The CBIRC has authorised international insurer Allianz’s switch of its 23% fairness in CPIC Allianz Well being Insurance coverage, a three way partnership with China Pacific Insurance coverage Group (CPIC Group).
CPIC Allianz Well being Insurance coverage thus turns into a wholly-owned subsidiary of the group. Allianz transfers an 8% stake to CPIC Group—which consequently holds 85.051% of the well being insurer’s whole shares—and the remaining 14.949% to CPIC Life. Allianz’s withdrawal from the well being insurer was first introduced final November.
The standalone medical insurance firm, which was established in December 2014 as the primary well being insurer within the Shanghai Free Commerce Zone, began operations in early 2015. CPIC Allianz Well being reported earnings in 2019 for the primary time since its inception, posting a web revenue of CNY7.3m ($1.1m) final 12 months.