On October 23rd, Pan China Holdings Group (hereinafter referred to as "Pan China") announced a strategic partnership with Asia Insurance Limited (hereinafter referred to as "Asia Insurance") to jointly form two joint ventures, including an insurance brokerage company and an insurance technology company, both of which will be headquartered in Hong Kong. Pan China will hold 60% of the equity of these two joint ventures as the major shareholder.
According to the world insurance industry sigma report released by the Swiss Re research institute, in the long run, the focus of the global insurance industry continues to shift to Asia. By 2029, the insurance market in the entire Asia Pacific region will account for 42% of global premiums. In recent years, insurance professional intermediary channels have continued to grow against the trend with impressive growth rates, and in the Asian region, they are a blue ocean.
However, as a global emerging insurance market, the average level and development speed of insurance technology capabilities in Asia have not yet been able to meet its strong development momentum. In contrast to the lack of insurance technology capabilities in most regions, China, especially in mainland China, is at the forefront of digital applications and insurance sales technology, far ahead of other regions.
This means that there is an urgent need for mainland China to provide more momentum and technology to the insurance economy market in Hong Kong and other regions of Asia. Pan China's 25 years of experience in the insurance industry and large-scale IT investment over the past 5 years have created an IT infrastructure for life insurance sales. Pan China's leading edge in technology allows us to effectively serve the brokerage market in Hong Kong and other regions of Asia, "said Ben Lin, co chairman and chief strategic officer of Pan China
Asia Insurance is currently one of the successful and leading general insurance companies in Hong Kong and Macau, headquartered in Hong Kong and a wholly-owned subsidiary of Asia Financial Group. Its business network covers Hong Kong, Macau, mainland China, Myanmar, Laos, Thailand, the Philippines, Cambodia, and Indonesia.
For this strategic cooperation, Ben Lin stated: We are pleased to establish a partnership with Asia Insurance. As a leading insurance company in the Asia Pacific region, Asia Insurance has a deep understanding of the local market. Most importantly, we share similar values. The establishment of a joint venture in Hong Kong is an important milestone for Pan China in building a global layout and achieving its goal of becoming a globally leading intelligent technology driven financial service platform. Through close cooperation with the Asia Insurance team, we have Confidence, our overseas development strategy will continue to create value for shareholders
Winnie Wong, CEO and Executive Director of Asia Insurance, stated, "The partnership established with Pan China is also of great significance for Asia Insurance, marking an important step in further strengthening our network coverage in the Asia Pacific region. We are very pleased to work closely with Pan China to work together to provide excellent value and improve the standards of insurance solutions and services