PROJECT

Projects

Summary of Investment Information

Project Number

37797

Company Name

Union Life Insurance Co., Ltd.

Date SPI Disclosed

Apr 14, 2017

Country

China

Region

East Asia and the Pacific

Projected Board Date

Jun 1, 2017

Environmental Category

FI-3 - No Impact

Status

Pending Signing

Last Updated Date

Jun 21, 2017

Department

Regional Industry - FIG Asia & Pac

Industry

Financial Markets

Previous Events

Approved : Jun 19, 2017

Sector

Life Insurance

Project Description

The proposed project entails IFC’s equity investment of up to RMB690 million (US$100 million equivalent) in Union Life Insurance Co., Ltd. (“Union Life”, the “Company”).

 Union Life was established in 2005 by a group of domestic private enterprises and is headquartered in Beijing, China. The Company currently operates in 26 provinces through 28 branches, over 750 sales offices, and 78,000 agents, and serves nearly 4 million long term individual customers.  The Company recorded gross written premium of RMB18.8 billion (US$2.8 billion equivalent) in 2016.  Its total asset and shareholders’ equity stood at RMB81.7 billion (US$ 12 billion equivalent) and RMB6.1 billion (US$897 million equivalent), respectively, by the end of 2016.

 

Associated Advisory Engagement

At the moment, no advisory services are associated with this project.

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation