August 08, 2013
Liberty Mutual Insurance Group, through its wholly owned subsidiary Liberty Insurance Company Limited (LICL), was granted final approval on June 27th to commence business in Shandong by the China Insurance Regulatory Commission (CIRC).
Headquartered in Chongqing, LICL received CIRC approval in August 2012 to prepare for a provincial branch in Jinan, the capital of Shandong Province, which is the 4th largest property and casualty insurance market in China.
Liberty Mutual is the 2nd foreign property and casualty insurer in the province, and will offer personal lines products for Shandong’s 96 million people as well as a wide range of commercial lines products for small-to-medium enterprises. Shandong has a gross domestic product (GDP) of US$794billion, making it China’s 3rd largest provincial economy.
As of December 2012, Liberty Mutual is the second largest foreign non-life company in China and has five operations in the country: Chongqing in the west, Beijing in the north, Zhejiang in the east, Guangdong in the south, and Shandong in the northeast.
“Liberty Mutual’s strategy of seeking out markets in China that are largely untapped by the foreign property and casualty insurance market continues to meet with success,” said Liberty Mutual Insurance Group’s Chairman and CEO David H. Long. “CIRC’s approval of our Shandong branch reinforces our reputation as a strong company committed to providing quality insurance in China.”
Liberty Mutual Insurance is one of the largest corporations in the world according to Fortune magazine and its international operations have contributed strongly to the company’s growth. Over the past decade, the International business unit has had a compound annual growth rate of 16 percent and, in 2012, contributed $5.7 billion net written premium, or 17 percent, of the company’s $33.55 billion in net written premium for the year. The International business unit provides insurance products and services through local country operations in three geographic regions – Latin America, Europe and Asia – and 11 of its 19 companies rank in the top ten in their market.
Liberty Mutual in China
Liberty Mutual has had a presence in China since 1996 when it opened a representative office in Shanghai. In January 2004, the company received approval to open its first insurance office in Chongqing, positioning Liberty Mutual as the first foreign property and casualty insurer with a presence in western China. In September 2007, Liberty Mutual received approval to have its Chongqing operation converted to a wholly owned subsidiary, which it named Liberty Insurance Company Limited. LICL is the only Fortune 500 company subsidiary headquartered in Chongqing.
About Liberty Mutual Insurance
"Helping people live safer, more secure lives" since 1912, Boston‐based Liberty Mutual Insurance is a diversified global insurer and the third largest property and casualty insurer in the U.S. based on 2012 direct premiums written as reported by the National Association of Insurance Commissioners.
Liberty Mutual Insurance also ranks 81st on the Fortune 100 list of largest corporations in the U.S. and 296th on the Fortune Global 500 listing based on 2012 revenue. As of December 31, 2012, Liberty Mutual Insurance had $120.1billion in consolidated assets, $101.5 billion in consolidated liabilities, and $36.9 billion in annual consolidated revenue.
Liberty Mutual Insurance offers a wide range of insurance products and services, including personal automobile, homeowners, workers compensation, property, commercial automobile, general liability, global specialty, group disability, reinsurance and surety. Liberty Mutual Insurance (www.libertymutualinsurance.com) employs over 50,000 people in approximately 900 offices throughout the world.
Contact:
Adrianne Kaufmann
617-574-5983
Adrianne.kaufmann@libertymutual.com
