Posted on Mar 09, 2010 by Sergio Ulloa
The China Insurance Regulatory Commission (CIRC) has recently granted HuaKang Financial Services Inc. authorisation to consolidate its existing 17 subsidiaries under their subsidiary in Shenzhen, which in turn will allow all these subsidiaries to be upgraded into branches.
HuaKang Financial Services Inc. is the first and largest Chinese life insurance agency. The company was founded in 2006 and is based in Guangzhou, China.
With permission of CIRC, new branches in China can now be setup under the name Shenzhen HuaKang Insurance Agency Co. Ltd. and carry on developing insurance agency businesses, which the company plans to augment to up to a 30% share of the national market, and aiming to float its shares by next year.
According to HuaKang, their market share in the Chinese life insurance agency sector during the first 3 quarters of last year was 25%, and more than 50% market share in the provincial markets of cities such as Shanghai, Guangdong, Jiangsu, Shandong, Zhejiang, Tianjin and Chongqing.
The business strategy for the year 2010 announced by HuaKuang is to remain focused and further develop the suburban markets of first-tier cities in China.
The current 17 subsidiaries of HuaKang are located in Zhejiang, Shandong, Hangzhou, Tianjin, Hebei, Henan, Guangzhou, Hunan, Hubei, Sichuan, Chongqing, Shanghai, Beijing, Anhui and Liaonin.
Insurance Company mentioned:
Huakang is the first nationwide independent insurance intermediary company in China which focus on individual life insurance business,in particular regular life insurance business. Huakang's nation-wide branches and profesional sales and services teams provide customers personalised, unbiased insurance and financial planning services thanks to its dominating market share and tremendous influence in the insurance intermediary industry. Huakang has won the overall recognition from the Media, competitors and investors. IDG capital and Matrix Partners China have concluded investing RMB500 million into Huakang.