ERGO Group Enters China’s P & C Market through Strategic Investment in Taishan Insurance


Media Information, 08.06.2020

ERGO Group, one of the major insurance groups in Germany and Europe, today announced the signing of a shareholder’s agreement and capital increase agreement to make a strategic investment in Taishan Property & Casualty Insurance Co., Ltd (hereinafter referred to as Taishan Insurance), a Shandong-based nationwide property and casualty (P&C) insurer in China. The deal marks a significant step by the leading German insurer to deepen and expand its services in the Chinese market. After completing the transaction, ERGO Group will obtain 24.9% equity interests of Taishan Insurance via its subsidiary ERGO Versicherung AG.

ERGO Group Enters China’s P & C Market

Ling Wen, Shandong Vice Governor attended the signing ceremony and the major parties made speeches.

On behalf of the ERGO Group, Dr. Markus Rieß, Chief Executive Officer and Chairman of the Board of Management of ERGO Group, extended his appreciation to Shandong government leadership, Shandong SASAC, shareholders of Taishan Insurance and relevant parties who made this partnership possible. “In our global portfolio, China holds a central role”, Dr. Rieß said. “Taishan Insurance is a dynamic and ambitious insurance company in the Chinese P&C market, which drives its business with great competence and determination. We are looking forward to building a strong partnership together and to bundling our strengths in this important market”.

”ERGO Group’s strategic investment into Taishan Insurance is a strong entry point into China’s P&C market that also complements our existing Life and Health businesses in China. Through this investment, ERGO Group has the opportunity to share our insurance expertise and global resources with Taishan Insurance and to boost our innovative capabilities and competitiveness in the Chinese market,” said Jürgen Schmitz, CEO ERGO China.

Zhang Bin, Director of Shandong State-owned Assets Supervision and Administration Commission stressed his confidence in the cooperation. “The strategic investment by ERGO Group will maximize resources from both sides to further drive Taishan’s development in the areas of competitiveness, innovation and risk control, and contribute to the high-quality economic development of Shandong Province”.

“We are pleased to have ERGO Group become our strategic shareholder. We look forward to working closely with ERGO Group to explore new business opportunities and introduce new business models and technologies to our customers,” said Zhu Huajian, Chairman of Taishan Insurance.

The involvement of ERGO Group will enhance Taishan’s market offering as China’s financial services sector continues to open up. Incorporated in 2011, the Shandong-based Taishan Insurance provides insurance products, services and solutions to customers throughout China. In May 2020, Fitch officially confirmed BBB+ rating for Taishan Insurance with stable outlook, which ranks top among Chinese domestic insurance companies of similar type and size.

For nearly two decades, ERGO Group has made China an increasingly important part of its business strategy. As early as 2005, ERGO Group launched its travel assistance and health TPA service company in China, and in 2013, it established ERGO China Life, its life insurance Joint Venture with Shandong State-owned Asset Investment Holdings Co, Ltd. ERGO Group accelerated its investment in China in 2019 by establishing its regional headquarters, ERGO China, which manages its existing activities and builds new business initiatives by launching a partnership with Great Wall Motors to provide the customers with state-of-the-art solutions powered by big data technology.

This deal with Taishan Insurance is ERGO Group’s latest strategic development that demonstrates its long-term and deep commitment to China’s insurance market.

This transaction is subject to the approval by relevant authorities.

For further information, please contact:

Ronny Winkler

ERGO Group AG
Media Relations

Tel +49 211 477-3012
ronny.winkler@ergo.de
media-relations@ergo.de

About the ERGO Group AG

ERGO is one of the major insurance groups in Germany and Europe. Worldwide, the Group is represented in around 30 countries and concentrates on Europe and Asia. Four separate units operate under the umbrella of the Group: ERGO Deutschland AG, ERGO International AG, ERGO Digital Ventures AG and ERGO Technology & Services Management AG. German, international, direct and digital business as well as the global management of IT and technology services are combined there.
About 38,000 people work for the Group, either as salaried employees or as full-time self-employed sales representatives. In 2019, ERGO recorded a total premium income of 19 billion euros and rendered benefits to customers (gross) of 17 billion euros. ERGO is part of Munich Re, one of the world's leading reinsurers and risk carriers.
More at www.ergo.com

Disclaimer

This press release contains forward-looking statements that are based on current assumptions and forecasts of the management of ERGO Group. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance of our Company. The Company assumes no liability to update these forwardlooking statements or to conform them to future events or developments.

Related articles

Media Information 11.02.2019

ERGO to sell ERGO Non-Life business in Russia to RESO-Garantia

ERGO International AG continues to consequently drive its international portfolio optimization strategy and has now announced that it is selling its Non-Life insurance business in Russia to RESO-Garantia.

Media Information 27.02.2019

ARAG acquires DAS’ Operations in the Republic of Ireland and continues to pursue its international expansion course

The ARAG Group continues to move ahead with the internationalisation of its legal insurance business and is now about to launch operations in the Republic of Ireland.

Media Information 07.03.2019

ERGO consistently continues to execute international portfolio adjustment

ERGO International AG is selling four more Group subsidiaries to the Euroins Insurance Group (EIG). The new sale is for its Life and Non-Life subsidiaries in Romania and the Czech Republic and its Non-Life company in Belarus.