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China Market Opportunities for Foreign Insurance Companies Under the New Opening-Up Policies

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China Market Opportunities for Foreign Insurance Companies Under the New Opening-Up Policies China market opportunities for foreign insurance companies under the new opening-up policies June 2020 Brochure / report title goes here | Section title goes here 1. Foreign insurers continue to embrace new opportunities as China accelerates the opening-up of its financial sector 2 2. The China insurance market has significant growth potential, compared to more developed markets 5 3 . K e y c o n s t r a i n t s f o r f o r e i g n i n s u r a n c e c o m p a n i e s ' m a r k e t d e v e l o p m e n t i n C h i n a 7 4. Possible paths for foreign insurers to enter or re-enter the China market 9 5. The next three to five years will be the critical period for foreign insurers to develop their foothold in the China market 13 Contacts 15 Endnotes 16 This report only covers insurance products and institutions for general consumers 2 hi ret opportuities or oreig isurce copies uer the e opeigup policies 1. Foreign insurers continue to embrace new opportunities as China accelerates the opening-up of its financial sector Since the 1990s, close to 50 foreign restrictions, which limit the percentage market shares of 73.5% and 85.2% insurers have entered the China of foreign ownership and the rate respectively (Table 1). No single foreign market, predominantly in the form of branch expansion. By the end of or Sino-foreign joint venture insurer of joint ventures (JVs). However, the 2018, the top 10 life- and non-life (in both life and non-life insurance) scale of these ventures has been insurance companies in China were accounted for more than 2% market relatively small due to regulatory all Chinese controlled, with combined share. Table 1: China life and non-life insurers ranked by 2018 primary premiums Life Insurers Non-life Insurers Type Rank Company Mkt Share Type Rank Company Mkt Share 1 China Life 20.4% 1 PICC 33.0% 2 Ping An 17.0% 2 Ping An 21.0% 3 CPIC 7.7% 3 CPIC 10.0% 4 Huaxia 6.0% 4 China Life 5.9% Chinese 5 Taiping 4.7% Chinese 5 China Continent 3.6% Enterprise Enterprise 6 New China 4.7% 6 China Insurance 3.6% 7 Taikang 4.5% 7 Sunshine 3.1% 8 PICC 3.6% 8 Taiping 2.1% 9 Funde Sino Life 2.7% 9 China Export & Credit 1.7% 10 Tian An 2.2% 10 Tian An 1.3% Sino-foreign JV 16 ICBC-AXA 1.3% Sino-foreign JV 16 AXA Tianping 0.5% Note: life insurers refer to the companies whose business scope cover life insurance, health insurance and/or pension insurance. Non-life insurers refer to those covering property and casualty (P&C) insurance. Source: China Banking and Insurance Regulatory Commission (CBIRC) 2 China market opportunities for foreign insurance companies under the new opening-up policies However, since 2019, the competitive wholly foreign-owned insurance holding (CBIRC) has issued a series of new dynamics in the insurance market have company2 since China joined WTO. policies which will allow foreign been changing, as China continues AXA completed the acquisition of the insurers to more easily enter the asset to ease market access restrictions on remaining 50% stake in AXA-Tianping management sector8: foreign insurance companies. which has become the largest wholly • Foreign ownership caps have been foreign-owned property and casualty removed, and the same standards There are three key changes in the new insurance company in China3. HSBC has now apply to both domestic and opening-up measures: reached an agreement with its partners foreign owned companies. The in China to acquire the remaining 50% • First, removing the requirement restriction that “domestic insurance stake in HSBC Life4. Chubb Limited that the foreign insurers must have companies shall hold no less than is seeking majority control of its operated for at least 30 years before 75% of the total shares of insurance investment, having already gained entering the China market; assets management companies” approval to increase its shareholding has been abolished, allowing foreign • Second, removing any ownership in Huatai Insurance Group from 25% investors to hold more than 25% caps on foreign insurance companies to 30%5. Insurers such as Prudential of the shares with no upper limit. in a Sino-foreign JV, allowing for 100% plc, Generali and Manulife have their Overseas financial institutions can foreign-owned entities; eyes on China's large pension market now directly establish or invest in a and have already started preliminary • Third, abolishing any rules on branch pension fund management company. establishment and management that negotiations with relevant authorities to 6 • Furthermore, the Interim Measures specifically apply to foreign insurers. enter the market . for Insurance Assets Management This means the rules and regulations Products became effective on May for foreign owned insurance According to Sina.com, in 2019, the 1, 2020, allowing insurance asset companies are the same as the ones premium income from foreign or management products to be sold to for domestic owned companies1. Sino-foreign JV insurance companies in China increased by 29.9% year-on-year eligible natural persons. This aligns the insurance asset management Since the new measures were rolled (YoY), more than doubling the 12.2% business scope and model with out, a number of foreign insurance growth experienced by domestic other asset management companies. companies have sought to increase owned insurers. The total market Insurance asset management their shareholding percentages in share of foreign/joint venture insurers companies can appoint other their existing joint ventures in order increased by 1% to 7.2%. With the full financial institutions to sell their to become the majority shareholders. implementation of the less restrictive products, or sell the products by Other foreign insurers are setting market access policies, the market themselves. These policies have up new wholly- or majority-owned share of foreign insurance companies 7 paved the way for foreign insurers insurance institutions in China through is expected to further increase . to develop their asset management acquisitions, new joint ventures or business in China. new strategic partnerships (Figure 1). In addition to the aforementioned In 2019, Allianz announced that it had policy reform, the China Banking and been approved for setting up the first Insurance Regulatory Commission 3 hi ret opportuities or oreig isurce copies uer the e opeigup policies Figure 1: Important policies and key milestones for foreign insurance companies in China (1992~2020) Key Milestones: Opening-up Policies Foreign Insurance Companies In China 1992 Interim Administrative Measures of Foreign Insurance The People's Bank of China grants approval for AIA to Companies in Shanghai establish a branch in Shanghai Starting-up • People's Bank of China publishes relevant regulations to • Types of insurance: life supervise AIA • The first wholly foreign-owned life insurance branch 2002 Regulations on Foreign Insurance Companies - the first China joins the WTO. New York Life (USA), Metropolitan formal regulation (USA), and Nippon Life (Japan) obtain Chinese insurance • Allows foreign ownership for life insurance JVs up to 50% license ownership • Type of insurance: life • Limits business scope and regions for non-life insurance JVs 2004 Detailed Implementing Rules on Administration of Foreign 14 foreign insurance companies account for 2.3% of total Insurers in China premium income • Requires that applicants must have more than 30 years of insurance experience, with a representative office set up in China at least 2 years ago prior to the submission of the application • Allows foreign-invested non-life insurance branches to be converted to WOFE Growing • Cancels regional restrictions 2018 April, 2018 - Notice on Expanding the Business Scope for November, 2018 - Allianz receives CBIRC approval for Foreign Insurance Brokers and Agents establishment of a wholly foreign-owned insurance • Allows foreign insurance brokers and agents to cover the same company business scope as their Chinese peers • Types of insurance: life, non-life May, 2018 – Administrative Measures on Foreign Insurance November, 2018 - AXA announces it will acquire the Companies (draft) remaining 50% stake in AXA-Tianping, becoming the • Allows foreign ownership of life insurance JVs up to 51% largest wholly foreign-owned P&C insurer in China • Type of insurance: non-life May-July, 2019 – CBIRC announced its plan to release 19 March, 2019 – Heng An Standard Life is granted approval to 2019 policies to further open up the market develop pensions insurance • Advances the transition period for removing foreign ownership • Type of insurance: life caps in foreign-invested life insurance companies to 2020 October, 2019 – Amendment of the Regulations on August, 2019 – CBIRC approves AXA to take full ownership Administration of Foreign Funded Insurers of AXA-Tianping • Eases the entry conditions for foreign insurance companies • Type of insurance: non-life by removing the requirement that “they must have more than 30 years’ experience in insurance business, with a representative office set up in China at least 2 years ago prior to the submission of the application” 2020 December, 2019 – No tice on Clar i fi ca tion of the Time frame October, 2019 – ERGO (Germany) and Great Wall Motors for the Can cel la tion of For eign Own er ship Re stric tions on (China) sign a JV for auto mobility insurance JV Life In sur ers • Type of insurance: non-life • Foreign ownership restrictions on life insurance JVs is relaxed, Developing allowing 100% foreign ownership, starting from 1 January 2020 November, 2019 – Chubb purchases an additional 15.3% stake in Huatai, increasing shareholding to 46.2% December, 2019 – Amendment on Administrative • Types of insurance: life, non-life Measures on Foreign Insurance Companies • The terms for local insurance companies are now equally January, 2020 – Allianz (China) Insurance Holding Co.
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