The campaign is part of a renewed effort by MetLife to brand itself for the Chinese market, following its acquisition last year of Travelers Life & Annuity from CitiGroup, including its international CitiInsurance assets. The joint venture with Shanghai Alliance, the investment arm of Shanghai’s city government managed by Jiang Mianheng, son of former Chinese President Jiang Zemin, was formerly called CitiInsurance Life Insurance Co.
MetLife, meanwhile, has an existing joint venture established in China in 2004, Sino-US MetLife Insurance Co. that will continue to operate separately.
Although the Peanuts cartoon character has been MetLife’s brand mascot for decades, a campaign now running in Shanghai marks the first time Snoopy has been the central theme of its advertising, according to Charles Brian-Boys, managing partner of Eight Partnership, an independent marketing consultancy in Shanghai with headquarters in Hong Kong.
The campaign was also created to emphasize MetLife’s corporate governance while differentiating its brand and values from the competition.
“China’s insurance industry has had a lot of negative PR, because of fake policies and scams, and it’s not just from local companies, U.S. and
European companies have also been guilty of this,” said Hong Kong-based Mr. Brian-Boys. “The Snoopy character lent itself to that really well, because he represents the same values as the company--reliability, understanding, commitment. A dog is man’s best friend and we wanted to give MetLife the same image among Chinese.”
Last month, MetLife blanketed the main arteries and the waterfronts of
Shanghai, along the popular Bund area, including a 20-story animated Snoopy billboard on the 60-story Aurora Building in Shanghai’s Pudong district. Large billboards and hundreds of posters appeared on the streets featuring Snoopy and the tag line, “MetLife. Your friend for life.” The month-long campaign is also running in daily business press, outdoor media in other parts of China and in internal communications for staff and sales agents.
The largest life insurance company in the U.S., MetLife is eager to get a
share of China’s financial services sector, which is opening up to
foreigners like MetLife, HSBC and AIG through
China’s entry into the World Trade Organization.
Chinese invested $45.5 billion in life insurance premiums last year, a 14% increase over the previous year, according to government statistics,
although less than 4% of its 1.3 billion population has