The life insurance subsidiary of Societe Generale Group, SOGECAP, announced the opening of a representative office in Beijing, the French insurer's first office in Asia.

"With a population of over 1.3 billion and a social security system that is being reformed, we see huge potential in China's insurance market. Our life savings products will aim to ensure that families in China have adequate savings for retirement and their children's education," said Pascal Bied-Charrenton, SOGECAP's head of development for Asia, who is based in Beijing.

According to China's law, foreign insurance companies are required to have a representative office for two years before establishing a joint venture with a domestic company. The company plans to offer bancassurance products in China through the Societe Generale Group network and also via domestic banks.

SOGECAP, the fourth largest banking and insurance firm in France, markets insurance products across 10 European and Middle Eastern markets, offering a mix of individual life savings products, personal protection and group insurance related products.

"Our first step will be to meet domestic bankers to identify suitable channels for distribution of our products and opportunities for a long-term partnership. In addition, we plan to draw on the strength and abundant local experience of the Societe Generale Group, by partnering with its business lines in China,"Bied-Charreton added.