 |
| (English translation) |
| October 26, 2004 |
|
| Comprehensive
Business Alliance with China Pacific Insurance |
Mitsui Sumitomo Insurance Co., Ltd. ("MSI") (President
Uemura Hiroyuki) and China Pacific Insurance , one of the major insurers
in China, have agreed to form a business alliance in a broad span
of operations.
For China is a promising market, under this alliance, these two will
not only contribute each other, bringing competitive strength together
from both sides to the operations such as underwriting, product development
and accident handling. But also the alliance is looking forward to
offering quality services across China by building a partnership ranging
widely, including cultivating jointly local markets. Until now, there
has never been such a case that a major Chinese insurance company
and foreign one enter into so global an alliance as this. |
| 1. Summary of the Alliance |
| (1) |
Partners: |
| |
| • |
China Pacific Insurance (Group) Co., Ltd.(CPIC Group)(Chairman
Wan Guo Liang), the holding company , and |
| • |
China Pacific Property Insurance Co., Ltd.(CPIC Property)(Chairman
Xia Lin), non-life insurer under the holding company |
|
| |
< Profile: CPIC >
| • |
In April 1991, CPIC was initially organized as
a general insurance unit of Bank of Communication
in Shanghai. |
| • |
In 2001, it was divided into a non-life insurer
named CPIC Property and a life one namedChina Pacific
Life Insurance Co. Ltd., and they came under a newly
established holding company in accordance with the
national policy separation of life and non-life
insurances. |
| • |
The aggregate number of the CPIC employees is
about 35,000, and its total assets amount to 144.7
billion yuan.
Capital is 4.3 billion yuan (about 58 billion yen)
at CPIC Group. Its non-life insurance arm, CPIC
Property, is the second largest with 2,452 million
yuan (about 3.3 billion yen) in terms of capital
in the industry. |
|
|
|
| (2) |
Scope of the alliance |
| |
The particular fields to be focused on in collaboration with CPIC
Group and CPIC Property are as below; |
| |
| • |
CPIC Group: reinsurance, staff training, investment
and fund management, etc., and |
| • |
CPIC Property: underwriting, product development, joint market
research, accident handling, risk management, etc. |
|
| 2. Background to the Alliance |
We at MSI have been vigorously expanding in China, opening a branch
and nine representative offices, including Shanghai Branch.* This
is a top-class office network among foreign insurance companies there.
However, we have come to a conclusion that we need a strong Chinese
business partner in order not to miss the high tide of the market
whose premiums have been growing more than ten percent annually and
to ensure quality services for customers, particularly Japanese corporations,
who tend to be scattering country-wide. |
| < * note > MSI's office network in China |
| A branch and nine representative offices are namely; Shanghai Branch,
China General Representative Office(Beijing), Dalian, Guangzhou, Shenzhen,
Tianjin, Chengdu, Suzhou, Hangzhou and Qingdao Representative Offices. |
|
