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Life Insurance Market
Date: Apr 12, 2005
Contributor: Guy Mihelich
PICC to Enter Life Insurance Market
China's PICC to Enter Life Insurance Market Through Joint Venture With Thai, Japanese, Hong Kong Partners
China's largest non-life insurer has received approval to enter the lucrative Chinese life insurance market with a joint venture with Japanese, Hong Kong and Thai partners, the Hong Kong partner said Tuesday.
The new company allows PICC Holding Co. to compete with rivals China Life Insurance Co. and Ping An Insurance Co. of China, which both sell life insurance. China Life is the market leader.
Hong Kong's Asia Financial Holdings Ltd. said in a statement the China Insurance Regulatory Commission on Friday cleared it to jointly launch a life insurance company with PICC, Japan's Sumitomo Life Insurance Co. and Bangkok Bank PCL of Thailand.
Property and casualty insurer PICC Holding will hold a 51 percent stake in the company, which has a registered capital of 1 billion Chinese yuan (US$121 million; euro93 million).
Sumitomo Life has agreed to buy a 29 percent stake, while Asia Financial Holdings and Bangkok Bank will each have a 10 percent interest, according to the statement posted on the Hong Kong stock exchange's Web site.
Asia Financial Holdings, a family-run company that owns a small bank and an insurance company in Hong Kong, didn't provide a business plan for the joint venture.
Government statistics show China's total life insurance premium revenue hit 285.1 billion yuan (US$34.4 billion; euro26.5 billion) in 2004, compared to just 109.0 billion yuan (US$13.2 billion; euro10.2 billion) for the property and casualty sector that PICC dominates.
But the non-life sector grew faster last year, with its premium revenue surging 25 percent compared with 6.8 percent for life insurance.
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