In 2005, Asia Financial and The People's Insurance Company (Group) of China (“PICC”) won approval to set up PICC Life Insurance, a life insurance joint venture with a nationwide license in Mainland China. The company has five major shareholders including Bangkok Bank of Thailand, PICC Property and Casualty Co., Ltd. and Sumitomo Life Insurance Co. of Japan. PICC Life maintains its prime position in the Chinese insurance market.
Hong Kong Life Insurance Co Ltd. ("Hong Kong Life") was founded in 2001 by Asia Insurance Company Ltd., Chong Hing Bank Ltd., OCBC Wing Hang Bank Ltd. Shanghai Commercial Bank Ltd. and Wing Lung Bank Ltd.. These five financial institutions have strong roots in Hong Kong, with over 50 years of service on average. Building on the experience and connectivity of its shareholders, Hong Kong Life delivers a comprehensive range of insurance services and financial management solutions through a network of 170 distribution points of the shareholding banks.