English
Mar
03
Sino Life Insurance gets regulator approval for Jiangxi expansion and shareholder change
Posted on Mar 03, 2010 by Sergio Ulloa (G+)
Sino Life Insurance Co. has been granted permission by the Chinese Insurance Regulatory Commission (CIRC) for a new branch in Jianxi province as well as approval for changing shareholders. With the CIRC's go-ahead, current Sino Life shareholder Shenzhen Wuxin Yufu Industrial Co. Ltd. is to transfer the entirety of its 180 million shares to Shenzhen International Commerce Investment Co. Ltd. After the transfer is finalized Shenzhen International Commerce Investment Co. Ltd. will have a total holding in Sino Life Insurance Co. of 397.9 million shares, constituting 17.64% of the shares in the life insurer, while Shenzhen Wuxin Yufu Industrial would no longer hold a stake in Sino Life. Sino Life Insurance said that by the end of the first half of 2009 it had branches in 22 provinces, making its pending advancement into Jianxi province it's 23rd. The company was started in 2001 with a registered capital of 2.08 billion yuan (US$304 million), by the end of 2009 they had total original premium income of over 7 billion yuan (US$1.02 billion). Other than Shenzhen International Commerce Investment Co. Ltd., Sino Life also counts among is shareholders South China Investment Ltd., based in Shenzhen, Dalian Shougang Group, the Beijing iron and steel manufacturer, construction material and chemical producer Shide Group, as well as the Japan-based Tokio Marine & Nichido Fire Insurance Co. and it's associate company Tokio Marine Asia Pte. Ltd. Insurance Companies Mentioned: Sino Life Insurance Co.
Established in Shanghai in 2001, Sino Life Insurance Co., the company moved it's headquarters to Shenzhen in 2008. After starting with a market capitalization of 2.08 billion yuan (US$304 million) it has grown immensely in the Chinese life insurance market, it now operates in 23 provinces in China, employing over 300,000 people and has over 26 billion yuan (US$3.8 billion) worth of total assets.