China United Insurance Group is stepping up efforts to close its asset management license gap. Sources indicate that China United Insurance Group Co., Ltd. and China United Property Insurance Co., Ltd. convened extraordinary shareholder meetings on November 11, 2025, approving proposals related to the establishment of an asset management company.

Three milestones stand out during the five-plus years of preparation: Since the 2021 annual report, Liu Bo, Vice President and Chief Investment Officer of China United Insurance Group, has held the title of "Head of the Asset Management Company Preparation Team"; in July 2024, the asset management company completed its name registration with the State Administration for Market Regulation; and in 2025, both China United Insurance Group and China United Property Insurance again approved the asset management company establishment plans. If final regulatory approval is granted, China United Insurance Asset Management Co., Ltd. is expected to become the 39th insurance asset management company in China.

The five-year preparation journey and at least two plan revisions

The China United Insurance system has been working on establishing an asset management company for five years. As early as 2021, both China United Insurance Group and China United Property Insurance had already conceived the idea. According to a January 4, 2022 announcement by China United Insurance Group, the two entities signed the "China United Insurance Asset Management Co., Ltd. Share Subscription Agreement" on December 22, 2021, planning to jointly establish the company, pending approval from the China Banking and Insurance Regulatory Commission.

The plan at that time showed a registered capital of 100 million yuan, with China United Insurance Group contributing 80 million yuan and China United Property Insurance contributing 20 million yuan, at an issue price of 1 yuan per share. China United Insurance Group would hold an 80% stake, and China United Property Insurance would hold 20%. The proposal was reviewed and approved by the 10th meeting of the Related Party Transaction Control Committee and the 12th meeting of the Strategic Investment Committee of the 5th Board of Directors on December 14, 2021, followed by approval at an interim board meeting and the 4th extraordinary shareholders' meeting on December 15.

Notably, this was not the first establishment plan for the asset management company. Public information shows that on December 15, 2021, the 4th extraordinary shareholders' meeting of China United Insurance Group also passed the "Proposal on Amending the Establishment Plan of China United Asset Management Company." Furthermore, since the 2021 annual report, the title "Head of the Asset Management Company Preparation Team" has appeared in the profile of Liu Bo, Vice President and Chief Investment Officer. In July 2024, the name "China United Insurance Asset Management Co., Ltd." was registered with the State Administration for Market Regulation. In 2025, both entities again approved relevant establishment plans, signaling a clear acceleration in the process.

The 2025 version: China United Property Insurance takes the lead

Compared to the 2022 version, the 2025 plan adjusts both the sponsoring entity and the company name. On November 11, 2025, the 4th extraordinary shareholders' meeting of China United Insurance Group was held, with shareholders and authorized representatives representing 97.22% of voting shares, unanimously passing the "Proposal on the Establishment Plan of China United Insurance Asset Management Co., Ltd." On the same day, the 5th extraordinary shareholders' meeting of China United Property Insurance unanimously approved the "Proposal on China United Property Insurance Establishing China United Insurance Asset Management Co., Ltd.," with four shareholder representatives—including China United Insurance Group, Orient Asset Management, China Insurance Security Fund, and Urumqi State-owned Assets Operation—attending, representing 90.05% of total shares.

This indicates that in the new plan, China United Property Insurance may become the lead entity in establishing the asset management company. However, the group-level proposal and the property insurance-level proposal use slightly different company names—"China United Insurance Asset Management Co., Ltd." versus "China United Insurance Asset Management Co., Ltd." (with the corporate designation difference)—with the final name subject to regulatory approval.

Insurance AMC expansion resumes, the 39th on the horizon

During the same period, the pace of new insurance asset management company approvals had slowed considerably. A review of approval announcements from the National Financial Regulatory Administration shows that in 2021, only two companies—Guohua Xingyi Insurance Asset Management Co., Ltd. and Allianz Insurance Asset Management Co., Ltd.—received approval to operate; 2022 saw no new additions; in 2023, China Post Insurance Asset Management Co., Ltd. was approved; 2024 again had no new entrants; and in 2025, three companies—Prudential Insurance Asset Management Co., Ltd., Hequan Insurance Asset Management Co., Ltd., and AIA Insurance Asset Management Co., Ltd.—were granted approval.

Against this backdrop, the progress of China United Insurance's asset management company has drawn market attention. If successfully approved, it would become the 39th insurance asset management company. As of the time of writing, several Beijing-based insurance industry insiders expressed they were "unaware" of the specific details of the preparation work but welcomed the company's potential arrival.

Market observers believe that establishing an in-house asset management company helps insurance institutions enhance the professionalism and market orientation of insurance fund utilization while expanding third-party asset management business. However, the insurance AMC sector is becoming increasingly competitive, and the pace of license approval, corporate governance structure, and future business positioning remain key variables. As of this writing, the plans have only received internal corporate approval, and ultimate approval by regulators—and whether they come to fruition—remains uncertain.