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Kanglian Group intends to withdraw from Bank of Communications Kanglian Life Insurance MS&AD Insurance Group
Daily Economic News Yuan Yuan
On March 13, BOCOM Kanglian Life Insurance Co., Ltd. announced on the website of the China Insurance Industry Association that the 27th meeting of the third board of directors of the company reviewed and approved the equity of Bank of Communications Kanglian Life Insurance Co., Ltd. The “Proposal on Transfer and Name Change” unanimously agreed that Kanglian Group transferred its shareholding in Bank of Communications Kanglian Life Insurance.
It is reported that Kanglian Group's shareholding ratio of Bank of Communications Kanglian Life Insurance is 37.5%. After the completion of the transfer, Kanglian Group will completely withdraw from Bank of Communications Kanglian Life Insurance. The takeover of this time is MS&; AD Insurance Group Holdings Co., Ltd. (hereinafter referred to as "MS&; AD Insurance Group"), with a capital contribution of 1.912 billion yuan. MS&;AD Insurance Group stated that the company invested in Bank of Communications Kanglian Life Insurance in strict accordance with the national laws and regulations and relevant regulatory requirements. It originated from legal self-owned funds and was not using any form of financial institution loans or other financing channels.
According to public information, BOCOM Kanglian Life Insurance was established on January 28, 2010 with a registered capital of RMB 5.1 billion.Bank of CommunicationsHolding 62.5%, Australia Kanglian Group holds 37.5%. The company is headquartered in Shanghai and has opened several branches in Jiangsu, Henan, Hubei, Beijing, Anhui, Guangdong, Shandong, Sichuan, Liaoning, Shaanxi, Shenzhen, Hunan, Zhejiang and other provinces. It can be seen from the data that there has not been any equity change since the establishment of Bank of Communications Kanglian Life Insurance. This is the first equity transfer of Bank of Communications Kanglian Life Insurance in the past nine years. At present, the equity transfer is still subject to approval by the China Banking Regulatory Commission.
It is reported that MS&AD Insurance Group is a Japanese listed company. It was established in April 2010 and was established after the integration of operations of Mitsui Sumitomo Marine Group, Aiheyi Property Insurance Company, Rishengtong and Property Insurance Company. The business covers property insurance. Risk management, asset utilization, and life insurance.
Prior to the acquisition of BOCOM Kanglian Life Insurance, MS&;AD Insurance Group also directly established Mitsui Sumitomo Marine Fire Insurance (China) Co., Ltd. (hereinafter referred to as "Mitsui Sumitomo Marine Fire Insurance"). As one of the layouts of MS&AD Insurance Group in the Chinese market, the development of Mitsui Sumitomo Marine Fire Insurance has been relatively stable since its establishment. The solvency report for the fourth quarter of 2018 shows that the comprehensive solvency adequacy ratio and core solvency adequacy ratio of Sumitomo Mitsui Marine Fire Insurance are both 268.56%, and the latest risk rating is Class A.
Editor in charge: Li Limeng RF13188
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