MetLife and its joint venture partners, Capital Airports Holding Company (CAH) and Shanghai Alliance Investment (SAIL) said that China Insurance Regulatory Commission (CIRC) has given its preliminary approval for CAH to transfer all of its equity interest in Sino-US MetLife Insurance Company to SAIL.
Sino-US MetLife is a 50-50 joint venture between MetLife and CAH in China. The equity transfer will allow SAIL to obtain 50% of the equity of Sino-US MetLife. Presently, MetLife and SAIL each hold a 50% stake in United MetLife Insurance Company, MetLife’s other China-based joint venture headquartered in Shanghai.
Following the close of the equity transfer process and subject to regulatory approvals, MetLife and SAIL will integrate the two joint ventures, consolidate resources and maximize their strengths in China.
Xiaohong Cai, president of Shanghai Alliance Investment, said: “With a shared vision, we are confident that the company is well poised for the next stage of growth. Together with the management team of MetLife, the combination will provide opportunities for our employees in China, broaden the scope of collaboration with our business partners and continue to offer world leading products and services.”
Eugene Marks, executive vice president and head of the Asia Pacific region for MetLife, said: “We will be pleased to expand our relationship with Shanghai Alliance Investment Limited when they become the new shareholder of Sino-US MetLife. We thank Capital Airports Holding for its contributions to the development of Sino-US MetLife. China is a key strategic market for MetLife.”