BOSTON--(BUSINESS WIRE)--Liberty Mutual Insurance and Sanpower Group Co., Ltd., one of China’s leading private enterprises, announced today they have agreed to create a joint venture from Liberty Mutual’s current Chinese property and casualty insurance operations. Sanpower will hold a 51 percent controlling interest in the company and Liberty Mutual a 49 percent minority interest once the transaction is completed following approval by the appropriate regulatory authorities, including the China Insurance Regulatory Commission (CIRC).
"China has the second largest property and casualty market in the world and continues to offer attractive growth opportunities to us," said David H. Long, Liberty Mutual Insurance Chairman and Chief Executive Officer. "Sanpower's understanding of, and access to, broader Chinese markets, particularly through their extensive retail network, will significantly enhance the competitiveness of our joint operations in a market that remains dominated by local players. I'd like to thank our China employees for putting Liberty in the position to make this partnership possible."
Liberty Mutual has had a presence in China since 1996 when it opened a representative office in Shanghai. Today, Liberty Mutual is one of the largest foreign non-life companies in China and has operations in six provinces: Chongqing in the west, Beijing in the north, Zhejiang in the east, Guangdong in the south, Shandong in the northeast and Sichuan in the southwest.
Yuan Yafei, Chairman of Sanpower Group, said, “Liberty Mutual Insurance Group is one of the world’s most reputable insurance companies, and its strategic partnership with Sanpower Group will not only promote the company’s development in China, but also expand Sanpower’s position in the financial sector and accelerate the development of its financial services. Therefore, the partnership is a win-win for both sides, so to speak.”
Sanpower Group Co., Ltd. is a reputable Chinese private conglomerate with businesses in the financial, health, and retail industries. Sanpower Group, with total assets over RMB 65 billion in 2015, holds controlling stakes in more than 100 subsidiaries and has a 90,000-strong global workforce. The Group owns a number of listed companies in China as well as key privately held global enterprises including House of Fraser (UK), Brookstone (US), and Natali (Israel).
About Liberty Mutual Insurance
Liberty Mutual Insurance helps people preserve and protect what they earn, build, own and cherish. Keeping this promise means we are there when our policyholders throughout the world need us most.
In business since 1912, and headquartered in Boston, Mass., today Liberty Mutual is a diversified insurer with operations in 30 countries and economies around the world. The company is the fifth largest property and casualty insurer in the U.S. based on 2015 direct written premium data as reported by the National Association of Insurance Commissioners. Liberty Mutual is ranked 73rd on the Fortune 100 list of largest corporations in the U.S. based on 2015 revenue. As of December 31, 2015, the company had $121.7 billion in consolidated assets, $102.5 billion in consolidated liabilities, and $37.6 billion in annual consolidated revenue.
Liberty employs more than 50,000 people in over 800 offices throughout the world, and offers a wide range of insurance products and services, including personal automobile, homeowners, accident & health, commercial automobile, general liability, property, surety, workers compensation, group disability, group life, specialty lines, reinsurance, individual life and annuity products.
About Sanpower Group
Sanpower Group Co., Ltd. was incorporated in 1993, and its total assets have topped RMB 65 billion till 2015. It is a private conglomerate whose core business engagements are within the technology and modern service industries. With big data as its core, Sanpower is building a three-pronged industrial layout consisting of broad finance, broad health and broad commerce, and developing an industrial ecosystem benefiting from the synergic development within the Group. Sanpower aims to become a world-class company building on Chinese characteristics and sustainable development. It owns a number of listed companies, including Hiteker (600122.SH), Nanjing Cenbest (600682.SH), IDT International (0167.HK), Jinpeng Yuankang (New Three Board 430606), Fujitsu Electronics (New Three Board 837438) as well as key privately held global enterprises such as Hisap, Funtalk Telecommunications, Hirealty, Guangzhou Jinpeng, House of Fraser (UK), Brookstone (US), and Natali (Israel). The Group has controlling stakes in more than 100 subsidiaries and has a 90,000-strong global workforce, including 30,000 from its non-Chinese enterprises. Throughout its development, Sanpower Group has instilled a unique corporate culture centred on “positivity, introspection, balance” as well as on “kindness, reasonability, insight”. Its commitment to “creating value for our customers and providing opportunities for our employees” has contributed to the enterprise’s unique charisma and cohesive culture.
Sanpower Group owns multiple businesses in the financial sector, including in Internet finance, asset management, financial leasing, commercial factoring, insurance brokerage, prepay cards, and third-party payments.