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China Pacific says Allianz JV expected to start operations in 2015

August 28, 2014 - 6:00am


China Pacific Insurance (Group) Co. Ltd.'s chairman Gao Guofu has said that its joint venture unit with Allianz S.E will start operations in the first half of 2015, if all goes as planned, reported Ecns.cn.

He said the joint venture is important to the Chinese insurer to better diversify its business. The company plans to invest 1 billion Chinese yuan ($162 million) initially in the new venture, added Mr. Guofu. The company reported a profit of CNY 6.85 billion in the first half of 2014, up 25% year on year.

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