China gives the green light to first online-only life insurer

Added 8th February 2017

Hetai Life Insurance has received approval from China’s insurance regulator to start operating as the country’s first-ever online life insurer.

China gives the green light to first online-only life insurer

According to Asia Insurance Review, the company was given the go ahead to launch last month, having gained a licence from the China Insurance Regulatory Commission (Circ) last July.

The online life insurer is backed by eight shareholders, including Chinese internet giant Tencent Group, which last month announced it is buying a 20% stake in Aviva Hong Kong.

The move, which will also see private equity firm Hillhouse purchase a 40% of the firm, is part of a digital venture to take the British insurer’s Hong Kong unit online and will focus on selling basic life insurance and investment products over the internet.

Hetai Life has already registered capital of CNY1.5bn (£175m, $219m, €203m), Reuters has previously reported.

According to data from the Insurance Association of China, premiums from online life insurance sales have more than doubled to CNY113.4bn in the first nine months of 2016, compared to the same period the previous year.

 

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Monira Matin

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Monira joined International Adviser in March 2016 from Informa Global Markets where she worked as a eurobond reporter for over two years, covering fixed income markets. She has previously held a number of editorial positions covering politics, insurance and technology. Monira has a degree in Journalism and Economics from City University.

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