Sino Life Insurance Company Ltd. (hereinafter Sino Life, registered in Shanghai, PRC, Chairperson: Li Gang) commences its operation in Shanghai yesterday. The Tokio Marine and Fire Insurance Co., Ltd. (hereinafter Tokio Marine, registered in Japan, President: Kunio Ishihara) and Millea Asia Pte. Ltd. (hereinafter Millea Asia, registered in Singapore, CEO: Takaaki Tamai), both of which are subsidiaries of Millea Holdings, Inc. (hereinafter Millea Holdings, registered in Japan, President: Kunio Ishihara) have jointly invested about RMB1,059 million (US$127 million) representing 24.9% into Sino Life in July. It is the first life insurance company to start full operation in the PRC with Japanese investment & management participation.
Sino Life was established on March 4, 2002. The license granted is a national operational license without any geographical limitation nor product line limitation, which differs from other foreign joint venture licenses with such limitations. Sino Life plans to expeditiously broaden its presence in major cities such as Beijing, Nanjing and Hangzhou, and further establish branches in large provinces and cities.
Millea Group has been assisting Sino Life in its preparatory phase since the signing of the investment and related agreements on April 21, by seconding professionals and providing the related technical assistance. Millea Group has appointed four directors to the Board of Directors of Sino Life based on its equity proportion.
Tokio Marine has expanded its operation in China mainly in non-life (property and casualty) insurance sector since 1980, when it established the representative office in Beijing as the first foreign insurance company ever allowed. In September 1994, Tokio Marine was allowed to commence direct business via Shanghai branch as the second foreign insurance company in the market. Tokio Marine currently has eight representative offices in addition to the Shanghai branch which is one of the most extensive network amongst foreign insurance companies operating in China. With the commencement of Sino Life, Millea Group will strengthen its commitment into the high growth insurance market for both life and non-life.
Company Profiles
Sino Life Insurance Co., Ltd.
Chairperson: Mr. Li Gang
General Manager: Mr. Li Zhenghuai
Capital: RMB 1,358million (US$ 162million, post investment of Tokio Marine & Millea Asia) Head Office: Shanghai, China
Millea Holdings, Inc.
President: Kunio Ishihara
Capital: JPY150billion (as of March 2003)
Head Office: Tokyo, Japan
Millea Holdings was established in 2002 as the holding company of The Tokio Marine and Fire Insurance Co., Ltd. and The Nichido Fire and Marine Insurance Co., Ltd.(Nichido Fire), whereby the managements of the two direct non-life operation had been integrated.
Life insurance subsidiaries of Tokio Marine and Nichido Fire have merged to form The Tokio Marie & Nichido Life Insurance Co., Ltd. on October 1, 2003.
Millea Group is the largest non-life insurance group in Japan as well as one of the largest in the world, and is listed on the Tokyo Stock Exchange, Osaka Stock Exchange and Nasdaq.
The Tokio Marine and Fire Insurance Co., Ltd.
President: Kunio Ishihara
Capital: JPY102billion (as of March 2003)
Total Asset: JPY6, 864billion (as of March 2003)
Head Office: Tokyo Japan
Founded in 1879, Tokio Marine is Japan's oldest and largest non-life insurance company. In 2002, Tokio Marine together with Nichido Fire established Millea Holdings as the holding company. Tokio Marine will merge with Nichido Fire in October 2004 to further strengthen its operation.
Since 1994, Tokio Marine has established a branch office in Shanghai to provide non-life insurance services in China.
Millea Asia Pte. Ltd.
CEO: Takaaki Tamai
Head Office: Singapore
Millea Asia was established in December 2002 and it assumes a role as the regional headquarter for Millea Group's Asian operation and as the intermediate holding company for Asian subsidiaries and affiliates, now accounts for 14 insurance related companies including Sino Life. Millea Asia is wholly owned by Millea Holdings.
