Minister of Finance Gilles Roth revealed that a prominent Chinese insurance firm will establish its European operations in Luxembourg.

Minister of Finance Gilles Roth announced in an interview with RTL on Thursday morning that a major Chinese insurance company, employing 550,000 people worldwide, will base its European operations in Luxembourg.

According to the trade register, Taiping registered as a public limited company (société anonyme - S.A.) in the country in February 2022. The company has confirmed that it obtained its license from the Commissariat aux Assurances, Luxembourg's regulatory authority responsible for supervising the insurance sector, earlier this year.

The company focuses on general insurance business, offering solutions to local communities and Chinese businesses in the European Union.