Partnership between European insurers and various Chinese companies

European insurers are partnering with local companies operating in various sectors to take advantage of the expansion of the Chinese market.

These new joint ventures include Generali and Aegon. The two insurers have respectively formed a partnership with China National Petroleum, a leading oil company, and Tsinghua Tongfang, an IT company.

Generali and Aegon intend to develop their life business in China through these two important local entities. In the property-casualty business, Allianz Ergo (Munich Re's direct insurance subsidiary) and Aviva are respectively joint to JD.com (online distribution company), Great Wall Motor (car manufacturer) and Cofco (food industry).

For the record, the AXA Group has completed the acquisition of the entire share capital of AXA Tianping.