Friday, November 24, 2017

HNA quits Taiwan venture to launch own unit

Preparations are underway for airline, hotel, and investment conglomerate HNA Group to create its own insurance unit, dropping its money-losing venture with Shin Kong Life Insurance of Taiwan.

HNA, which is based in Shenzhen, already has sold a 50% share and offloaded another 25% stake in Shin Kong-HNA Life Insurance based in Taipei.

So far, no financial details have been revealed and it is not certain whether the new stakeholders — Po-lin Asset Management, Guanghui Petroleum Group, and Shenzhen Guozhan Investment Development — plan to turn the company around or confront restrictions on its operations imposed last year by the China Insurance Regulatory Commission (CIRC).

All the new investors are based in Shenzhen.

In November last year, the regulator barred Shin Kong-HNA from starting new businesses, citing the insurer’s weak finances.

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