Industry News | Sino-Italian P&C Insurance was approved to become a wholly foreign-owned insurance company: Generali Insurance wholly owned, PetroChina withdrew

On May 15th, Zhongyi Property Insurance Co., Ltd. announced that in accordance with the "Reply of the Beijing Regulatory Bureau of the State Financial Supervision and Administration on the Change of Shareholders of Zhongyi Property Insurance Co., Ltd." (Jing Jin Fu [2024] No. 289), it agreed that China Petroleum Group Capital Co., Ltd. would transfer its 51% equity in the company to Zhongli Insurance Co., Ltd. After the transfer, Zhongli Insurance Co., Ltd. holds a 100% stake, and PetroChina Capital no longer holds equity in Zhongyi Property&Casualty Insurance.

According to public information, China Italy Property&Casualty Insurance was established in April 2007, jointly established by China National Petroleum Corporation and Italy's Zhongli Group. It is the first joint venture national property insurance company established after China's accession to the World Trade Organization. Among them, Zhongli Group was founded in 1831 and has business operations in 50 countries around the world. In 2022, the total underwriting premium reached 81.5 billion euros. In 2009, Zhongli Group transferred 1% of its equity to China Petroleum Group, and the shareholding ratio of Chinese and foreign shareholders was adjusted from 50:50 to 51:49.

In addition to Sino Italian Property and Casualty Insurance, PetroChina has also established a joint venture with Zhongli Insurance to establish Sino Italian Life Insurance. According to the official website of China Italy Life Insurance, the company was established in 2002, jointly established by China National Petroleum Corporation Limited and Italy Zhongli Insurance Co., Ltd. It is the first Sino foreign joint venture insurance company approved after China's accession to the World Trade Organization. In September 2016, the Chinese shareholder China National Petroleum Corporation Limited transferred its 50% equity to China National Petroleum Corporation Capital Limited for free. At present, Zhongyi Life Insurance has a registered capital of 3.7 billion yuan and total assets exceeding 100 billion yuan.

In the first quarter of 2024, China Italy Property&Casualty Insurance achieved an insurance business revenue of 525 million yuan and a net profit of 7.9311 million yuan. As of the end of the first quarter of this year, the core solvency adequacy ratio and comprehensive solvency adequacy ratio of China Italy Property&Casualty Insurance were 157.25% and 158.45%, respectively, both of which have decreased compared to the end of the previous quarter. The latest two comprehensive risk rating results were BB.On May 15th, Zhongyi Property Insurance Co., Ltd. announced that in accordance with the "Reply of the Beijing Regulatory Bureau of the State Financial Supervision and Administration on the Change of Shareholders of Zhongyi Property Insurance Co., Ltd." (Jing Jin Fu [2024] No. 289), it agreed that China Petroleum Group Capital Co., Ltd. would transfer its 51% equity in the company to Zhongli Insurance Co., Ltd. After the transfer, Zhongli Insurance Co., Ltd. holds a 100% stake, and PetroChina Capital no longer holds equity in Zhongyi Property&Casualty Insurance.

According to public information, China Italy Property&Casualty Insurance was established in April 2007, jointly established by China National Petroleum Corporation and Italy's Zhongli Group. It is the first joint venture national property insurance company established after China's accession to the World Trade Organization. Among them, Zhongli Group was founded in 1831 and has business operations in 50 countries around the world. In 2022, the total underwriting premium reached 81.5 billion euros. In 2009, Zhongli Group transferred 1% of its equity to China Petroleum Group, and the shareholding ratio of Chinese and foreign shareholders was adjusted from 50:50 to 51:49.

In addition to Sino Italian Property and Casualty Insurance, PetroChina has also established a joint venture with Zhongli Insurance to establish Sino Italian Life Insurance. According to the official website of China Italy Life Insurance, the company was established in 2002, jointly established by China National Petroleum Corporation Limited and Italy Zhongli Insurance Co., Ltd. It is the first Sino foreign joint venture insurance company approved after China's accession to the World Trade Organization. In September 2016, the Chinese shareholder China National Petroleum Corporation Limited transferred its 50% equity to China National Petroleum Corporation Capital Limited for free. At present, Zhongyi Life Insurance has a registered capital of 3.7 billion yuan and total assets exceeding 100 billion yuan.

In the first quarter of 2024, China Italy Property&Casualty Insurance achieved an insurance business revenue of 525 million yuan and a net profit of 7.9311 million yuan. As of the end of the first quarter of this year, the core solvency adequacy ratio and comprehensive solvency adequacy ratio of China Italy Property&Casualty Insurance were 157.25% and 158.45%, respectively, both of which have decreased compared to the end of the previous quarter. The latest two comprehensive risk rating results were BB.