China Taiping Insurance Holdings

Overview

China Taiping Insurance Holdings Company Limited

type	Public
isin	isin: HK0000055878
former name	China Insurance International Holdings Company Limited
predecessor	Taiping Insurance Company, Limited
location city	Hong Kong
location country	China
area served	Mainland China Hong Kong Macau Singapore Indonesia United Kingdom etc.
industry	Financial services
services	life insurance general insurance reinsurance asset management etc.
revenue	HK$213,662 million
revenue year	2018
net income	HK$6,884 million
net income year	2018
assets	HK$752,101 million
assets year	2018
equity	HK$61,023 million
equity year	2018
num employees	75,341
num employees year	2018
parent	China Taiping Insurance Group
owner	China Taiping Insurance Group (56.64%)
homepage	www.ctih.cntaiping.com
footnotes	in consolidated financial statement;‡R1R‡ 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

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] More than 93% income was derived from mainland China.[4]

According to S&P Global

History

Predecessors

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.[12] Another predecessor, China Insurance Company, Limited, was founded in 1931 by the Bank of China.[12] Ming An Insurance Hong Kong, which was privatized by the listed company in 2009, first founded in Hong Kong in 1947.[13]

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.[14] The three aforementioned Hong Kong based Chinese government owned insurers had formed China Reinsurance Company (Hong Kong), Limited in 1980,[13] which was one of the initial major assets of the listed company that was incorporated in 2000.[15] 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

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.[16] According to the first annual report, most of the revenue of the listed company in year 2000, came from reinsurance.[17] 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.[18] 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.[19] As of 2004, the listed company also owned 30% of Tai Ping Insurance, a property and casualty insurer of mainland China.