Shanghai China United Insurance Building

China United Insurance Headquarters plans to move from Xinjiang to Shanghai.

China Net | Time: July 27, 2005| Article Source: China Business News.

China United Life Insurance, a raised subsidiary, may also "fall" into Shanghai.

Yesterday, Lu Fengyuan, general manager of China United Property Insurance Shanghai Branch, revealed to reporters in a public occasion that the senior management of China United Property Insurance Company is actively discussing the transfer of the general manager of the company with the leaders of relevant departments in Shanghai.

Matters related to the relocation of the Ministry from Xinjiang to Shanghai; Relevant parties in Shanghai, which have been hoping to attract more legal persons to "settle down", are also quite active in this regard.

Lu Fengyuan also revealed that the name of the life insurance company that has been approved for construction may be tentatively named "China United Life Insurance Company", and the headquarters address of the life insurance company is also likely to be located in Shanghai.

After the share reform plan of China United Property Insurance Company was approved by the State Council at the beginning of this year, this insurance company with its headquarters in Xinjiang and Xinjiang Construction Corps as the background has no news of further share reform.

In February, 2004, China United Property & Casualty Stock Reform Scheme passed the examination of China Insurance Regulatory Commission and was reported to the State Council for approval. At this year's National Insurance Work Conference, Wu Dingfu, Chairman of the China Insurance Regulatory Commission, stressed that the shareholding system reform of China United Property Insurance Company will be promoted this year, and the shareholding system reform of state-owned insurance companies will be completed in an all-round way, requiring that the reconstruction work be completed within this year.

Since Huatai Property & Casualty Company initiated the establishment and absolute control of Huatai Life Insurance, becoming the first newly established life insurance company in China, it seems that the trend of "property insurance parent company holding life insurance subsidiary" has begun in China, and PICC P&C Insurance (2328. HK), which was later approved for construction.

The establishment of a life insurance company is also in the plan of China United Property Insurance. Under the excellent situation of "collectivization" of insurance companies, China United Property Insurance obviously doesn't want to miss this opportunity.

The reporter learned that as early as mid-2002, China United Property Insurance Co., Ltd. had submitted an application for restructuring to the State Council and the China Insurance Regulatory Commission. The general content is to establish China United Property Insurance Co., Ltd., and at the same time, spin off the original life insurance business of the company to form a joint-stock subsidiary of China United Life Insurance, with China United Property Insurance Co., Ltd. as the parent company holding 60% of the shares. However, because two giants, China Life Insurance (2628.HK) and China Reinsurance, applied to it at that time, and China United Property Insurance was still a local insurance company at that time, it did not fully agree.

In 2005, after China United Property & Casualty's share reform plan was approved, Sun, the general manager, said that the company would do a good job in share reform, actively absorb and learn from advanced management experience at home and abroad, further establish and improve the corporate governance structure, management framework and incentive and restraint mechanism in accordance with the requirements of modern enterprise system, and effectively change the operating mechanism, and pointed out that "strategic investors beneficial to the company's development should be introduced in particular"

As an expanded "deep charge", the performance of China United Property Insurance Shanghai Branch in the Shanghai market has obviously injected a dose of "stimulant" into China United Property Insurance. According to the company, its market share has ranked fourth in Shanghai. At present, among all kinds of auto insurance products on the market, China United Property Insurance has the lowest auto insurance rate, and it is precisely because of its price advantage that its share has begun to catch up with the "Big Three".

In order to attract more financial institutions to settle in Shanghai, Shanghai has also given many preferential policies, such as a one-time subsidy of150,000 yuan to the headquarters of newly introduced banks and insurance financial institutions, a one-time subsidy of 5 million yuan to regional headquarters, and a one-time subsidy to relevant senior managers.

Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.