Wednesday, September 20, 2017

Zhong An Insurance passes $10bn valuation

Shanghai-based internet insurance firm Zhong An Insurance is reportedly set to be valued at over USD10bn after its first financing round closes in a few months.

Zhong An, the first and only company in China that has an Internet insurance license, is in the process of raising Rmb9bn (USD1.45bn) in its first round of financing with the participation of China International Capital Corporation Limited and Morgan Stanley.

Co-founded by three Chinese online entrepreneurs – Jack Ma of Alibaba, Pony Ma of Tencent Holdings and Ma Mingzhe of Ping An Insurance – Zhong An has underwritten over 630 million insurance policies and serviced 150 million clients in its first year of operation.

At present, Ant Financial, Alibaba’s financial services arm, is currently the largest shareholder of Zhong An Insurance with a 19.9% stake.

Tencent and Ping An Insurance each hold 15%.

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