Aviva Inks an Agreement on Fund Venture in China

Aviva plc, the world's fifth largest insurance group and the UK's largest insurance services provider, has entered into an agreement on the establishment of a fund venture with Chinese securities firm Central China Securities Holdings Co., Ltd., disclosed sources.

Under the agreement, Aviva will own a 49% stake in the venture, and Central China Securities 51%.

As early as 2003, Aviva partnered with China National Cereals, Oils, and Foodstuffs Import and Export Corporation (COFCO), the largest cooking oil and food importer and exporter in China, to set up Aviva-COFCO Life Insurance Co., Ltd. Aviva-COFCO is the second largest foreign life insurer in China, serving local customers in ten provinces and 40 cities in the country.

With a registered capital of CNY 1.033 billion, Central China Securities was established in November 2002 by a list of companies including Henan Investment Group, XJ Group, and Anyang Iron and Steel Group Co., Ltd. Its registered capital was expanded to CNY 2.033 billion in January 2008. Its head office is located in Zhenghzhou, Henan, north China, and its business headquarters in Shanghai, east China.