Tencent approved as second largest investor in Samsung Property and Casualty Insurance

Tencent approved as second largest investor in Samsung Property and Casualty Insurance

Tencent’s RMB 280 million ($40.81 million) investment in Samsung Property and Casualty Insurance has been approved by the Shanghai Office of the China Banking and Insurance Regulatory Commission, making the Chinese gaming and content giant the second largest shareholder in the insurance provider with a 32% stake. After the investment, Samsung Property and Casualty Insurance’s registered capital will reach RMB 876 million with five new shareholders. Samsung Property and Casualty Insurance is owned by Samsung, which was granted an operating license in China in 2005 and became the first insurance firm in mainland China without any Chinese capital support. Tencent’s proposed investment was first reported at the end of 2020 by media outlet Yicai, though the deal needed official approval before it could be finalized. [Shanghai Securities News, in Chinese]


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