Aviva, the world's fifth-largest insurance group, has inked an agreement with Henan-based Central China Securities to set up a joint-venture asset management company, sources told China Daily yesterday.

"Aviva will hold a 49 percent stake in the joint venture, while the remaining 51 percent would be held by Central China Securities," the sources said. "The new company will apply for regulatory approval soon."

Aviva has a 50-50 joint venture life insurance company with China National Cereals, Oils & Foodstuffs Corp (COFCO) Ltd. The insurer started operations in 2003.