(Forbes)The China Insurance Regulatory Commission said it has given its approval to Aegon-CNOOC Life Insurance Co to open a branch in Tianjin, a port near Beijing.

Aegon-CNOOC Life is a 50-50 joint venture between the Netherlands' Aegon NV and the China National Offshore Oil Corp (CNOOC), the parent of CNOOC Ltd (HK 0883).

The venture currently has operations in Shanghai and Beijing, as well as in Jiangsu, Shandong, Zhejiang and Guangdong provinces.

Aegon-CNOOC Life reported premium income of 1.146 bln yuan in the first eight months.

In June, the venture raised its capital to 1.2 bln yuan from 900 mln.