Insurance related to Bank: - Insurance related to Bank:
- Bank of China sets up an insurance company in Shenzhen-- a strong indication that Beijing’s regulatory demarcation between banks, insurance companies, and brokerages may be crumble.
- Zhongyin Group Insurance Company is the first to be set up by a bank. It is a registered as an insurance company in HK (7/19/01 FT)
- ICBC (Asia) acquired equity stake in Tai Ping insurer that recently won a licence to do business across China
- China Insurance Market
- Premiums (billion RMB)
- Year Total Shanghai
- 1998 125.6 10.3
- 1999 140.6 11.5
- 2000 159.6 12.7
- 2001 210.0
- Source: Financial Times, 2/20/01. (Guangshou –10 % market)
- Investment Outlay:
- Earlier, premiums are invested in bank deposits and T-bonds (whose yields are below what the insurance companies agreed to most customers)
- Starting November 1999, CIRC permits stock market investments by insurance companies;
- About 4 % of insurance company’s assets are in now the stock markets.
1992, US-based American International Group (AIG) opened a branch in Shanghai. AIG is the only foreign insurance company in Chain allowed 100 % ownership of its life insurance operations. - 1992, US-based American International Group (AIG) opened a branch in Shanghai. AIG is the only foreign insurance company in Chain allowed 100 % ownership of its life insurance operations.
- CIRC may ask the AIG to sell 50 % of its current life-insurance operation and form a joint venture with a local partner to expand in the future. Those two moves would bring he U.S. insurer into compliance China’s insurance regulations and WTO.
Huatai Insurance will become the first insurance company to list on exchange. Huatai would sell less than 25 per cent of its shares (about HK$1.2 billion) to foreign firms (9/26/01). - Huatai Insurance will become the first insurance company to list on exchange. Huatai would sell less than 25 per cent of its shares (about HK$1.2 billion) to foreign firms (9/26/01).
- It could take one year for the property life insurer to complete pre-listing preparations before getting approval from the CSRC. Beijing has been pushing mainland insurance companies to list and raise funds to speed up restructuring for its WTO entry.
- Other steps would include selling a stake to foreign firms and setting up a joint-venture life insurance firm.
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