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Sunshine Insurance Group submits preliminary prospectus for HK listing

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Sunshine Insurance Group, a privately owned insurance group in mainland China, has filed a draft IPO application proof with the Hong Kong Stock Exchange.

The company does not say in the document how much it plans to raise but sources say it is seeking to raise up to $2bn. The proceeds from the IPO will be used to strengthen the capital base to support the continued growth of the business.

As of the end of 2021, there were 13 insurance holding groups companies in China, with Sunshine Insurance being one of them. The group carries out life and health insurance business mainly through Sunshine Life, offering approximately 130 products covering life insurance, health insurance and accident insurance. It conducts property and casualty insurance business mainly through Sunshine P&C, offering over 4,000 property and casualty insurance products covering automobile insurance, accident and short-term health insurance, guarantee insurance, liability insurance, agriculture insurance and commercial property insurance. It primarily manages its insurance funds through Sunshine AMC.

In the draft document, Sunshine, which was established in July 2005, states that it is the 12th largest life insurer out of 91 life insurers in mainland China and the seventh largest non-life insurer out of a field of 87 P&C insurers.

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As of the end of 2021, Sunshine Life Insurance and Sunshine Property & Casualty Insurance operated a total of 2,895 branches, including 68 branches, 2,827 central branches, branch companies and marketing service departments, covering all provinces, municipalities and autonomous regions in China.

Sunshine Life has about 67,000 insurance salespersons and over 5,300 bancassurance channel salespersons, and sells life insurance products through 32,513 bancassurance channel outlets; Sunshine Property & Casualty has about 46,000 insurance salespersons and about 15,000 internal salespersons. salesperson. As of 31 December 2021, its customer base consisted of approximately 25.4m individual customers and approximately 430,000 institutional or corporate customers.

The company has earlier filed an overseas IPO application with the China Securities Regulatory Commission.

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