Fortis and China Insurance group to launch life insurance JV

With the new JV, Fortis is aiming to capture the precious national life insurance license.

European financial services provider Fortis has signed a life insurance company agreement with China Insurance Company CIC, and its Hong Kong-listed subsidiary China Insurance International Holdings CIIH. Fortis is to acquire 24.9% of the new joint venture, Tai Ping Life TPL, for $88 million in equal proportion from both CIIH and CIC.

Tai Ping Life is a life insurance company with a national life insurance license. The company has been dormant since the 1949.

On completion of the deal, which will depend on Chinese regulatory approvals, CIIH will have a majority stake in Tai Ping Life, with 50.05%, CIC will have 25.05% and Fortis will own 24.90%, with an option to...

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