Tencent Starts Internet Insurance Business

According to the official website of the China Insurance Regulatory Commission (CIRC), Weimin Insurance Agency was approved to operate insurance agency business. 57.8% of its share is held by Tencent.

The businesses that CIRC approves Weimin Insurance Agency to operate are agents selling insurance products, charging insurance premium, the loss survey and claims related insurance business, etc.

Caijing.com reports that Weimin Insurance Agency will rely on existing WeChat platform with about 900 million users and QQ platform to start business. The last space in WeChat wallet will be Weimin, accessing insurance products.

Public information shows Weimin’ registered capital is 200 million yuan, whose stakes are all held by Shenzhen Tengfubo Investment co., Ltd. As for Shenzhen Tengfubo Investment company, Beijing Yimashentong Information Technology Co. holds 57.8% stake; Fubon Insurance Co. Ltd. holds 31.10% of the stake; and Guokaiboyu Second Phase (Shanghai) Equity Investment Partnership (limited partnership) holds 11.1% of the stake. Besides, Beijing Yimashentong Information Technology Co. are 100% held by Tencent.

Tencent has repeatedly involved in the Internet insurance. In addition to Weimin which just received license, Zhongan Insurance Agency has listed Hong Kong Exchanges on September 28. Tencent holds 10.42% of Zhongan stock. Besides, Tencent holds 20% of Aviva Life Insurance Company stock and 15% of Hetai Life Insurance Company stock.

On January 20, 2017, Avava Group announced in its website that the company would jointly establish Aviva Life Insurance Company in Hong Kong with Hillhouse Capital Group and Tencent, focusing on Internet insurance. Tencent holds 20% of Aviva Life Insurance Company stock. Hetai Life Insurance Company, which opened on January 24, 2017, is registered in Jinan, Shandong province. Tencent through its wholly-owned subsidiary, Beijing Yingkebicheng Technology co., ltd. holds 15% of Hetai Life Insurance Company stock.

This article originally appeared in Tmtpost and was translated by Pandaily.