Mitsui Sumitomo takes first small step into China’s life market

Mitsui Sumitomo Insurance (MSI) has
increased the scope of its involvement in China’s insurance market
with the purchase of a 7% stake in Sinatay Life Insurance) for
CNY127m ($18.6m).

The purchase marks by Japan’s
third-largest general insurer marks its entry into China’s life
market.

Established in May 2007, Sinatay
Life reported premium income of CNY1.1bn in 2009. Headquartered in
Hangzhou in Zhejiang province, Sinatay Life has eight offices in
the province and holds a license to operate throughout China.

MSI commented that the purchase of
the stake in Sinatay Life formed part of its strategy to expand its
operations in China’s general and life insurance markets.

MSI established a branch in
Shanghai in May 2001 and in July 2007 was granted permission to
permit to establish a subsidiary. MSI operates 11 branches in
China.

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