Prudential Financial Says Fosun Venture Wins China Approval

Prudential Financial Inc. (PRU), the second-largest U.S. life insurer, said the China Insurance Regulatory Commission granted approval for operations to begin at a joint venture with Fosun International Ltd. (656)

The venture, called Pramerica Fosun Life Insurance Co., has registered capital of 500 million yuan ($79 million), according to a statement today on the website of Newark, New Jersey-based Prudential.

To contact the reporter on this story: Susanna Pak in New York at spak10@bloomberg.net

To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net

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