Ming An Insurance Equity Change Agreed

The Ming An Insurance Co. (China) Ltd. has been agreed by the China Insurance Regulatory Commission in equity change.

After the move, Ping An Insurance (Group) Company of China, Ltd. (SHSE: 601318; SEHK: 2318), the country's second biggest insurer by premiums, will withdraw from Ming An completely, while six sellers, including Haikou Meilan Airport and Bohai International Trust Corporation will become new shareholders of Ming AN.

Ping An last September sold a 100% stake in Ming An on the Tianjin Equity Exchange at a price of CNY 1.541 billion at that time.

Founded in January 2005, Ming An mainly engages in property loss insurance, liability insurance, credit insurance and guarantee insurance, short-term health insurance, incident injury insurance, the reinsurance of the foresaid insurance, insurance fund operation business approved by the national laws and regulations, and other business approved by the China Insurance Regulatory Commission. By the end of 2009, total assets of the insurance firm had hit CNY 1.996 billion; total liabilities had been CNY 1.38 billion; owners' interests and rights had hit CNY 617 million.