New York Life joins forces with China insurer

Haier New York Life, a joint venture between the New York-based insurer and China’s Haier Group, today opened a branch in Wuhan. The China Insurance Regulatory Commission approved the opening in November 2007. Although this marks the fourteenth city that Haier New York Life has moved into since the firm’s launching in Shanghai five years ago, the Wuhan branch promises major opportunities. There are more than nine million people living in the city, and gross domestic product grew to $34.9 billion in 2006, up 15.7% from 2005, New York Life reported. Meanwhile, New York Life International LLC, which comprises the firm’s global businesses, could hit record results for 2007: Its operating revenue hit $1.4 billion during the first nine months of last year, up 19% from 2006. Haier New York Life’s insurance sales have also excelled, rising by more than 45% in the first nine months of last year.