Aviva, the world's fifth-largest insurance group, has inked a deal with Henan-based Central China Securities to set up a joint-venture asset management company, sources told China Daily yesterday.

"Aviva will take a 49 percent stake in the joint venture with the remaining 51 percent going to Central China Securities," the source said. "And we will apply for the approval of the industry regulator within the year," they added.

Currently, Aviva has a 50-50 joint venture life insurance company with China National Cereals, Oils & Foodstuffs Corporation. The insurer opened for business in 2003.

Kathleen Jiang, head of the strategic planning sector at Aviva China, told China Daily in an earlier interview that setting up a new firm will make the structure clearer although more time-consuming compared with acquiring an existing company.

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