Samsung Fire & Marine Insurance’s Chinese subsidiary turns into a joint venture with Tencent

[서울=뉴스핌] Reporter Seung-dong Kim = Samsung Fire & Marine will convert into a joint venture with local investors such as Tencent after 25 years of entry into China. Tencent is a global company operating China’s largest social media platform “WeChat”.

Samsung Fire & Marine Insurance announced on the 26th that it had signed a contract to establish a joint venture with five Chinese investment companies, including Tencent. The event for the signing of the contract was attended by the president of Samsung Fire Insurance Choi Young-moo and the management of Chinese investment companies via videoconference.

[서울=뉴스핌] Reporter Jeong Tak-yoon = Samsung Fire & Marine Insurance Seocho Office Building [사진=삼성화재] 2020.07.24 [email protected]

In the joint venture, Samsung Fire & Marine Insurance holds a 37% stake. In addition, Tencent is 32% and the remaining joint ventures share 31% of the shares. The mission has not yet been decided and will be managed in the form of joint management.

The joint venture plans to submit its shareholder change and capital increase application documents to the Chinese supervisory authority early next year.

Samsung Fire & Marine Insurance entered China in 1995 and first established a foreign insurance company in China as a foreign insurance company. It is a plan to convert the Chinese branch into a joint insurance company and plan a growth strategy using platforms such as Tencent.

Samsung Fire & Marine Insurance stressed: “With this contract, we have laid a solid foundation for business expansion in the Chinese insurance market.”

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