Zurich Financial Services
04 September 2007
Zurich to establish new distribution platform in China
Zurich Financial Services
Mythenquai 2
8022 Zurich
Switzerland
www.zurich.com
SWX Swiss Exchange/virt-x:
ZURN
Valor: 001107539
Media Relations
Phone +41 (0)44 625 21 00
Fax +41 (0)44 625 26 41
media@zurich.com
Investor Relations
Phone +41 (0)44 625 22 99
Fax +41 (0)44 625 36 18
investor.relations@zurich.com
Zurich, September 4, 2007 - Zurich Financial Services Group (Zurich) today
unveiled details of an innovative distribution strategy for the rapidly growing
Chinese insurance market. The new initiative, which will operate under the name
Zurich Insurance Brokers (Beijing) Limited, follows the acquisition earlier this
year of a 24.51% stake in Best Harmonious Insurance Brokers Company, Ltd., a
nationally licensed Chinese insurance brokerage firm domiciled in Beijing. The
acquisition, which together with the name change has received full regulatory
approval, provides Zurich and its business partners with a multi-channel
distribution platform capable of delivering general and life insurance products
to customers across China.
With multiple locations planned, the new platform will leverage Zurich's
successful distribution capabilities in the region, including training,
development and recruitment techniques employed in Hong Kong and the call center
processes developed in Taiwan. Furthermore, the platform expands Zurich's brand
presence in one of the world's fastest growing insurance markets.
'This distribution platform marks a further important step in our long-term
approach to the Chinese market, and reflects our broader Group strategy of
targeting customer, product and distribution capabilities as our paths to
profitable growth,' remarked James J. Schiro, Zurich's Chief Executive Officer
(CEO). 'We are also pleased to be bringing 135 years of global risk management
expertise closer to our Chinese customers, thereby contributing to the
development of China's insurance industry.'
The new platform expands upon Zurich's two existing pillars in the Chinese
market, complementing both the Group's general insurance branch operations in
Beijing and its 20 percent share in New China Life, the country's fourth largest
life insurer based on 2006 premiums.
Johnny Chen, CEO of Zurich's Greater China and Southeast Asia business added, 'A
key component for our global success is our dedication to knowledge sharing in
local markets. The new platform will not only enlarge our presence in the
Chinese market, but will also allow us to transfer the Group's proven know-how
and distribution capabilities to the local sales force. Zurich firmly believes
that knowledge transfer and sharing forms the basis for any successful emerging
market engagement.'
Zurich Financial Services Group (Zurich) is an insurance-based financial
services provider with a global network of subsidiaries and offices in North
America and Europe as well as in Asia Pacific, Latin America and other markets.
Founded in 1872, the Group is headquartered in Zurich, Switzerland. It employs
approximately 58,000 people serving customers in more than 170 countries.
This information is provided by RNS
The company news service from the London Stock Exchange