Statement by Chubb Insurance on its Huatai Share Increase
As the largest shareholder of Huatai Insurance Group （below as Huatai）, Chubb Limited (below as Chubb) ’s long-term objective is to achieve stability, sustained growth and comprehensive development of Huatai. This goal aligns to the interests of all stakeholders who desire the long-term stability and growth of Huatai. Chubb is further committed to good corporate governance and respects the rights of all stakeholders.
On March 4, 2020, Huatai issued a statement announcing that two "Junzheng" companies intend to transfer a total of 15.31% of Huatai shares to subsidiaries of Chubb. If approved by the Chinese regulator (CBIRC), Chubb's share in Huatai will rise to 46.21%. The transaction does not require the approval of other shareholders according to Huatai's articles of association.
After the transfer of 15.31% of the shares is approved by CBIRC, Chubb and Junzheng Group intend to negotiate a sale agreement for the additional transfer of 7.05% shares to Chubb. At that time, the parties would seek all required approvals.
Chubb supports the Chinese government's macro policy of financial opening, including the opening of China's financial services industry to the outside world, contributes to the development of China's financial insurance industry, and is committed to the comprehensive and full development of Huatai.
Chubb’s long-term commitment to the Chinese market remains unchanged, and we have full confidence in the future development and prosperity of the Chinese insurance market.