Shin Kong & HNA Life Insurance Cleared for Beijing Sub-Branch

The China Insurance Regulatory Commission said it has approved Shin Kong & HNA Life Insurance Co. Ltd. to set up a sub-branch in Chaoyang district in Beijing.

Established on March 2, 2009, with registered capital of 500 million yuan (US$73 million), Shin Kong & HNA Life Insurance is a 50-50 joint venture between Taiwan's Shin Kong Life Insurance Co. [86571] and China' Hainan Airline Group. It is also the first overseas joint venture set up by Taiwanese company and headquartered in Beijing. The headquarters opened on Oct. 16.

The joint venture offers life, health and accident injury insurance, as well as reinsurance businesses in those lines, in China.

Earlier this year, Shin Kong & HNA Life signed strategic cooperation agreements with Industrial and Commercial Bank of China Ltd., Shanghai Pudong Development Bank, International SOS and Hainan Airlines Co. Ltd.

The insurer said it will provide insurance products and services through a "diversified sales model," which comprises distribution channels of individual sales, bancassurance, group insurance and telesales in China.

Its Taiwanese parent, Shin Kong Life, a financial conglomerate engaging in insurance, banking, securities and investment trustee businesses, was incorporated in 1963.

At the end of 2008, Shin Kong Life had total assets of NT$1.3 trillion (US$40.3 billion) and realized total annual premiums of NT$201.9 billion, and was the second-largest life insurer in Taiwan.