Generali China Insurance Co Ltd, a 50-50 joint venture between China National Petroleum Corp (CNPC), the parent of PetroChina, and Italy's Assicurazioni Generali SpA, said it started operations yesterday.

Based in Beijing, Generali China has registered capital of 500 mln yuan, the company said in a statement on its website.

It will gradually open branches in China's major cities to provide property and casualty insurance for individuals and enterprises including CNPC, the statement said.

CNPC and Generali already have a 50-50 life insurance joint venture, Generali China Life Insurance Co Ltd, which was the first insurance joint venture approved by the mainland authorities after China's entry into the World Trade Organization (WTO).

Generali China Life was formed in 2002 in southern Guangdong province with registered capital of 1.9 bln yuan.