Major shareholder plans to liquidate 100% stake! Is the insurance brokerage license no longer attractive?

On March 18, the “International Financial News” reporter noted that the transfer of 100% equity of Shanghai Jingxi Insurance Brokerage Co., Ltd. (hereinafter referred to as “Jingxi Insurance Brokerage”) is currently being pre-disclosed on the Beijing Equity Exchange, with the pre-disclosure ending on April 2.

Tracing the source, the transferor of this equity is China Aviation Investment Holding Co., Ltd. (hereinafter referred to as “AVIC Investment”). As a subsidiary of China Aviation Industry Corporation (hereinafter “AVIC Group”), it currently holds all shares of Jingxi Insurance Brokerage.

This is not AVIC Investment’s first move to withdraw from the insurance industry. As early as September 2023, the company attempted to exit China Aviation Anmeng Property & Casualty Insurance Co., Ltd. (hereinafter “AVIC Anmeng Insurance”) and successfully transferred it to Sichuan State-owned Assets.

Continuous divestment from insurance businesses

Public information shows that Jingxi Insurance Brokerage was established in November 2008 with a registered capital of 50 million yuan, and its headquarters is now in Shanghai.

The company’s business scope includes: selecting insurers, drafting insurance plans, and handling insurance procedures for policyholders across the country (excluding Hong Kong, Macau, and Taiwan); providing disaster prevention, loss prevention, risk assessment, and risk management consulting for entrusted clients; assisting insured persons or beneficiaries with claims and other follow-up services.

In November 2020, AVIC Investment completed its subscribed capital contribution to Jingxi Insurance Brokerage. Since then, the company has been branded with a clear “aviation” label. The company’s official website states: “The only insurance brokerage platform under the aviation industry, serving the aviation sector and aviation personnel.”

On February 5, 2026, Jingxi Insurance Brokerage held its 2026 work conference. The meeting emphasized that 2026 is a critical year for major strategic adjustments and transformation development. Facing current changes, the company needs to consolidate fundamentals, innovate, cut costs, deepen specialization in the aviation insurance niche, build professional特色, and continuously enhance market competitiveness and industry influence, thereby gaining time and space for future transformation and sustainable development.

In terms of performance, in 2025, Jingxi Insurance Brokerage achieved operating revenue of 17.626 million yuan, operating profit of 7.7075 million yuan, net profit of 5.7387 million yuan, and total assets of 60.9644 million yuan.

In the first two months of 2026, the company achieved operating revenue of 2.1169 million yuan, operating profit of 490,000 yuan, and net profit of 370,500 yuan. As of the end of February 2026, total assets were 59.9434 million yuan.

In fact, China Aviation Industry Corporation once actively expanded into the insurance industry.

In 2010, China Aviation Industry Group reached an agreement with France’s Aon Group to jointly establish an insurance company. In 2012, Aon China Insurance Co., Ltd. was renamed China Aviation Anmeng Property & Casualty Insurance, with both Chinese and French shareholders holding 50% each.

In May 2021, China Aviation Industry Group transferred its 50% stake in AVIC Anmeng Property & Casualty Insurance to AVIC Investment for 703 million yuan. Later that year, AVIC Investment and France’s Aon Group were approved to each invest 150 million yuan to increase capital in AVIC Anmeng Property & Casualty Insurance. After the capital increase, the registered capital of AVIC Anmeng Insurance rose from 1.1 billion yuan to 1.4 billion yuan, with the same shareholding ratio.

However, less than two years later, in September 2023, AVIC Investment listed its 50% stake in AVIC Anmeng Property & Casualty Insurance for transfer on the Beijing Equity Exchange, with a minimum price of 885 million yuan.

In response, AVIC Anmeng Property & Casualty Insurance stated that the shareholders aimed to optimize the financial business structure and focus on serving the main aviation industry. The public listing of their shares was also intended to find a more suitable business direction for AVIC Anmeng Insurance and to seek shareholders that could generate effective synergies.

Within just two months of listing, Sichuan Shudao Investment Group Co., Ltd., a state-owned enterprise, won the shares through bidding. After the “AVIC system” shareholder exited, the “AVIC” name was also removed from AVIC Anmeng Insurance. In January 2024, the company was renamed “Anmeng Property & Casualty Insurance Co., Ltd.”

From seller to buyer, the trend is clear

From AVIC Anmeng Insurance to Jingxi Insurance Brokerage, it’s evident that China Aviation Industry Group is accelerating its withdrawal from the insurance sector. This is not an isolated case but a reflection of the overall industry trend.

In June 2023, the State-owned Assets Supervision and Administration Commission of the State Council issued the “Interim Measures for the Management of State-Owned Enterprises’ Equity Participation,” requiring “a focus on main responsibilities and main businesses, and strict control of non-core investments.”

In June 2024, the SASAC reiterated that central enterprises generally should not establish, acquire, or participate in new financial institutions, especially those with limited contribution to main business and high risk spillover.

Subsequently, many central and state-owned enterprises began to “clear out” their holdings in insurance institutions. However, market responses show that most of these equity stakes have struggled to find new owners.

For example, starting in November 2024, China Telecom’s Tianyi Payment Technology Co., Ltd. repeatedly listed its 100% stake in Sweet Orange Insurance Agency for sale. The minimum price was lowered from 77.7 million yuan to 69.93 million yuan but failed to attract buyers.

In November 2025, Sweet Orange Insurance Agency announced that due to strategic adjustments, it would cease insurance agency operations on December 1, 2025, and would no longer sell new policies. The same month, the company announced its dissolution and initiated deregistration procedures.

In the market for equity auctions, insurance brokerage licenses also face cold reception, with some starting at “1 yuan.” In March 2025, the 100% stake in Kaxingtianxia Insurance Brokerage was auctioned for the 10th time, with the starting price dropping from 50 million yuan to just 1 yuan, and finally selling for only 71,000 yuan.

An industry insider told reporters that in 2016-2017, national insurance brokerage licenses were highly sought after, with multiple buyers competing and transaction prices reaching several million yuan.

Regarding the reasons behind the price drops, Yang Fan, general manager of Beijing PaiPaiNet Insurance Agency, explained that it is related to market environment changes, increased industry competition, and tighter regulatory policies. The insurance intermediary industry is undergoing structural adjustments and upgrades, and weaker companies are facing淘汰.

To build core competitiveness, Fu Yifu, a researcher at the Su Commercial Bank, suggested focusing on four areas: first, establishing compliance bottom lines and full-process risk control systems; second, strengthening professional capabilities, focusing on niche areas, and providing customized risk solutions and claims services to build customer trust; third, accelerating digital transformation by leveraging technology to optimize customer acquisition, underwriting, and claims processes, reducing costs and increasing efficiency; fourth, deepening cooperation with insurance companies, integrating product and channel resources, and building differentiated service barriers to upgrade from sales intermediaries to comprehensive risk management service providers.