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On the afternoon of 26, the management of investment firms such as Samsung Fire & Marine Insurance and Tencent announced that they had held the signing ceremony of the equity alliance agreement with a Chinese subsidiary via video. [삼성화재 제공]
Samsung Fire & Marine Insurance will morph into a joint venture with five local investors, including Tencent, after 25 years of entry into China. On the 26th, Samsung Fire & Marine announced that it has signed a contract with Tencent to set up a joint venture. The joint venture is managed in the form of joint management and the name of the company has not been fixed.
In the joint venture, Samsung Fire & Marine Insurance owns a 37% stake. It also included 32% of Tencent, 11.5% of Shanghai Jia People Culture Media Co., Ltd., 11.5% of Wixing Science and Technology Company, 4% of Shanghai Tianchen, and 4% of Bowie Fund.
Samsung Fire & Marine Insurance said: “With this contract, we have laid a solid foundation for business expansion in the Chinese insurance market.”
Samsung Fire & Marine Insurance entered China and founded the Beijing office in 1995. Since then, in 2005, China’s first foreign insurance company has been established, but the growth limit has been met.
Samsung Fire & Marine Insurance plans to convert its Chinese subsidiary into a joint insurance company and promote its growth strategy using platforms such as Tencent.
The joint venture is expected to gain approval by submitting the shareholder change and capital increase application documents to the Chinese supervisor early next year.
Reporter Jeong Hye-jeong [email protected]
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