ERGO and Great Wall Motors sign Joint Venture for Auto Mobility insurance business in China


Press release, 28.10.2019

Great Wall Motors (GWM) and ERGO Group today signed an auto mobility Joint Venture agreement with the objective to establish a leading provider of technology and data-driven insurance product and service solutions in the automotive and new mobility ecosystem. The joint venture will focus on the development and distribution of automotive insurance products and services as well as new mobility solutions via car dealerships and GWM affiliates in the Chinese market.

The grand plan of GWM and ERGO Group will be fully fledged by developing an advanced IT solution for Auto Mobility ecosystem, orchestrating innovative insurance solutions, and building a highly efficient and professional team, in order to achieve ultimate integration of superior resources from both sides.

Jianjun Wei, Founder and Chairman of Great Wall Motor Company Limited, expressed his confidence towards the cooperation: "GWM and ERGO each carries their own expertise and advantages in respective industries, GWM being the leading automotive manufacturer in China and ERGO being the leading insurance group in the global market. In-depth cooperation of insurance business between the two companies will open new doors to elevated services and integrated solutions to the market. And an integration of superior resources from both sides through technology and data science expertise will infuse the Joint Venture with full innovative energy.”

Dr. Markus Rieß, Chairman of the Board of Management of ERGO Group AG, emphasized at the Memorandum of Understanding signing ceremony: "With the Joint Venture agreed today, we are consistently continuing ERGO's growth path. Together with our partner Great Wall Motors, we have set the common goal to establish a leading provider within the auto mobility ecosystem in terms of technology and data-driven product and service solutions. It underlines ERGO's strategic ambition for being a leading partner of the Automotive industry and it demonstrates our strong position in one of our core growth markets. We look forward to working together on delivering pioneering solutions and benefit our partners and clients."

With a clear global strategy, GWM is one of China's most innovative up-and-coming automakers, and is currently the largest manufacturer of SUVs and pickups in the Chinese market. In 2003 and 2011, GWM successfully listed in Hong Kong Stock Exchange H share and domestic A-share market respectively. Bringing forward 4 brands, HAVAL, WEY, ORA and Pickup, GWM achieved one million plus new car sales for three consecutive years from 2016 to 2018. As a fast growing business aspect among GWM’s overall business aspiration in auto mobility industry, insurance will for sure become a powerful force driving forward GWM’s growth strategy, especially when joined with such a professional and well-established partner from Germany.

ERGO Group is one of the major insurance groups and represented in 30 markets in Europe and Asia offering a comprehensive spectrum of insurance, investments and services. ERGO is part of Munich Re Group, one of the leading reinsurers and risk carriers worldwide. The cooperation underpins ERGO's role as strategic partner to the auto mobility industry via ERGO Mobility Solutions (EMS) and is continuing its growth course and strengthening its presence in the strategically important growth market of China.

Launched in 2017, EMS was set up to focus on developing strategic cooperation with the automotive and mobility industry. EMS’ market entry into the world's most important automobile market is in line with its strategy of building up a strong position in the three automotive anchor markets of China, Germany and the USA.

Karsten Crede, Member of the Board of Management of ERGO Digital Ventures AG and responsible for EMS: "Automotive financial services and particularly insurance is becoming increasingly important to car manufactures to enhance customer loyalty and dealer satisfaction. The Joint Venture agreed today underscores ERGO's role as a strategic partner to the automotive industry, providing innovative mobility solutions for private and corporate customers as well as car dealerships".


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 about 30 countries and concentrates on Europe and Asia. German, international, direct and digital business as well as all IT activities and technology services are bundled in four separate units (ERGO Deutschland, ERGO International, ERGO Digital Ventures and ERGO Technology & Services Management) under the umbrella of ERGO Group AG. About 40,000 people work for the Group, either as salaried employees or as registered sales representatives. In 2018, ERGO recorded a total premium income of 19 billion euros and rendered benefits to customers of 18 billion euros (net). ERGO is part of Munich Re, one of the leading reinsurers and risk carriers worldwide.
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.

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