Ping An, Taiping to offer one-policy motor insurance coverage in HK and GBA
Traffic expected to surge under a forthcoming scheme
China Taiping: Everything you need to know
|15/F 18 King Wah Road, North Point, Hong Kong, SAR|
|Global locations||China, Hong Kong, Macau, Asia, North America, Europe, Oceania|
|Total premiums||Over 200 billion yuan|
|Expertise||Property & casualty insurance, life insurance, reinsurance, asset management, securities brokerage, financial leasing, real estate investment, old-age medical and health|
|Key people||Wang Sidong (chairman), Yin Zhaojun (vice-chairman & general manager), Zhou Liqun (chairman of the board), Xiao Xing (executive director and deputy general manager), Li Kedong (deputy general manager), Zhu Jie (deputy general manager), Jiao Yanjun (senior executive), Zhang Huiping (senior executive), Zhang Ruohan (secretary)|
About China Taiping
Established in 1929, China Taiping Insurance Holdings Company Limited is the longest-operating national insurance brand in China and the only state-owned financial enterprise that has its management headquarters overseas. Apart from the mainland, the company holds operations in Hong Kong – where it is based – Macau, North America, Europe, Oceania, and East and Southeast Asia.
China Taiping has gained international recognition over the years, including being named a Fortune Global 500 company in 2018. Most subsidiaries of China Taiping have been continuously affirmed with A or A+ ratings from renowned global rating agencies.
Domestically, China Taiping has 13 member firms consisting of:
The group’s 11 international subsidiaries, meanwhile, comprises:
China Taiping originated from three of the country’s largest national industry brands, namely Taiping Insurance Company, China Insurance Company, and Ming An Insurance. In 1956, China Insurance Company and Taiping Insurance Company suspended domestic operations in line with the unified national deployment and started specializing in insurance services in Hong Kong, Macao, and overseas.
In 1999, all state-owned insurance organizations operating overseas were incorporated into China Insurance International Holdings. The next year, the incorporated group was listed on the Hong Kong Stock Exchange, becoming the first mainland insurance company listed overseas.
In 2001, the firm resumed domestic operations under the Taiping brand. In 2009, the three large brands of China Insurance, Taiping and Ming An became a conglomerate and renamed China Taiping Insurance Co Ltd. In 2011, it came under the administration of the central government and was upgraded as a vice-ministerial-level central financial enterprise. The group was then successfully restructured and reformed, listed as a whole entity, and officially renamed China Taiping Insurance Holdings Company Limited in 2013.
Under the leadership of the Central Committee and the State Council, China Taiping has developed rapidly, rising into the Fortune Global 500, listing at number 334 in 2022. It has recorded total premiums exceeding 200 billion yuan, with operating revenue of 244.6 billion yuan, total assets of 981.8 billion yuan, and over 1.77 trillion yuan in assets under management.
Leadership at China Taiping
Wang Sidong - Chairman
Wang serves as chairman of China Taiping Insurance Group Company Limited, China Taiping Insurance Group (HK) Company Limited, China Taiping Insurance Holding Company Limited, Taiping Life Insurance Company Limited, and China Taiping Asset Management Company Limited. He also previously held the roles of vice-chairman and general manager of China Taiping Insurance Group Company Limited, vice-president of China Life Insurance (Group) Company, and chairman of China Life Investment Holding Company Limited. He also held various roles in China’s Ministry of Foreign Trade and Economic Cooperation (now Ministry of Commerce), the Hong Kong branch of the Xinhua News Agency (now Liaison Office of the Central People's Government in Hong Kong S.A.R.), and the Hong Kong Chinese Enterprises Association.
Wang is a senior economist and holds a bachelor's degree in Chinese literature from Shandong University.
Yin Zhaojun – vice-chairman and general manager
Yin is the vice-chairman and general manager of China Taiping Insurance Group Company Limited, China Taiping Insurance Group (HK) Company Limited, and China Taiping Insurance Holding Company Limited. He is concurrently the chairman of China Taiping General Insurance Company Limited. His past roles include as deputy general manager of China Life Insurance (Group) Company and vice-chairman and president of China Guangfa Bank. He also held various roles in the Bank of Communications Shanxi, Hebei, and Beijing branches, as well as the Beijing Management Department of the Bank of Communications Head Office.
Yin is a senior accountant and holds a bachelor's degree in finance and accounting from the Beijing Finance and Trade Institute. He also holds a master’s degree in public administration.
Under its 14th Five-Year Plan, China Taiping plans to implement a new developmental philosophy, create new services, and adhere to the overall demands to meet “central expectations, [which are] customer-oriented, innovation-oriented, and value-oriented.” This is in order to positively serve the national strategic goals and people's livelihood, promote “dual circulation,” safeguard the “one country, two systems” policy, and the long-term prosperity and stability of Hong Kong and Macao. These will be done through the implementation of the developmental philosophy of “Sharing Taiping,” aimed at bringing high-quality development to the international finance and insurance group with the best value and growth.
Traffic expected to surge under a forthcoming scheme
Executive has led numerous departments across his 21-year stint at the firm
Watchdog uncovered possible regulatory breaches in company's operations
Loss portfolio transfer deal is agreed
Pandemic triggers heightened demand for protection products
Liberal MP tables documents suggesting “deliberate campaign” to prompt receivership
A host of peers also crash
Deal to grow firm's non-life business in high-potential Asian markets
Government to cover half of the premium amount to assist businesses
Leader has over 20 years’ experience in insurance