日韩精品久久一区二区三区_亚洲色图p_亚洲综合在线最大成人_国产中出在线观看_日韩免费_亚洲综合在线一区

  Home>News Center>Bizchina
       
 

HK firms get in on mainland insurance action
By Hu Yuanyuan (China Daily)
Updated: 2005-11-25 06:17

Dah Sing Life Assurance Co, a wholly-owned subsidiary of the Hong Kong-based Dah Sing Financial Group, has bought a 20 per cent stake in new firm Great Wall Life Insurance Co, which opened for business yesterday.

It highlights how Hong Kong's financial enterprises are stepping up efforts to exploit the mainland's insurance sector, which has seen a 30 per cent annual growth rate over the past two decades.

"Hong Kong players' unprecedented enthusiasm in the mainland's insurance sector is mainly due to the saturation of Hong Kong's life insurance market," said Wang Guojun, an insurance professor at the University of International Business and Economics in Beijing.

Foreign insurance giants such as AIG and AEGON currently dominate the Hong Kong market, leaving limited room for domestic insurers. This means they cannot resist the temptation of the mainland's booming insurance sector.

With an investment of US$7.4 million, Dah Sing Life Insurance is one of the three biggest shareholders of Great Wall Life. Most of the shareholders are real estate developers and State-owned enterprises.

The other two big shareholders are the Beijing Huarong Investment Company and the Beijing Financial Street Construction Group, which also each have a 20 per cent stake.

Wang Boling, financial director of the Dah Sing Financial Group, said the firm will pump more cash into Great Wall Life in the next year to fuel its expansion.

Other examples of Hong Kong firms getting involved in insurance on the mainland include the Pacific Century Insurance Holding Ltd's planned co-operation with Hainan Airlines Group to set up a life insurance firm; Pacific Century Insurance will take a minimum stake of 10 per cent. Asia Financial Holdings, also a big player in Hong Kong's financial sector, has a 10 per cent stake in PICC Life Insurance Co, a new firm which opened for business last week.

Meanwhile, the HSBC bank, having acquired a 19.9 per cent stake in Ping An Insurance, is thinking about establishing a joint venture insurance firm on the mainland next year.

A Standard & Poor's (S&P) overseas report indicated China's life insurance sector has long-term growth potential because of low penetration and increasing demand.

"As most Hong Kong insurers are medium and small-sized ones, they usually take a slice of the mainland market by buying into a domestic insurer," said Dong Chen, an analyst with China Securities.

Wang Gongwei, president of Great Wall Life, said "corporate governance and management, rather than the speed of business expansion, is the most important thing."

With registered capital of 300 million yuan (US$37 million), Great Wall Life will focus on three types of products: group, individual life and banking insurance. It will lean more on the latter to expand in the early stages. Currently the firm is talking to several banks about possible co-operation.

According to the three-year strategic plan of Great Wall Life, it expects to take 170 million yuan (US$20.98 million) in the first year, mainly from banking insurance.

In the second year, it will increase its registered capital to 500 million yuan (US$61.7 million) in order to expand sales outlets, with a premium income expected to top 1.4 billion yuan (US$173 million). In the third year, the company will raise its registered capital to 700 million yuan (US$64.2 million) and expects premiums of 3.4 billion yuan (US$419.8 million).

(China Daily 11/25/2005 page9)



 
  Story Tools  
   
Manufacturers, Exporters, Wholesalers - Global trade starts here.
Advertisement
         
主站蜘蛛池模板: 国产精品视频免费 | av电影直播 | 久久久精品一区二区三区 | 国产毛片久久久久久国产毛片 | 精品国产一区二区三区久久 | 亚洲宗合 | 澳门永久av免费网站 | 亚洲 中文 欧美 日韩 在线观看 | 高清中文字幕视频在线播 | 久久97精品久久久久久久看片 | 精品国产18久久久久久二百 | av电影网站在线观看 | 亚洲国产成人精品女人 | 日韩免费在线视频 | 国产色网| 色香蕉视频 | 双性精h调教灌尿打屁股的文案 | 两性视频网 | 午夜亚洲一区 | 青青草原在线视频免费观看 | 久久成人高清 | 国产精品午夜电影 | 99热在线免费 | 中文字幕一区二区三区四区不卡 | 日韩欧美在 | 欧美成人免费在线视频 | 亚洲成人精品久久久 | 天天摸天天操免费播放小视频 | 亚洲精品国精品久久99热 | 日本在线你懂的 | 日本精品人妻无码免费大全 | 亚洲一区二区三区在线播放 | 91视频社区 | 婷婷激情综合色五月久久竹菊影视 | 91福利免费视频 | 香港三级网站 | 精品日本三级在线观看视频 | 成人福利在线免费观看 | 欧洲男女下面进出的视频 | 操夜夜 | 国外成人直播 |