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With a series of policy measures to open up to the outside world, the total cancellation of the proportion of foreign equity in the insurance industry, and the increase in the attractiveness of my country's insurance market, foreign capital is constantly increasing its investment in the insurance market.
Blue Whale Insurance noticed that recently, a 3.33% stake in JD Allian Property Insurance Co., Ltd. (hereinafter referred to as "JD Allian Property Insurance") held by Shanghai Yingxue Investment Management Center (Limited Partnership) was auctioned by Allianz Insurance Group for 57.5 million yuan. Since then, Allianz Insurance Group has held 53.33% of the equity of JD Allianz Property Insurance. As one of the first foreign insurance groups to participate in the Chinese financial market, Allianz Group's layout in the Chinese market continues to deepen.
This is also a microcosm of foreign capital's actions to increase investment in the insurance market in recent years. Industry experts believe that foreign capital increases investment in the Chinese market because the Chinese insurance market has high growth potential, and the growth trend of China's insurance market will not change in the next few years. The continuous improvement of the level of openness in the insurance industry and the continuous growth of the team of foreign-funded insurance institutions will help promote the domestic market to integrate the development experience of mature foreign insurance markets, promote market competition, and actively promote the industry to achieve high-quality development.
market attractiveness continues to increase, and the team of foreign-funded insurance institutions continues to grow
htmlOn October 11, on the Alibaba judicial auction platform, the People's Court of Hongkou District, Shanghai held a judicial auction of 3.33% of JD Allian Property Insurance's equity held by Shanghai Yingxue Investment Management Center (Limited Partnership). The starting price of this part of the equity is 57.5 million yuan, the same as the appraisal price. On October 14, the auction results were released. Allianz Insurance Group won the auction for RMB 57.5 million, and its shareholding ratio increased from 50% to 53.33%., China-Germany Allianz Life Insurance Co., Ltd. (hereinafter referred to as " China-Germany Allianz Life "), which belongs to "Anlian", will soon complete the registration for the change of the joint venture to foreign-owned equity. In November last year, Allianz Life Insurance received a document approved by the Shanghai Banking and Insurance Regulatory Bureau, approving CITIC Trust to transfer its 49% equity in Allianz Life Insurance to Allianz (China) Insurance Holdings Co., Ltd. (hereinafter referred to as "Alianz China Holdings"). After the transfer, Allianz China Holdings held 100% of the shares in Allianz Life Insurance, and Allianz Life Insurance became the first joint venture in China to be wholly foreign-owned life insurance company .
, Executive Director and CEO of Allianz Life Insurance, , Xu Chunjun, , said: "As China's financial industry accelerates its opening up to the outside world, Allianz Life Insurance is also accelerating its efforts in the Chinese market. Allianz Life Insurance is committed to successfully grafting Allianz's service resources into the Chinese market and providing more attractive products and services to Chinese insurance consumers."
In addition, Allianz China Holdings has also established China's first foreign-owned insurance asset management company. Allianz Insurance Asset Management was approved to open in July 2021 and received capital increase from shareholders in March this year, with its registered capital increased from 100 million yuan to 500 million yuan.
"The Chinese market has important strategic development significance for Allianz Group." Allianz Group believes that at present, Allianz Group has all financial core businesses in China, including life insurance, property insurance, credit insurance and fund management, and is fully committed to the development in the Chinese financial market.
In the context of high-quality opening up of the financial industry, international insurance giants have made frequent moves. In March this year, Huatai Insurance Group issued an announcement to change its shareholders, and 11 companies including Junzheng Group transferred a total of 35.88% of Huatai Insurance Group's equity to Anda North America and Anda United States. After regulatory approval, the "Anda Group"'s shareholding in Huatai Insurance Group increased to 83%, and the Chinese market layout further improved.
Another insurance group, Angu Group, has a "An" character "An" through its subsidiary Angu China, strategically acquired a stake in Taishan Property Insurance last year, holding 24.9%, becoming the second largest shareholder, and expanding its business in China from life insurance and health insurance to property insurance.
As the policy dividends are being released, the attractiveness of my country's insurance market continues to increase. At the same time, the team of foreign-funded insurance institutions is also continuing to expand.For example, since 2018, many joint venture insurance asset management companies, including ICBC AXA Asset Management, Bank of Communications Kanglian Asset Management, CITIC Prudential Asset Management, have been approved for establishment of ; in terms of reinsurance institutions, Dahan Reinsurance Shanghai Branch was approved for opening, Spain's Manfu Reinsurance Company was preparing to establish a Beijing branch, and Xinli Property Insurance was changed to Xinli Reinsurance Company, becoming my country's first foreign-invested reinsurance legal entity; several joint venture insurance companies such as HSBC Life Insurance, AXA Tianping have been converted into wholly foreign-owned enterprises, etc.
China Banking and Insurance Regulatory Commission data shows that from 2012 to 2021, the market share of foreign-funded insurance companies increased from 3.5% to 7.8%. As of the end of May 2022, overseas insurance institutions have established a total of 67 foreign-funded insurance institutions and 80 representative offices in China.
has high growth potential, and it is expected that the Chinese insurance market will maintain a growth trend
There are also foreign capital considering increasing its investment in the Chinese insurance market. Recently, a news report that " US Prudential Financial Group is considering acquiring a minority stake in ABC Life Insurance " has attracted industry attention. It is reported that Prudential Group will acquire 20%-49% of the equity of ABC Life Insurance. If the transaction is successful, ABC Life Insurance may become the third Sino-foreign joint venture life insurance company under the four major banks.
The United States Prudential Financial Group is one of the global diversified financial service institutions. It jointly established Fosun Prudential Life with Fosun Group as early as 10 years ago and has been operating it so far. In July this year, Prudential Group also spent 265 million yuan to win 10% of Qianhai Reinsurance's equity, and its business tentacles further spread.
html At the end of August, Tongfang Co., Ltd. listed and transferred 450% of the equity of Tongfang Global Life Insurance html. The industry also speculated that its potential buyer may be a foreign shareholder, Dutch Global Life Insurance."Foreign capital has entered the market and increased investment in the Chinese market. The Chinese insurance market has high growth potential, the development trend is improving in the long run, and the regulatory environment is becoming more mature, providing a good business environment," an insurance scholar said in an interview with Blue Whale Insurance.
It believes that China's insurance industry is still in its growth stage and has great room for development compared with mature markets. "Foreign insurance companies continue to be optimistic about China's insurance industry, and their participation is further deepened, which will help promote the diversification of investment entities, promote the domestic market to integrate the development experience of mature foreign insurance markets, improve insurance business management, improve insurance service quality, promote market competition, and make the development of China's insurance industry healthier and more mature."
The "2022 Allianz Global Insurance Industry Development Report" released by Allianz Group shows that in the past decade, the Chinese insurance market has been an important engine of global premium growth, and the share of premium income in global premium income has continued to increase, reaching 12% in 2021. Looking ahead to the next ten years, Allianz Group expects that China's insurance market will still reach an average growth rate of 6.9% per year, of which life insurance is 7.1% and property insurance is 6.6%.
"Even if the global economy faces severe challenges, the insurance industry is still a dynamic, resilient and sustainable growth industry," said Dr. An Renli, chief economist at Swiss Re Group. As an important engine to promote the recovery and development of the global economy, the steady growth of China's economy is expected to promote high-quality development of the insurance industry and further enhance social resilience. (Blue Whale Insurance Li Danping [email protected])
