Shanghai, November 29, 2012 – Today, Pramerica Fosun Life Insurance Company (“PFL”), a joint venture by Fosun International Limited and Prudential Financial, Inc. held a grand opening celebration in Pudong Shangri-La Shanghai. PFL is the first life insurance joint venture in China to have been approved by the China Insurance Regulatory Commission (“CIRC”) over the last three years. The event was attended by vice mayor Mr. Tu Guangshao and other officials from government bodies, together with senior exeutives from both shareholders, and entrepreneurs from China Entrepreneur Club and China Entrepreneurs Forum.

The celebration began with a song called “Guardian Star” by a children's choir, followed by welcome speech by PFL’s general manager Kenny Wu. He said, “PFL has arrived at a critical time when China’s life insurance market is undergoing a transition. We are confident that this market will continue to prosper. We will build on both shareholders’ business philosophy and professionalism, and implement a differentiated marketing strategy, to provide channel exclusive products via worksite marketing, tied agency, bancassurance and  alternative distribution channel, in order to become a successful and unique life insurer in the Chinese market, one that always puts customers’ need and value optimization first.”

Prudential’s Vice Chairman Mark Grier , Fosun's Chairman Guo Guangchang, and Shanghai Vice Mayor Tu Guangshao also delivered speeches in the ceremony.

The executives of Fosun and Prudential Financial both promised full support for the joint venture and expressed their confidence in its future.

Mark Grier said that Prudential was quite optimistic about the potential of China’s insurance market, which is driven by an increasing focus on and demand for protecting the livelihoods of families around the country, and that was why Prudential decided to join hands with Fosun in the Chinese market. He also said that with deep experience in life insurance and asset management, Prudential will provide PFL with a wide range of professional support, from products, services to business operations.

Guo Guangchang said that Fosun believes financial service will be a high growth industry in China the future. As a shareholder of PFL, Fosun will leverage its own advantages to provide the joint venture with abundant channel resources and capital support.

Tu Guangshao congratulated PFL on its commencement of operations and expressed their expectations for its growth.

Following Tu’s speech was the unveiling ceremony for the logo of Pramerica Fosun, which signifies joint efforts, professionalism, stability and commitment for care.

PFL has introduced an innovative worksite marketing strategy for business clients, providing their employees with customized voluntary security and benefit programs that are more convenient, comprehensive and reliable. During the ceremony, Fosun’s vice chairman, Liang Xinjun signed insurance application for himself, on behalf of all Fosun’s board members, to show the group’s support for the new company. A number of entrepreneurs signed voluntary employee benefits MOUs and gave positive comments on the convenience and professionalism of the service offered by JV’s worksite marketing channel

Finally, a number of reputable entrepreneurs were invited on the stage for an interview on the topic “care for employees, corporate social responsibility” and talkeded about on their views and their practices within this respect.  They also gave high praises to how PFL improves employers’ benefit offerings to employees through worksite marekting.