FANHUA announces Joint Ventures with Asia Insurance

GlobeNewswireOctober 23, 20235 min

FANHUA Inc. (“FANHUA” or “the Company”) (Nasdaq: FANH), a leading independent financial services provider in China, is excited to announce a strategic partnership with Asia Insurance Co., Ltd. (“Asia Insurance”), a wholly-owned subsidiary of Asia Financial Holdings Ltd (HKSE: 0662). Together, the two companies are forming two joint ventures: a life insurance brokerage company and an insurance technology company. FANHUA will be the majority shareholder of both joint ventures, with a 60% ownership stake in each. Both of the newly established joint ventures will be headquartered in Hong Kong.

Commenting on this strategic move, Ben Lin, Co-Chairman and Chief Strategy Officer of FANHUA said, “The intermediary segment in Asia represents a unique greenfield opportunity within the financial services industry. However, it remains severely underserved in terms of technology. Mainland China, on the other hand, is at the forefront of digital adoption and insurance sales technology. With 25 years of experience in the insurance agency industry and significant IT investments over the past five years, we have developed a leading IT infrastructure for life insurance distribution. This positions us well to leverage our technological strength in serving the brokerage markets in Hong Kong and the rest of Asia.”

He added, “We are excited to partner with Asia Insurance, a leading insurance company in the region with deep local market knowledge. Most importantly, the two companies share common values, emphasizing a long-term focus and responsibility to our stakeholders. The joint ventures, headquartered in Hong Kong, mark a milestone for FANHUA in our endeavor to establish our global presence and realize our vision of becoming a leading technology-driven financial service platform. By working closely with the team at Asia Insurance, we are confident that our overseas expansion will be able to create value for our shareholders over the long term.”

Ms. Winnie Wong, CEO and Executive Director of Asia Insurance, said, “We are thrilled to enter into a strategic partnership with FANHUA, a renowned leader in the financial services industry. FANHUA’s extensive experience and proven track record in the insurance agency sector, coupled with its unwavering commitment to technological advancements, seamlessly align with our vision for growth and innovation. With strong presence in Hong Kong for over 60 years, Asia Insurance has always been dedicated to serving and meeting the evolving needs of our clients. By joining forces with FANHUA, we are confident that our combined expertise will enable us to deliver unparalleled life insurance solutions and services to our clients.”

She added, “This landmark partnership marks a significant milestone in our journey to further strengthen our presence in the region. We are excited to collaborate closely with FANHUA to deliver exceptional value and elevate the standard of insurance solutions and services.”

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