Shentong and Sina Weibo intend to launch the establishment of Sina Life
The announcement shows that Shentong Express intends to set up Sina Life Insurance Co., Ltd. (tentative name, final in Chinese) jointly with Beijing Weimeng Chuangke Network Technology Co., Ltd., China Yintai Investment Co., Ltd., Ningbo Heyuan Holdings Co., Ltd., Ningbo Fenghua District Investment Co., Ltd., and Wufang Tianya Group Co., Ltd. The name approved by the CBRC and registered with the industrial and commercial registration authority shall prevail, referred to as "Sina life").
The announcement shows that Sina Life's registered address is Ningbo City, Zhejiang Province. Scope of business: general insurance (including life insurance and annuity insurance), health insurance, accident injury insurance, dividend-sharing insurance and universal insurance; reinsurance business of the aforementioned business; operation of insurance funds allowed by national laws and regulations; other business approved by the China Banking Insurance Regulatory Commission.
For the purpose of launching Sina Life, Shentong Express said that:
Source: Company Bulletin
It is worth mentioning that as early as the evening of October 13, 2017, Shentong Express announced that it planned to set up a professional logistics insurance company in conjunction with Zhongtong Express, Yunda Share and Shanghai Yuantong Jiaolong Investment, tentatively named as "China Logistics Insurance Co., Ltd."
Traffic giants are rushing to "dig" insurance industry
From the point of view of the share structure, the total number of shares in Sina Life is 1.5 billion shares, all of which are registered common shares with a face value of RMB 1 each, all of which are subscribed by the sponsors and all the shares are the same.
Among them, Weimeng Chuangke subscribed for 450 million shares, holding 30% of shares, the largest shareholder; Yintai Investment subscribed for 300 million shares, holding 20%, the second largest shareholder; Ningbo Heyuan subscribed for 270 million shares, holding 18%, the third largest shareholder; Shentong Express held 12%, the fourth largest shareholder; Ningbo Fenghua District Investment also held 12%; Wufang Tianya Group owned 8%, the sixth largest shareholder.
Tian Eye Check shows that Beijing Weimeng Chuangke Network Technology Co., Ltd. is an independent registered company of Sina Weibo. It was established on August 9, 2010 and registered in Haidian District of Beijing on October 11, 2010. In other words, it is the operating entity of Sina Weibo.
According to Sina Weibo's second quarter 2019 results, Weibo's monthly active users reached 486 million at the end of June, up 21 million from a month earlier, and the number of daily active users rose 8 million to 211 million from the previous quarter, the biggest increase in four quarters.
Sina, which holds traffic, already has an insurance brokerage license.
According to public information, Xingmin Insurance Broker was established by Shanghai Sina Financial Investment Management Co., Ltd. and two natural shareholders. In February 2018, Sina announced that its joint holding Xingmin Insurance Brokerage Company has officially entered the field of Internet insurance, making better use of the media attributes of Sina. com and the social media attributes of Weibo to provide users with high-quality Internet insurance products and services.
According to Swiss Reinsurance Research Institute, the annual real growth rate of life insurance premium in China will reach 9.1% in the next 10 years. In recent years, the vast market space has attracted a large number of Internet platform "digging" insurance business.
Is Internet Life Insurance Company coming?
Internet capital frequently enters the insurance industry, and traditional insurance companies are also breaking through themselves through the Internet.
Recently, the reporter learned that China Life has set up a preparatory group for the Internet Life Insurance Company and Zhan Zhongren is the head of the preparatory group. Industry insiders analysis, such as National Life Internet Life Insurance Company approved, will be the first licensed Internet life insurance company.
Previously, there were four licensed Internet insurance companies in China, and they were all property insurance companies, namely Zhongan Online, Taikang Online, Anxin Financial Insurance and Yian Financial Insurance.
At present, the Internet insurance is limited by its channels, mostly property insurance and relatively simple accident insurance, health insurance and other products. Because of the complexity of life insurance business, non-standardized products are more than property insurance, mainly relying on off-line agent channels. If the Internet life insurance company is approved, it will have a far-reaching impact on the industry.
At present, the insurance products on Sina Weibo mainly include health, travel, accidents and property.