China Re Forms Strategic Partnership With China Jianyin Investment

China Reinsurance (Group) Corp. has formed a strategic partnership with state-owned China Jianyin Investment covering insurance and financial businesses, according to the Beijing-based reinsurer.

The two companies will jointly develop businesses in insurance, pension and medical lines; direct insurance; insurance broking/consulting; financial information technology; realty and equity investment;, assets management; funds and media publications, said China Re.

The partnership will help China Re and China Jianyin Investment provide complimentary business activity and resources sharing between the companies under a common parent -- China Investment Corp., said Gaolian Wu, president of China Re, in a statement.

China Jianyin Investment was formed in September 2004 and is a wholly-owned subsidiary of CIC. It has been positioned as an investment platform focusing on domestic enterprises, as well as taking up the responsibility of yuan-denominated investments and participating in direct investments and asset management.

In 2010, China Jianyin Investment reported operating income of more than 2.36 billion yuan (US$369 million) and realized net profit of 1.5 billion yuan, said China Re.

China Re Chairman Peiyu Li earlier said the reinsurer intends to pursue its international growth strategy by gradually setting up overseas representative offices and branches, and seeks to become a medium-size international reinsurer by 2015 (Best's News Service, Aug. 9, 2011).

The reinsurer reported 2011 first-half premium income of 28.27 billion yuan, up 50.47% year-on-year.

China Re currently has a Best's Financial Strength Rating of A (Excellent).

(By Rebecca Ng, Hong Kong news editor: [email protected])