Barrie & Hibbert signs first deal in China
Last updated 9th November 2009 - Barrie & Hibbert has announced a new contract with one of China’s largest life insurance providers, New China Life Insurance Co. Ltd. The company offers a wide range of Life insurance products and services and will be using Barrie & Hibbert’s economic scenarios.
Barrie & Hibbert, global leaders in modeling financial market risk, has announced a new contract with one of China’s largest life insurance providers, New China Life Insurance Co. Ltd. New China Life, which has total assets in excess of CNY 160 billion and gross premium income in excess of CNY 55 billion, offers a wide range of life insurance products and services and will be using Barrie & Hibbert’s economic scenarios.
The company will be using real-world scenarios across equity and fixed income asset classes and they will become a key component of New China Life’s internal strategic asset allocation analysis.
Yang Zhicheng, Chief Actuary for New China Life: “With the rapid growth of the Chinese insurance market and also our own business, we are increasingly focusing our efforts on managing the risks of the company, in particular in the area of asset liability management. We are therefore delighted to be working with Barrie & Hibbert in the area of stochastic asset modeling”.
Shailendra Jain, Head of Asia Pacific for Barrie & Hibbert: “This success underscores Barrie & Hibbert’s commitment to China in particular and to the Asia Pacific market overall. We are delighted that New China Life has selected us as a provider of choice for this critical area within its business. We strongly believe in working closely with clients and ensuring best of breed service delivery. I am sure this is the beginning of a strong and long relationship with a prominent client in China.”
Since the opening of its Hong Kong office in October 2008, Barrie & Hibbert has been working in the region with other insurance providers offering their expertise in the area of stochastic asset modeling and its applications. With its expert team, Barrie & Hibbert is well placed to work within this market at a time when regulatory compliance within the insurance, asset and wealth management sectors is increasing.