(Yicai Global) May 19 -- Samsung Property and Casualty Insurance China has desginated a new chief, a senior adviser of Tencent Holdings, after the internet giant became the second-largest shareholder of the first wholly foreign-owned property insurance company in China.

Tencent's Ren Huichuan is the chairman-designate of Samsung P&C China, Yicai Global learned recently from the Shanghai-based insurer with links to South Korean conglomerate Samsung Group. Before Tencent, Ren worked for Ping An Insurance as deputy chairman until resigning for personal reasons in March 2020.

Established in 2005, Samsung P&C China counts Samsung Fire and Marine Insurance as its largest shareholder with a 37 percent stake. Tencent is No. 2 with its 32 percent share. The unit of Samsung has appointed several executives from the Shenzhen-based WeChat operator this year after Tencent became its second-biggest shareholder in August.

At a meeting in January, Samsung P&C China got nine new board members, including three from Tencent, namely Ren, Zhou Kejun, general manager of insurance platform WeSure, and Senior Vice President Lin Jinghua. Moreover, Li Hao, former general manager of Ping An Health Insurance, joined Samsung P&C China as the new GM.

Samsung P&C China earned CNY36 million (USD5.1 million) in net profit in the first quarter, up 6 percent from a year ago. Meanwhile, its core business revenue climbed 4 percent to CNY129 million (USD18.4 million), according to its earnings report.

Editor: Emmi Laine, Xiao Yi