Prudential Financial Says Fosun Venture Wins China Approval

Prudential Financial Inc., 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.

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.