu Yi, Groupama's general manager for the Asian region, said the group has started talks with potential partners for its joint venture in China.

He noted that talks with two of four of the newly approved Chinese life insurers have entered substantive stages, but he would not reveal their names.

Founded in 1840, Groupama is now the second largest multi-line insurer in France, after its acquisition of state-owned insurer GAN in 1998.

The group now boasts 8 million clients and assets under management worth of US$45 billion. It premium income in 1999 exceeded US$12 billion. The group established a representative office in Beijing in 1994 and has applied for a second representative office in Shanghai.

(Xinhua 01/13/2001)