CHINAEUROPE AFRICAASIA 中文双语Français
Business\Companies

Insurance broker Jiang Tai to list

By Hu Yuanyuan | China Daily | Updated: 2017-10-30 08:02

Jiang Tai Insurance Brokers Co Ltd, one of the country's largest insurance brokers, is expected to float its shares on the Shenzhen Stock Exchange's SME board next year, the company's chairman said.

"We will submit our listing materials to the securities regulator in May next year. If everything moves on smoothly, the company will be listed on the SME board of the Shenzhen Stock Exchange in the second half of 2018," said Shen Kaitao.

Jiang Tai, with an expected commission income of around 900 million yuan ($136 million) this year, will be the country's second listed insurance broker.

Before it, Mingya Insurance Brokers Limited filed for a listing in the National Equities Exchange and Quotation or NEEQ, also known as the "New Third Board", in July.

In the past few years, Jiang Tai has grown at more than 20 percent on average, said Shen, who is part of the management team that owns around 65 percent stake.

By the end of 2016, there were more than 400 insurance broking companies in China, compared with 14 insurance groups, 179 insurance companies and 37 insurance asset management companies.

The total assets of insurance brokers have reached 17.1 billion yuan in 2016, up 26 percent from the previous year, according to industry data.

Last year, premiums raised through insurance brokers was 69.4 billion yuan, or 2.2 percent of the total premium income of 3.1 trillion yuan, according to the China Insurance Regulatory Commission.

Besides the traditional insurance brokerage business, Shen said the company is committed to another two types of online business platforms: Utou and Dajiuxing.

Utou is a third-party cross-border investment and trade services platform that supports Chinese enterprises' overseas expansion, and provides a one-stop solution to risks and problems Chinese enterprises are likely to encounter in overseas investments.

"We are seeking an overseas listing for the platform within four years," said Leo Xiang, deputy general manager of Jiang Tai Investment and Trade Services Co Ltd.

Since Utou's launch in June this year, more than 4,000 enterprises have joined the platform as members, with most of the enterprises coming from Hebei, Guangdong and Jiangsu provinces, according to Xiang.

"Member fee will be one of the major revenues for the platform though now it is free of charge," said Xiang.

Dajiuxing is a platform that provides assistance services to Chinese traveling overseas as well as foreigners in China. It can quickly match the assistance service providers with the clients to meet their needs for medical emergencies or other travel-related assistance, said Shen.

The brokerage business is aimed to address insurable risks, while Utou and Dajiuxing are targeted at uninsurable risks, Xiang said.

BACK TO THE TOP
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US