New York — Haier New York Life, the joint venture between New York Life Insurance Co. and China's Haier Group, opened a branch in Wuhan, the capital of Hubei, China. Haier New York Life, which recently celebrated its fifth anniversary, is the first Sino-U.S. life insurance joint venture with a license for the economically important city of Wuhan. The operation received approval from the China Insurance Regulatory Commission to establish its Wuhan branch in November 2007.
"Our entry into Wuhan further demonstrates the strength of our commitment and our confidence in the long-term growth potential of our China operations," says John Harrison, CEO, Asia Region, and vice chairman, New York Life International LLC. "Our outstanding joint venture with the Haier Group has experienced strong growth since Haier New York Life began operations in Shanghai in 2002, and we are confident that our expansion into Wuhan will play an important role in Haier New York Life's future success."
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