Chubb gets regulatory nod to increase stake in Huatai to 83.2%
Huatai is a holding firm for several companies in China.
International property and casualty insurance firm Chubb has gained approval from the China Banking and Insurance Regulatory Commission to increase the company's ownership in Huatai Insurance Group Company Limited (Huatai) from 47.3% to 83.2%.
Huatai is the holding company of a number of subsidiary companies including Huatai Property & Casualty Insurance Company, Huatai Life Insurance Company, and Huatai Asset Management Company. Huatai's insurance operations have more than 700 branches, 23,000 agents and approximately 19 million customers in China. Huatai Asset Management has over $100b in assets under management and is licensed to manage institutional, pension and retail mutual fund businesses. As of September 30, 2022, Huatai Group had assets of over $10b (excluding third-party funds) and equity of over $2b. In 2021, Huatai had total revenue of over $2b.
"China is currently the second largest insurance market after the United States. With an ageing and more affluent society comes the growing demands for insurance and asset management products and services. We take a long-term view, and I am confident Huatai will grow in time to become a meaningful contributor to our revenue and earnings in the future," said Evan G. Greenberg, Chairman and CEO of Chubb.
The company expects the transaction to close early in the first quarter of 2023.
Cyber Insurance Can’t Do it Alone