China:CPIC Allianz Health Insurance has a new name

Health insurer CPIC Allianz Health Insurance is changing its name to CPIC Health Insurance, following approval of the move by the CBIRC.

On 26 November 2020, the health insurer announced that one of its shareholders, Allianz, planned to transfer its entire stake of 22.95% in the company to another shareholder CPIC Group and a new shareholder China Pacific Life Insurance. Allianz was to transfer 8% of its shares to CPIC Group and the remaining 14.949% to the life insurer.

In December 2020, the CBIRC gave its approval for the equity changes. CPIC Group now holds around 85% of the health insurer, with its subsidiary China Pacific Life Insurance owning the remaining stake.

The health insurer was incorporated in Shanghai in December 2014. Its current registered capital is CNY1.7bn. It was jointly founded by CPIC Group and German global insurer Allianz. At that time, the former held 77.051% of the shares in the venture and the latter held 22.949%.

After the transfer is completed, CPIC Allianz Health converted from a Chinese-foreign joint venture to a wholly-owned Chinese company, becoming also a member of the CPIC Group. The health insurer posted its first annual profits in 2019.

Source: Asia insurance review