China Reinsurance (Hong Kong) Company has secured permission from the Insurance Authority to carry on reinsurance business in Hong Kong.
The Hong Kong-based reinsurance subsidiary will be able to exploit China Re’s strong relationships with life insurance firms. It will also play an important role in expanding China Re’s business across the globe.
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The permission will enable China Re Hong Kong – a 100% owned subsidiary of China Life Reinsurance Company – to offer a host of risk protection and tailored reinsurance products.
With a paid-up capital of HK$2bn ($256.7m), the company will offer reinsurance plans including life and health insurance, among others.
The Insurance Authority of Hong Kong in a statement said: “In respect of the above classes of Long Term Business, the authorisation is restricted to reinsurance business only and the company is not authorised to issue any direct policies of insurance in respect of such classes.”
It will also provide facultative and treaty reinsurance so that the companies can transfer and alleviate insurance risks through proportional or non-proportional reinsurance planning.
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By GlobalDataAfter setting up the China Banking and Insurance Regulatory Commission, China Re Hong Kong is the first domestic insurer to establish its operations in Hong Kong.
The firm is the sole state-owned reinsurance company in China. The group’s total assets and net assets amounted to RMB340.907bn and RMB87.2bn, respectively, as of 31 December last year.
