ZURICH, Nov. 18, 2022 /PRNewswire/ -- Chubb Limited (NYSE: CB) today announced that it has received regulatory approval from the China Banking and Insurance Regulatory Commission to increase the company's ownership in Huatai Insurance Group Company Limited (Huatai) from 47.3% to 83.2%.
Huatai is the holding company of a number of subsidiary companies including Huatai Property & Casualty Insurance Company, Huatai Life Insurance Company, and Huatai Asset Management Company. Huatai's insurance operations have more than 700 branches, 23,000 agents and approximately 19 million customers in China. Huatai Asset Management has over $100 billion in assets under management and is licensed to manage institutional, pension and retail mutual fund businesses. As of September 30, 2022, Huatai Group had assets of over $10 billion (excluding third party funds) and equity of over $2 billion. In 2021, Huatai had total revenue of over $2 billion.
"This is the culmination of a 20-year effort. Upon the closing of the acquisition of these shares, Chubb will be the first foreign financial institution to majority-own a Chinese financial services holding company, with separate P&C, life, asset management and mutual fund subsidiaries," said Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb. "China is currently the second largest insurance market after the United States. With an aging and more affluent society comes the growing demands for insurance and asset management products and services. We take a long-term view, and I am confident Huatai will grow in time to become a meaningful contributor to our revenue and earnings in the future."
The company expects the transaction to close early in the first quarter of 2023 and will provide additional information in the near future.
About Chubb
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs approximately 34,000 people worldwide. Additional information can be found at: www.chubb.com
Cautionary Statement Regarding Forward-Looking Statements:
Forward-looking statements made in this press release, such as statements regarding Chubb's investment in Huatai, reflect the company's current views with respect to future events and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties, which may cause actual results to differ materially from such statements, including without limitation the expected timing of completion of the transaction; general competitive, economic and political conditions; and regulatory and other governmental developments, as well as management's responses to these factors, and other factors identified in our filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made.
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SOURCE Chubb Limited