Yingda Taihe Property Insurance Unveils New Shareholders

Beijing-based Yingda Taihe Property Insurance Co. Ltd. consolidated its equity structure by introducing four new shareholders following a series of share transfers among affiliates under the parent company, according to the China Insurance Regulatory Commission.

Upon the completion of the equity transfers, each of the new shareholders -- Shanghai Municipal Electric Power Co., Hubei Province Electric Power Co., Liaoning Electric Power Co. Ltd. and Shaaxi Province Electric Power Co. Ltd. -- will hold a 5% stake in Yingda Taihe Property Insurance, for a total of 105 million shares combined, said the CIRC.

The regulator noted each of Yingda Taihe Property Insurance's original shareholders -- East China Grid Co., Center China Grid Co., Northeast China Grid Co. and Northwest China Grid Co. -- would transfer their respective 42 million shares to the new shareholders and will no longer hold any shares in the nonlife insurer.

As at Dec 31, 2011, Yingda Taihe Property Insurance said it has premium income of 3.02 billion yuan (US$477 million), representing a year-on-year growth of 71.77%. Of the total, premiums generated from the consumer market was around 1.18 billion yuan, accounting for 39% of the total premiums and representing year-on-year growth of 220%. The insurer also realized profit for the year of 291 million yuan.

Yingda Taihe Property Insurance was founded by the State Grid Corp. of China in October 2008 with registered capital of 2.1 billion yuan. The nonlife insurer is also a member of Yingda International Group, which comprises eight companies, including Yingda Life Insurance and Yingda Chang'An Insurance Brokers Co. Ltd.

To further enhance the group's business, Yingda Taihe Property Insurance and Yingda Life Insurance Co. recently agreed to cross-sell insurance in China by sharing their customer bases and resources, said the nonlife insurer.

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