Mitsui Sumitomo Insurance (MSI) has increased the scope of its involvement in China’s insurance market with the purchase of a 7% stake in Sinatay Life Insurance) for CNY127m ($18.6m).
The purchase marks by Japan’s third-largest general insurer marks its entry into China’s life market.
Established in May 2007, Sinatay Life reported premium income of CNY1.1bn in 2009. Headquartered in Hangzhou in Zhejiang province, Sinatay Life has eight offices in the province and holds a license to operate throughout China.
MSI commented that the purchase of the stake in Sinatay Life formed part of its strategy to expand its operations in China’s general and life insurance markets.
MSI established a branch in Shanghai in May 2001 and in July 2007 was granted permission to permit to establish a subsidiary. MSI operates 11 branches in China.