The China Insurance Regulatory Commission said it has given its approval to Great Eastern Life Assurance (China) Co Ltd to set up a branch in Chongqing, in southwestern China.

Launched in June 2006, the venture is held 50-50 by Singapore's Great Eastern and the Chongqing Land Properties Group. It booked a premium income of 11.7 million yuan ($1.59 million) in the first 10 months of this year. Great Eastern is a unit of Singapore's OCBC Bank.