Shanghai-based Pacific Antai Life Insurance Co, a 50-50 joint venture between ING Group and the China Pacific Insurance (Group) Co, said it has won regulatory approval to set up a branch in eastern China's Jiangsu province.

The branch is expected to start operations in the first half of 2008, Pacific Antai said in a statement on its website.

Founded in 1998, the venture currently has operations in Shanghai and southern China's Guangdong province.

Pacific Antai posted premium income of 526 mln yuan in the first nine months.

Jiangsu is a major insurance market, and more insurers are seeking to expand in the prosperous coastal province.

Last month, Sino-foreign joint ventures of Allianz AG and Aviva PLC were approved to launch Jiangsu branches.