WellPoint Wants to Form a Health Insurance Venture in China

WellPoint Inc. (NYSE: WLP) is considering the establishment of a joint venture with focus on health insurance in China, an executive from the largest US health insurer by membership said in an interview on January 18.

WellPoint's strategy is changing here, the executive pointed out. It will transform into a provider of insurance products in the country from a current researcher and consultant.

"The launching of WellPoint's official products will not be expected in China before the middle of 2011, because of some factors as well as the Chinese authority, " the executive disclosed. "Although there are big differences between the US and China, WellPoint will provide those affordable insurance products for the mass in China with a differentiated viewpoint."

Foreign-funded insurers reaped original premium incomes of CNY 40.329 billion in total during the first 11 months of 2009, accounting for 3.95% of the nation's total premium incomes and inching up 0.07 percentage point year on year, according to the China Insurance Regulatory Commission, the nation's top insurance regulator. In detail, foreign-funded property insurers took an original premium income of CNY 2.894 billion in the country, and foreign-funded life insurers CNY 37.435 billion.

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