China** News Chenxi CNPC Capital's "clearance transfer" of 51% of the equity of Sino-Italian property insurance has been settled. On January 10, local time, the Italian insurance giant Generali Group announced on its official website that it would acquire 51% of the shares of Zhongyi Property Insurance for nearly 99 million euros, and the shareholding ratio in the company reached 100%. 
Generali said the acquisition is a long-term strategic investment to grow the group's fully owned and controlled property and casualty business in China and expand its market share in China. In November 2023, the Beijing Equity Exchange listed the target of 51% equity of Zhongyi Property Insurance, and the transferor is China National Petroleum Group Capital Co., Ltd., which is the entire equity of Zhongyi Property Insurance. In other words, after the completion of this transfer, Zhongyi P&C Insurance will bid farewell to its state-owned status and become a purely foreign-funded P&C insurance company. Let's see the detailsGenerali Group further expands its investment in ChinaIt is planned to wholly hold Zhongyi Property InsuranceOn January 10, local time, the Italian insurance giant Generali Group officially announced the news that it intends to wholly own Zhongyi Property Insurance. The news was approved by the official WeChat of the Consulate General of the People's Republic of China in Milan. 
Generali said it had signed an agreement for about 99 million euros (about 7.).RMB7.4 billion) to acquire a 51% stake in Zhongyi Property Insurance. Upon completion of the transaction, Generali Group will become a 100% controlling shareholder of Zhongyi P&C. Generali said the acquisition is a long-term strategic investment to grow the group's fully owned and controlled property and casualty business in China and expand its market share in China. As the sole owner of GCL, Generali will seek to expand its distribution network in China. Building on China's carbon-neutral investments to expand green commercial insurance to differentiate Generali in the market; and leverage the Group's global, regional and local expertise to improve the distribution strategy of GCIC. Jaime Anchústegui, Chief Executive Officer of Generali International, said: "This acquisition is fully in line with our Group strategy to strengthen our footprint in key markets in Asia. Becoming the sole owner of GCL will allow us to further expand our products, business scope and distribution network. I would like to thank PetroChina for its contribution and close cooperation with Generali now and in the future in the development of GCI. Our constructive long-term and forward-looking partnership will continue to be successful in the life insurance joint venture of Zhongyi Life, covering life, health and asset management. Rob Leonardi, Generali Group Head of Asia, said: "China is the world's second largest general insurance market in terms of premiums and has attractive growth prospects. The transaction will give Generali full ownership of GCI P&C and build on the high-quality business jointly developed with PetroChina Capital. We believe that together with the management team and employees, we can benefit from various opportunities in this market and become a lifelong partner for more customers in China. According to public information, Generali Group was founded in 1831 and has 190 years of experience in insurance business. Generali is one of the world's leading insurance groups, with more than 100 insurance and financial entities in more than 50 countries. Generali Italy*** is ranked 73rd in Fortune magazine in 2022. According to the official website, Generali Group is one of the world's largest insurance and asset management providers, with operations in more than 50 countries around the world and 820,000 employees, serving 68 million customers (as of December 31, 2022). CNPC Capital's "Clearance Transfer".It still holds Zhongyi LifeIn retrospect, as early as 2007, Sino-Italian P&C Insurance was established in Beijing with the approval of the former China Insurance Regulatory Commission, and is the first joint venture property insurance company in China, with Generali Group and PetroChina as shareholders. At the beginning of its establishment, the Chinese and foreign shareholders of GCI held 50% of the shares. In 2009, Generali transferred 1% of its shares to PetroChina, and the shareholding ratio of Chinese and foreign shareholders was adjusted to 51% to 49%. In 2016, PetroChina transferred a 51% stake to PetroChina Capital. In November 2023, the Beijing Equity Exchange listed the target of 51% equity of Zhongyi Property Insurance, and the transferor is China National Petroleum Group Capital Co., Ltd., which is the entire equity of Zhongyi Property Insurance. In other words, after the completion of this transfer, Zhongyi P&C Insurance will bid farewell to its state-owned status and become a purely foreign-funded P&C insurance company. Previously, Zhongyi P&C Insurance introduced its international business development, saying that with the help of Generali Group's global network, Zhongyi P&C Insurance has started the road of international business exploration since 2009, serving a total of 66 countries and regions, including 35 countries along the "Belt and Road", 1,314 customers, and providing 947.1 billion yuan of risk protection for 210,000 overseas personnel. According to Zhongyi Property Insurance in the 2024 New Year's message, its company's cumulative premium income for the whole year is 15400 million yuan, with a growth rate of 30%, achieving a historic new breakthrough. In addition, the New Year's message also mentioned that 2024 "is an important turning point for Sino-Italian P&C Insurance". In addition, after the "clearance transfer" of Zhongyi Property Insurance, CNPC Capital still holds 50% of the equity of Zhongyi Life. It is reported that the life insurance business of Zhongyi Life Insurance is a national joint venture life insurance company approved by the former China Insurance Regulatory Commission and jointly established by China National Petroleum Group and Generali Group of Italy, and it is also the first Sino-foreign joint venture insurance company approved to be established after China joined the world's leading organization. Also in 2016, PetroChina transferred its 50% stake in Zhongyi Life to PetroChina Capital free of charge. At present, PetroChina Capital and Generali Group each hold a 50% stake in GCL. With a registered capital of 3.7 billion yuan and total assets of more than 100 billion yuan, GCL has opened 15 branches in Beijing and Shanghai. Generali said it still maintains a joint venture partnership with PetroChina Capital in Zhongyi Life Insurance and Zhongyi Asset. Founded in 2002, GCL has a total written premium of more than €3 billion in 2022. Editor: Xiaomo Review: Muyu.