Samsung Fire & Marine gets green light for joint venture with China's Tencent

Finance

Published: 15 Aug. 2022, 14:51

Samsung Fire & Marine gets green light for joint venture with China's Tencent

Samsung Fire & Marine Insurance [SCREEN CAPTURE]

Samsung Fire & Marine Insurance got government approval to establish a joint venture with Tencent in China.

The company announced Friday it received approval for conditions to establish the joint venture, including the issuance of new stock.

Samsung Fire & Marine Insurance’s branch in China will be incorporated into the new company, which it will own 37 percent of. Tencent will own 32 percent. The rest is owned by Chinese technology and financial companies.

The company announced in November 2020 it was hoping to establish a joint venture with a local company to expand its business in China.

It started doing business in China in 1995 and established a corporation there in 2005.

With the joint venture it plans to enter the online individual health insurance market.

Samsung Fire & Marine Insurance reported net profit of 750 billion won ($577 million) in the first half of this year, up 0.8 percent on year on revenue of 9.89 trillion won, up 1.3 percent.