The first insurance company to change its name in 2024 is here! On January 26, information disclosed by the Sichuan Supervision Bureau of the State Administration of Financial Supervision and Administration showed that Groupama Property Insurance Co., Ltd. of AVIC was approved and the company name was changed to Groupama Property Insurance Co., Ltd. (hereinafter referred to as "Groupama Property Insurance").
The name change of Groupama Property & Casualty Insurance is just the “tip of the iceberg” of insurance company changes in the past 20 years. On January 28, a Beijing Business Daily reporter based on incomplete statistics from public information found that since 2006, at least 41 insurance companies have changed their names (excluding newly established institutions that undertake business during risk disposal).
Through the name changes of insurance companies, we can also see the development and opening up of my country's insurance industry in the past 20 years, as well as some of the ups and downs on the road...
41 insurance companies have changed their names in the past 20 years
On January 26, the State Financial Supervision and Administration Bureau Disclosures from the Sichuan Supervision Bureau showed that Groupama Property & Casualty Insurance of AVIC was approved and the company name was changed to Groupama Property & Casualty Insurance.
Behind the name change of Groupama Property & Casualty Insurance is the change in its equity. At the end of 2023, AVIC Investment Holdings Co., Ltd. transferred 50% of the equity of Groupama AVIC Property & Casualty Insurance to Shudao Investment Group Co., Ltd., and is no longer its shareholder. AVIC Naturally, the word "AVIC" in Groupama Property & Casualty Insurance cannot continue to be used.
In fact, this is the second name change of Groupama Property & Casualty Insurance. Before 2012, Groupama Property & Casualty Insurance was called Groupama Insurance (China) and was a wholly foreign-owned property and casualty insurance company. Later, due to the introduction of Chinese shareholders, it was transformed into a joint venture. Obtained approval from the former China Insurance Regulatory Commission and changed its name to Groupa AVIC Property & Casualty Insurance.
The name change of Groupama Property & Casualty Insurance is just the “tip of the iceberg” of insurance company changes in the past 20 years. On January 28, a Beijing Business Daily reporter based on incomplete statistics from public information found that since 2006, at least 41 insurance companies have changed their names, and some insurance companies have undergone two name changes. For example, National Life changed its name to Jiahe Life, and then changed its name to ABC Life; another example is from Zhaode Life to Zhengde Life, and then to Junkang Life...
Judging from the reasons for the name change, most of them are due to changes in shareholder equity. Some people changed their surnames and names, and some were taken over by regulatory agencies due to operational risks, and then new shareholders were introduced to regain their lives. There were also insurance companies that changed their names due to grouping reasons, or to keep pace with the group. There were even some insurance companies that changed their names because their names were "eating". Litigation" was forced to change its name. Zhan Junhao, a well-known strategic positioning expert at
and founder of Fujian Huace Brand Positioning Consulting, said that a name change of an insurance company may have multiple impacts on its brand image. For example, rebranding can be a way for insurance companies to rebrand. By changing the name, the insurance company can convey new brand values, positioning or image.
There is no doubt that a suitable name can help enhance the company's image. Zhan Junhao said that during the name change process, insurance companies need to consider how to retain the original brand equity and reputation. If not handled properly, it can result in loss of brand value.
The past and present life of continuous division
Through the history of insurance company name changes, we can see the development process and opening up of my country's insurance industry in the past 20 years, as well as the ups and downs on the road...
For example, around 2014, China Construction Bank, Industrial and Commercial Bank of China, Communications Banks such as Bank of China and Agricultural Bank of China have obtained life insurance licenses through equity acquisitions. This prompted a series of insurance companies to change their names to bear the surname of their parent bank, such as Pacific Antai Life Insurance changed its name to CCB Life, Jinsheng Life Insurance changed its name to ICBC AXA Life Insurance Company, China Insurance Health Insurance Company Limited changed its name to BoComm Health Union Life Insurance and then changed its name to Bank of Communications. Life Insurance, AVIC Samsung Life changed its name to Bank of China Samsung Life, and Golden Harvest Life changed its name to ABC Life, etc.
The "entry" of these bank insurance companies has re-established the ranking of the life insurance industry. At present, many bank insurance companies have successfully squeezed into the "second echelon" of the life insurance industry.
In addition to the influx of the banking industry, after 2012, with the encouragement of the former China Insurance Regulatory Commission, a series of private capital also accelerated its entry into the insurance field. In 2012, the former China Insurance Regulatory Commission issued the "Implementation Opinions of the China Insurance Regulatory Commission on Encouraging and Supporting the Healthy Development of Private Investment" to encourage Private capital has entered the insurance field, actively participated in the infrastructure construction of the insurance industry, and strongly supported the development of private insurance institutions.
At that time, in addition to applying for the establishment of new insurance institutions, private capital also entered the insurance industry by acquiring equity. Among the capital attributes of the insurance industry, real estate was the mainstay, and industries, e-commerce, etc. were also among them. This also triggered the rise of the insurance industry. The company's "renaming wave." For example, after 50% of the equity of China-Singapore Great Eastern Life was acquired by Evergrande Group, it was renamed Evergrande Life; after the equity of Haikang Life was acquired by Tongfang Holdings, it was renamed Tongfang Global Life; after JD.com took a stake in Allianz Property & Casualty Insurance, Allianz Financial The insurance was renamed JD Allianz Property & Casualty Insurance.
However, while private capital promotes the development of the insurance industry, it also exposes some problems in its own operation and management, and even causes some insurance companies to begin to expose operating risks. Some insurance companies have changed their names during the risk management process. Among them, the most representative ones are the name changes of DaJia Life and DaJia Pension Insurance.
Gradual steps towards opening up
The trend of renaming is huge, not only due to the ups and downs of private enterprises, but also the influx of foreign insurance companies, which is disrupting the market.
Especially in recent years, the insurance industry has continued to open up to the outside world, and a series of insurance companies have completed the "consolidated transfer" or "divided reform", including today's Allianz Life, AIA Life, etc.
In terms of property and casualty insurance companies, in the near future, the first joint venture property and casualty insurance company, Zhongyi Property and Casualty Insurance, is expected to complete the "consolidation-to-foreign transfer" and transform into a wholly foreign-owned property and casualty insurance company.
In fact, my country’s insurance industry has always been the “vanguard” of opening up to the outside world. On January 25, at a press conference held by the State Council Information Office, Xiao Yuanqi, deputy director of the State Financial Supervision and Administration Bureau, said that more than 50 opening-up measures have been launched in recent times. First, the restriction on the proportion of foreign capital shares has been removed. Now foreign capital can hold 100% of the equity of banking and insurance institutions to achieve full control. The second is the negative list for foreign investment access, and restrictive measures related to the financial industry have been completely cleared. For example, the business scope of foreign-funded banks and insurance institutions is completely consistent with that of Chinese capital, and they have achieved national treatment. Xiao Yuanqi pointed out that foreign financial institutions have become deeply involved in my country's economic and financial development and financial market operations and have become a very important force.
Regarding the opening of the insurance industry to the outside world, Yuan Shuai, executive director of the High-Quality Development Promotion Project for Specialized, Specialized and New Enterprises, said that the pace of opening up of the insurance industry continues to expand, and the removal of restrictions on the proportion of foreign shares will further attract foreign investment into the Chinese insurance market. Foreign capital can wholly own insurance institutions, which will allow foreign-funded insurance companies to have more autonomy and decision-making power in the market. At the same time, they can better utilize the advantages of foreign capital management and resources to improve the service level and competitiveness of the insurance industry.
Industry experts also told reporters from the Beijing Business Daily that from the perspective of insurance products, foreign-funded institutions have relatively mature and rich product lines. Domestic insurance companies are also expected to accelerate the upgrading process of products, and consumers will receive better services. At the same time, There will also be more diversified insurance products to choose from.
Beijing Business Daily reporter Li Xiumei
