China Reinsurance (Hong Kong) Company Limited has received authorisation from the Insurance Authority.
The licence, which is dated December 16, will allow the subsidiary of the major mainland Chinese reinsurer to conduct reinsurance business in Hong Kong. This includes class A (life and annuity) and class D (permanent health) long term business.
According to a statement by China Re Hong Kong, it is a wholly-owned subsidiary of China Life Reinsurance Company Ltd, with a paid-up capital of HK$2 billion. The company is registered in Hong Kong and provides a range of treaty, facultative, risk protection, and other customised reinsurance products and services for the Asian and global markets.
China Re Hong Kong is the first domestic insurance company approved to do business in Hong Kong since the China Banking and Insurance Regulatory Commission was formed in April 2018.
The company said that it will work towards better risk management, technology advancement and financing in the life reinsurance sector. It also aims to contribute towards Beijing’s Belt and Road Initiative and the construction of Guangdong-Hong Kong-Macao Greater Bay Area, which it believes will help grow insurance industry in both Hong Kong and mainland China.
