China Taiping to promote Shanghai as research hubDecember 27 2018 by InsuranceAsia News Staff
China Taiping Life has signed a strategic cooperation agreement with the Shanghai municipal government to promote Shanghai’s efforts in building its centres of asset management, research and development, data and training.
The Shanghai government has expressed hope that the insurance company will move more of its institutes and businesses into Shanghai and support the city’s efforts to become an international financial centre.
According to the agreement, the two parties will expand their existing cooperation and support the development of financial services in Shanghai; work with other government owned companies; enhance livelihood projects; promote the use of insurance capital and insurance innovation; and strengthen the cultivation of finance talent.
Wu Qing, vice-mayor of Shanghai, and Wang Sidong, general manager of China Taiping Life, signed the cooperation agreement.
China is the fastest growing insurance market in the world for both P&C and life premiums and firms such as Ping An have been investing billions of dollars in developing data, digital and distribution capabilities. The city has its own insurance exchange and foreign investment zone.
China Taiping Insurance is incorporated and headquartered in Hong Kong. The company’s major businesses are reinsurance, life insurance, property and casualty insurance, asset management, reinsurance brokerage and pension management.
- December 5
Overseas acquisitions will continue next year as part of an effort to diversify from the saturated domestic market.
- November 23
Troubled Chinese insurer is seeking to sell Strategic Hotels & Resorts.
- October 16
The Chinese insurer is looking for investments in financial technology and digital health.
- September 24
Investment returns continue to be a key driver of insurers’ profitability, says BlackRock study.