China News

AIG Selling $1.2 Billion Worth of Shares in China’s PICC P&C: Report

American International Group is offering for sale about $1.2 billion worth of shares in China’s PICC Property and Casualty Co. Ltd. (PICC P&C) in a block deal, IFR said on Saturday, citing a term sheet of the deal. AIG’s stake …

China Suspends New Registrations of Internet-Based Finance Firms: News Report

China suspended new registrations of finance companies nationwide as authorities started a crackdown on internet finance, business magazine Caixin reported, citing unidentified people familiar with the matter. Applicants with finance-related names or businesses can no longer simply register with local …

Chubb Enters into Distribution Agreement with Chinese Retail Giant Suning

Chubb Ltd. announced it has entered into a long-term preferred provider distribution agreement with Suning, one of the largest and most recognized retail brands in China. Under the terms of the agreement, Chubb and Suning will partner to develop and market …

Many Chinese Patients Forced to Buy Hospital Appointment Tickets from Scalpers

As day breaks, hundreds of patients wait to see doctors in a queue that snakes around the Peking Union hospital in Beijing. Many will wait in vain – “scalpers” like Yu Wei have already illegally bought and sold appointment tickets …

China’s Fosun Weighs IPO for Ironshore, Just 4 Months After Acquiring Insurer

Fosun International Ltd., the Chinese conglomerate led by billionaire Chairman Guo Guangchang, is weighing a possible initial public offering for Ironshore Inc., just months after acquiring the insurer. Fosun may also pursue a sale of Bermuda-based Ironshore, according to a …

Ping An Profit Rises 38% in 2015 on Investment Income, Jump in Life Business

Ping An Insurance (Group) Co., China’s second-biggest insurer, said profit rose 38 percent last year as investment returns from stock trading expanded and banking revenue increased. Net income climbed to 54.2 billion yuan ($8.3 billion) from 39.3 billion yuan a …

CNA Hardy Joins Lloyd’s China Platform

CNA Hardy, a specialist commercial insurance provider for clients within the Lloyd’s and company markets, announced it has joined Lloyd’s Insurance Company (China) Ltd. in Shanghai by establishing CNA Hardy Underwriting division on the platform. The company began operating from …

5 Governments Write to China, Expressing Concern over New & Draft Laws

The United States, Canada, Germany, Japan and the European Union have written to China to express concern over three new or planned laws, including one on counterterrorism, in a rare joint bid to pressure Beijing into taking their objections seriously. …

AXA’s 2015 Net Income Rises 12% on Life Insurance Sales in Europe, Asia

AXA SA, France’s largest insurer, said 2015 profit rose 12 percent, helped by higher life insurance sales in Europe and Asia. The shares rose. Net income climbed to 5.62 billion euros ($6.2 billion) from 5.02 billion euros [$5.5 billion] a …

Chinese Industrial Firms Will Lead Insurance M&A in 2016, to Grow Beyond Asia

China’s biggest industrial companies want to buy insurers in 2016 as they seek to grow outside Asia as the domestic economy slows and falling insurance rates prompt more firms to do deals, according to Willis Towers Watson Plc. “We’ve been pretty active …