On January 23rd, China Taiping Insurance Group held its annual work conference in Shenzhen. Board Chairman Luo Xi gave a keynote speech entitled ‘Seize the period of Strategic Opportunities to Promote High-Quality Development’. Deputy Board Chairman and General Manager Wang Sidong delivered the Group’s Annual Operation Report. The meeting carefully summarised the operation work that took place in 2018, made further plans on the development strategy of China Taiping in the new era and comprehensively deployed the work for the coming year. Li Gang, Chairman of The Board of Supervisors, presided the conference.
In 2018, China Taiping Group’s premium income, profit, asset scale and other major operating indicators have been stable and outperformed the market. Total premiums have achieved 160 billion yuan (RMB, the same below), total assets have exceeded 600 billion yuan and assets under management have broken through 1 trillion yuan, making China Taiping one of the Fortune Global 500 companies. The Group launched the concept of ‘Sharing Taiping’; establishing a development strategy with the goal to ‘build a modern international financial insurance group with global competitiveness’; and made first steps for it’s internationalisation strategy in the new era.
In the past year, China Taiping’s domestics business has grown steadily, while the overseas insurance business is developing rapidly. The business quality and efficiency remained excellent and the overall solvency of the Group and it’s subsidiaries were sufficient. Taiping Life Insurance, Taiping General Insurance and Taiping Pensions all received “A” in the 2017 annual operating evaluation of the insurance companies as legal entities.
In 2018, China Taiping has made breakthroughs in reform and innovation, innovative products are constantly emerging. Taiping Science and Technology Insurance Co Ltd. was approved to open in January, becoming China’s first technology insurance company. Taiping Reinsurance was granted the licences for life investment-linked long-term business and permanent health business in January. Australia Representative Office was approved to set up in July, while China Taiping Insurance (Singapore) attained its operating licence for the life insurance business in August. Taiping Life Insurance “Compensation in seconds” was the first online platform that has compatibility for all claim cases, with the largest single transaction amount of 1.008 million yuan. Taiping General Insurance’s motor insurance remote inspection and intelligent loss determination were both fully launched. Taiping Financial Technology Service’s intelligent speech robots have performed and accumulated more than 1 million customer services.
The conference established the development strategy for building a modern international financial insurance group with global competitiveness in the new era. In the business operations perspective, China Taiping will solidly enhance benchmarking abilities, promote the high-quality development of insurance business, make every effort to improve investment returns, increase industrial layout, actively promote international development and accelerate informationise construction. While vigorously deepening reform and innovation, the Group will continue to strengthen the level of customer service; tap the potential of synergetic development; enhance quality and efficiency without increasing costs, strictly prevent and resolve operational risks and strengthen corporate culture and brand promotion.
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.