DOCSLIB.ORG

2018 China Insurance Review Thomas P

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
2018 China Insurance Review Thomas P 2018 China Insurance Review Thomas P. Fitzgerald Chairman Winston & Strawn LLP 2018 was another exciting year in China’s insurance industry as the Chinese government announced and implemented a number of key reforms that reorient the industry towards sustainable growth and further open it up for foreign investment. These developments mean more opportunities for established and new insurance companies and insurance intermediaries looking to expand or create a foothold there. We are pleased to present the following report as an overview of the key legal developments which occurred during this time. I hope that you find this report useful. Please feel free to reach out to our China team should you have any questions or require any additional information. You will find their contact details at the end of this report. Winston & Strawn, a leading expert in cross-border M&A, contentious, and regulatory work, established offices in Hong Kong in 2008 and in Shanghai in 2009 in order to better serve our clients that operate in Asia. Our presence in Hong Kong and Mainland China has allowed us to broaden our services and extend the reach of our practices to include insurance expertise for the PRC. Attorney advertising materials – © 2019 Winston & Strawn LLP Table of Contents Introduction ............................................................................................................................................................................. 1 Developments ........................................................................................................................................................................ 1 Further Opening of the Market to Foreign Investment ............................................................................................2 HK-PRC Harmonization, Developments In Reinsurance and the Greater Bay Area Initiative .....................4 CIRC/CBIRC Industry Reforms ........................................................................................................................................5 Overhaul of Financial Regulatory Bodies ....................................................................................................................17 Looking Forward to 2019 ................................................................................................................................................. 19 Highlights of China’s Insurance Industry .....................................................................................................................21 Appendices 1-5 .................................................................................................................................................................. 23 Key Contacts........................................................................................................................................................................33 About Winston .................................................................................................................................................................... 35 2018 China Insurance Review Introduction China’s insurance industry has enjoyed robust growth announcements, but also began to follow through in in recent years. Total premium income, for example, many instances. Specifically, the Chinese government rose 27.5% in 2016 to reach RMB 3.1 trillion (USD 490 made a sustained and concerted effort to (i) modernize billion), the strongest growth the industry has enjoyed the insurance industry, (ii) address heightened pressure since 2008. As well, by the end of 2016, total insurance from the United States over trade and market access, industry assets stood at RMB 15.12 trillion (USD 2.39 and (iii) repair the damage caused by the deregulation trillion), a 22.3% increase from the start of the year. and malfeasance that occurred during Xiang Junbo’s five-and-a-half-year reign as Chairman of the CIRC. Premium growth slowed in 2017 and 2018, due in large part to China Insurance Regulatory Commission The main 2018 reforms include: (“CIRC”) and China Banking and Insurance Regulatory Commission (“CBIRC”) reforms aimed at universal life • a major liberalization of China’s rules governing foreign insurance. Nonetheless, the overall outlook for China investment into the insurance industry; is healthy and statistics for 2018 show that overall insurance premium income rose 3.92% from a year • the promulgation of requirements for collateral in earlier to RMB 3.8 trillion (USD 562.52 billion). Indeed, cross-border reinsurance transactions in the context of Swiss Re Group forecasts that premium income will post a framework agreement for China–Hong Kong mutual annual growth of over 10% in the coming two years. Total solvency recognition; insurance industry assets, as of the end of 2018, stood at RMB 18.33 trillion (USD 2.71 trillion), a 9.45% increase • the implementation of a wave of new regulations from the start of the year. meant to address excessive risk and to redirect the industry towards long-term sustainable growth. This report overviews the key developments in the PRC This effort mainly involved an attempt to put China’s insurance industry in 2018 that impact foreign investors insurers on a sounder risk-management and solvency and explains what these developments will mean in footing by implementing reforms designed to improve practice. It then forecasts regulatory trends in 2019 corporate governance, protect consumers, increase and beyond and concludes with a discussion of some product selection and otherwise modernize the statistical highlights and key growth drivers of China’s industry; and insurance industry. • a complete overhaul of China’s financial regulatory system, including the creation of a super regulator and Developments the merger of the CIRC with China’s banking regulator, to create the CBIRC as a single regulator for banks and 2018 was another watershed year for foreign insurers insurance companies. and intermediaries in China in that the Chinese government not only made a number of major reform 2018 was another watershed year for foreign insurers and intermediaries in China in that the Chinese government not only made a number of major reform announcements, but also began to follow through in many instances. 1 © 2019 Winston & Strawn LLP We discuss these developments and more in further detail below. The repeal of the RO Requirement, when 1 Further Opening of the Market to Foreign Investment implemented, will be 1.1 Insurance Companies a major reform that Foreign insurance companies and foreign investors in China’s insurance sector will benefit from two changes. will cut more than two and half years off the Increase and then Elimination of Foreign Ownership Cap in Life Insurance Companies: application process for In November 2017, in the wake of President Trump’s newly established foreign visit to the PRC, the Ministry of Finance announced that, among other things, China would allow qualified insurance companies. foreign investors to take majority stakes in joint venture life insurance companies by raising the foreign-ownership cap in such companies from 50% investors in China’s insurance industry—including the to 51% in three years and then removing all foreign repeal of the RO Requirement. On 30 May 2018, the ownership restrictions in five years. In April 2018, in CBIRC circulated for public comment the Recommended the context of mounting trade tensions, the People’s Draft of Decisions Relating to Amending Regulations Bank of China (“PBOC”) announced an accelerated Governing Foreign-invested Insurers in China. If timetable whereby China would allow 51% foreign implemented in its current draft form, the decisions ownership “as early as June 2018.” In June 2018, would repeal the RO Requirement. the National Development and Reform Commission (“NDRC”) and the Ministry of Commerce published Impact on Intermediaries the new Negative List, which provides that 51% One question raised by the measures and ownership is now allowed and that the equity cap will recommended draft, however, is whether this change, be removed entirely by 2021, rather than by 2023, as if implemented, will also apply to foreign-invested originally announced. insurance intermediaries (i.e., brokers and agencies)— especially brokerages, which, unlike agencies, did a. Representative Office Requirement form a part of China’s WTO commitments in 2002. In 2018, the CBIRC began the process of repealing the requirement, set out in the Regulations Governing Foreign-invested insurance brokerages became Foreign-invested Insurers in China (the “Insurance subject to the RO Requirement by reference to Regulations”), that foreign insurance companies the Insurance Regulations. Specifically, the 2002 must have a representative office in China for two CIRC Notice Concerning China’s Accession to the consecutive years before they are allowed to apply to WTO not only authorized foreign investment into establish a foreign-invested insurance company (the insurance brokerages, but also made it clear that, as “RO Requirement”). This requirement has presented an a pre-condition, the investor would need to meet a additional barrier to entry into the insurance market in number of the same conditions applicable to foreign- China—which can already take years to complete.1 invested insurance companies found in the Insurance Regulations, including the RO Requirement. Thus, On 27 April, 2018, the CBIRC issued the Measures on foreign-invested insurance brokerages became Facilitating
Load more

Recommended publications
  • Post Event Report
    presents 9th Asian Investment Summit Building better portfolios 21-22 May 2014, Ritz-Carlton, Hong Kong Post Event Report 310 delegates representing 190 companies across 18 countries www.AsianInvestmentSummit.com Thank You to our sponsors & partners AIWEEK Marquee Sponsors Co-Sponsors Associate Sponsors Workshop Sponsor Supporting Organisations alternative assets. intelligent data. Tech Handset Provider Education Partner Analytics Partner ® Media Partners Offical Broadcast Partner 1 www.AsianInvestmentSummit.com Delegate Breakdown 310 delegates representing 190 companies across 18 countries Breakdown by Organisation Institutional Investors 46% Haymarket Financial Media delegate attendee data is Asset Managemer 19% independently verified by the BPA Consultant 8% Fund Distributor / Private Wealth Management 5% Media & Publishing 4% Commercial Bank 4% Index / Trading Platform Provider 3% Association 2% Other 9% Breakdown of Institutional Investors Insurance 31% Endowment / Foundation 27% Corporation 13% Pension Fund 13% Family Office 8% Breakdown by Country Sovereign Wealth Fund 6% PE Funds of Funds 1% Mulitlateral Finance Hong Kong 82% Institution 1% ASEAN 10% North Asia 5% Australia 1% Europe 1% North America 1% Breakdown by Job Function Investment 34% Finance / Treasury 20% Marketing and Investor Relations 19% Other 11% CEO / Managing Director 7% Fund Selection / Distribution 7% Strategist / Economist 2% 2 www.AsianInvestmentSummit.com Participating Companies Haymarket Financial Media delegate attendee data is independently verified by the BPA 310 institutonal investors, asset managers, corporates, bankers and advisors attended the Forum. Attending companies included: ACE Life Insurance CFA Institute Board of Governors ACMI China Automation Group Limited Ageas China BOCOM Insurance Co., Ltd. Ageas Hong Kong China Construction Bank Head Office Ageas Insurance Company (Asia) Limited China Life Insurance AIA Chinese YMCA of Hong Kong AIA Group CIC AIA International Limited CIC International (HK) AIA Pension and Trustee Co.
    [Show full text]
  • Allianz Se Allianz Finance Ii B.V. Allianz
    2nd Supplement pursuant to Art. 16(1) of Directive 2003/71/EC, as amended (the "Prospectus Directive") and Art. 13 (1) of the Luxembourg Act (the "Luxembourg Act") relating to prospectuses for securities (loi relative aux prospectus pour valeurs mobilières) dated 12 August 2016 (the "Supplement") to the Base Prospectus dated 2 May 2016, as supplemented by the 1st Supplement dated 24 May 2016 (the "Prospectus") with respect to ALLIANZ SE (incorporated as a European Company (Societas Europaea – SE) in Munich, Germany) ALLIANZ FINANCE II B.V. (incorporated with limited liability in Amsterdam, The Netherlands) ALLIANZ FINANCE III B.V. (incorporated with limited liability in Amsterdam, The Netherlands) € 25,000,000,000 Debt Issuance Programme guaranteed by ALLIANZ SE This Supplement has been approved by the Commission de Surveillance du Secteur Financier (the "CSSF") of the Grand Duchy of Luxembourg in its capacity as competent authority (the "Competent Authority") under the Luxembourg Act for the purposes of the Prospectus Directive. The Issuer may request the CSSF in its capacity as competent authority under the Luxemburg Act to provide competent authorities in host Member States within the European Economic Area with a certificate of approval attesting that the Supplement has been drawn up in accordance with the Luxembourg Act which implements the Prospectus Directive into Luxembourg law ("Notification"). Right to withdraw In accordance with Article 13 paragraph 2 of the Luxembourg Act, investors who have already agreed to purchase or subscribe for the securities before the Supplement is published have the right, exercisable within two working days after the publication of this Supplement, to withdraw their acceptances, provided that the new factor arose before the final closing of the offer to the public and the delivery of the securities.
    [Show full text]
  • No 44 Fixed Income Strategies of Insurance Companies and Pension Funds
    Committee on the Global Financial System CGFS Papers No 44 Fixed income strategies of insurance companies and pension funds Report submitted by a Working Group established by the Committee on the Global Financial System This Working Group was chaired by Peter Praet, Member of the European Central Bank’s Executive Board July 2011 JEL Classification: G22, G23, G28, M4 Copies of publications are available from: Bank for International Settlements Communications CH-4002 Basel, Switzerland E-mail: [email protected] Fax: +41 61 280 9100 and +41 61 280 8100 This publication is available on the BIS website (www.bis.org). © Bank for International Settlements 2011. All rights reserved. Brief excerpts may be reproduced or translated provided the source is cited. ISBN 92-9131-880-9 (print) ISBN 92-9197-880-9 (online) Preface In November 2010, the Committee on the Global Financial System (CGFS) established a Working Group to examine how insurance companies and pension funds are being affected by forthcoming accounting and regulatory changes in the current low-interest rate environment, and to investigate possible implications of changes in their investment strategies for the financial system. Over the coming years, accounting and regulatory changes could lead to reallocations of funding across financial instruments and sectors and encourage greater use of derivatives. The changes could also make it more difficult for insurance companies and pension funds to play their traditional role as global providers of long-term risk capital and accelerate the shifting of risks to households. The Working Group was chaired by Peter Praet of the National Bank of Belgium, now a Member of the European Central Bank’s Executive Board.
    [Show full text]
  • Ironshore Inc
    IRONSHORE INC. Editorial Contact: FOR IMMEDIATE RELEASE L. Gaye Torrance TorranceCo New York, New York (212) 691-5810 cell: (862) 215-7631 [email protected] IRONSHORE APPOINTS DENNIS MAHONEY AND ERIC SIMONSON TO SERVE ON ITS BOARD OF DIRECTORS Hamilton, Bermuda, February 2, 2012 – Ironshore Inc. announced that Dennis L. Mahoney and Eric A. Simonson have been appointed to its Board of Directors. Mr. Mahoney is the former Chairman and Chief Executive Officer of Aon Global in London. Mr. Simonson most recently was Senior Vice President and Chief Investment Officer of Allstate Insurance Company and served as Chairman and President of Allstate Investments, LLC, based in Northbrook, Illinois. “We are pleased to welcome Dennis and Ric as the newest directors to join the Ironshore Board,” said Kevin H. Kelley, Chief Executive Officer of Ironshore Inc. “Both are seasoned insurance industry leaders that will bring a depth of experience and wealth of insight to Ironshore as it builds upon its growing global platform.” Mr. Mahoney is a forty-two year veteran of the broking industry and past President of the Insurance Institute of London. During his years with Aon and its predecessor company, he served in a number of senior leadership roles in retail, wholesale and reinsurance. Prior to his retirement from Aon in 2010, Mr. Mahoney served as Chairman of Aon Global. He also serves as a Director of ACORD the global insurance standards organization. Mr. Simonson’s thirty-five year insurance industry career includes his most recent position as executive and member of the Allstate Corporation’s senior management team at the company’s U.S.- based headquarters.
    [Show full text]
  • International Rating Agency Advisory Newsletter November 2012 Update Welcome to Aon Benfield’S Updated Rating Agency Advisory Newsletter
    International Rating Agency Advisory Newsletter November 2012 Update Welcome to Aon Benfield’s updated Rating Agency Advisory Newsletter. In this edition, matters of interest include rating agencies global reinsurance and country risk outlooks, as well as our regular features on : Selected regulatory activities or updates throughout APAC and EMEA. List of rating actions in APAC and EMEA during the 3rd quarter. Links to reports released by Aon Benfield Analytics. We will continuously scan for new content to provide greater value to our clients. We will be glad to hear your feedback so that we can continue to provide the most relevant ratings news and information in future editions. Rating Agency Activity (Data source: Standard & Poor’s, A.M.Best, Fitch, and Moody’s) Standard & Poor’s Numerous market participants provided feedback on S&P’s proposed criteria for rating insurers, “Request for Comment: Insurers Rating Methodology”, published 9 July 2012. S&P has stated in its recent report “S&P Summarizes Submissions On Request For Comments” on 18 October 2012 that it received formal feedback from about 100 market participants, varying from rated insurers, insurance brokers, rating advisors, and industry trade associations. S&P is not yet in a position to comment on the final criteria. However S&P expects to respond to the comments in one of three ways: by changing the proposed criteria, by explaining the original proposals more clearly to remove ambiguity, or by leaving the proposal unchanged. S&P states that it is in the process of analyzing the feedback and testing the impact of various alternatives.
    [Show full text]
  • Annual Report 2009 ERGO Insurance Group
    ERGO 48 (50022335) GROUP ANNUAL REPORT 2009 REPORT GROUP ANNUAL Overview of ERGO Insurance Group 2009 2008 Change previous year (%) Total premiums € million 19,050 17,711 7.6 Gross premiums written € million 17,470 16,578 5.4 Expenses for claims and benefits € million 16,114 13,893 16,0 Investment result € million 4,401 2,871 53.3 Result before impairment losses of goodwill € million 734 929 – 21.0 Consolidated result € million 173 73 135.6 Investments € million 113,277 108,191 4.7 Technical provisions (net) € million 109,197 101,809 7.3 Equity € million 3,857 3,568 8.1 Full-time representatives 21,963 21,709 1.2 Salaried employees 33,152 31,508 5.2 Group earnings per share in accordance with IFRS € 2.14 0.76 183.0 Dividend per share € 0.60 –– With premium income of € 19bn, ERGO is one of the ERGO has the right sales channel for every client: major insurance groups in Europe. Worldwide, ERGO almost 22,000 self-employed full-time insurance agents, is represented in more than 30 countries and concen- staff working in direct sales, as well as insurance bro- trates on Europe and Asia. In Europe, ERGO is no. 1 in kers and strong cooperation partners – both in Ger- the health and legal expenses insurance segments, many and abroad – look after clients. In addition, and is among the market leaders in its home market of ERGO maintains a far-reaching sales partnership with Germany. More than 50,000 people work for the Group, the major European bank UniCredit Group, both in either as salaried employees or as full time self- Germany as well as in Central and Eastern Europe.
    [Show full text]
  • 2. MS&AD Insurance Group Strategies
    Japan’s Insurance Market 2013 The Toa Reinsurance Company, Limited The Toa Reinsurance Company, Limited Japan’s Insurance Market 2013 Contents Page To Our Clients Tomoatsu Noguchi President and Chief Executive, The Toa Reinsurance Company, Limited 1 1. The Japanese Non-Life Insurance Market Yasuyoshi Karasawa President, Chief Executive Officer, Mitsui Sumitomo Insurance Company, Limited 2 2. Practical Risk Appetite David Simmons Managing Director, Analytics, Willis Re Head of Strategic Capital and Result Management 12 3. Japanese Insurance Company Management and the Introduction of Enterprise Risk Management Systems Nobuyasu Uemura Managing Director, Capitas Consulting Corporation 23 4. Enhancement of Enterprise Risk Management and Emerging Risk for Insurers Koichi Dezuka Executive Director, Ernst & Young ShinNihon LLC 27 5. Trends in Japan’s Non-Life Insurance Industry Underwriting & Planning Department The Toa Reinsurance Company, Limited 32 6. Trends in Japan’s Life Insurance Industry Life Underwriting & Planning Department The Toa Reinsurance Company, Limited 37 Supplemental Data: Results of Japanese major non-life insurance groups (company) for fiscal 2012, ended March 31, 2013 (Non-Consolidated Basis) 44 ©2013 The Toa Reinsurance Company, Limited. All rights reserved. The contents may be reproduced only with the written permission of The Toa Reinsurance Company, Limited. To Our Clients It gives me great pleasure to have the opportunity to welcome you to our brochure, Japan’s Insurance Market 2013. It is encouraging to know that over the years our brochures have been well received even beyond our own industry’s boundaries as a source of useful, up-to-date information about Japan’s insurance market, as well as contributing to a wider interest in and understanding of our domestic market.
    [Show full text]
  • Corporate Responsibility Report 2010/2011
    MUNICH RE CORPORATE RESPONSIBILITY Contents Page Strategy and challenges 2 Statement by the CEO 4 Guiding concept and mission 5 Fields of action and objectives 6 Milestones 8 Stakeholder dialogue 12 Challenges 14 Management 20 Responsible corporate governance 21 Sustainable investments 29 Responsibility towards staff 36 Our environmental awareness 50 Solutions 58 Strategic approach 59 Reinsurance 60 Primary insurance 67 Munich Health 72 Asset management 75 Commitments 77 New corporate citizenship concept 78 Focal areas – Investing in the future 79 Foundations – Making a difference 85 Facts and figures 89 About the corporate responsibility portal 90 Key performance indicators 91 GRI and Global Compact Communication on Progress 99 SRI-Indices and awards 134 Partnerships, initiatives and foundations 136 MUNICH RE Corporate Responsibility Contact Privacy Statement Legal Notice Imprint CORPORATE RESPONSIBILITY MUNICH RE STRATEGY AND CHALLENGES MANAGEMENT SOLUTIONS COMMITMENT FACTS AND FIGURES Corporate Responsibility in Figures STRATEGY AND CHALLENGES Munich Re is committed to its corporate responsibility. To ensure that we meet 28,000 this commitment, responsible action is a mainstay of our strategy, firmly ingrained in our organisation, and thus addresses the major challenges of our More than 28,000 entries are time. » more tracked within NatCatSERVICE, our collection of natural catastrophe database. » more STATEMENT BY THE CEO CURRENT NEWS Quick Links » Statement by the CEO EARNING TRUST 08.08.2011 » Guiding concept and mission Project cooperation on corporate responsibility » A forward-looking and responsible approach has Sustainable investments between Munich University of Applied » been focused by Munich Re for many years. Responsibility towards staff Sciences and Munich Re » Corporate Responsibility is and has always been Foundations » an integral part of Munich Re’s Group strategy.
    [Show full text]
  • Underwriting Issues and Innovations Seminar
    Underwriting Issues and Innovations Seminar Attendee List by Last Name As of July 12, 2017 Stephen Abrokwah Merly Agellon Geoff Andrews Swiss Re Life & Health America Inc Sun Life Financial Carpe Data Fort Wayne, IN Toronto, ON Santa Barbara, CA David Aronson Thomas Ashley Denise Bates MIB Gen Re Penn Mutual Life Insurance Co Braintree, MA Stamford, CT Horsham, PA Natalie Bergstrom JP Bewley Phillip Beyer AIG Big Cloud Analytics USAA Life Insurance Company Milwaukee, WI Atlanta, GA San Antonio, TX Donnamarie Blake Paul Boudreau Laura Boylan Lexisnexis Risk Solution Munich Re Haven Life Alpharetta, GA Atlanta, GA New York, NY Greg Brandner Colin Bruesewitz Jessica Bublitz Munich Re American Family Insurance Milliman Intelliscript Nashwauk, MN Sun Prairie, WI Brookfield, WI Peggy Buck Marc Cagen Minyu Cao Milliman Intelliscript Fidelity Life Association RGA Brookfield, WI Chicago, IL Chesterfield, MO Eric Carlson Paul Carmody Audrey Chervansky Milliman Inc Pacific Guardian Life Insurance Swiss Re Life & Health America Brookfield, WI Honolulu, HI Armonk, NY Amanda Christensen Juliet Christenson Jennifer Ciollaro Riversource Insurance Royal Neighbors of America Swiss Re Minneapolis, MN Rock Island, IL Fort Wayne, IN Derek Coburn Brian Coens Joanne Collins Unum Clinical Reference Laboratory Stoneriver Worcester, MA Lenexa, KS Waxhaw, NC Chris Connor Sean Conrad Steve Cox Illinois Mutual Life Insurance Hannover Re Oneamerica Financial Partners Company Charlotte, NC Indianapolis, IN Peoria, IL Kathryn Cox Kim Curley Mike Curran RGA Great-West Financial Force Diagnostics, Inc. Chesterfield, MO Greenwood Village, CO Bannockburn, IL Bruce Dahlquist Donna Daniells Ben Davidson Clinical Reference Laboratory AXA US Sagicor Life Insurance Lenexa, KS Charlotte, NC Scottsdale, AZ Jim Davis Dee Davis Paul Dennee Synodex Swiss Re Trustmark Insurance Co Canton, CT Fort Wayne, IN Lake Forest, IL Tedd Determan Ammon Dixon Cris Downey Force Diagnostics, Inc.
    [Show full text]
  • Annual Report 2018 1 Corporate Profile
    Annual Report Meiji Yasuda Life Insurance Company, 20Year ended March18 31, 2018 Contents Corporate Profi le 2 Individual Administrative Services (Individual Administrative Service Reforms) 36 Meiji Yasuda Philosophy 4 Group Insurance Administrative Services (Group Insurance Administrative Service Reforms) 37 A Message from the President 6 Asset Management (Asset Management Reforms) 38 History of Our Challenges 8 Asset Management Administrative Services (Asset Management Administrative Service Reforms) 39 Value Creation Process at Meiji Yasuda Life 12 Overseas Insurance Business Contributing to the SDGs through Business (Overseas Insurance Business Reforms) 40 Activities 14 Domestic Affi liate Business (Domestic Group Company Management Reforms) 41 Topics Operating Base Reinforcement Strategy Stepping up After-Sales Service Tailored for the Elderly 16 Adopting a More Sophisticated Management Enhancing Our Product Lineup 18 Approach (Governance Reforms) 42 Pursuing Customer-Focused Business Operations 19 Human Resource Management (HR Reforms) 43 Our Support of Meiji Yasuda J. League and General Affairs, Infrastructure Management Other Initiatives to Vitalize Local Communities 20 and Working Environment Development (General Affairs Reforms) 44 Promoting Sustainable Investment and Financing 22 System Development Structure Community Vitalization Initiatives via (System Development Structure Reforms) 45 Partnerships with Local Governments 23 Brand Strategy Initiatives to Realize Improved Work Engagement 24 Solidifying Brand Recognition by Disseminating
    [Show full text]
  • Changes in Share Capital and Shareholdings of Shareholders
    Changes in Share Capital and Shareholdings of Shareholders Ordinary Shares Changes in Ordinary Share Capital Unit: Share Increase/decrease during the reporting period Shares As at 1 January 2015 As at 31 December 2015 Issuance of Bonus transferred from Number of shares Percentage new shares shares surplus reserve Others Sub-total Number of shares Percentage I. Shares subject to selling restrictions – – – – – – – – – II. Shares not subject to selling restrictions 288,731,148,000 100.00% – – – 5,656,643,241 5,656,643,241 294,387,791,241 100.00% 1. RMB-denominated ordinary shares 205,108,871,605 71.04% – – – 5,656,643,241 5,656,643,241 210,765,514,846 71.59% 2. Domestically listed foreign shares – – – – – – – – – 3. Overseas listed foreign shares 83,622,276,395 28.96% – – – – – 83,622,276,395 28.41% 4. Others – – – – – – – – – III. Total Ordinary Shares 288,731,148,000 100.00% – – – 5,656,643,241 5,656,643,241 294,387,791,241 100.00% Notes: 1 As at 31 December 2015, the Bank had issued a total of 294,387,791,241 ordinary shares, including 210,765,514,846 A Shares and 83,622,276,395 H Shares. 2 As at 31 December 2015, none of the Bank’s A Shares and H Shares were subject to selling restrictions. 3 During the reporting period, 5,656,643,241 ordinary shares were converted from the A-Share Convertible Bonds of the Bank. 79 2015 Annual Report Changes in Share Capital and Shareholdings of Shareholders Number of Ordinary Shareholders and Shareholdings Number of ordinary shareholders as at 31 December 2015: 963,786 (including 761,073 A-Share Holders and 202,713 H-Share Holders) Number of ordinary shareholders as at the end of the last month before the disclosure of this report: 992,136 (including 789,535 A-Share Holders and 202,601 H-Share Holders) Top ten ordinary shareholders as at 31 December 2015: Unit: Share Number of Changes shares held as Percentage Number of Number of during at the end of of total shares subject shares Type of the reporting the reporting ordinary to selling pledged ordinary No.
    [Show full text]
  • China Landscape: Selections from the Taikang Collection 2019
    China Landscape: Selections from the Taikang Collection 2019 March 21 – May 5, 2019 Opening Reception: March 21, Thursday, 4:00pm Producer: Taikang Insurance Group General Organizer: Chen Dongsheng General Coordinator: Ying Weiwei Curator: Tang Xin Artists: Ai Xuan, Ai Zhongxin, Cai Guo-Qiang, Chen Ren, Chen Shaoxiong, Chen Yifei, Chen Zhen, Ding Fang, Ding Yi, Fang Lijun, Gao Weigang, Hu Xiangqian, Jiang Zhaohe, Jiang Zhuyun, Jin Shangyi, Li Yo u son g , Liu Chuang, Liu Kaiqu, Liu Wei, Liu Wei, Liu Xiaodong, Liu Xinyi, Liu Ye, Luo Zhongli, Ma Qiusha, Mao Xuhui, Nabuqi, Qiu Xiaofei, Shang Yang, Shen Yaoyi, Shi Chong, Su Tianci, Sui Jianguo, Wang Guangle, Wang Guangyi, Wang Sishun, Wang Yuyang, Wu Dayu, Wu Guanzhong, Wu Zuoren, Xie Molin, Xu Bing, Xu Wenkai (aaajiao), Yang Jiechang, Yao Qingmei, Yuan Qingyi, Yu Yo uha n , Zeng Fanzhi, Zhang Peili, Zhang Wenyuan, Zhang Xiaogang, Zhao Bandi, Zhao Zhao, PSFO, Zhou Chunya Address: No.A07, 798 Art Zone No.2 Jiuxianqiao Rd, Chaoyang District, Beijing, CHINA Open Hours: 11:00 - 17:00 Monday to Sunday About the Exhibition Taikang Insurance Group will present “China Landscape: Selections from the Taikang Collection 2019” from 21st March to 5th May 2019 at No.A07, 798 Art Zone. The exhibition is the third time we show Taikang Collection publicly, following its inaugural presentation at the National Art Museum of China in 2011 and the Wanlin Art Museum of Wuhan University in 2015. Warming up the inauguration of Taikang Art Museum, Chen Dongsheng, Chairman of the Board and Chief executive Officer of Taikang Insurance Group, plays the leading role of the general organizer of the exhibition, while Ying Weiwei, Secretary of The Board, Assistant President of Taikang Insurance Group plays the role of the general coordinator.
    [Show full text]