February 1, China Taiping Insurance Group held its annual work conference in Shanghai. Board Chairman Wang Bin gave a keynote speech entitled 'Implementing new ideas, presenting new accomplishments and striving to build top-class financial insurance Group'. Deputy Board Chairman and General Manager Wang Sidong delivered the groups' Annual Operation Report. The Meeting summed up the three-year achievements of the 'Top-quality Strategy' and deployed planned upcoming work associated with the further implementation of the 'Top-quality Strategy' in the new year.
China Taiping Insurance Group Management members, Directors and Department Heads; General Managers of both domestic and overseas subsidiary companies and General Manager of domestic provincial Branches attended the meeting.
Since the satisfactory fulfilment of its strategic development goal of 'Building a New Taiping in Three Years' in 2014, China Taiping Group has taken on an entirely new look and opened up a new chapter for developing 'the most unique and high-potential top-quality insurance company'. Over the past three years, China Taiping fully promoted its 'Top-quality Strategy', its core business outperformed the market and the overall strength significantly increased. Group's total premiums, total assets and assets under management have achieved the average annual growth rate of 20%, 16% and 21% respectively, above the industry average. With an average yearly growth rate outperforming the market sixth year in a row, China Taiping Group remained as an industry leader in developing quality and value growth.
In 2017, China Taiping Holdings (HK00966) share price achieved a record high and was rated to have the most investment potential along the listed companies. China Taiping's brand value reached 100 billion Yuan and for two consecutive years has been selected as Top 500 Global Brand and Top 100 Most Valuable Brand.
As a state-owned company, China Taiping enhanced its capability of serving and vigorously supporting the real economy, and has provided a risk guarantee of 85.7 trillion yuan to the society in 2017. The Group has also been actively promoting the 'Belt and Road Initiative', providing 63.2-billion-yuan worth of risk guarantee to 85 major projects under the 'Belt and Road Initiative'.
China Taiping aims to evolve with the ‘New Era’ following a ‘Three- step’ operation strategy into the year of 2029. By 2019, the 90th anniversary of the founding of China Taiping, the company would make it into the Top 500 Global companies. In 2020, the 13th Five-Year Plan for Economic and Social Development would reach its final year. By this time, China would have achieved a victory in building a moderately prosperous society in all respects and China Taiping would enjoy the victory in building a top-quality insurance company. By 2029, China Taiping’s 100th anniversary, the company aims to become the world-class globally competitive financial insurance group.
In recent years, China Taiping continued to strengthen the management characteristic and improve its core competitiveness. For example, the successful acquisition of a public fund company; the trading licence for Taiping Reinsurance (China) Co., Ltd., the second reinsurance company in mainland China and the opening of the first domestic insurance company of science and technology, Taiping Science and Technology Insurance Co., Ltd. So far, the Group has signed the agreement with 84 strategic clients, aiming to boost new business growth. Based in Hong Kong and Macao, China Taiping has been promoting its internationalisation strategy by following a 'two wing strategy' with Europe and America in addition to the group's centre in Asia. Furthermore, China Taiping continuously enhances the level of risk prevention and control with its daily operation and further improve its ability to resolve risks.
During the conference, it was stressed that China Taiping should focus on the high-quality development and continue to follow Group's 'Top-quality Strategy', in order to achieve the highest quality in future development. China Taiping aims to provide services which are constantly adapting to the current trends and to be more networked and intelligent, to meet customers' growing demands and be more personalised and diversified. Paying more attention to the core business, improving the business quality and strengthening the core competitiveness. Concentrating on the implementation of State-owned company's social responsibly and actively expanding the Policy-related business. Focusing on investment management and improving investment returns. Stressing the construction of 'hi-tech Taiping' and speeding up Innovation drive. Focusing on risk control, adhering to the correct management idea, taking the lead in accordance with the law, strengthening internal compliance and increasing the level of internal audit. Concentrating on the international operation and optimising overseas business. Paying extra attention to business cooperation and strengthening the 'One customer, One Taiping' integrated operation.