On January 26, 2024, the Sichuan Supervision Bureau of the State Administration of Financial Supervision and Administration issued an approval on the change of the name of AVIC Groupama Property Insurance***, showing that AVIC Groupama Insurance was approved to change the company's name to "Groupama Property Insurance***".
On November 21, 2023, AVIC Groupama Insurance disclosed an announcement on the change of equity on the official website of the Insurance Association of China, stating that Shudao Group obtained 50% of the equity of AVIC Groupama Insurance transferred by AVIC Investment through bidding. After the transfer, AVIC Investment no longer holds the equity of AVIC Groupama Insurance; The other shareholder, which holds a 50% stake, is the national headquarters of Groupama Agricultural Mutual Reinsurance.
It is reported that AVIC Groupama Insurance is the only joint venture property insurance company operating policy-based agricultural insurance in China. Since its establishment, the company has taken agricultural insurance and group customers as its main business direction, adhered to the business philosophy of differentiation and specialization, and operated relatively steadily. In the first three quarters of 2023, AVIC Groupama Insurance achieved a cumulative insurance business income of 259.3 billion yuan, net profit 00.5 billion yuan, with total assets of 46800 million yuan, comprehensive cost ratio of 9907%, with a comprehensive return on investment of 21% and both core and composite solvency adequacy ratios were 26993%。