China News

Chinese Firms Enter Private Health Insurance Market for Growth Opportunities

Gaming firms, real-estate companies and drugmakers in China are chasing what they hope will be the country’s next hot commodity: private health insurance. At least 29 publicly traded Chinese companies have announced plans to invest in commercial insurance businesses since …

China’s Anbang Turns Attention to Digesting $13.5B of Overseas Deals

Anbang Insurance Group Co., known for its aborted attempt to buy Starwood Hotels & Resorts Worldwide Inc. in March, is turning its attention from chasing deals to digesting $13.5 billion of overseas acquisitions announced since 2014. The company will focus …

Asian Regulatory Changes Could Hike Demand for Local Reinsurance: Fitch

Various regulatory initiatives in Asian markets could lead to greater demand for local reinsurance capacity as direct insurers rethink risk management strategies and appetite, according to a report published by Fitch Ratings. “Asian regulators have implemented – or are in …

Anbang’s Hong Kong IPO Should Lift Veil on Chinese Group’s Low Profile Backers

For investors and bankers wanting to know more about who’s behind Anbang Insurance Group, China’s second-largest life insurer, plans for a Hong Kong IPO next year should provide some answers. Anbang’s relentless pursuit of overseas deals, rapid financing and opaque shareholding …

China’s Anbang Insurance Readies for 2017 IPO: Sources

Anbang Insurance Group Co., the Chinese owner of New York’s Waldorf Astoria hotel, has asked banks to pitch for role on a planned Hong Kong initial public offering next year, according to people with knowledge of the matter. The Beijing-based …

China’s Ping An Profit Rises 18% in 1st Half on Higher Premiums, Banking Income

Ping An Insurance (Group) Co., China’s second-largest insurer, said first-half profit rose 18 percent as growth in premiums and banking revenue helped offset the impact of stock-market declines that have hit rivals. Net income climbed to 40.8 billion yuan ($6.2 …

Liberty Mutual & China’s Sanpower Group Form P/C Joint Venture

Liberty Mutual Insurance and Sanpower Group Co. Ltd., one of China’s leading private enterprises, announced they have agreed to create a joint venture from Liberty Mutual’s current Chinese property/casualty insurance operations. Sanpower will hold a 51 percent controlling interest in …

‘Self-Driving’ Doesn’t Mean ‘Hands-Free’ – Lessons of Tesla Autopilot Crash in China

Tesla said last week that one of its cars had crashed in Beijing while in ‘autopilot’ mode, with the driver contending sales staff sold the function as ‘self-driving’, overplaying its actual capabilities. Tesla said it had reviewed data to confirm …

Global Business Groups Urge China’s Premier to Revise Draft Cyber Rules

In a letter addressed to Chinese Premier Li Keqiang, 46 global business groups spanning finance, information technology, insurance and manufacturing urged Beijing to revise its draft cyber rules which they said would hamper trade. The signatories include industry associations from …

China Regulator Asks Insurers to Assess Risks & Strengthen Controls: Report

The China Insurance Regulatory Commission (CIRC) has asked insurers to thoroughly assess business risks and strengthen their risk controls, the online financial magazine Caixin reported Wednesday, citing anonymous industry sources. China’s insurers have rapidly moved into risky investments in recent years, analysts …