Chronicle of Events

  • 1

    Inception in Shanghai

    In 1929, Tai Ping Fire & Marine Insurance Co.,Ltd was established in Shanghai, solely funded by Jincheng Bank, one of the "Northern Four Banks". In 1933, after increasing its capital, Tai Ping Fire & Marine Insurance Co.,Ltd was renamed Taiping Insurance Co., Ltd. The life insurance division was established in 1934, and the insurance and reinsurance business began in 1937. Taiping Life Insurance Co., Ltd. was established in 1938. At this point, Taiping's group business model was initially developed and it gradually grew to become the largest Chinese insurance company at that time. In 1931, China Insurance Co., Ltd. was established in Shanghai. In 1933, it established a life insurance company to conduct life insurance business. On October 1, 1949, Hong Kong Min'an Insurance Co., Ltd. was incorporated.

     
  • 2

    Public-Private Partnership in Beijing

    After the founding of the People's Republic of China in 1949, 64 Chinese insurance companies and 42 foreign insurance companies including Taiping Insurance, Taiping Life Insurance, and China Insurance were allowed to resume business. In 1951, China Insurance, Taiping Insurance, Min'an Insurance and their affiliates all completed public-private partnerships. In 1956, Taiping Insurance merged with Xinfeng Insurance, and ceased its domestic business activities in the meantime. According to national unified deployment, Taiping would be devoted to overseas business, continue to serve overseas Chinese and accumulate foreign reserves for China. In the same year, Taiping Insurance, China Insurance and their affiliates were successively relocated to Beijing and became subsidiaries of the People's Insurance Company of China which was established in 1949.

     
  • 3

    Business Expansion to Overseas, Hong Kong & Macao

    With the reform and opening up, the former People's Insurance Company of China began to set up financial insurance subsidiaries overseas and in Hong Kong and Macao.

    In 1980, New Century Securities Investment Company (later renamed China Insurance Group Securities Holdings Co., Ltd.), China-US Insurance Co., Ltd. (a joint venture with American International Group), China Reinsurance (Hong Kong) Co., Ltd. (later renamed China International Reinsurance Limited Company) were successively established in Hong Kong.

    In 1983, China Insurance (UK) Ltd. was approved to be established.

    In 1984, China Life Insurance Co., Ltd. Hong Kong Branch was established.

    In 1989, the Macao branch of China Life Insurance Co., Ltd. opened.

    In 1991, Huabao Co., Ltd. was established (later renamed China Insurance Services Japan Co., Ltd.).

    In 1992, Hong Kong China Insurance (Group) Co., Ltd. was established in Hong Kong and was restructured into a holding company of the People's Insurance Company of China subsidiary in Hong Kong and Macao, and implemented a management model of sharing the same key personnel with China Insurance Company Limited while operating under two different company names.

    In 1993, China Insurance (UK) Ltd. became a wholly-owned subsidiary of China Insurance Company Limited. Since then, China Insurance Co., Ltd. has successively established insurance institutions in Europe and Asia as their holding company.

    In 1993, China Insurance (Luxembourg) Co., Ltd. was established.

    In 1994, China Insurance (New Zealand) Limited was established.

    In 1995, China Insurance (Germany) Co., Ltd. was established.

    In 1996, China Insurance Indonesia Co., Ltd. was approved for business operations. In the same year, China Reinsurance Consulting Co., Ltd. was incorporated in Hong Kong.

    In 1998, the People's Insurance Company of China (Group) Company ceased to exist. China Insurance Co., Ltd. was restructured into the ultimate holding company of all overseas business institutions of the former People's Insurance (Group) Company of China.

    In 2000, China Insurance Co., Ltd. established China Insurance International Holdings Co., Ltd. and was listed on the Hong Kong Stock Exchange in June of the same year, becoming the first listed insurance company from China.

    In 2000, China Insurance Group Asset Management Co., Ltd. and China Insurance Group Investment Holding Co., Ltd. were successively established. The restructuring and merger of Hong Kong Min'an Insurance Co., Ltd., China Insurance Co., Ltd. Hong Kong Branch and Taiping Insurance Co., Ltd. Hong Kong Branch was completed and business was up and running under the name of Hong Kong Min'an Insurance Co., Ltd.

    In 2001, the China Insurance Co., Ltd. Singapore Branch and Taiping Insurance Co., Ltd. Singapore Branch were restructured and merged to operate externally under the name of China Insurance Co., Ltd. Singapore Branch.

    In 2002, the Hong Kong branch of China Life Insurance Co., Ltd. and Taiping Life Insurance Co., Ltd. were restructured and merged after which business was up and running under the name of China Life Insurance Co., Ltd Hong Kong Branch.

    In August 2002, China Insurance Co., Ltd. officially changed its name to China Insurance (Controlled Investment) Co., Ltd., and became the first financial insurance holding company in China's insurance industry. The name of Hong Kong China Insurance (Group) Co., Ltd. was adopted.

    In 2003, China Insurance International successfully issued a USD 175 million 10-year international senior bond, which was the first in China's insurance industry to issue bonds. In the same year, the Singapore branch of China Insurance Company Limited was restructured as China Insurance (Singapore) Co., Ltd. China Insurance Co., Ltd. Macao Branch was restructured as China Insurance (Macao) Co., Ltd. In the same year, in order to cooperate with the reform of China Life Insurance, Hong Kong China Insurance (Group) Co., Ltd. completed the transfer of the equity of China Life Insurance Co., Ltd. Hong Kong Branch to China Life Group.

    At the end of 2006, Hong Kong Min'an Insurance Co., Ltd. was listed on the Hong Kong Stock Exchange under the name of Min'an Holdings.

     
  • 4

    Resumption of Business in Mainland China

    At the end of 2001, Taiping Life Insurance and Taiping Insurance were approved by the China Insurance Regulatory Commission to resumed operations in mainland China.

    In November 2003, Taiping Life was first rated by Fitch International BBB +. Fitch believes that Taiping Life has good credit quality, stable financial strength and a well-established business model.

    In 2004, the Shenzhen branch of Hong Kong Min'an Insurance Company was approved to be changed into Min'an Insurance (China) Co., Ltd.

    In 2005, Taiping Pension Insurance Co., Ltd. was established in Shanghai and was qualified both as a trustee and an asset manager.

    In 2006, Taiping Asset Management Co., Ltd. was established.

    In 2009, Taiping Shared Financial Services (Shanghai) Co., Ltd. was established.

     
  • 5

    Launch of China Taiping

    In May 2009,  China Insurance (Holdings) Co., Ltd. was renamed China Taiping Insurance Group Company.

    In June 2009, Hong Kong China Insurance (Group) Co., Ltd. was officially approved to change its name to China Taiping Insurance Group (Hong Kong) Co., Ltd.

    On June 29, 2009, China Taiping Insurance Group Corporation officially opened.

    Since June 2009, the names and brands of China Taiping and the companies under its management have been brought under the name of "China Taiping".

    In June 2010, the Group's overseas organization was renamed, and all overseas companies were uniformly titled with "China Taiping".

     
  • 6

    Ushering in a New Era

    On August 31, 2010, Taiping Life Insurance's total assets reached 102.5 billion RMB, exceeding the 100 billion RMB milestone for the first time.

    In September 2010, initiated by Taiping Assets Management, the debt investment of 20 billion RMB for the South to North Water Diversion Project was officially approved by China Banking and Insurance Regulatory Commission. It has become the largest single infrastructure investment financial product issued by an insurance investment management company, since the introduction of Temporary Guideline of Insurance Funding Operation and Management issued by China Banking and Insurance Regulatory Commission.

    On November 18, 2010, Fitch International (Fitch), an internationally recognized rating agency, also upgraded the ratings of China Taiping Insurance Holdings Limited (HK00966), Taiping Life Insurance Co., Ltd. and Taiping Reinsurance Co., Ltd. Among them, the debt issuer rating of Taiping Holdings was upgraded from 'BBB' to 'BBB+', the financial strength rating of Taiping Life from 'BBB+' to 'A-', and the financial strength rating of Taiping Reinsurance from 'A-' to 'A'.

    In December 2010, Standard & Poor's issued a rating report to upgrade China Taiping Insurance (Hong Kong) Limited's long-term local currency insurance company's financial strength rating and counterparty credit rating from 'BBB +' to 'A-'.

    On February 23, 2011, Taiping Macao received A- (Excellent) rating from A.M. Best, an internationally recognized rating agency, with a positive outlook.

    On April 29, 2011, Taiping Singapore received an A- (Excellent) rating from A.M. Best, the internationally recognized rating agency, with a stable outlook.

    On May 19, 2011, Shanghai Taiping Financial Building was completed.

    On June 28, 2011, Fitch, an internationally recognized rating agency, gave Taiping Life Insurance and Taiping Reinsurance financial strength A- and A ratings, respectively, and the outlook was stable.

    In October 2011, China Taiping Insurance Group was placed under the central management of the government.

    On November 28, 2011, Taiping New Zealand was awarded the A.M.Best financial strength B++ (good) rating by the internationally recognized rating agency, with a stable outlook

    In March 2012, the new leadership of China Taiping Insurance Group Corporation (China Taiping Insurance Group (Hong Kong) Co., Ltd.) was determined. Wang Bin was appointed the chairman of China Taiping Insurance Group (China Taiping Insurance Group (Hong Kong) Co., Ltd.) and Song Shuguang was appointed the general manager of the Group.

    On July 13, 2012, the list of Fortune China 500 2012 was officially released, and China Taiping was nominated for the fifth consecutive year, ranking 114th.

    On September 1, 2012, the list of Top 500 Chinese Enterprises and the list of Top 500 Chinese Service Enterprises, both jointly released by the China Enterprise Confederation and the Chinese Entrepreneurs Association were announced. Taiping Life was nominated for the sixth consecutive year, ranking 250th and 80th respectively.

    On December 3, 2012, the topping out ceremony of the Taiping Financial Building in Shenzhen was held in Futian District, Shenzhen.

    In July 2013, it was officially renamed China Taiping Insurance Group Co., Ltd.

    In 2014, China Taiping successfully completed the strategic goal of "reshaping Taiping in three years", having reached tangible indicators that double the previous ones and improved the intangible capabilities.

    In December 2016, China Taiping Insurance Group made it to the Fortune Global 500 for the first time.

    In July 2018, China Taiping Insurance Group made it to the Fortune Global 500 with higher rankings.

     
  • 7

    Sharing Taiping

    On September 4, 2018, China Taiping announced that Luo Xi was appointed Chairman of the Board of China Taiping Insurance Group.

    On September 19, 2018, China Taiping signed a strategic cooperation agreement with China Resources Group in Hong Kong.

    On September 24, 2018, Chairman Luo Xi had a high-level meeting with Hong Kong Chief Executive Carrie Lam.

    From November 11 to 14, 2018, China Taiping Innovation Lab debuted at the Singapore Fintech Festival.

    On December 12, 2018, Chairman Luo Xi, as the main guest, attended the launching ceremony of Guangdong-Hong Kong-Macao Bay Area Common Home Development Fund and Guangdong-Hong Kong-Macao Bay Area Common Home Youth Public Welfare Fund in Hong Kong, and presented a commemorative plate to representatives from the Youth Public Welfare Fund on behalf of the central enterprises community in Hong Kong.

    On December 26-27, 2018, China Taiping held a strategy seminar in Shenzhen to officially announce the development strategy of China Taiping in the new era.

    On January 23, 2019, China Taiping held a 2019 working meeting in Shenzhen to propose a comprehensive implementation of the empowerment plan.

    On May 16, 2019, China Taiping held a press conference on the White Paper on China Taiping's Participation in the Construction of the Guangdong-Hong Kong-Macao Greater Bay Area in Hong Kong. "Enduring beyond 90 Years of Glory" was the theme of the opening of China Taiping's 90th Anniversary History and Culture Exhibition.

    On June 12, 2019, China Taiping released the outline of corporate culture in the new era in Shenzhen.

    On July 22, 2019, China Taiping once again made it to the Fortune Global 500, ranking 451th on the list, up 14 places from 2018.

    On August 1, 2019, Taiping Macao signed the first insurance policy for catastrophe property of SMEs in Macao. This was a milestone marking the successful launch of China Taiping's services in the construction of the Guangdong-Hong Kong-Macao Greater Bay Area.

    On September 21, 2019, China Taiping ASEAN Insurance Service Center was officially unveiled and launched.

    On October 25, 2019, China Taiping held the launch of the publication of the new books -- Prominent Figures in the History of Taiping, The History of Taiping and Taiping Illustration at the Beijing Taiping Financial Center in commemoration of the company's 90th anniversary.

    On the evening of November 6, 2019, China Taiping held its 90th anniversary reception at the Hong Kong Convention and Exhibition Center.

    On November 19, 2019, China Taiping's first flagship project of Taiping Towns -- Shanghai Zhoupu Wutong Family was officially put into operation.

     
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