Chinese insurers News

China’s Fosun International Appoints Deutsche Bank to Sell Stake in Peak Re: Sources

China’s Fosun International Ltd. has appointed Deutsche Bank to advise on a potential sale of its stake in Hong Kong-based reinsurance company Peak Re, four people with knowledge of the matter told Reuters. The sale comes as the tourism-to-financials conglomerate …

China’s Fosun Weighs Options for Hong Kong-Based Peak Re: Sources

Fosun International Ltd. is weighing strategic options for its Hong Kong-based Peak Reinsurance Co. as the Chinese conglomerate looks to pay down debt, according to people familiar with the matter. Fosun is working with a financial adviser as it considers …

Moody’s Cuts Fosun International’s Credit Rating Amid Concerns Over Asset Sales

Global credit rating agency Moody’s downgraded Fosun International Ltd. by one notch on Tuesday and revised its outlook to “negative” from “ratings under review” amid concerns over the firm’s accelerated asset sales. The downgrade to B2 from B1 followed the …

China Vows to Roll Out Market-Friendly Policies, Boosting Battered Shares

Chinese Vice Premier Liu He, China’s economic tsar, urged the roll-out of market-friendly policies to support the economy and caution in introducing measures that risked hurting markets, boosting battered shares in China and Hong Kong on Wednesday [March 16]. The …

Officials of AstraZeneca China Summoned About Probe of Suspected Insurance Fraud

Chinese authorities summoned officials of AstraZeneca China regarding an investigation of suspected medical insurance fraud by the company’s employees, the National Healthcare Security Administration (NHSA) said on Saturday. The regulator of the state medical insurance fund said authorities ordered the …

China Strengthens Anti-Money Laundering Rules for Financial Services Firms

China on Wednesday published revised rules designed to strengthen financial firms’ ability to combat money laundering. The revised rules, which regulates how financial institutions conduct due diligence on clients, and store their identity and trading data, will also bring China …

China Evergrande’s Investors Protest, Shouting ‘Return Our Money!’

GUANGZHOU, China – Investors in financial products issued by China Evergrande Group protested outside the cash-strapped company’s offices in Guangzhou on Tuesday, with many worried that their returns would be sacrificed to keep real estate projects afloat. Members of the …

China’s Regulator Issues New Rules for Risk Management of Insurance Groups

China’s banking and insurance regulator on Tuesday issued new rules governing the risk management of insurance groups, which will step up supervision, limit holdings of non-core units and regulate their investments in other companies. The move is aimed at curbing …

China Sets Rules to Protect Drivers’ Rights in Ride-Hailing Industry, Requiring Insurance

BEIJING – China outlined new rules on Tuesday to safeguard the rights of drivers in its giant ride-hailing industry, requiring operators of the services to provide them with social insurance and make their earnings public. In a statement, the transport …

Allianz Becomes First Wholly Foreign-Owned Life Insurer in China

Allianz said on Wednesday that its Chinese life insurance business had received regulatory approval that will allow it to become the first wholly foreign-owned life insurer in China created from a joint venture. Many foreign financial institutions are looking to …