MetLife applies for integration in China market

MetLife, the US's largest life insurer, has applied to the Chinese industry regulators for permission to integrate its ventures in China, in a move to compete more fiercely in the market, senior management said in New York.

The group, which has two businesses in China - Sino-US MetLife Insurance Co Ltd, a 50-50 joint venture between Beijing Capital International Airports Corp and MetLife, based in Beijing, and United MetLife Insurance Co headquartered in Shanghai - said it is now waiting for a response and confirmation.

"We've filed the application to the industry regulator, but the progress still depends on our Chinese partners and the China Insurance Regulatory Commission (CIRC)," said William J. Toppeta, president of the international department of MetLife.