The Asian Development Bank (ADB) has made its first direct equity investment in the insurance sector to help expand health coverage in the People’s Republic of China (PRC).
This move is part of ADB’s broader strategy to support inclusive development by strengthening health services, particularly for vulnerable groups like the elderly and women.
ADB has committed CNY 270 million (approximately $37.3 million) to Fosun United Health Insurance Company Limited (FUHI). This marks the first time ADB has directly invested in an insurance company, highlighting the growing importance of private health insurance in ensuring sustainable development.
The investment, which is matched by contributions from the International Finance Corporation (IFC) and Shanghai Fosun Pharmaceutical (Group) Co., Ltd., aims to bolster FUHI’s solvency and assist in its expansion. This will allow the company to offer more affordable health and long-term care products to a broader population.
Founded in 2017, FUHI is one of only seven specialized health insurance providers in China. The company has built a comprehensive portfolio that includes medical, critical illness, nursing care, and accident insurance, and is positioning itself as a leader in lifecycle health management.
This investment will enable FUHI to enhance its product offerings and increase its reach, furthering efforts to provide essential healthcare to underserved communities.
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