Samsung Fire & Marine Insurance Receives Approval to Establish Joint Venture with Tencent in China

[Asia Economy Reporter Changhwan Lee] Samsung Fire & Marine Insurance announced on the 12th that approval has been completed for the shareholder change and capital increase application for establishing a local joint venture in China.

Through this shareholder change and capital increase approval, Samsung Fire & Marine Insurance's China branch is expected to transition into a joint venture. Subsequently, administrative procedures such as industrial and commercial registration for establishing the joint venture will proceed.

The completed joint venture's shareholding structure will be Samsung Fire & Marine Insurance 37%, Tencent 32%, Weixing Science and Technology Company 11.5%, Mambat Investment Development 11.5%, Guohai Investment Development 4%, and Bowei Fund 4%.

Since entering the Chinese non-life insurance market in 1995, Samsung Fire & Marine Insurance established the first wholly-owned foreign insurance company in 2005 and has independently operated its business for 27 years.

Although Samsung Fire & Marine Insurance's China branch has maintained stable management conditions, it has pursued the transition to a joint venture to overcome the limitations as a foreign insurance company and achieve meaningful growth.

Going forward, Samsung Fire & Marine Insurance plans to leverage the joint venture's platform to enter the Chinese online personal insurance market and explore new businesses, based on its existing business foundation centered on Korean corporate insurance through the joint venture.

A Samsung Fire & Marine Insurance official stated, "We will establish a concrete business operation plan and accelerate the completion of the corporation establishment," adding, "We will continue efforts to achieve results in the Chinese online personal insurance market."

This content was produced with the assistance of AI translation services.