SINO-US METLIFE EQUITY INTEREST TRANSFER APPROVED
Beijing, February 01, 2010
MetLife, Inc. ("MetLife"), along with its joint venture partners, Capital Airports Holding Company ("CAH") and Shanghai Alliance Investment Limited ("SAIL") today announced that China Insurance Regulatory Commission ("CIRC") has given its preliminary approval for CAH to transfer all of its equity interest in Sino-US MetLife Insurance Company Limited ("Sino-US MetLife") to SAIL. All parties are now working on further submissions to CIRC and other supervisory authorities in order to obtain the final approval of the equity transfer transaction. Financial terms of the transfer were not disclosed. The transaction marks the deepened partnership between MetLife and SAIL and will provide strong support for MetLife's continued growth in the Chinese life insurance market.
Sino-US MetLife is a 50-50 joint venture between MetLife and CAH in China. The equity transfer will allow SAIL to obtain 50 percent of the equity of Sino-US MetLife. MetLife will work closely with SAIL and CAH to ensure the smooth transfer of ownership.
At present, MetLife and SAIL each hold a 50 per cent stake in United MetLife Insurance Company Limited ("United MetLife"), MetLife's other China-based joint venture headquartered in Shanghai. Operations of the two joint ventures will remain unaffected during the transfer. Following the close of the equity transfer process and subject to regulatory approvals, MetLife and SAIL are planning to integrate the two joint ventures, consolidate resources and maximize their competitive strengths in China. The move demonstrates MetLife's long-term growth strategy in China.
Mr. Xiaohong Cai, President, Shanghai Alliance Investment Limited, said, "Our partnership with MetLife has been built on mutual trust and respect. With a shared vision, we are confident that the company is well poised for the next stage of growth. Together with the management team of MetLife, the combination will provide opportunities for our employees in China, broaden the scope of collaboration with our business partners and continue to offer world leading products and services."
Eugene Marks, Executive Vice President and Head of the Asia Pacific region for MetLife, Inc. said, "We will be pleased to expand our relationship with Shanghai Alliance Investment Limited when they become the new shareholder of Sino-US MetLife. We thank Capital Airports Holding for its contributions to the development of Sino-US MetLife. Over the past six years, Capital Airports Holding has been a valued partner who leveraged its knowledge of the Chinese market and local resources to help build this joint venture."
"China is a key strategic market for MetLife. By having a single partner across the country we can create a stronger brand and portfolio of offerings for the market. This will allow us to accelerate growth and in turn provide increased value to our customers" added Marks.
Founded in 2004, Sino-US MetLife provides life, health and accident insurance products to individuals as well as group clients in Beijing, Chongqing, Guangdong, Shenzhen, Liaoning and Dalian through career agency, bancassurance, direct marketing as well as group channels. United MetLife, incorporated in late 2005, offers life, health and accident insurance products to individuals in Shanghai, Jiangsu, Zhejiang and Ningbo through career agency, bancassurance and direct marketing channels. In addition, United MetLife has received preparatory licenses from CIRC to establish operations in Sichuan and Suzhou.
Notes to editors:
MetLife, Inc. is a leading provider of insurance, employee benefits and financial services with operations throughout the United States and the Latin America, Europe and Asia Pacific regions. Through its subsidiaries and affiliates, MetLife, Inc. reaches more than 70 million customers around the world and MetLife is the largest life insurer in the United States (based on life insurance in-force). The MetLife companies offer life insurance, annuities, auto and home insurance, retail banking and other financial services to individuals, as well as group insurance and retirement & savings products and services to corporations and other institutions. For more information, visit www.MetLife.com.
About Shanghai Alliance Investment Limited
Founded in 1994, Shanghai Alliance Investment Company Limited (SAIL) is a wholly state-owned investment company under the State-Owned Assets Supervision and Administration Commission. Guided by the management concept of "Shanghai-based services for all of China, meeting the needs of the entire world," SAIL is proactively geared to the emerging industries of the 21st century and dedicated to the expansion of the investment sector, with emphasis on financial services and high-tech industries. In contributing to the vital restructuring of industries, SAIL is able to leverage its expertise and leadership in the capital circulation sector and provide professional services for large corporations, groups and state-owned enterprises, particularly in terms of their strategic reorganization and resource allocation optimization.
SAIL's primary investments include: Bank of Shanghai, Shanghai Airlines, Shanghai Information Investment Ltd., Shanghai Wicresoft Co., Ltd., Shanghai MSN Network Communications Technology Co., Ltd., Shanghai Hua Hong Group Ltd., Shanghai Grace Semiconductor Manufacturing Co., Ltd., Shanghai Zizhu Science-based Industrial park and United Automotive Electronic Systems Co., Ltd.
About China Airports Holding Company
Capital Airports Holding Company (CAH), an affiliate company of the Civil Aviation Administration of China (CAAC), is a large, multi-regional enterprise whose core business is the operation of airports. CAH currently has 36 wholly owned, stock-holding and trustee airports. The company has built up an integrated platform to administer airport construction, management and ensure service continuity. In addition, it is also making great inroads in airport property, logistics, hotels and finance, to name only a few. One of CAH’s subsidiary companies, Beijing Capital International Airport Co., Ltd., is the world’s third busiest airport by passenger traffic and was successfully listed on The Stock Exchange of Hong Kong Limited in 2000.