German insurer steps into China market with new joint venture: Report

ERGO also received recent approval to up its stake in ERGO China Life Insurance Co..

ERGO, a Germany-based insurer, expands its China presence through a new insurance brokerage joint venture with Beijing Foreign Enterprise Human Resources Service Co., as reported by China Daily.

The joint venture, ERGO FESCO Insurance Brokerage Co., focuses on providing comprehensive health insurance solutions, integrating insurance brokerage, third-party administration, and health management services.

This integrated approach caters to the evolving demands of Chinese consumers, who seek not only insurance coverage but also related services such as claims handling.

This initiative complements ERGO's existing offerings in China. ERGO said its recent approval to increase its stake in ERGO China Life Insurance Co. further underscores its commitment to expanding its presence in the country.

ALSO READ: Property insurance in China could reach $41b in 2024

ERGO FESCO aims to leverage the combined networks of ERGO and FESCO to acquire clients and build robust service capacity.

FESCO's expertise in corporate client resources and health management capabilities further bolsters the joint venture's development strategy, aligning with FESCO's focus on offering comprehensive insurance and health services.

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