FANHUA Announces Partnership with Asia Insurance

FANHUA Inc, China's top independent financial services provider, is pleased to announce a strategic alliance with Asia Insurance Co., Ltd. ("Asia Insurance"), a wholly-owned subsidiary of Asia Financial Holdings Ltd. The two corporations are collaborating to develop two joint ventures: a life insurance brokerage firm and an insurance technology firm. FANHUA will be the dominant shareholder in both joint ventures, owning 60% of each. 

Both of the newly established joint ventures will be headquartered in Hong Kong, as per Fanhua Inc.

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.”