Shanghai-based Aegon-CNOOC Life Insurance Co, a 50-50 joint venture between Aegon NV and the China National Offshore Oil Corp (CNOOC), said it has won regulatory approval to set up a unit in Guangzhou, the capital of southern China's Guangdong province.

The unit is scheduled to officially open in the first half of 2008, the company said.

Last month, Aegon-CNOOC Life launched a unit in eastern China's Zhejiang province, adding to its current operations in Shanghai, Beijing, Jiangsu and Shandong provinces.

In July, the venture raised its capital to 800 mln yuan from 600 mln previously.

Aegon-CNOOC Life's premium income in 2006 was around 500 mln yuan, up 80 pct year-on-year. Premiums in the first eight months of the year totaled 600 mln yuan.

(1 usd= 7.51 yuan)