French insurance company Groupama is to set up its Chinese headquarters in Chengdu, making it the first of the world's top 500 companies to base themselves in the capital city of Southwest China's Sichuan Province.

 

"We have submitted an application for setting up the headquarters to the Sichuan Insurance Regulatory Bureau," said Jean Azema, president of Groupama. "If approved, we will be the first foreign insurance company to set up a Chinese subsidiary company in Chengdu."

 

In October 2004, Groupama established the Chengdu Branch of Groupama, the company's first one in China.

 

"The company will develop tobacco and animal husbandry insurance in the province," the president said, adding that Groupama will invest more in Sichuan and aim to cover the whole province this year.

 

As the largest agricultural insurance company in Europe, Groupama reported net earnings of US$468 million in 2004.

 

(Xinhua News Agency February 21, 2006)