As from this week the joint venture between the Aegon Group and CNOOC with headquarters located in Shanghai starts activities in China. All the necessary regulatory approvals have been received.
During the past year preparations have been completed as scheduled. Both Aegon and CNOOC welcome the opportunity to actually start doing business.
The joint venture provides the Aegon Group with an entry into the fast-growing Chinese insurance market. The Aegon Group is one of the world's largest listed insurance groups, with a strong emphasis on life insurance, pensions and related savings and investment products.
The establishment of the joint venture is consistent with CNOOC's strategy to build a portfolio of financial services investments. CNOOC's main activities are oil and gas exploration and production. It has a wide international experience and has entered into many ventures with international partners.
The joint venture is now headquartered in Pudong Lu Jia Zui area, Shanghai, and is ready for business expansion to other cities in China subject to relevant regulations, which according to the terms of the World Trade Organization agreement will be introduced in the near future. The joint venture will fully leverage the experience of the Aegon Group with regard to product design, customer service, distribution channels and management expertise to better serve the large Chinese market.
Commitment by combining strengths
In 2002 Aegon and CNOOC entered the joint venture as equal partners and each contributed 50% to the initial capital base of approximately USD 24 million (EUR 27 million; CNY 200 million). Both parties view their participation in the Chinese insurance market as a long-term commitment and are dedicated to contribute to its development.
Aegon will contribute its insurance expertise and management experience. CNOOC will contribute to this joint venture by sharing its knowledge of the Chinese economy and its experience in collaborating with international partners.
Aegon N.V. is the holding company of one of the world's largest listed life insurance groups, ranked by market capitalization and assets. The Group was founded in 1983, with roots in the Netherlands extending back over 150 years. The Aegon Group is dedicated to creating better futures for all its stakeholders, operating through locally managed units in three major markets: the United States, the Netherlands and the United Kingdom. The Group is also present in a number of other countries, among which Canada, Hungary, Spain, Germany and Taiwan. The Group employs almost 26,000 people worldwide and has its headquarters in The Hague, the Netherlands. Close to 90% of Aegon's business is life insurance, pensions and related savings and investment products. The Group is also active in accident and health insurance, general insurance, and limited banking activities. Aegon recognizes that a modern company's license to operate is defined both by its ability to create value for shareholders and policyholders and its respect for wider corporate, social and environmental responsibilities.
China National Offshore Oil Corporation (CNOOC) is a state-owned company incorporated on 15 February 1982 with approval from the State Council. The corporation is fully authorized by the "Regulations of the People's Republic China on the Exploitation of Offshore Petroleum Resources in Cooperation with Foreign Enterprises" which was promulgated by the State Council. CNOOC has the overall responsibility for the exploitation of offshore petroleum and natural gas resources in cooperation with foreign enterprises.
Headquartered in Beijing, CNOOC -- registered with a capital of CNY 50 billion -- employs 21,000 people. It has a majority stake in CNOOC Ltd., a listed independent oil/gas company engaged in the E&P sector, owns China Offshore Oil Research Center, a chemicals company, three specialized services companies and five logistic companies and runs a petrochemicals joint venture company with Shell. In addition, it operates three overseas representative offices in Houston, Jakarta and Singapore. In 2002, CNOOC was recognized as "2002 Best Company, Asia” by The Asset magazine, “2002 Best Global Managed Company" by UK Financial Times, and "2002 Best Oil & Gas Company in Asia" by US Global Finance magazine.