Willis plans to expand into China by taking full ownership of Shanghai Pudong Insurance Brokers, once China ends curbs on foreign investment in the insurance industry in 2006.

Willis owns half the company in China, where there are about 150 insurance brokerages. It predicts that the three-year-old company will break even this year and make a profit in 2005.

Willis CEO Joe Plumeri spoke to Sunrise Exchange News in October about the company’s direction in China. He said it was too soon to be spending a lot of time on a long-term strategic objective.

“Every company any place in the world is trying to get in there and do business – and they’re very business oriented,” he said. “I think it’s a good place to be.”

According to analysts insurance broking in China is a tough market, where local brokers merely compare prices for clients and there is a lack of trust in them.