When Metropolitan Life Insurance Company announced it was looking for a country to build another set of headquarters in Asia besides India, China topped the list.
Metropolitan Life Insurance Company is looking to cooperate with Huaqiao International Service Business Park, located in east China's Jiangsu province, according to James M. Ortenzio, Deputy Director of Metropolitan Life Insurance Company. He shared the news during his visit to Huaqiao Economic Development Zone on November 11.
Ortenzio said he was impressed with the super investment environment and advanced basic infrastructure in Huaqiao International Service Business Park.
Guan Aiguo, Mayor of Kunshan, along with Tang Naixin, Vice Director of the Managing Committee of Huaqiao Economic Development Zone, welcomed Ortenzio at the VIP Hall of the Kunshan Hotel.
"As the only provincial development zone for modern service, Huaqiao International Service Business Park aims to develop a service outsourcing base and national financing outsourcing center," Mayor Guan said.
He encouraged Metropolitan Life Insurance Company to take a hold of the chance to set up headquarters in China at Huaqiao, adding it would be of great benefit for its business expansion in China.
Metropolitan Life Insurance Company, a subsidiary of MetLife Inc, is a leading provider of insurance and financial services to individual and group customers. The company, with $418.8 billion of assets under management as of December 31, 1999 on a pro-forma basis, including the acquisition of GenAmerica Corporation, serves approximately nine million individual households in the US and companies and institutions with 33 million employees and members. MetLife also has international insurance operations in 10 countries.
MetLife, Inc was founded on March 24, 1868. The company was a mutual organization for most of its life before going public in 2000. It is headquartered in the MetLife Building in Midtown Manhattan, New York City.
MetLife serves group benefit products and individual benefit products. Its international segment serves these products to groups and individuals in the Asia/Pacific region, Europe and Latin America. The company's reinsurance business operates as the Reinsurance Group of America, but serves customers around the world.
Being the biggest manufacturing base in Yangtze River Delta Region, Kunshan built the Huaqiao International Service Business Park in Huaqiao near Shanghai, as its main battlefield in constructing "Financial Silicon Valley". It is notable for having "the geographical advantage of the Shanghai region, the policy advantage of Jiangsu Province, and the advantage of low cost in Kunshan".