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China Taiping Insurance Holdings

From Wikipedia, the free encyclopedia
Not to be confused with China Pacific Insurance Company, which has a similar Chinese name.
Not to be confused with People's Insurance Company of China, former parent company, which has a name that similar to China Taiping's former name.
China Taiping Insurance Holdings Company Limited
FormerlyChina Insurance International Holdings Company Limited
Company typePublic
SEHK: 966
ISINHK0000055878
IndustryFinancial services
PredecessorTaiping Insurance Company, Limited
Founded
1929 in Shanghai(predecessor)
2000(incorporated as a holding company)
Headquarters
Hong Kong
,
China
Area served
  • Mainland China
  • Hong Kong
  • Macau
  • Singapore
  • Indonesia
  • United Kingdom
  • etc.
Services
  • life insurance
  • general insurance
  • reinsurance
  • asset management
  • etc.
RevenueIncrease HK$213,662 million (2018)
Increase HK$6,884 million (2018)
Total assetsIncrease HK$752,101 million (2018)
Total equityDecrease HK$61,023 million (2018)
OwnerChina Taiping Insurance Group (56.64%)
Number of employees
Decrease 75,341 (2018)
ParentChina Taiping Insurance Group
Subsidiaries
Taiping Reinsurance(100%)
Taiping Reinsurance (China)(100%)
Taiping Reinsurance Broker(100%)
Taiping Life Insurance(75.10%)
Taiping Life Insurance (HK)(100%)
Taiping General Insurance(100%)
Taiping Insurance (HK)(100%)
Taiping Pension(100%)
Taiping Asset Management(100%)
Taiping Fund Management(66.40%)
Taiping Financial Holdings(100%)
Taiping Securities (HK)(100%)
etc.
Chinese name
Traditional Chinese中國太平保險控股有限公司
Simplified Chinese中国太平保险控股有限公司
Transcriptions
short name
Traditional Chinese中國太平
Simplified Chinese中国太平
Transcriptions
former name
Traditional Chinese中保國際控股有限公司
Simplified Chinese中保国际控股有限公司
Transcriptions
Websitewww.ctih.cntaiping.com
Footnotes / references
in consolidated financial statement;[1] net profit and equity excluding minority interest and perpetual issued by the company

China Taiping Insurance Holdings Company Limited (CTIH) formerly China Insurance International Holdings Company Limited (CIIH), is a Chinese insurance conglomerate. The company has strong Chinese Central Government background despite being incorporated in Hong Kong. It is considered as a red chip company.[2]

Businesses

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The group's major businesses are reinsurance, life insurance, property and casualty insurance, asset management, reinsurance brokerage, pension management, real estate manager, etc.

As of 2018 financial year, most of the profit of the listed company came from life insurance (HK$6.2 billion, compare to 8.8 billion profit from all operations; both figures including minority interest that attributable other owner of the subsidiaries).[3]: 21 [4]: 209–211  More than 93% income was derived from mainland China.[4]: 219 

According to S&P Global Ratings, citing China Insurance Regulatory Commission, market share (by direct premium) of China Taiping's subsidiary Taiping General Insurance Co. Ltd. in property and casualty insurance in the first half of year 2017 was 2.0% and ranked the eighth.[5] While in life insurance, the market shares (by policy written) of China Taiping's subsidiary Taiping Life Insurance was 3.8% and ranked ninth.[5]

While in Hong Kong, the group's China Taiping Insurance (HK) Company Limited (formerly Ming An Insurance Hong Kong) was ranked the fourth in 2018 for its 6.0% market share by gross written premiums in general insurance market.[6]

In reinsurance, the HK-based Taiping Reinsurance (formerly China International Reinsurance [nb 1]), had a market share of 17.0% in 2005.[7]: 268 

In January 2018, Taiping Trustees, a second-tier subsidiary of China Taiping Insurance Holdings (Taiping Trustees is a subsidiary of Taiping Financial Holdings[8]), partnered with other investors, bought an office building on 18 King Wah Road in North Point.[9] As of December 2018, the headquarter of the listed company is located on the 25/F of that building. Previously the headquarters was located in China Taiping Tower in Causeway Bay.[10]: 61 

Taiping Financial Holdings, formerly known as China Insurance Group Securities Holdings,[11] a Hong Kong incorporated company, also owned Taiping Securities (HK), a securities broker and financial service company. It was founded in 1986 as New Century Securities,[11] by the Bank of China Group.[12] The company renamed to China Insurance Group Securities in 2001 and the current name in 2009.

History

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Predecessors

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Despite the listed company was incorporated in 2000 in Hong Kong, the history of the group could be traced back to Taiping Insurance Company founded in Shanghai in 1929.[13]: 68  Another predecessor, China Insurance Company, Limited, was founded in 1931 by the Bank of China.[13]: 69  Ming An Insurance Hong Kong, which was privatized by the listed company in 2009, first founded in Hong Kong in 1947.[14]: 383 

After the establishment of the People's Republic of China in 1949, the Bank of China, the Taiping Insurance Company and the China Insurance Company were nationalized by the Chinese Government, and became part of the People's Bank of China and the People's Insurance Company of China (PICC) respectively. However, the Chinese government owned bank and insurance companies still do business in Hong Kong, at that time a colony of the British Empire on Chinese soil. The Hong Kong headquarters of China Insurance Company and Ming An Insurance were located in the Bank of China Building in the 1960s, while the Hong Kong headquarters of Taiping Insurance was in Takshing House.[15]: 140, 142  The three aforementioned Hong Kong based Chinese government owned insurers had formed China Reinsurance Company (Hong Kong), Limited in 1980,[14]: 385 [nb 1] which was one of the initial major assets of the listed company that was incorporated in 2000.[17]: 51  In 1999 PICC was break down into several smaller insurer groups, including the listed company's parent company China Insurance Company, as well as PICC itself, China Life and China Re. They were the market leaders in general insurance, life insurance and reinsurance in mainland China respectively. Under the breakup plan, China Insurance Company was focused on overseas businesses, receiving overseas assets from PICC.

China Insurance International Holdings

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former logo of the listed company

China Insurance International Holdings Company Limited became a listed company in 2000. At that time Swiss Re also acquired 9.9% shares of the newly listed company.[18] According to the first annual report, most of the revenue of the listed company in year 2000, came from reinsurance.[19]: 15  At that time Ming An Insurance HK (currently known as Taiping Insurance HK) was not yet acquired, and Taiping Insurance was not yet re-established their businesses in mainland China. Moreover, Taiping was owned by China Insurance Company, the parent company of the listed company at that time.

In 2001, China Insurance Company was authorized to re-open businesses in mainland China as an insurer.[20][21] In September 2001, the listed company acquired the controlling stake of the mainland incorporated Taiping Life from the parent company China Insurance Company, for about HK$522 million in cash and newly issued share of the listed company.[21] As of 2004, the listed company also owned 30% of Tai Ping Insurance, a property and casualty insurer of mainland China.[22] As of 2018, the listed company owned 75.10% stake of the aforementioned Taiping Life[23] as well as 100% stake of the aforementioned Taiping General Insurance.[4]: 251 

From 2002 to 2013, the listed company also acquired more assets from the parent company as part a reverse IPO. In 2002, the listed company acquired China Insurance Group Assets Management Limited (known as Taiping Asset Management (HK) Co. Ltd. since 2009[16]) for about HK$403 million in cash and newly issued share of the listed company.[24]

China Taiping Insurance Holdings

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The listed company was renamed to the current name in 2009.[16] In the same year the company privatized fellow listed company Ming An (Holdings).[25] Ming An Insurance (Hong Kong), which was owned by Ming An (Holdings), was renamed to China Taiping Insurance (HK) Company Limited in November 2009.[11]

In 2013, more assets were acquired by the listed company from the parent to complete the reverse IPO, for a price of RMB10.6 billion.[10] The assets included Taiping Financial Holdings (known as China Insurance Group Securities Holdings before 2009[11]) and it subsidiaries such as Taiping Securities (HK) Co. Ltd.[10] (known as China Insurance Group Securities before 2009[11]), as well as real estate such as China Insurance Group Building.[10]: 16 

Shareholders

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The parent company of the listed company is China Taiping Insurance Group Limited (Chinese: 中国太平保险集团有限责任公司), formerly known as China Insurance Company, Limited (Chinese: 中国保险股份有限公司) and then China Insurance (Holdings) Company, Limited (Chinese: 中国保险（控股）有限公司) from 2002 to 2009. The company was a former subsidiary of the People's Insurance Company (Group) of China (PICC Group). However, in 1999, the State Council of the People's Republic of China decided to break down the PICC Group into China Life, China Re and the current PICC Group, while China Insurance Company received overseas businesses of the former larger PICC Group.[26][27] China Insurance Company also not part of the new PICC Group after the re-organization.

As of 31 December 2018, China Taiping Insurance Group owned 59.64% shares of the listed company.[28] Ministry of Finance owned 90% stake of China Taiping Insurance Group.[23] The rest of the stake of China Taiping Insurance Group was owned by the National Social Security Fund since January 2019.[29]

Footnotes

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  1. ^ a b China Reinsurance Company (Hong Kong), Limited was renamed to China International Reinsurance Company Limited in 1999[11] and then Taiping Reinsurance Company Limited in 2009.[16]

References

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  1. ^ 2018 Annual Report (PDF) (Report). China Taiping Insurance Holdings. 2019. pp. 51, 128–131, 251–254. Retrieved 11 January 2020.
  2. ^ "List of Red Chip Companies". Hong Kong Exchanges and Clearing. 30 November 2019. Retrieved 3 January 2020.
  3. ^ "Management Review and Analysis" (PDF). 2018 Annual Report (Report). China Taiping Insurance Holdings. 2019. Retrieved 4 January 2020.
  4. ^ a b c "Notes to the Consolidated Financial Statements" (PDF). 2018 Annual Report (Report). China Taiping Insurance Holdings. 2019. Retrieved 4 January 2020.
  5. ^ a b "China's Top 25 Insurers". S&P Global Ratings. November 2017. Retrieved 3 January 2020.
  6. ^ Market Overview - General Insurance 2018 (PDF) (Report). Hong Kong: Insurance Authority. c. 2019. Retrieved 3 January 2020.
  7. ^ 馮邦彥; 饒美蛟 (September 2009). 保險市場的轉型與保險業的創新. 厚生利群：香港保險史 (1841–2008) [The Insurance History of Hong Kong 1841–2008]. Hong Kong: Joint Publishing (Sino United Publishing). ISBN 978-962-04-2855-5.
  8. ^ "Company Profile". Taiping Financial Holdings. Retrieved 11 January 2020.
  9. ^ 恒地京華道18號 近百億沽予中資. Ming Pao (in Chinese (Hong Kong)). Hong Kong. 6 January 2018. Retrieved 11 January 2020.
  10. ^ a b c d "1). Major Acquisition and Connected Transaction Acquisition of Assets from Controlling Shareholder and Issue of Consideration Share; 2). Proposed Increase in Authorized Share Capital; 3). Resumption of Trading" (PDF) (Press release). China Taiping Insurance Holdings. 27 May 2013. Retrieved 11 January 2020.
  11. ^ a b c d e f Data in Hong Kong Companies Registry
  12. ^ "Securities Brokerage". Taiping Securities (HK). Retrieved 11 January 2020.
  13. ^ a b 馮邦彥; 饒美蛟 (September 2009). 早期華商保險業的創立與發展. 厚生利群：香港保險史 (1841–2008) [The Insurance History of Hong Kong 1841–2008]. Hong Kong: Joint Publishing (Sino United Publishing). ISBN 978-962-04-2855-5.
  14. ^ a b 馮邦彥; 饒美蛟 (September 2009). 附錄三 [Appendix 3]. 厚生利群：香港保險史 (1841–2008) [The Insurance History of Hong Kong 1841–2008]. Hong Kong: Joint Publishing (Sino United Publishing). ISBN 978-962-04-2855-5.
  15. ^ 馮邦彥; 饒美蛟 (September 2009). 戰後保險業的重建與轉型. 厚生利群：香港保險史 (1841–2008) [The Insurance History of Hong Kong 1841–2008]. Hong Kong: Joint Publishing (Sino United Publishing). ISBN 978-962-04-2855-5.
  16. ^ a b c "CHANGE OF COMPANY NAME, STOCK SHORT NAME, COMPANY WEBSITE AND NAME OF SUBSIDIARIES" (PDF) (Press release). China Taiping Insurance Holdings. 17 August 2009. Retrieved 3 January 2020 – via Hong Kong Exchanges and Clearing Limited website.
  17. ^ "Notes on the Accounts" (PDF). 2000 Annual Report (Report). China Insurance International Holdings. 2001. Retrieved 4 January 2020 – via Hong Kong Exchanges and Clearing Limited website.
  18. ^ "Swiss Re acquires minority holding in China Insurance International Holdings" (PDF) (Press release). Swiss Re. 3 July 2000. Retrieved 3 January 2020.
  19. ^ "Report of the Directors" (PDF). 2000 Annual Report (Report). China Insurance International Holdings. 2001. Retrieved 4 January 2020 – via Hong Kong Exchanges and Clearing Limited website.
  20. ^ 中保国际并购民安控股 太平系整合启动. finance.people.com.cn (in Chinese (China)). 26 May 2009. Retrieved 3 January 2020.
  21. ^ a b "Major and Connected Transaction" (Microsoft Word) (Press release). China Insurance International Holdings. 4 September 2001. Retrieved 3 January 2020 – via Hong Kong Exchanges and Clearing Limited website. The resumption of Tai Ping Life's personal insurance businesses (including life insurance) throughout the PRC was approved by the CIRC on 22 May 2001 with the consent of the State Council of the PRC. At present, there are only five nationwide insurance companies in the PRC carrying on life insurance business throughout the PRC.
  22. ^ Chan, Christine (12 May 2004). "Reinsurance boosts CIIH". South China Morning Post. Hong Kong. Retrieved 6 January 2020.
  23. ^ a b 六、高级管理人员简历、职责及其履职情况 (in Chinese (China)). Taiping Life Insurance. 23 December 2019. Retrieved 4 January 2020.
  24. ^ "Discloseable and connected transactio nand ongoing connected transactions Acquisition of China Insurance Group Assets Management limited" (PDF) (Press release). Hong Kong: China Insurance International Holdings. 29 July 2002. Retrieved 11 January 2020.
  25. ^ Li Huayu (23 July 2009). "CIIH to privatize Ming An Holdings in October". China Daily. Retrieved 3 January 2020.
  26. ^ 国务院关于撤销中国人民保险（集团）公司实施方案的批复 (Press release) (in Chinese (China)). State Council of the People's Republic of China. 7 October 1998. Retrieved 2 January 2020.
  27. ^ 关于撤销中国人民保险（集团）公司的公告 (Press release) (in Chinese (China)). People's Insurance Company (Group) of China. 8 July 1999. Archived from the original on 2 January 2020. Retrieved 2 January 2020 – via China Insurance Regulatory Commission website.
  28. ^ "Report of the Directors" (PDF). 2018 Annual Report (Report). China Taiping Insurance Holdings. 2019. Retrieved 4 January 2020.
  29. ^ 陈婷婷 (7 January 2019). 中国太平控股股东财政部将所持公司股权的10%划转给社保基金会. Shanghai Securities News (in Chinese (China)). Retrieved 4 January 2010.
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