Complex sentence: Sinochem Life Insurance Co. Ltd. was granted approval by the China Insurance Regulatory Commission (CIRC) to open a branch office in Guangzhou, China, the first branch license granted to a foreign invested joint--venture life insurance company.
Split into simpler sentences: Sinochem Life Insurance Co. Ltd. was granted approval by the China Insurance Regulatory Commission (CIRC) to officially open its branch office in Guangzhou, China. This was the first branch license granted by CIRC to a foreign invested joint--venture life insurance company.