Interface News reporter | Lu Wenqi
On May 15, Zhongyi property Insurance Co., Ltd. (hereinafter referred to as Sinopec property Insurance) issued a notice saying that after regulatory approval, it was agreed that CNPC Capital Co., Ltd. (hereinafter referred to as PetroChina Capital) would holdReddogcasino50freespinsnodeposit51% of the shares in Sino-Italian property insurance were transferred to Zhongli Insurance Co., Ltd.
Sino-Italian property insurance was once the first Sino-foreign joint venture property insurance company in China, but now it has become a wholly foreign-owned property insurance company.
Sino-Italian property Insurance also pointed out in this announcement that after PetroChina Capital transferred its equity, Zhongli Insurance Co., Ltd. held 100% of Sino-Italian property Insurance. CNPC Capital Co., Ltd. no longer holds a stake in Sino-Italian property insurance.
According to public data, Sino-Italian property Insurance was established in Beijing in April 2007. It was originally a national joint venture property insurance company established by CNPC Finance Co., Ltd. (hereinafter referred to as CNPC) and Zhongli Insurance. It is also the first Sino-foreign joint venture property insurance company in China, with an initial registered capital of 500 million yuan at the time of its establishment, with 50% of the shares held by shareholders on both sides of the joint venture.
On January 10 this year, Zhongli Group announced on its website that it had signed an agreement for about 99 million euros (about 7 yuan).Reddogcasino50freespinsnodepositThe price of .74 billion yuan) to buy a 51% stake in Sino-Italian property Insurance. After the completion of the transaction, Zhongli Insurance will become the 100% controlling shareholder of Zhongyi property Insurance.
With regard to increasing its holdings of Sino-Italian property insurance, Zhongli said that the acquisition is a long-term strategic investment aimed at developing property insurance business fully owned and controlled by the group in China and expanding its market share in China. to enable Zhongli Group to seize the growth opportunities in the Chinese market. As the sole owner of Sino-Italian property insurance, Zhongli will seek to expand its distribution network in China and use China's investment in carbon neutrality to expand its green commercial insurance business.
Jaime Anchhost Stegui, chief executive of Zhongli's international operations, said the acquisition was fully in line with his group's strategy to strengthen its influence in major Asian markets. Becoming the sole owner of Sino-Italian property insurance will enable it to further expand its products, business scope and distribution network.
In fact, thanks to a series of policies of opening up the financial industry to the outside world, in recent years, several joint venture insurance companies such as HSBC Life, Axa balance and Sino-German Allianz have become wholly foreign-owned, while ACE, Angu and other foreign insurance groups have achieved shareholding or equity participation through equity transfer, capital increase and other means.
At the opening ceremony of the annual meeting of the 2023 Financial Street Forum, Li Yunze, director of the State Administration of Financial Supervision and Administration, said that in recent years, China has launched more than 50 opening measures to completely abolish the restriction on the proportion of foreign capital in the field of banking and insurance. we will significantly reduce the quantitative threshold for foreign capital entry, and continue to expand the breadth and depth of financial opening up.
Li Yunze said that the insurance industry has great potential for development. Over the past three years, the average annual growth rate of China's premium income is 4 percentage points higher than the global average, but the per capita premium is only 70% of the global average, and there is still a lot of room for improvement.