Fosun's insurance empire is notable not only for its scale but also for its longevity, spanning approximately two-thirds of the Fosun Group's corporate history.

In 2025, the Chinese insurance market demonstrated stable and positive growth. The industry's original insurance premium income reached 6.12 trillion yuan, reflecting a 7.4% year-on-year increase. Within this total, the life insurance sector contributed 4.65 trillion yuan in premium income, growing by 9.1%.

Among the many insurers, those bearing the "Fosun" name have shown strong performance. Fosun United Health Insurance has been profitable for multiple consecutive years, while Pramerica Fosun Life Insurance has achieved profitability for two straight years. Both companies are maintaining a rapid growth trajectory.

In 2025, Pramerica Fosun Life Insurance reported insurance business revenue of 125.98 billion yuan, a significant increase of 36.18% year-on-year. Its net profit reached 647 million yuan, surging by 452.99%. The company's total assets grew to 36.962 billion yuan by year-end, up 42.13% from the previous year. Fosun United Health Insurance also delivered impressive results. Its insurance revenue for 2025 was 7.841 billion yuan, marking a 50.00% increase, with a net profit of 130 million yuan, up 209.52%. Its total assets reached 24.122 billion yuan, increasing by 43.63%.

However, Fosun's insurance portfolio extends far beyond these two entities. Over the past two decades, the group has consistently increased its stakes in insurance companies to expand its footprint. Reports indicate that at its peak, Fosun held interests in 11 insurance firms. Furthermore, Fosun has engaged in acquisition discussions with major international players like AIA and an Israeli insurer.

The development of Fosun's insurance empire over the last nearly 20 years illustrates its strategic ambition. This journey began with an initial stake in Yong'an Property Insurance in 2007, progressed to listing insurance as a core business segment in 2011, and was further emphasized by a 2013 annual report cover slogan promoting a "dual-drive" model focused on "insurance-centric comprehensive financial capabilities" and "industry depth-based investment capabilities." A series of global insurance acquisitions after 2016 further cemented this commitment.

By the first half of 2025, the insurance segment's weight within Fosun International had increased substantially. Fosun International's interim report for 2025 revealed that the total assets of its insurance segment reached 217.053 billion yuan, rising 13.6% from the end of 2024. Insurance assets constituted 29.1% of Fosun International's total assets, making it the largest single segment. The insurance segment's revenue hit 20.89 billion yuan, growing 13.2% year-on-year and accounting for approximately 23.7% of the group's total revenue. The segment's net profit was 1.218 billion yuan, an increase of 3.7%, and it contributed about 173.5% to the group's net profit, serving as a core driver of profitability.

Guo Guangchang is undoubtedly the architect behind this insurance empire.

**Choosing the Right Path: Embracing the "Industry + Investment + Insurance" Model**

In 1992, following Deng Xiaoping's Southern Tour, many intellectuals from government institutions and research academies were inspired to start businesses, forming the "92派" entrepreneurs, a group that included Guo Guangchang.

By 1998, as state-owned enterprise reforms began, Fosun Group, then focused on pharmaceuticals and real estate, embarked on a series of capital acquisitions. The strategy involved acquiring assets at low prices, rapidly integrating and expanding them, and then refinancing through loans, financing, bond issuances, and ultimately taking them public for cash exits.

Within this business model, cash flow was crucial. On July 16, 2007, Fosun International listed on the Hong Kong Stock Exchange, raising HKD 12.8 billion, which was the third-largest IPO on the HKEX that year. This IPO involved selling a 20% equity stake to fund the ongoing development of its various business units.

However, capital raised from equity sales is finite. The primary task became finding a sustainable source of cash flow. Among financial sectors, banking is a top-tier capital aggregator, but mergers and acquisitions in Chinese banking were restricted for a long period. Guo Guangchang turned his attention to insurance, the "T1" sector in finance with similar capital-gathering characteristics. Soon after, he steered Fosun Group towards Warren Buffett's "industry + investment + insurance" model.

**Initial Foray: Taking a Stake in Yong'an Property Insurance in 2007**

Fosun's first involvement with an insurer occurred in late 2007. Market options were limited at the time. Yong'an Property Insurance was facing a solvency crisis due to rising premiums and losses, forcing it to seek external capital, which presented an opportunity for Fosun.

In February 2008, a capital increase was initiated. Yong'an's registered capital surged from 310 million yuan to 1.6632 billion yuan. The largest shareholder, state-owned Shaanxi Yanchang Petroleum Group, participated in the capital raise, investing 546 million yuan to subscribe to 33.264 million shares, maintaining a 20% stake. Fosun Group, through three subsidiaries, acquired a 17.2% stake in Yong'an, becoming the second-largest shareholder.

Being an established institution, Yong'an demonstrated a capacity for significant adjustment. In 2009, it undertook large-scale, comprehensive, systematic reforms, adopting suggestions from shareholder Fosun. This included requesting provincial government changes to its management and operational systems, reforming executive appointment and evaluation mechanisms, and adjusting the management team.

The results were significant. By the end of 2009, Yong'an achieved premium income of 5.34 billion yuan and a net profit of 97 million yuan, returning to profitability. In 2010, premium income reached 5.79 billion yuan, with a net profit of 290 million yuan, a record high, and the company achieved underwriting and investment profitability simultaneously for the first time. That same year, Yong'an completed a second capital increase, and Fosun's stake rose to 19.93%, remaining the second-largest shareholder.

Two years later, Fosun moved to gain control. In June 2012, Jiang Ming, former chairman and president of China Continent Property & Casualty Insurance, joined Fosun as a vice president. In July, Yong'an's board approved Jiang Ming's appointment as general manager, which was formally approved by regulators on August 10. This appointment was part of an agreement between the major shareholders: operational control went to Fosun, but state-owned assets were required to maintain an annual appreciation of 6%.

In subsequent years, Fosun continued to increase its stake. By the end of 2016, Fosun and its subsidiaries held a 40.68% stake in Yong'an, moving beyond the role of a mere financial investor.

**An Attempted Acquisition: The Unsuccessful Bid for AIA in 2010**

The success with Yong'an boosted confidence, leading Guo Guangchang and Fosun to attempt a acquisition of AIA.

In 2008, the global financial crisis severely impacted AIA's parent company, AIG. The U.S. government provided AIG with a $180 billion bailout, and to repay this, AIG began selling non-core assets, including AIA.

In July 2010, overseas media reported that Fosun Group was competing with three other Chinese consortia for AIA. By August, China Life, China Cinda Asset Management, and Fosun were deeply involved, even forming a "Chinese consortium" for a joint bid. However, the acquisition ultimately failed due to price disagreements.

Reports indicated that AIA insisted on a valuation between $32 billion and $34 billion. For a 30% stake, the Chinese consortium would have needed to pay nearly $10 billion. The consortium members deemed the valuation too high and withdrew from negotiations.

In December 2010, AIA was spun off from AIG and listed in Hong Kong at HKD 19.68 per share, raising HKD 138.329 billion, surpassing ICBC's 2006 record. The funds were used by AIG to repay the U.S. Treasury. AIG's stake in AIA fell to 32.9%, but it remained the largest shareholder. In March 2012, AIG sold 1.72 billion AIA shares at HKD 27.15 each. After a six-month lock-up, it sold another 591.9 million shares at HKD 26.50 in September, eventually divesting its remaining stake and realizing over HKD 100 billion within a year.

For Fosun, the AIA attempt was both a failure and a success. It failed because they missed out on AIA's significant value. It succeeded because Fosun and Guo Guangchang recognized the profound value of insurance institutions, prompting an acceleration of their insurance sector布局 shortly after.

**Laying the Foundation: Establishing Pramerica Fosun Life Insurance in 2012**

Fosun's contact with U.S. insurer Prudential Financial began as early as 2009. In September that year, Fosun co-founder Liang Xinjun met with Prudential's Vice Chairman, Mark Grier, during a roadshow in New York. This meeting laid the groundwork for a 500 million yuan insurance venture.

During their discussion, Grier gained an understanding of Fosun's investment capabilities, performance, and philosophy. Fosun's concept of "combining China's growth momentum with global resources" left a particularly strong impression.

Pramerica Fosun Life Insurance was established in September 2012, with Fosun Group and Prudential Financial each contributing 500 million yuan for a 50% stake. It began operations in November 2012, becoming China's first privately-owned Sino-foreign life insurance joint venture and the first joint venture life insurer approved by regulators since 2009. At the time, Guo Guangchang openly expressed his aim to replicate Buffett's "industry + insurance + investment" model in China within 5 to 10 years.

A common challenge for joint ventures, often called "joint venture disease"—specifically, "who does the insurance company listen to?"—was addressed ingeniously. The two shareholders first appointed a joint recruitment team, which then hired a general manager through a headhunter. This GM was then responsible for building the entire team through market recruitment, with personnel not appointed by either shareholder.

Regarding leadership, Fosun co-founder Wang Qunbin served as chairman, while the highly experienced Wu Chuancheng, with 27 years in life insurance management, was appointed general manager.

**Responding to Policy: Establishing Fosun United Health Insurance in 2017**

On August 10, 2014, the State Council issued guidelines to accelerate the development of the modern insurance services industry, known as the second "New Ten Articles" for insurance. These guidelines emphasized "developing diversified health insurance services," encouraging insurers to create various commercial health insurance products and participate in integrating the health services industry chain through equity investments and strategic cooperation.

In January 2017, Fosun Group established Fosun United Health Insurance. Fosun International invested 230 million yuan, partnering with five other shareholders to form the company, with Fosun International holding a 20% stake as the largest shareholder. Fosun United Health became China's sixth professional health insurer.

Initially, Fosun United Health was categorized under Fosun's health ecosystem rather than its insurance segment. It was only reclassified into the insurance segment in the 2022 annual report.

**Global Expansion: Acquiring Multiple Overseas Insurers from 2013 to 2019**

Guo Guangchang stated that Fosun's view of globalization involves not just a "two-way flow" between China and the world but also encouraging ecosystem companies to expand beyond their home markets.

The partnership with Prudential Financial was a key step in adopting Buffett's model. However, Fosun's ambitions were broader, leading to numerous overseas insurance acquisitions.

Over the past decade, Fosun has taken controlling stakes in various international insurers, including Peak Re, Portugal's leading insurer Fidelidade, Peru's La Positiva, Liechtenstein's The Prosperity Company, Mozambique's Seguradora Internacional de Moçambique, Ironshore (Bermuda), and AmeriTrust (formerly MIG). It also acquired Caribbean insurer NAGICO Holdings Limited and attempted to acquire Israel's Phoenix Holdings Ltd., though the latter two transactions were not completed.

Fosun's initial overseas insurance venture was in Hong Kong.

At the end of 2012, Fosun subsidiary Peak Reinsurance was established. In January 2013, it received authorization from the Hong Kong Insurance Authority to underwrite business with initial capital of $550 million, focusing on the Asian property reinsurance market. Peak Re also secured China Taiping as its first client.

Peak Re was owned by Fosun International and the International Finance Corporation, holding 85.1% and 14.9% stakes, respectively. The management team was led by co-founders CEO Franz-Josef Hahn and CUO Paul Brand.

Subsequently, Fosun accelerated its overseas insurance expansion, acquiring insurers in Portugal, MIG, and Ironshore.

In 2013, amid a eurozone crisis, Portugal implemented privatization measures, presenting an opportunity. Fosun acquired a controlling stake in Portugal's leading insurer, Fidelidade, for approximately 1 billion euros in May 2014. In 2015, Fosun completed 100% acquisitions of MIG and Ironshore, consolidating their profits in 2016. Fosun later divested MIG and Ironshore but retained Fidelidade.

An attempt to acquire a 52.31% stake in Israel's Phoenix Holdings in 2015 was terminated in February 2016 after certain preconditions were not met, with Fosun citing global market volatility as a factor.

Despite this, Fosun's expansion continued. In September 2016, Peak Re acquired a 50% stake in Caribbean insurer NAGICO, achieving full ownership by June 2021. Peak Re also pioneered Asia's first reinsurance sidecar transaction. Between 2019 and 2022, Fosun, through Fidelidade, acquired stakes in Peru's La Positiva, Liechtenstein's The Prosperity Company, and Mozambique's Seguradora Internacional de Moçambique.

Fosun's insurance empire has evolved from two domestic insurers bearing its name to a diversified, global portfolio encompassing various insurance models and deep integration with its industrial assets. This expansion reflects strategic ambition but also faces intense market competition. Sustaining long-term growth will require continued commitment to foundational strength and innovative problem-solving to navigate the path toward high-quality development in the insurance industry.