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Fubon Financial unit gets approval to open branch in Sichuan

Fubon Financial unit gets approval to open branch in Sichuan

Taipei, Feb. 11 (CNA) Fubon Property & Casualty Insurance (????), a subsidiary of Fubon Financial Holding Co. (???) unit Fubon Insurance Co. (????), has obtained approval from the China Insurance Regulatory Commission to open a branch in Sichuan province. Fubon Financial said the branch in Sichuan will help Fubon Property & Casualty Insurance extend its reach in the China market. Established in October 2010 in Xiamen, Fubon Property & Casualty currently operates three main branches in China in Fujian province, Chongqing and Dalian. Fubon Property & Casualty's Chongqing branch has been in business for three years and ranks among the top three property & casualty insurance service providers in the Chinese city, and the new foothold in Sichuan should further strengthen the insurer's competitive edge in southwestern China, Fubon Financial said. Fubon Property & Casualty said it hopes to become one of the top 10 insurers in Sichuan in five years by applying the 50 years of experience gained by its parent company in Taiwan. According to Fubon Financial, the property and casualty insurance market in Sichuan is the fifth largest among the 31 provinces and cities in China and has plenty of room to grow because China is gearing up to develop the western region economically. In addition, Fubon Financial said that Sichuan has many Taiwanese-invested firms, and their strong demand for property and casualty insurance coverage could be an engine of growth for the insurer's new Sichuan branch, to be located in Chengdu. In 2014, Fubon Property & Casualty had total premium revenue of 693 million Chinese yuan (US$111 million), the sixth highest in Xiamen, making it the eighth largest foreign non-life insurance firm in China. (By Tien Yu-pin and Frances Huang)


Updated : 2021-09-17 16:14 GMT+08:00