most convenient and relevant to customers’ individual needs. The allfinanz approach was most highly developed in Australia, and it was progressively being exported to Colonial’s international operations in ways that reflect the local market conditions and opportunities. Overseas activities The company entered Asia in 1990 under the brand ‘CMG’ and now has a presence in the region spanning eight markets. The group’s operations in Hong Kong, Singapore and the Philippines are wholly owned. In other key markets CMH has forged joint ventures with Edaran Otomobil Nasional Berhad (EON) in Malaysia, the Bank of Ayudhya family of companies in Thailand, PT Astra International in Indonesia, and The Ho Chi Minh City Insurance Company (Bao Minh) in Vietnam. Colonial signed a joint venture contract with China Life Insurance Company to establish a life insurance business in Shanghai. China The company has operated representative offices in Beijing since 1994 and in Shanghai since 1995. In April 1998, Colonial became the first Australian insurer to be invited by the Government of the People’s Republic of China to apply for a licence to set up a life insurance business in Shanghai. A joint venture with China’s largest life insurer China Life was announced on 30 July 1999. The group was also active in investments in China. It has established a joint venture company – CMG Mahon Investments – a direct equity fund to invest directly into businesses in less developed regions of China. It also manages and part owns CMG CH China Investments Limited, a fund that invests exclusively in equities listed on the Shanghai and Shenzen stock exchanges. Fiji Islands Colonial offered life insurance, health insurance, banking and investments in Fiji. It leads the Fiji life and health insurance markets, with around a 70 per cent share of the local life insurance market by premium income. It became active in banking in Fiji when it acquired a 51 per cent stake in the National Bank of Fiji (now Colonial National Bank) in early 1999. Hong Kong CMG was the fifth largest life insurance business in Hong Kong (by new business) and offers life insurance, retirement savings and credit card services to retail and corporate clients. The product range also includes personal accident, hospital and surgical expenses benefits; disability income; and group medical insurance. Investments are also offered through the group’s international funds management business, CMG First State Investments. CMG offers a comprehensive range of