New York Life Continues China Expansion

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."

Wuhan is the 14th city that Haier New York Life has entered since launching in Shanghai in late 2002. It is generally regarded as the economic and cultural center for Central China. With a population of more than 9 million, Wuhan has a solid economic foundation and serves as an important functional center for the economy, trade, finance, transportation, information technology and education in Central China. Wuhan's GDP was $34.9 billion in 2006, an increase of 15.7% from the prior year.

"We are confident that Haier New York Life and its products will be well received in this vibrant city of Wuhan, and we look forward to becoming a significant contributor to the city's future growth and development," says Xiao Xia Zhao, president and CEO, Haier New York Life.

Source: New York Life Insurance Co.