China Taiping 2015 Premium Income Surged
On 13th of January 2016, China Taiping Insurance Holdings (HK00966) published 2015 China Taiping premium income data.
By 31st of December 2015, China Taiping Life, General Insurance and Pension companies premium reached 98.84 billion RMB (10.4 billion GBP), an increase of 21.56 per cent comparing with 2014. Total premium of China Taiping broke 100 billion RMB (10.41 billion GBP) barrier, total assets exceeded 400 billion RMB (41.5 billion GBP) and assets under management exceeded 600 billion RMB (62.2 billion GBP).
Daiwa Capital Markets Hong Kong recently published a report, reiterated positive view for China mainland insurance industry and reaffirmed “Buy” rating for preferred insurance company China Taiping (HK00966) at target price of 40 HK Dollars.
New Year Message from China Taiping Group Chairman Wang Bin
31 December 2015
With the New Year’s bell ringing, we say farewell to an unforgettable 2015, and welcome 2016 with new hopes. At this time of the year, I, on behalf of all China Taiping executives, would like to give our sincere thanks to governments, business partners, communities and our old and new clients for your long term support and care of the development of China Taiping and we also wish all China Taiping staff and families and retired veterans a happy new year.
2015 is an extraordinary year in China Taiping's history. This year, we have initiated our strategy of "the most distinctive and boutique insurance company with the highest potential” after we succeeded “three years rebuild a new Taiping” objectives set in 2011. We have been firmly promoting the strategy by strengthening distinctive business model, establishing innovation initiative, deepening organisation restructure, improving operations management efficiency, giving prominence to prevent and controlling risks. We have outperformed and advanced our rankings in markets in four consecutive years and achieved a great start.
This year, our businesses continue to expand. Total premium breaks 100 billion RMB (10.41 billion GBP) barrier, total assets exceeded 400 billion RMB (41.5 billion GBP) and assets under management exceeded 600 billion RMB (62.2 billion GBP). Underwriting profits, new business values and other key performance indices are gradually increasing. Life insurance, General insurance and Pension Insurance businesses become more balanced and have achieved the consistency between speed and quality and the coordination between quantity and profit.
This year, the group’s distinctive operations continue to reach new heights. “Key Accounts” strategy promotes in furtherance of 9 new large clients partnership signing in 2015, of which stands totally at 56 corporate accounts. International operations become more distinctive. North America projects are gradually being implemented. Taiping Reinsurance and Taiping Reinsurance Brokers companies acquired Lloyd’s member company and received a Lloyd’s broker status retrospectively. China Taiping Life (Hong Kong) is established in December 2015. Online business expands fast, website sales, third party platform and worksite marketing and other areas have established and premium received through online platform has doubled. China Taiping Reinsurance (China) Co Ltd has been approved by the Chinese regulators, Taiping Fund is ready to launch and the composition of the group’s integrated finance model becomes more mature.
Look into 2016, we believe this will be other successful year for us that will enable us to get a step closer to become “the most distinctive and boutique insurance company with the highest potential”. China Taiping will grow with the support from governments, businesses partners, communities and our old and new clients and all China Taiping staff.
I wish you and your families a happy, peaceful and auspicious new year.
Chairman of China Taiping Insurance Group
Taiping Reinsurance Company established as a Lloyd's syndicate and Taiping Reinsurance Brokers Ltd became a Lloyd's registered broker
2 December 2015
Taiping Reinsurance Brokers Ltd, one of China Taiping subsidiaries has been given an approval by Lloyd's to set up as a Lloyd's broker. This is the second approval after Taiping Reinsurance Ltd was given a green light to set up as a Lloyd's syndicate in November 2015. Two of China Taiping's subsidiaries entering Lloyd's will bring significant advantage and reinforcement to its overseas operation.
Taiping Reinsurance (TPRe) incorporated in Hong Kong in September 1980. It is the largest reinsurer in Hong Kong and one of the well-established reinsurance companies in Asia. A.M. Best has affirmed the financial strength rating of A (Excellent) and the issuer credit rating of "a" of TPRe in September 2015. The outlook for both ratings is stable. The ratings reflect TPRe's solid risk-adjusted capitalisation and improved operating performance.
Taiping Reinsurance Brokers (TPRB) established in Hong Kong in July 1996. TPRB is a professional insurance broking subsidiary of China Taiping, providing insurance and reinsurance broking, risk assessment and risk consulting services. TPRB's business territories cover Hong Kong, Macau, China, Asia Pacific and European region. TPRB is a member of the Hong Kong Confederation of Insurance Brokers.
Taiping UK insured The Plough at Cadsden
17 November 2015
The Plough is a pub PM Cameron and his family usually go to. It suddenly becomes a household name in China after PM Cameron invited Chinese President Xi to the pub for a drink and eating fish and chips. It attracted many visitors and media'#s attention and some travel agents chose the site as a place of interest for their Chinese tourists.
It carries a cultural significance of China Taiping in strengthening the friendship between British and Chinese people and promoting bilateral trade and culture exchange.
Lloyd’s and China Taiping Sign Memorandum of Understanding during visit to Lloyd’s
The agreement was signed on Wednesday 21 October by Lloyd’s Chairman John Nelson and Mr Wang Bin, Chairman of China Taiping Insurance Group (China Taiping) during his visit to Lloyd’s to coincide with President Xi Jinping’s State visit to the United Kingdom
The memorandum signifies a commitment from both sides to establish a broader and closer relationship, including deepening mutual collaboration and support for Chinese enterprises internationally and comes at a time of increasing bilateral trade relations between Britain and China.
According to the MoU, Lloyd’s and China Taiping will commit to achieve complementary and collaborative development of local and global markets. For its part, Lloyd’s will help China Taiping to expand its global business network by supporting Taiping Reinsurance Company’s initiative to become a member of Lloyd’s and establish a Lloyd’s syndicate as well as Taiping Reinsurance Brokers Ltd’s initiative to become a Lloyd’s registered broker. China Taiping will support Lloyd’s in developing and expanding its business with Chinese interests. The two sides will also commit to sharing knowledge and expertise and cooperating on training and talent development.
Mr. Wang said:
“The global business characteristics are the essential part of the top priorities of China Taiping. China Taiping is a comprehensive insurance group with the longest history in overseas operations and the richest experience in internationalization among the state-owned insurance enterprises. The establishment of the cooperative relationship with Lloyd's is a significant strategy for China Taiping to elevate its internalization and build its industrial chain, strengthen its reinsurance business capability, and expand overseas business network. Through the cooperation with Lloyd's, China Taiping will further integrate its resources in both domestic and overseas markets, in both direct business and reinsurance, in both renminbi and foreign exchanges, in both P&C and life insurances. Furthermore, China Taiping will improve its ability in the implementation of Chinese enterprises going global and the Belt and Road Initiative.”
Mr. Nelson said:
“I am delighted to welcome China Taiping Insurance to Lloyd's today and pledge our commitment to building a strong and lasting business relationship in the future. For centuries Lloyd's has been the global hub for specialist insurance and reinsurance and by seeking out new business partners and further internationalising our capital base, our aim is to reinforce our global position. China is an important part of Lloyd's future strategy and this Memorandum of Understanding will enable us to deepen our understanding of the market and improve the support we are able to provide, as well as having the mutual benefit of sharing respective knowledge and expertise.”
The strategic and cooperative relationship set out in the memorandum will support the risk management of Chinese companies looking to expand internationally. It will help Chinese insurers and reinsurers to tap into global markets and give them access to expertise from different locations.
Notes for Editors
China Taiping Insurance Group Ltd. (“China Taiping”) is a large multinational insurance group, with its headquarters in Hong Kong and listed on the Hong Kong Stock Exchange.
About China Taiping
Established in Shanghai in 1929, China Taiping is the oldest insurance company in China, and has a long history of international operations, covering Mainland China, Hong Kong, Macau, North America, Europe, Oceania, East Asia and Southeast Asia. In some regions, China Taiping is the only insurance company with a Chinese background. Its business includes life insurance, property insurance, pension insurance, reinsurance, reinsurance brokerage and insurance agency, internet insurance, assets management, security brokerage, financial leasing, real estate investment and pension industrial investment. Through a well-established product portfolio that covers the entire industrial chain, China Taiping provides a one stop service to its clients. Within the Group, nine subsidiaries have been granted Grade A by international rating organizations, placing China Taiping 1st among all Chinese insurance companies.
Lloyd's is the world's only specialist insurance and reinsurance market that offers a unique concentration of expertise and talent, backed by strong financial ratings and international licences. It is often the first to insure new, unusual or complex risks, providing innovative insurance solutions for local, cross border and global risks. Its strength lies in the diversity and expertise of the brokers and managing agents working at Lloyd’s, supported by capital from across the world. In 2015, more than 90 syndicates are underwriting insurance and reinsurance at Lloyd's, covering all lines of business from more than 200 countries and territories worldwide. Lloyd's is regulated by the Prudential Regulatory Authority and Financial Conduct Authority.
For further information, please contact:
Alex Dziedzan or Annie Roberts
Tel: +44 (0)20 7327 6125 Email: email@example.com
Tel: +44 (0)20 7327 5514 Email: firstname.lastname@example.org
China Taiping and China Re signed strategic cooperation agreement
China Taiping signed comprehensive business cooperation agreement with China Re. Both parties are committed to strengthen the existing business cooperation and to achieve cooperative innovation in the future.
The agreement covers the Chinese market exploration, production development, reinsurance, innovation, market data analysis, reinsurance and overseas financing business.
A concert dedicated to commemorate the VJ Day and the end of World War II was held in London Barbican on the eve of September 16th 2015, organised by China Taiping, Reignwood Group and the Chinese Embassy. With exclusive performances by London Symphony Orchestra and Beijing Opera Theatre. Chinese Vice-Premier Mrs Liu Yandong, Chinese UK Ambassador Mr Liu Xiaoming were invited to the concert. China Taiping Group CFO Mr Li Tao, Taiping UK General Manager Mr Geng Jinhai and Taiping UK staff attended.
The agreement covers the Chinese market exploration, production development, reinsurance, innovation, market data analysis, reinsurance and overseas financing business.
New “China Taiping Chinese Gate” Ground Breaking Ceremony
The ground breaking ceremony was held on the 9th of July in London Chinatown.
The celebrations started with Chinese lion dancing before Ms Shen Beili the Minister of Chinese Embassy in the UK, Mr Chu Ting Tang OBE, chairman of the LCCA, the Lady Christabel Flight, the Lord Mayor of Westminster, and Mr Meng Zhaoyi, Deputy General Manager of China Taiping Insurance Group dug their spades into the ground.
The Gate is planned to be built and opens to the public in October 2015, which provides prelude to Chinese president Xi Jinping to visit Britain and Taiping UK underwriting business 30 years in the UK celebrations.
China Taiping signed strategic cooperation agreement with China Development Bank
China Taiping and China Development Bank (CDB) signed the agreement in Hong Kong. China Taiping Chairman Wang Bin, Deputy General Manager Wang Yanke and CDB Chairman Hu Huanbang, Investment Director Fan Haibin attended the ceremony. China Taiping CFO Li Tao signed the agreement on China Taiping’s behalf.
This signing brought China Taiping and CDB together focusing on “One Belt One Road” strategy and other peripheral development objectives.
China Taiping Insurance Holdings celebrate 15th anniversary of its IPO
China Taiping Insurance Holdings (HK00966) marked the 15th anniversary on 29 June 2015 in celebration of its initial public offering in Hong Kong Stock Exchange. The holding company is established in 2000, it is the first Chinese insurance company listed outside the mainland, which holds a complete top notch core assets.
China Taiping is a Chinese state-owned financial and insurance group whose management headquarters is located in Hong Kong. The brand originated in 1929 from Shanghai, adhering 86 years professional experience in insurance and operating in overseas market for almost half century.
China Taiping has a business presence in many countries and regions, including Mainland China, Hong Kong, Macau, Europe, Oceania, North America, East Asia and Southeast Asia. International operations of China Taiping are distinctive.
The business cover life insurance, general insurance, pension insurance, reinsurance, reinsurance brokerage and insurance agency, securities brokerage, asset management and non-financial investment
9 Taiping Group subsidiaries have ‘A-’ or ‘A’ rating, received from international authorised credit agencies (AM Best, Fitch Rating and Standard & Poors) in a number of consecutive years.
China Taiping and Guangzhou City signed strategic cooperation agreement
China Taiping entered into a strategic cooperation agreement with the People's Government of Guangzhou City on the kick-off ceremony of the fourth Chinese (Guangzhou) International Finance Trade Fair. China Taiping General Manager Li Jinfu and Guangzhou City Secretary Ren Xuefeng and City Mayor Chen Jianhua attended the ceremony.
According to the agreement, China Taiping will provide the insurance for the public transport, energy, environment, city administration and electricity and other peripheral financial products to Guangzhou City. At the same time, China Taiping will cooperate with Guangzhou City to explore opportunities around pension and health and promptly serve business enterprises and people in Guangzhou and Hong Kong regions.
China Taiping signed strategic cooperation agreement with Exim Bank of China
China Taiping signed the agreement with Exim Bank of China (EBC). China Taiping Chairman Wang Bin, the chairman of the board of supervisors Li Gang and EBC Chairman Hu Xiaolian, Vice President Sun Ping attended the ceremony. China Taiping Deputy General Manager Ding Xiangqun signed the agreement on China Taiping’s behalf.
According to the agreement, both financial institutes will fully cooperate on supporting international economic cooperation and “going-out” Chinese enterprises. China Taiping will promptly use its distinctive finance operation model, well established international network and localised services to serve “One Belt One Road” development across continents with EBC.
China Insurance Consultants (Europe) Limited is launched
China Taiping UK CEO Jinhai Geng announced China Insurance Consultants (Europe) Limited (CIC) opening to business in a ceremony held at China Boulevard on the River on the 9th June. Around 120 local Chinese-British enterprises and business representatives attended the event.
Approved by Financial Conduct Authority, China Insurance Consultants (Europe) Limited is formally launched on 1st June 2015.
China Taiping Teamed Up Starr Companies Speeding Up Global Expansion
China Taiping has deepen its global footprint by taking a step closer to establish an insurance company and an insurance agency in North America. China Taiping and Starr Companies signed cooperation agreement, setting up Taiping-Starr Holdings LLC, and exploring non-life insurance businesses of Chinese Enterprises in North America.
At the same time, China Taiping set up an overseas investment fund with Kaiyuan City Development Funds and Hopu Investment Management. The fund is going to work with the New York developers Fisher Brother and Witkoff to invest in Tribeca 111 Project, which is located in the core area of Manhattan, New York at approximately USD 800 million (GBP 526 million). Blackstone Group will provide the project loans.
China Taiping Stock News
21 April 2015, Hong Kong - A number of largest banks recently raised target price of China Taiping (HK00966). Credit Suisse raised the target price to HKD 40 per share. Bank of America Merrill Lynch reported China Taiping 2014 results were better-than-expected as China Taiping was the best performing stock among other mainland domiciled insurance companies listed in Hong Kong and the market and investors remain optimistic.
The closing price on the 17th April was HKD 33 per share, which meant China Taiping market cap reached HKD 102.5 billion (GBP 8.69 billion).
China Taiping UK launches Schengen Emergency Medical Insurance
China Taiping UK is pleased to launch Schengen Emergency Medical Insurance product with effect from 7 April 2015. The online sales platform is developed in partnership with David Oliver Associates, will cover travellers’ emergency medical needs in Schengen Zone.
To get quote and insured, simply buy it online now.
China Taiping UK joined the crowd in Trafalgar Square celebrating Chinese New Year
The Chinese Year of the Sheep took place on 19th February 2015, and London’s Chinese community celebrated the festival on the Sunday 22th February in Trafalgar Square. Ms Yuanping Qiu, Director of Overseas Chinese Affairs Office of the State Council, His Excellency Mr Xiaoming Liu and wife, Mr Stephen Greenhalgh, Deputy Mayor of London, Mr Audrey Lewis, Councillor of Westminster, Mr Mark Field, MP for Cities of London and Westminster and Mr CT Tang OBE LCCA Chairman and President and a number of guests attended the event.
Mr Jinhai Geng, CEO of China Taiping UK and a number of staff participated the event celebrating Chinese New Year and promoting the business to the crowd in Trafalgar Square.
China Taiping UK Marketing Campaign
China Taiping UK has launched several insurance advertisement campaigns which aim to attract potential brokers and direct customers in the European insurance market and to strengthen the brand of China Taiping.
Full page advert will appear in Sing Tao Daily Spring Festival Special Edition targeting local Chinese communities.
A quarter page of advert will appear on Insurance Age throughout 2015 targeting around 15,000 subscribed brokers and 40,000 regular readers.
Additionally, we will be participating the Chinese New Year celebrations in Trafalgar Square, promoting our business and brand through outdoor LED big-screen advertisement.
China Taiping and Fosun Group signed strategic partnership agreement
On 22nd January 2015, China Taiping and Fosun Group have formed a strategic partnership. Both sides are looking to strengthen and deepen cooperation in commercial property insurance, employee benefits insurance, pension, investment and financing and overseas business. According to the agreement, the collaboration will see both sides sharing complementary business resources and exploring China and overseas market opportunities.
China Taiping General Manager Li Jinfu, Deputy General Manager Peng Wei and Assistant to General Manager Jiao Yan Jun and Fosun Group Vice Chairman Liang Xinjun and CFO Ding Guo Qi attended the opening ceremony.
Fosun Group was founded in 1992 in Shanghai. Its parent company Fosun International (00656.HK) is a listed company on Hong Kong Stock Exchange. It is among top 100 of Fortune 500 of China after Sinopec, PetroChina, China State Construction Engineering and Lenovo. Fosun has established four business platforms comprising insurance, industrial investment, strategic investment and asset management.
China Taiping and CEFC China signed strategic cooperation agreement
On 21st January 2015, the two sides agreed to develop businesses in insurance, investment and financing and overseas market. Prior to this, China Taiping and CEFC China have been collaborating on projects such as Shanghai Global Buyout Fund and Shanghai Financial Asset Exchange.
China Taiping Chairman Wang Bin, Deputy General Manager Peng Wei, Assistant to General Manager Jiao Yan Jun, CFO Li Tao and CEFC China Chairman Ye Jian Ming and the fellow business leaders presented the signing ceremony.
CEFC China is a Fortune 500 company with a total workforce of 20,000. Regional subsidiaries and offices are operating across the globe, including the US, the UK, Canada, Mexico, Russia, the UAE, Indonesia, Singapore, Albania, South Korea, Japan, Taiwan and Hong Kong. CEFC China work in strategic partnership with multiple state-owned petroleum corporations in Latin America, the Middle East, Central Asia and South Europe, to build commercial storage and transhipment stations overseas for petrochemical products and participate in oil and gas exploitation in the Middle East, Central Asia and other regions. CEFC China own a securities company, a finance company and a financial asset company, purchasing or controlling shares in such financial institutions as trust, insurance and banks. CEFC China is also a co-founder of Bank of Hainan.
China Taiping announced Strategic Partnership with Xinxing Cathay International Group
On 13th September 2014, China Taiping [0966.HK] announced that a strategic partnership agreement was signed with Xinxing Cathay International Group. Both companies are looking to cooperate and strengthen their business ties in Pension, Insurance, Investment, Financing, Offshore services and other related industries. Wang Bin, chairman of China Taiping and Liu Ming, the chairman and Sha Ming, the general manager of Xinxing Cathay International attended the signing ceremony.
Xinxing Cathay International Group is a state-owned corporation dealing with assets management, capital operation and production management. It has been included in Fortune Global 500 for three consecutive years.
Xinxing Cathay International Group has main growth platforms in metal smelting and processing, textile and clothing, special equipment making and commercial logistics.
China Taiping, the sponsor of 2014 Shanghai International Marathon
The signing ceremony was held on 16th September 2014, China Taiping and Shanghai Municipal Sports Bureau have come to an agreement to sponsor accident insurance to all athletes, staff and spectators during 2014 Shanghai International Marathon, which will take place on 2nd November 2014. Total indemnity cover for this event is RMB 50 billion Yuan ($8.2 billion US dollars).
A.M. Best Assigns Ratings to China Taiping Insurance (UK) Company Limited
On 10th March 2014, London - A.M. Best has assigned a financial strength rating of B++ (Good) and an issuer credit rating of "bbb" to China Taiping Insurance (UK) Company Limited (CTIUK) (United Kingdom). The outlook assigned to both ratings is stable.
The ratings reflect CTIUK's improving operating performance and good risk-adjusted capitalisation. The ratings also take into account the company's niche business profile and strong links with its ultimate parent, state-owned China Taiping Insurance Group Ltd. (China Taiping) (China).
CTIUK is a niche insurer catering predominantly to the needs of the Chinese communities established in the United Kingdom and a select number of other European countries. The company mainly operates in the retail market, targeting restaurants, takeaway outlets and shops. However, it has been diversifying its business profile by writing more commercial combined policies in 2013. In addition to this, CTIUK's recent acquisition of several new broker partners should bolster premium growth in 2014. While CTIUK only accounts for a small proportion of China Taiping's consolidated revenue, it benefits from the group's brand recognition as well as investment and reinsurance support.
Despite CTIUK's volatile earnings in the past, its profit before tax has improved in the last couple of years. This was driven by a more stable underwriting performance following the cancellation of loss-making professional indemnity business and recovering investment results. Going forward, the company is targeting a profit in the range of GBP 1.5-2 million per year, but profit margins are expected to remain constrained by high acquisition expenses.
CTIUK's risk-adjusted capitalisation has been improving in recent years as a result of lower exposure to equity investments, relatively stable net written premium and increasing retained earnings. Going forward, the balance sheet strength is expected to remain supportive of the current ratings, despite the strong premium growth anticipated in 2014.
Positive rating actions could occur for CTIUK if, over the next few years, it consistently improves its underwriting results while maintaining adequate risk-adjusted capitalisation. Negative rating actions could occur as a result of excessive growth leading to a significant deterioration of earnings or risk-adjusted capitalisation.
The methodology used in determining these ratings is Best's Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best's rating process and contains the different rating criteria employed in the rating process. Best's Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.
This rating announcement has been issued by A.M. Best Europe - Rating Services Limited, which is a subsidiary of A.M. Best Company. A.M. Best Company is the world's oldest and most authoritative insurance rating and information source.
China Taiping Insurance (UK) Co Ltd attends Coversure Conference & Exhibition 2014
The Coversure Conference & Exhibition was held in Beaumont Estate, Old Windor, on 1st March 2014. More than 40 UK insurance companies have attended this annual exhibition including BIBA (British Insurance Brokers’ Association) and China Taiping Insurance (UK) Co Ltd. This networking event was a great opportunity to promote China Taiping’s new product lines to existing supportive organisations and potential new business opportunities.
2013 West-Midlands Chinese Entrepreneurs and Overseas Financial Information Forum held in Birmingham
On 6th June 2013, West-Midlands Chinese Entrepreneurs and Overseas Financial Information Forum organised by Bank of China (UK) Limited, China Taiping Insurance (UK) Co Ltd and HBJ RunHe (Trading Division of Gateley (Scotland) LLP) was held in Birmingham.
This Forum focused on the banking, insurance and legal issues for the Chinese Entrepreneurs and Overseas in West-Midlands. Minister Counsellor Zhou Xiaoming and counsellor of Birmingham Peter D Osborn were present at the forum. There were over 60 representatives attending this forum, including Birmingham Chinese Society, UK Young Chinese Entrepreneur Association, SAIC Motor UK Technical Centre Limited, The London Taxi Company, Huawei Technologies (UK) Co., Ltd, NVC Lighting Limited and other representatives of Chinese Entrepreneurs and Overseas.
Chinese investment in West-Midlands has increased in recent years. There are more and more Chinese entrepreneurs and Chinese overseas individuals who are eager to gain professional knowledge in financial aspect, which is the reason for the forums’ success. This forum not only provided an opportunity to meet and communicate with other entrepreneurs and professionals for the Chinese entrepreneurs and overseas in West-Midlands, but also helped China Taiping to build stronger cooperation and relationships with other entrepreneurs.
China Taiping (UK) been entitled as the Lead Coordinator of the so far the largest Chinese enterprise’s real estate investment’ insurance business arrangement in the UK
On 29th of May, London Mayor Boris Johnson has officially signed the contract with the Chairman of ABP China Holding Group Mr. Xu Weiping a £1bn project at London’s Royal Albert Docklands site. The project aims at creating a Chinese Business District at the area in what is hoped will lead to a revival of the local area. Chinese Ambassador Mr. Liu Xiaoming attended the signing ceremony as well.
This project is by far the largest investment of Chinese enterprises in the UK. During the ceremony, Mr. Geng Jinhai, the CEO of China Taiping (UK) Co., Ltd and Mr. Xu weiping, the Chairman of ABP China Holding Group has approached to an important consensus. Mr. Xu emphasis that, there are many insurance companies, brokers and agents were compete for the insurance business of this project, however, after careful consideration, the decision has been made that they will choose China Taiping (UK) as the lead coordinator of project insurance arrangements. Bilateral cooperation has also been affirmed and supported by the Chinese Ambassador Mr. Liu Xiaoming.
Since the end of last year, the management team of China Taiping Insurance had numerous contacts and communication with ABP China Holding Group, the two sides established a good basis of trust! Recently, China Taiping Insurance (UK) has officially signed the Memorandum of Understanding with ABP China Holding Group, which represents that the co-operation of the two has officially stepped into another level! It has been estimated that, China Taiping will soon be the underwriting this project’s first insurance business!
China Taiping Insurance (UK) Co Ltd relocated to its new City of London office
In December 2012, with the support and backing of China Taiping Group’s Management team, China Taiping (UK) purchased its own office building in the City of London. The subsequent five months saw an intensive period of bidding, design, construction and decoration project taking place at our new office. The project was successfully completed on time and China Taiping (UK) relocated to its new City of London office on 23 May 2013.
The City of London is the preferred location for thousands of financial institutions specialising in banking, securities, foreign exchange, insurance, futures, metals, commodities and derivatives brokers. It can be said that the City of London hosts the centre of the global economy.
China Taiping (UK)'s relocation highlights the company's involvement in global finance and symbolises a new beginning in its future development.
Please be informed that China Taipng Insurance (UK) Co Ltd will be relocating to the following new business address on 23 May 2013:
All clients are kindly advised to make note of this change.
We would like to thank you for your support and look forward to continuing our successful collaborations in the future.
China Taiping will join the One Year Countdown Ceremony of the 2014 Qing Dao International Horticultural Exposition.
On 25 April 2013, the 2014 Qing Dao International Horticultural Exposition One Year Countdown Ceremony will take place at the Qing Dao Wusi Sqaure. China Taiping joined the organiser at the Countdown Ceremony as the sole global partner.
This February, supported by a strong brand name and excellent client services, China Taiping outshined all other competitors in the bidding process and became the only official global partner with the 2014 Qing Dao International Horticultural Exposition. China Taiping will provide comprehensive liability insurance, asset insurance, equipment liability insurance, visitor personal injuries insurance and other appertaining insurances to the Exposition, amounting to total insurance liabilities of over 5 billion yuan (RMB). The 2014 Qing Dao International Horticultural Exposition is sanctioned by the International Association of Horticultural Producers (AIPH) and is a global horticultural event, this is the ‘Olympic’ event in global horticulture and horticultural science.
Employer Reference Numbers (ERN) Exempt or Not!
It is necessary for all businesses that hold Employers Liability insurance to advise their insurer of their Employers Reference Number (ERN).
Please take action now if you have not already done so!
The Employers Liability Tracing Office (ELTO) aims to assist the insurance industry meet its obligations by aiding those who have suffered injury or disease in the workplace by effectively and efficiently tracing the relevant Insurer.
To do so ELTO have created a central database whose function is to store certain policy information of all businesses that hold EL Insurance.
Insurers are required to submit to the database policy information in respect of new and renewed EL insurance policies and the database is available for claimants to search for their EL Insurer.
This is the Employer Reference Number (ERN).
The ERN is commonly referred to as 'Employer PAYE Reference'.
This number is specific to all Businesses that employ staff who are individually paid a salary at the lower end of the scale.
The ERN can be obtained from HMRC documentation such as, P35, P60 and P11D.
A small number of businesses may be exempt from holding an ERN and generally this will be only in cases where the employer pays their employees a fairly minimal sum each month. Your support is vital in helping to build this Database so if you have not already done so please forward to us as a matter of urgency your policyholders ERN's as otherwise, it may not be possible for us to provide Employers Liability insurance !
FSA became PRA and FCA
From the 1st April 2013 the regulation of financial services in the UK has changed. The Financial Services Authority (FSA) has been replaced by the Prudential Regulatory Authority (PRA) and the Financial Conduct Authority (FCA).
Financial Conduct Authority (FCA), responsible for conduct regulation essentially relates to the selling, management and handling of investments by firms to or for investors, is the UK financial services regulator responsible for the conduct of all firms currently regulated by the FSA (including those subject to supervision by the PRA). It will also be responsible for prudential regulation of smaller firms that do not fall under the PRA’s jurisdiction, so smaller firms will only have one regulator.
Prudential Regulation Authority (PRA) is responsible for the prudential regulation of capital-intensive firms, including banks, insurers and certain investment firms. These firms are dual-regulated firms because, while the PRA regulates prudential issues, the FCA acts as the conduct regulator.
China Taiping has donated 10 million yuan (RMB) to victims of the recent Sichuan earthquake, China.
On 20 April morning, an earthquake of 7 magnitude was recorded in the Ya-An district of Sichuan Province, China. After learning this tragic event, China Taiping Insurance Corporation immediately made an urgent donation of 10 million yuan (RMB) to the disaster zone, which comprised 5 million yuan cash donation and 5 million yuan equivalent of emergency supplies and rescue materials; meanwhile, China Taiping swiftly implemented emergency rescue plans and offered all earthquake victims non-policy insurance compensation.