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Mitsui Sumitomo Insurance to exit Chinese life insurance business

Mitsui Sumitomo Insurance Co. Ltd. will exit from its Chinese life insurance business by selling its 2.09% stake in Sinatay Life Insurance Co. Ltd. to Beijing Jiusheng Asset Management Co. Ltd., a major shareholder of Sinatay.

Mitsui Sumitomo Insurance's parent, MS&AD Insurance Group Holdings Inc., on Dec. 27 said the China Insurance Regulatory Commission had approved the transaction Dec. 16. The transaction will be completed by the end of March 2017.

The Japanese insurer will continue to develop its nonlife insurance business in China through its wholly owned Chinese unit and its business alliance with China Pacific Insurance (Group) Co. Ltd.