AICC, Groupama Brewing Property Insurance JV

Aviation Industry Corporation of China (AICC) on December 22, 2010 announced the signing of a series of legal documents on the establishment of a property insurance joint venture with France Groupama.

They are now preparing for the establishment of the joint venture that is expected to be established in the first half of next year. The joint venture is designed to have registered capital of CNY 500 million, in which the two parties hold 50% shares each.

Aviation Industry Deputy General Manager Gu Huizhong showed that the cooperation is helpful for the company to provide more reliable guarantee services for clients so as to life the international competitiveness of the company's products. Besides, it can boost the French company to provide high-quality products and services for the Chinese insurance market though introducing into high-end customers in China.

Founded at the end of the 19th century, Groupama is the second largest integrated insurance firm in France as well as the largest agricultural insurance firm in France, owning outlets in 14 countries currently and with annual turnover of up to EUR 17.4 billion in 2009.