The China Insurance Regulatory Commission said it cleared Beijing State-owned Assets Management Co. Ltd. to transfer its 50% stake in Skandia-BSAM Life Insurance Co. Ltd. to a capital holding limited company under China Guodian Corp.
Following completion of the equity transfer, shareholders of the life insurer, namely Sweden-based Skandia Insurance Co. Ltd. , now a member of U.K.-based Old Mutual Group ; and the capital holding subsidiary of China Guodian Corp., will each hold 50% stake in Skandia-BSAM Life Insurance.
Both Skandia-BSAM Life and Beijing State-owned Assets Management declined further comment. Attempts to reach China Guodian and Skandia Insurance for comments were not immediately successful.
Established in January 2004 and headquartered in Beijing, Skandia-BSAM Life Insurance has been a 50-50 joint venture between Skandia Insurance and Beijing State-owned Assets Management. It has branches in Shanghai, Jiangsu, Guangzhou and Zhejiang, and a sales office in Shenzhen.
At the end of 2009, Skandia-BSAM Life had total cumulative original premium income of 708 million yuan (US$104 million), according to the CIRC.
China Guodian mainly engages in the development, investment, construction, operation and management of power generation, coal business, and the sale of power and heat. Its member companies include an insurance broker under Guodian Finance Corp.
Beijing State-owned Assets Management was established in 1992 and funded by the Beijing municipal government. It is engaged in the management, supervision and operation of state-owned assets.
(By Rebecca Ng, Hong Kong news editor: [email protected])