BNP Paribas, Prudential get nod for Chinese insurance units

BNP Paribas and Prudential Financial have secured approval from China’s National Financial Regulatory Administration (NFRA) to set up separate insurance ventures. The joint venture between BNP Paribas and Volkswagen Financial Services aims to capitalise on the rapid growth of China’s insurance industry, which saw total insurance assets reach $4.2trn (29.82trn yuan) at the end of 2023.

This move is part of a broader effort to attract foreign investment and expertise into China’s financial services sector.

US-based Prudential Financial has also been authorised to establish an insurance asset management operation in Beijing.

Li said: “Next, we will support Beijing’s financial opening up, as always.”