A Chinese and a British insurance company have been given the go-ahead to set up China's largest life insurance joint venture in the northern port city of Tianjin.

Heng An Life Insurance Company of China and Standard Life Assurance Company of Britain received the approval document from Wu Dingfu, chairman of the China Insurance Regulatory Commission, on November 1.

Both companies will contribute 50 percent each for the joint venture. Its registered capital will be 1.302 billion yuan (US$158 million), the largest of any joint venture life insurance firm in China.

The new firm's Chinese name translates as Heng'an Standard Life Insurance Co., but the two companies have yet to decide on the English-language name.

They submitted their application on July 31 after year-long negotiations.

Companies from the United States, Japan, Australia, France and other countries have been approved to set up joint venture insurance companies in China.

(Xinhua News Agency November 7, 2002)