Haier

New York Insurer Enters Chinese Life Insurance Market On December 26, 2001, New York Life Insurance Company and the Haier Group announced that they will form a joint venture to sell life insurance in China, pending approval of the venture by the China Insurance Regulatory Commission (CIRC). The new joint venture, Haier New York Life, is to be under a 50/50 partnership between the Haier Investment & Development Company Ltd., a subordinate of the Haier Group, China's leading household appliances manufacturer, and New York Life International, the overseas arm of New York Life, the largest mutual life insurance company in the United States. The new company will have an initial capitalization of RMB200 million and will immediately begin the process of establishing a management team and determining the location of its initial operations from among the Chinese cities currently open for Sino-foreign life insurance companies. "The speedy conclusion of this joint venture agreement is testament to the entrepreneurial nature of both organizations and the strong working relationship New York Life and Haier executives have forged with one another. Both sides found the best partner at the best time." said Mr. Zhang Ruimin, Chairman and CEO of Haier. "We are extremely pleased to have formed a joint venture with Haier as our partner," said Gary Benanav, Chairman & CEO of New York Life International. "Haier is among the most-admired companies in China with a loyal customer base throughout the country and a large distribution network. It is, without a doubt, one of the most reputable and recognized companies in Asia-Pacific with a growing presence in the United States and Europe." Both parties expressed their confidence in the joint venture and vowed to bring world-class life insurance products and service to the people of China.