SOS Ltd. Announces its Addition of Insurance Brokerage Business
QINGDAO, China, Aug. 19, 2020 /PRNewswire/ -- SOS Limited, (NYSE: SOS) today announced that it has acquired its insurance brokerage qualifications in China through the acquisition of Inner Mongolia Post Insurance Agency Co., Ltd. In March 2020, SOS Information Technology Co., Ltd. ("SOS"), the Company's wholly owned subsidiary, entered into an agreement with China Post Group Corporation ("China Post"), the state-owned enterprise operating the official postal service of China, to acquire 100% of the equity interests of Inner Mongolia Post Insurance Agency Co., Ltd., an indirect subsidiary of China Post. Thereafter, Inner Mongolia Post Insurance Agency Co., Ltd. became a wholly owned subsidiary of SOS and was officially renamed as Inner Mongolia SOS Insurance Agency Co., Ltd.
Inner Mongolia SOS Insurance Agency Co., Ltd. ("Inner Mongolia SOS") is licensed to conduct the sale of insurance products and to collect insurance premiums within the administrative jurisdiction of the Inner Mongolia Autonomous Region through its 12 branches in Inner Mongolia Autonomous Region. The insurance industry is highly regulated by the China Insurance Regulatory Commission, an agency authorized by the State Council of China to regulate the insurance products and services market and maintaining legal and stable operations of the insurance industry in China. The entry threshold for private enterprises in the insurance industry is extremely high due to governmental regulations, and therefore the acquisition of Inner Mongolia SOS has brought strong business opportunities to SOS through its insurance brokerage qualifications in Inner Mongolia. At present, the insurance business data for the first quarter of 2019 released by the official website of Inner Mongolia Banking and Insurance Regulatory Bureau is approximately RMB30 billion (approximately US$4.338 billion). Based on this data, it is estimated that the overall insurance premium market of Inner Mongolia Autonomous Region in 2019 was approximately RMB100 billion (approximately US$14.46 billion). Generally, around 30% of the insurance premiums are collectible as handling fees, which is estimated to be approximately RMB 30 billion for 2019 (approximately US$ 4.338 billion).
Management believes that through the addition of the insurance agency business, the operations of SOS will be further developed, and will bring the Company closer to its goal of building an international and efficient rescue service system.
About SOS Limited
SOS Limited, through its operating subsidiary, SOS Information Technology Co., Ltd. ("SOS") is a high-technology company providing a wide range of services to its corporate and individual members, including marketing data, technology and solutions for emergency rescue services. SOS is focused on the research and development of big data, cloud computing, Internet of Things, blockchain and artificial intelligence. We have created a SOS cloud emergency rescue service software as a service (SaaS) platform with three major product categories, including basic cloud (medical rescue card, car rescue card, financial rescue card, mutual assistance rescue card), cooperative cloud (information rescue center, intelligent big data, intelligent software and hardware), and information cloud (News Today, E-Commerce Today). This system provide marketing-related data, technology solutions, and technology-driven big data to clients such as insurance companies, financial institutions, medical institutions, healthcare providers, auto manufacturers, security providers, senior living assistance providers and other service providers in the emergency rescue services industry. SOS has obtained a national high-tech enterprise certification, the title of "big data star enterprise" awarded by Gui'an New District Government, and has registered 11 software copyrights and 2 patents. For more information, please visit: http://www.sosyun.com/
Certain statements made herein are "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "anticipate," "believe," "expect," "estimate," "plan," "outlook," and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements include timing of the proposed transaction; the business plans, objectives, expectations and intentions of the parties once the transaction is complete, and SOS's estimated and future results of operations, business strategies, competitive position, industry environment and potential growth opportunities. These forward-looking statements reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward-looking statements. Due to known and unknown risks, our actual results may differ materially from our expectations or projections. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
Additional information concerning these and other factors that may impact our expectations and projections can be found in our periodic filings with the SEC, including our Annual Report on Form 20-F for the fiscal year ended December 31, 2019. SOS's SEC filings are available publicly on the SEC's website at www.sec.gov. SOS disclaims any obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise.
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