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Dajia Insurance Group Welcomes Four New Members

2019-08-29

Dajia Insurance Group has recently added four members to its insurance family, namely Dajia Property & Casualty Insurance Co., Ltd. (“Dajia P&C”), Dajia Life Insurance Co., Ltd. (“Dajia Life”), Dajia Pension Insurance Co., Ltd. (“Dajia Pension”) and Dajia Asset Management Co., Ltd. (“Dajia Asset”).

As approved by the China Banking and Insurance Regulatory Commission (the “CBIRC”), Dajia P&C was established by Dajia Insurance Group Co., Ltd. (“Dajia Insurance Group”) with a registered capital of RMB4 billion. Its business scope covers property loss insurance, liability insurance, credit insurance and bond insurance, short-term health insurance and personal accident insurance as well as reinsurance of the above covers, investment and insurance fund use business allowed under China’s laws and regulations and other insurance businesses approved by the CBIRC. In addition, Dajia P&C has in the mean while obtained regulatory approval for the preparatory establishment of 36 provincial branches, including Anhui Branch. In the future, Dajia P&C will focus on property and casualty insurance as its principal activity and provide the general public with a wide variety of property and casualty insurance products. It will endeavor to develop core service capabilities, enhance customer experience and effectively protect the legitimate rights and interests of insurance consumers.

As approved by the CBIRC, Dajia Insurance Group acquired 30.785 billion shares in Anbang Life Insurance Co., Ltd. (“Anbang Life”) from Anbang Insurance Group Co., Ltd., representing 99.984% of the total stock shares of Anbang Life. After the acquisition, Anbang Life was renamed Dajia Life Insurance Co., Ltd. (“Dajia Life”).

Next, as subsidiaries of Dajia Life, Anbang Pension Insurance Co., Ltd. (“Anbang Pension”) will be renamed Dajia Pension Insurance Co., Ltd. (“Dajia Pension”), and Anbang Asset Management Co., Ltd. (“Anbang Asset Management”) will be renamed Dajia Asset Management Co., Ltd. (“Dajia Asset”).

The renaming of Anbang Life, Anbang Pension and Anbang Asset Management will not result in any change in the corresponding legal entities. Relevant rights and obligations under preexisting contracts and cooperation agreements will not be changed due to name change. The legitimate rights and interests of insurance consumers will be effectively protected.

 

Dajia Insurance Group will uphold the principle of fairness, ingenuity and fairness, stays true to its original aspiration for insurance and keeps in mind its service mission. It persistently explores the path to healthy development of China’s insurance industry, continuously meets the growing insurance demand of the people, and helps China’s real economic development with steady investment.


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