Hong Kong AIA: First foreign-owned and independently-owned life insurance company established in China: Yuho Insurance
Shanghai
August 26, 2020
Friendship Insurance (AIA):
Hong Kong-based financial giant Tomoho Insurance Holding (AIA Group)
On August 18, a ceremony was held in Shanghai to establish the company’s wholly owned subsidiary, Yuhojin Life Insurance.
First foreign capital in mainland China:
AIA acquired a life insurance business license as 100% foreign capital in June.
It became the first foreign-owned life insurance company in mainland China.
China Bank Insurance Regulatory Commission:
From January 1, 2020, the foreign investment ratio (up to 51%) of life insurance companies will be abolished.
Foreign-affiliated companies can now establish their own life insurance companies.
Tomohuni Life Insurance:
In the future, we plan to open a new office in 10 to 12 provinces in China (August 18, “First Finance”)
British HSBC Insurance:
In addition to the AIA, there is also a “foreign-capitalized insurance company that seeks to make its joint venture independent.”
HSBC Insurance (Asia) in May,
“The life insurance company that originally had a 50-50 stake with the China National Trust” was announced as a wholly owned subsidiary.
-JETRO
https://www.jetro.go.jp/biznews/2020/08/adb80e7c81a96792.html