On 20th November 2016, China Taiping Insurance (China Taiping) celebrated its 87th anniversary with great fanfare. Founded in 1929 in Shanghai, China Taiping has become a global financial and insurance services enterprise that hires over 300,000 employees across 25 subsidiaries and 1700 business units. With total assets of RMB400 billion and operations in Mainland China, Hong Kong, Macao, North America, Europe and Asia, China Taiping Insurance provides a broad range of financial services ranging from life- and non-life insurance, reinsurance, financial leasing, real estate investment and asset management. Over the decades, China Taiping has built an excellent international reputation for itself – A total of 9 subsidiaries are assigned an “A” rating by credit rating agencies in their respective countries, the highest achievement among competitors.
Success of “A Greater Taiping in 3 Years”
In 2014, the company’s strategic plan, “A Greater Taiping in 3 Years”, ended with a huge success. Total premiums, total assets and net profits increased by 100% as compared to the preceding 3 years. The company’s success in executing the plan is attributed to initiatives taken to improve management skills, service levels, innovation, and collaboration between business units. Following its success, China Taiping implemented its new strategy in 2015 to achieve greater heights. As at the first half of 2016, total premiums and asset values stood at £8 billion and £46 billion respectively. Consequently, China Taiping is able to greatly enhance its industry reputation and further establish itself as a market leader.
Leveraging on its status as a state-owned enterprise and capabilities to spearhead cross-border deals, China Taiping has formed strategic partnerships with provincial governments in China and international conglomerates such as Agricultural Bank of China, Bank of China, PetroChina, Emperor Group and Lloyds of London. The respective business divisions would actively seek opportunities in strategic cooperation and resource-sharing to provide world-class service to our clients.
Global Reach of China Taiping Insurance and its Positive Impacts on the “Silk Road”
In recent years, China Taiping has put down its roots in Hong Kong, focussing on Asian markets and spreading its reach to US and Europe. Representative offices in both Singapore and Indonesia have leveraged on China Taiping’s outstanding brand and unparalleled global network to source business intelligence and opportunities. Currently, China Taiping provides insurance services to large infrastructure companies such as Sulawesi Mining Co. in Java, Indonesia and Karot Hydropower Project by the Three Gorges Corporation in Pakistan. The hydroelectric power plant is scheduled to be completed in 2020 and has a capacity of 720MW.
Insurance and investments go hand in hand. Since 2009, China Taiping has developed and strengthened its investment capabilities in both domestic and overseas markets. In 2016, China Taiping entered into a joint venture with Alibaba Health with the aim to tap into the huge potential of China’s internet health insurance sector.
In 2015, China Taiping partnered with Blackstone Group and other investors on a US$800m real estate project in New York. Located in Manhattan, 111 Murray Street is situated within a stone’s throw away from Goldman Sachs’s headquarters. The luxury condominium is 58 storeys high and its floor area is estimated to be about 380,000sqm. Also, in collaboration with DVB Bank and Fontainberg Aviation Services, China Taiping became the first Chinese insurer to provide an offshore equity fund.
Corporate Social Responsibility
China Taiping believes that Corporate Social Responsibility should benefit both the current generation and future generations. On that front, in order to alleviate poverty at poorer regions in China, the company has set up organizations in poverty-stricken provinces such as Gansu and Anwei to provide economic assistance. The company goes one step further to cultivate the next generation leaders by sponsoring libraries and science laboratories for school children in Sichuan. In doing so, China Taiping has put into action the industry’s core values such as “Trust” and “Benevolence”.
Increasing Brand Recognition of China Taiping Insurance
The China Taiping brand has gained recognition rapidly over the years. In 2016, the company experienced a 70% growth in brand value and was once again listed as one of the top 100 most valuable brand in China. The company has also moved up in “Fortune 500 China” rankings, from 90th in 2015 to 42nd this year. Other accolades awarded to China Taiping this year include “Global Chinese Entrepreneur 1000 - Best Enterprise Award", "Best Listed Company" in Hong Kong and “2016 Asia Top 10 Most Influential Brands”.