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Fanhua announces spin-off of its P&C insurance subsidiaries


Saturday, 28 Oct 2017 

Oct 27 (Reuters) - Fanhua Inc :Fanhua announces spin-off of its P&C insurance subsidiaries.Fanhua - to sell equity interests in Fanhua Times Sales & Service and its P&C insurance units for total consideration of about RMB222 million​.Fanhua Inc- ‍starting Oct. 1, co will no longer charge insurance companies commissions, pay commissions to sales agents for P&C insurance business​.Fanhua Inc - ‍impact on its operating profit and net profit should be limited from deal​.Fanhua-Due to transition, expects substantial decline in total revenues and commission costs, while gross margin is expected to improve significantly​.Fanhua - ‍to sell equity interests in fanhua times sales & service and its P&C insurance units to Beijing Cheche Technology​. 

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