FANHUA Inc. (“FANHUA” or “the Company”) (Nasdaq: FANH), a leading
independent financial services provider in China, is excited to
announce a strategic partnership with Asia Insurance Co., Ltd.
(“Asia Insurance”), a wholly-owned subsidiary of Asia Financial
Holdings Ltd (HKSE: 0662). Together, the two companies are forming
two joint ventures: a life insurance brokerage company and an
insurance technology company. FANHUA will be the majority
shareholder of both joint ventures, with a 60% ownership stake in
each. Both of the newly established joint ventures will be
headquartered in Hong Kong.
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.”
Ms. Winnie Wong, CEO and Executive Director of
Asia Insurance, said, “We are thrilled to enter into a strategic
partnership with FANHUA, a renowned leader in the financial
services industry. FANHUA's extensive experience and proven track
record in the insurance agency sector, coupled with its unwavering
commitment to technological advancements, seamlessly align with our
vision for growth and innovation. With strong presence in Hong Kong
for over 60 years, Asia Insurance has always been dedicated to
serving and meeting the evolving needs of our clients. By joining
forces with FANHUA, we are confident that our combined expertise
will enable us to deliver unparalleled life insurance solutions and
services to our clients.”
She added, “This landmark partnership marks a
significant milestone in our journey to further strengthen our
presence in the region. We are excited to collaborate closely with
FANHUA to deliver exceptional value and elevate the standard of
insurance solutions and services.”
About Asia Insurance
Asia Insurance Co., Ltd. is a wholly-owned
subsidiary of Asia Financial Holdings Limited (HKSE: 0662)
established in 1959. Asia Insurance has been rooted in Hong Kong
for over 60 years and is now one of the leading general insurers in
Hong Kong providing a broad range of insurance products with focus
on coverage and care. It is noted for its financial strength -
strong capitalisation, high liquidity and a Standard & Poor’s
“A” rating for the Insurer Financial Strength Ratings and Issuer
Credit Ratings and trusted by its long-term business partners.
With an extensive network of distinguished
partnerships and successful joint ventures, Asia Insurance has
developed a strong global reach and expanded its business presence
in multiple countries such as Mainland China, Indonesia, Thailand,
Cambodia and Philippines. By leveraging local expertise, we are
able to deliver insurance solutions tailored to the unique needs of
each market, aiming to provide our customers with maximum
protection for their investment.
For more information about Asia Insurance Co.,
Ltd., please visit https://www.asiainsurance.hk
About FANHUA Inc.
Driven by its digital technologies and
professional expertise in the insurance industry, FANHUA Inc. is
the leading independent financial service provider in China,
focusing on providing insurance-oriented family asset allocation
services that covers customers’ full lifecycle and a one-stop
service platform for individual sales agents and independent
insurance intermediaries.
With strategic focus on long-term life insurance
products, we offer a broad range of insurance products, claims
adjusting services and various value-added services to meet
customers’ diverse needs, through an extensive network of digitally
empowered sales agents and professional claims adjustors. We also
operate Baowang (www.baoxian.com), an online insurance platform
that provides customers with a one-stop insurance shopping
experience.
As of June 30, 2023, our distribution and
service network consisted of 606 sales outlets covering 23
provinces, autonomous regions and centrally-administered
municipalities and 89 service outlets covering 31 provinces.
For more information about FANHUA Inc., please
visit http://ir.fanhgroup.com.
Forward-looking Statements
This press release contains statements of a
forward-looking nature. These statements, including the statements
relating to the Company’s future financial and operating results,
are made under the “safe harbor” provisions of the U.S. Private
Securities Litigation Reform Act of 1995. You can identify these
forward-looking statements by terminology such as “will,”
“expects,” “believes,” “anticipates,” “intends,” “estimates” and
similar statements. Among other things, management’s quotations and
the Business Outlook section contain forward-looking statements.
These forward-looking statements involve known and unknown risks
and uncertainties and are based on current expectations,
assumptions, estimates and projections about FANHUA and the
industry. Potential risks and uncertainties include, but are not
limited to, those relating to its ability to attract and retain
productive agents, especially entrepreneurial agents, its ability
to maintain existing and develop new business relationships with
insurance companies, its ability to execute its growth strategy,
its ability to adapt to the evolving regulatory environment in the
Chinese insurance industry, its ability to compete effectively
against its competitors, quarterly variations in its operating
results caused by factors beyond its control and macroeconomic
conditions in China and their potential impact on the sales of
insurance products. Except as otherwise indicated, all information
provided in this press release speaks as of the date hereof, and
FANHUA undertakes no obligation to update any forward-looking
statements to reflect subsequent occurring events or circumstances,
or changes in its expectations, except as may be required by law.
Although FANHUA believes that the expectations expressed in these
forward-looking statements are reasonable, it cannot assure you
that its expectations will turn out to be correct, and investors
are cautioned that actual results may differ materially from the
anticipated results. Further information regarding risks and
uncertainties faced by FANHUA is included in FANHUA’s filings with
the U.S. Securities and Exchange Commission, including its annual
report on Form 20-F.
Source: FANHUA Inc.
For more information, please contact:
FANHUA Inc.
Investor Relations
Tel: +86 (20) 8388-3191
Email: ir@fanhgroup.com
Asia Insurance Co., Ltd.
Kiki Ho
Tel: +852 3606 9956
Email: kikiho@afh.hk
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