China Union Life Insurance Equity (IFC-37797)

Countries
  • China
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jun 19, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Union Life Insurance Co., Ltd.
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 106.87 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported RMB 690 billion
Converted using 2017-04-14 exchange rate.
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 1, 2018

Disclosed by Bank Apr 14, 2017


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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.

 

Investment Description
  • International Finance Corporation (IFC)

Zhongfa Group is the single largest shareholder of Union Life with 46% equity stake. Zhongfa Group is a large national privately-owned holding company which covers several industries including financial services, healthcare, tourism and property management. Other shareholders of Union Life include Simaite Investment Co., Ltd. (18.48%), Hubei Chuhan Trade Co., Ltd. (13.86%), Hubei Defan Investment Co., Ltd. (13.86%), Beijing Tianxinjie (4.43%), and Taiyo Life (3.31%).

Private Actors

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.

Contact Information

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/

CONTACTS

Union Life Insurance Co., Ltd.
Ms. Jiaoyang Guan
Chief Actuary

guanjy@ulic.com.cn

http://www.unionlife.com.cn/