Samsung insurance approved to open Shenzhen branch

Samsung Fire & Marine Insurance (China) Ltd, a locally-incorporated unit of South Korea's Samsung Corp has won the approval from the China Insurance Regulatory Commission (CIRC) to open a subsidiary in Shenzhen in South China's Guangdong Province, CIRC announced on its website.

The new branch's operation will be limited within Guangdong Province. It will be the second unit for Samsung Fire (China), following the first branch opened in Beijing in August 2006.

The Shanghai-based Samsung Fire & Marine Insurance (China) Ltd was founded in April 2005. It reported premium income of RMB 193 million (US$26.44 million) from January to November in 2007.

Besides, Samsung Corp also has a life insurance joint venture with China National Aviation Holding Co, the parent of Air China<601111> <753>, both sides hold 50 shares.