Yong An Insurance

Yong An Insurance

Yong An Insurance was founded in 1996 in Xi'an and remains under the effective control of the Shaanxi provincial government through entities including Shaanxi Yanchang Petroleum. Fosun International holds a significant minority stake of approximately 14.68% (per public record, 2022), linking the insurer to a broader network of Chinese financial and industrial capital. Chairman Chang Lei has led the firm since February 2022. The firm generates its investable base from property, agricultural, healthcare, and accident insurance premiums across China. On the asset side, the portfolio skews toward physical real estate — including office floors in Xi'an's Vanke Kingsway International and Shanghai's Yue Xiu Tower in Pudong — alongside unlisted alternative investments. This configuration gives Yong An the posture of an asset-heavy insurer, where policyholder liabilities are matched against directly held commercial property and private-market exposures rather than purely liquid securities. Total premium volume and investment deployment figures are not publicly disclosed. The ownership structure combines state direction with private strategic influence: Fosun's presence on the share register creates a channel to private-sector deal flow, while Shaanxi International Trust (SITC) co-invests in Shaanxi-based financial projects. In February 2022, Chang Lei assumed the chairmanship, marking an operational leadership transition that has not been accompanied by public statements of strategic change. Yong An's structural distinction lies in its dual identity as a provincial policy insurer and a direct property investor. Rather than outsourcing asset management, the firm holds commercial real estate on its own balance sheet, making its investment posture inextricable from its underwriting operations. This architecture ties the firm's solvency to the performance of Xi'an and Shanghai office markets directly, not through fund intermediaries.