A property insurance company with shareholders consisting of two foreign companies and Xiaomi has officially commenced operations. On January 22nd, BNP Paribas Tianxing Property & Casualty Insurance Co., Ltd. (hereinafter referred to as "BNP Paribas Tianxing Insurance") officially announced its commencement of business. According to the list of insurance corporate entities published by the National Financial Regulatory Administration, there were 89 domestic property and casualty insurance companies as of the end of June 2025. Now, BNP Paribas Tianxing Insurance officially becomes the 90th property and casualty insurer in China. BNP Paribas Tianxing Insurance stated that it will fully enter the Chinese property insurance market, leveraging its global resources, technological innovation capabilities, and industrial synergies to create core value for customers through more inclusive and efficient insurance product combinations and solutions. The domestic property and casualty insurance industry is highly concentrated, with the three major players—PICC, Ping An, and CPIC—consistently occupying around 65% of the market share. As a newly established insurer, BNP Paribas Tianxing Insurance's strategic positioning and business approach have been closely watched. It is understood that BNP Paribas Tianxing Insurance will focus on the new energy vehicle (NEV) insurance sector, which has strong synergies with its shareholders' businesses. It will develop specialized auto insurance products tailored to the NEV ecosystem, optimize claims processes, and enhance the service experience for NEV owners. In the future, BNP Paribas Tianxing Insurance will further enrich its business portfolio to strengthen its differentiated advantages. BNP Paribas Tianxing Insurance received approval for its establishment in October 2024 and obtained the business commencement approval from the National Financial Regulatory Administration on October 17, 2025. It is under the local supervision and administration of the Beijing Local Financial Supervision and Administration Bureau. The company's registered address is Wudinghou Street, Xicheng District, Beijing. Its business scope includes: motor vehicle insurance, comprising compulsory traffic accident liability insurance and commercial motor vehicle insurance; enterprise/household property insurance and engineering insurance (excluding special risk insurance); liability insurance; marine/cargo insurance; short-term health/accident insurance; reinsurance business for the above lines; insurance fund utilization business permitted by national laws and regulations; and other businesses approved by the National Financial Regulatory Administration. BNP Paribas Tianxing Insurance has a registered capital of 1 billion RMB and features "diverse shareholder backgrounds." It was established by three major shareholders: BNP Paribas Cardif holds a 49% stake, Sichuan Yinmi Technology Co., Ltd. holds 33%, and Volkswagen Financial Services AG holds 18%. Public information shows that among the three major shareholders, BNP Paribas Cardif is a member of the globally renowned BNP Paribas Group and has a long-standing presence in the Chinese market. In September 2014, BNP Paribas Cardif acquired a 50% stake in Sino-Dutch Life Insurance. With the approval of BNP Paribas Tianxing Insurance, BNP Paribas Cardif will achieve a dual presence in both property & casualty and life insurance businesses in China. Sichuan Yinmi Technology Co., Ltd. is a member of Xiaomi Group, wholly owned by Beijing Xiaomi Electronic Software Technology Co., Ltd., which is in turn 90% controlled by Lei Jun. Within the insurance industry, rumors about Xiaomi's desire to obtain a property and casualty insurance license have circulated for several years. Volkswagen Financial Services AG has already established Volkswagen Finance (China) Co., Ltd. and Volkswagen New Power Investment Co., Ltd. in China. Among them, Volkswagen Finance (China) Co., Ltd., founded in 2004, was the first wholly foreign-owned automotive finance company in China. It was learned from BNP Paribas Tianxing Insurance that the three shareholders possess profound expertise in global insurance operations, intelligent technology innovation, and automotive financial services, respectively. They will jointly assist BNP Paribas Tianxing Insurance in expanding its coverage for users through diversified insurance solutions and rapidly building a unique competitive advantage in the market. Regarding senior management, the National Financial Regulatory Administration had previously approved OOI See See's appointment as Chairman of BNP Paribas Tianxing Insurance and Zhu Rendong's appointment as General Manager. Notably, Zhu Rendong is a veteran of the domestic property insurance industry, having previously held long-term positions at Sunshine Property & Casualty Insurance, where he served as Chief Actuary for many years.
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