Taiping Life Insurance-the road to "China Taiping" in 8 years
Taiping Life Insurance was founded in 1929. A life insurance company with a history of 8 years. In its 8-year "China Taiping" road, it witnessed the history of the development of national insurance industry in China. In the past eight years since China resumed business in 21, the company has adhered to the road of connotative development, showing strong vitality and frequent highlights.
Highlight 1: With a stable shareholder structure and continuous capital injection, Taiping Life has a stronger development force;
Highlight 2: Comprehensive competitiveness has been rapidly improved, ranking ninth among Asian life insurance companies;
Highlight 3: After four consecutive years of profit, Taiping Life Insurance has established its sustainable development capability;
Highlight 4: Robust and efficient investment management advantages bring more benefits to customers;
highlight 5: adhere to the construction of "three high teams" and lead the professional management of domestic life insurance industry;
Highlight 6: Insist on professional operation, and Taiping Life's personal business has established "eight systems" for system operation;
Highlight 7: First-class service support system ensures the company to operate professionally efficiently;
Highlight 8: Take the responsibility of corporate citizens and social public insurance service providers, participate in various social welfare activities, and undertake various important international and domestic activities.
Jincheng Bank founded Taiping Insurance, which was the first step.
On November 2th, 1929, Taiping Insurance Company was founded in Shanghai.
in the 192s and 193s, the national insurance industry in China was in its first development climax.
after the may 4th movement in p>1919, the national consciousness of Chinese people has been continuously enhanced. Feeling that "since Haitong, China's property insurance and life insurance have been monopolized by foreign investors, and the spillover of money is increasing year by year, which is not only detrimental to the interests, but also difficult to plug, which has a particularly serious impact on the development of China's national industry and commerce" (Shen Leichun: China Insurance Yearbook in 1937), some people of insight began to raise funds to set up insurance companies, trying to compete with foreign insurance. According to the data, from 1919 to 1935, Chinese * * * set up more than 3 insurance companies.
during this period, a new situation has emerged in China insurance industry, that is, it has become a common practice for banks to invest in insurance. A bank has a natural connection with insurance: the loan business it operates, and the mortgage of the goods or real estate of the lender must be insured as a guarantee. When the insurance industry was in the ascendant, bankers saw that it was a profitable industry, so they started to operate. In the decade after 1926, there were 12 insurance companies invested by private banks and government-run banks. China Insurance History commented: "From 1926 to 1936, because the financial industry invested in the insurance industry with its abundant funds, China improved its management, paid attention to cultivating professionals, expanding insurance types, developing brokers, and using bank loans to win insurance business for industry and commerce. The national insurance industry has developed rapidly. Compared with 1914, the number of companies has more than tripled and the capital has increased more than fivefold, presenting a new scene. "
under this background, following the establishment of Anping Fire & Water Insurance Company by Donglai Bank in 1926, private Jincheng Bank invested 1 million yuan (paid-in 5, yuan) to set up Taiping Fire & Water Insurance Company in 1929, located in Jincheng Bank Building, No.212 Jiangxi Road, Shanghai. Zhou Zuomin, general manager of Jincheng Bank, serves as the chairman and general manager of the company, with Ding Xuenong as the first assistant and Wang Boheng as the second assistant. Taiping Insurance Company takes Tai Chi graphics as a trademark, which means "endless life" and plays the slogan "Taiping Insurance, Insurance Taiping".
the company was established on November 2th, 1929 and officially opened on February 19th of the following year. The company mainly deals in water insurance, fire insurance, hull insurance, automobile insurance, etc., and handles insurance such as "glass", "postal parcel", "action" and "cocoon yarn" as appropriate. "In the early days of its establishment, although the value of all industries was sluggish, the final accounts over the years were quite beneficial, and the business was progressing day by day" (Jincheng Bank file). But after all, because the amount of capital is not strong enough, it will be unable to undertake large-scale business, or it will only be scored with others, which will affect the income. In 1933, Jincheng Bank planned to expand the operation of Taiping, and other banks that had not yet set foot in the insurance industry were also eager to try. Therefore, Jincheng invited four banks, including Communications, Mainland China, Zhongnan and Guohua, to join Taiping, and the capital was expanded to 5 million yuan (paid-in 3 million yuan). At that time, the momentum was huge and the financial community paid attention to it. In July, the reorganization of the company was completed, with Huang Yizhu as the chairman, Zhou Zuomin as the managing director and general manager, and Ding Xuenong and Wang Boheng as associates. At the same time, the word "fire and water" in the company name was deleted and renamed Taiping Insurance Company, and life insurance and accident insurance were added.
Taiping Insurance has since stepped into the ranks of large-scale Chinese insurance companies
After receiving the abundant days of Anping, the group management has become a grand view
In the 193s and 194s, the birth and death, differentiation and reorganization of insurance companies in China market were common. In the three years from 1934, Taiping Insurance Company successively acquired several Chinese insurance companies and began to move towards collectivization.
At the beginning of p>1934, Fengsheng Insurance Company planned to sell most of its shares to Taiping, reorganize the company and cooperate with Taiping for business. Taiping is not interested in joint venture, but considering that the company's brand has a history of many years, if it is completely taken over and continues to operate as a subsidiary, "all the conveniences of measuring manipulation and choosing to welcome or reject can continue to exist, and in the name of enriching the company, it can attract more business opportunities, increase the strength of progress and complement each other" (Taiping file). After negotiation, Taiping finally bought Fengsheng for 1, yuan.
In May, 1935, Donglai Bank became the sixth shareholder of Taiping Insurance. At the same time, the Anping Insurance Company founded by Donglai Bank encountered operational difficulties and was also merged by Taiping.
In p>1936, China Tianyi Insurance Company, which was invested by China Kenye Bank, was transferred to Taiping at a low price because it was unattended.
the above three companies still retain their original brands, and their branches and agencies in various places continue to operate. In order to strengthen the leadership and management, Taiping Anping Fengsheng General Manager's Office was established in 1935, and changed to Taiping Anping Fengsheng Tianyi General Manager's Office the following year to take charge of all matters of the four companies. The general manager's office is located in Taiping Insurance Corporation, and the general assistant of Taiping Insurance Company is also the general assistant of "Taian Fengtian General Manager's Office". In this way, Taiping only needs a set of managers to handle the business of four companies. This kind of trust management form in Europe and America was unique among Chinese and foreign insurance companies at that time and attracted the attention of the industry.
after becoming a group company, Taiping not only greatly increased its financial strength, but also had more extensive business contacts. All the six shareholder banks and all the branches and clubs of the four-bank savings association were signed by the head office and entrusted as the company's business agents. In this way, all the loans and bills of all six banks were underwritten by Taiping Insurance Group, and the business was greatly boosted.
in addition to its head office in Shanghai, Taiping Insurance has set up branches or agencies in large and medium-sized cities in six major regions, including Beijing, Han, Tianjin, Kazakhstan, Shandong and Guangdong. At its peak, the total number of agency outlets in China reached more than 9, and it also set up branches in Hong Kong, Singapore, Saigon, Jakarta and Manila. In a few years, Taiping became one of the largest Chinese insurance companies in China.
in those years, most of the national insurance companies had small capital, and their underwriting capacity and limit were also limited accordingly. In order to strengthen the underwriting power of huge business, some Chinese companies began to move towards the road of alliance. In June 1933, 1 companies, including Zhaotai, Huaan, Yongning, Yong 'an, Xianshi, Haishang, Lianbao, Tongyi, Ningshao and Huaxing, initiated the establishment of China Merchants United Insurance Company, which was chartered by the National Government as a professional reinsurance company operating reinsurance business. Its business nature focused on facilitating the reinsurance of various companies. In 1936, Tongyi Company closed down, and the funds of China Merchants United Insurance Company were seriously affected. In that year, it lost 2, yuan, and the company was in danger of dissolution. After several contacts, Taiping Insurance Group came forward to inherit the face value of all the shares under Tongyi's name of 51, yuan, of which 26, yuan was recognized by Taiping and 25, yuan by Anping. On this basis, the articles of association of China Merchants United Insurance Company were revised, and the number of directors was increased. Taiping was appointed as the managing director and chairman, presided over the affairs of the company, and Anping was appointed as the director. And signed a reinsurance contract with Swiss Re. In the same year, Taiping Insurance cooperated with Lloyd's, Century, Willis Faber &; Dumas and other insurance groups have entered into reciprocal reinsurance contracts. Since then, Taiping has played a decisive role in the field of reinsurance.
Taiping Life Insurance Company was established, and property and life insurance companies were operated separately
At the beginning of its establishment, Taiping was named "Taiping Fire and Water Insurance Company". In July 1933, the company increased its capital and shares, and the number of shareholders changed from one to five, and the capital increased from one million to five million. Not only that, but also remove the word "fire and water" from the company name, and prepare to add life insurance business.
in view of the particularity of life insurance business, in September, 28, the board of directors decided that the accounting of the life insurance department should be independent, and allocated RMB 1 million from the company's capital as a fund for holding life insurance business. In December, the company appointed a special person to start preparations.
On April 2, 1934, the Life Insurance Department was formally established, and it started to open to the outside world from now on. By the end of the year, the effective coverage had reached 1.7 million yuan, which has increased year by year since then, and its business scope has gradually expanded to the whole country. In August 1936, Taiping Insurance acquired China Tianyi Insurance, and all the life insurance contracts of Tianyi Life Insurance Department were also undertaken by Taiping General. By the end of 1938, when the life insurance department of Taiping Insurance was reorganized into Taiping Life Insurance Company, Taiping's effective life insurance coverage had reached 7 million yuan.
On January 11th, 1937, the National Government revised and promulgated the Insurance Law and the Law on the Implementation of the Insurance Law, stipulating that the same insurance industry may not run loss insurance and personal insurance concurrently. Those who run insurance concurrently before the implementation of the Insurance Law shall be reorganized according to law within two years after the implementation of the Insurance Law. It is on the agenda to delimit the life insurance department and set up a separate life insurance company.
Taiping's life insurance department was self-organized from the beginning, with independent business and accounting, and was not mixed with other business departments, so the reorganization procedure was relatively simple. After more than a year's arrangement, Taiping's shareholders-six major banks, such as Communications, Jincheng, Mainland China, Zhongnan, Guohua and Donglai-have subscribed for another RMB 1 million in share capital. Then the inaugural meeting was held with great fanfare. Zhou Zuomin was selected as the chairman, Ding Xuenong and Wang Boheng as the managing directors, Xu Hanqing and other seven directors, Zhou Jiyun and other five supervisors, and they petitioned for registration.
on August 1th, 1938, it was approved by the Ministry of Economic Affairs of the National Government and issued a business license. On December 3 of the same year, Taiping Life Insurance Co., Ltd. officially announced the reorganization and establishment. All the assets and liabilities of the life insurance department of Taiping Insurance Company and the contractual rights and obligations were generally borne by Taiping Life Insurance Company, and the life insurance department of Taiping Insurance Company was cancelled on the same day. Zhou Zuomin is presumed to be the general manager, and Ding Xuenong and Wang Boheng are the assistant managers.
It was nine years from the establishment of Taiping Insurance in November 1929 to the establishment of Taiping Life Insurance at the end of 1938. In these nine years, the capital increase and share expansion in 1933, the group operation in 1935 and the establishment of Taiping Life Insurance in 1938 were basically three years, and its rapid development was really rare at that time.
organize Taiping reinsurance group to fight hard in difficult times
in p>1937, Japan launched a war of aggression against China. After Japan occupied Shanghai, it did not immediately form an open confrontation with Britain, the United States and other countries, and the Anglo-American concession and the French concession in Shanghai became "isolated islands" surrounded by Japanese occupation. At the end of 1941, the Pacific War broke out. When the Japanese army entered the Shanghai Concession, the insurance companies in Britain, the United States and France, which used to manipulate the Shanghai insurance market, were ordered to close down and their foreigners were put into concentration camps.
Because foreign insurance companies have monopolized the insurance market in China for a long time, and Chinese insurance companies are short of funds and weak in strength, the reinsurance problem of China National Insurance Company has always been solved by foreign insurance companies, mainly British, American and Swiss reinsurance companies. After the outbreak of the Pacific War, the reinsurance channels of Chinese insurance companies to Britain, America and other countries were forced to be interrupted. The Chinese insurance company in Shanghai is trying to find its own way out and set up a Chinese reinsurance group.
In February, 1942, Taiping Insurance Company joined with insurance companies such as Baolong and Daye to form Taiping Reinsurance Group. By July, the number of member companies had expanded to 19. Within a few years, Chinese insurance companies in Shanghai have successively established reinsurance groups such as Greater Shanghai, Jiulian, Wulian, Wulian and Huashang United, plus Taiping Reinsurance Group, with a total of 6 companies and 8 participating companies. Among these six schools, Taiping is quite different. Taiping Archives has the following record: "When it comes to the characteristics of Taiping Reinsurance Group, all group matters are handled by the Taiping family, which is not dominated and controlled by other member companies, which is significantly different from that of Jiulian Group, which is handled by another group of offices of participating companies and another group of companies of Greater Shanghai Group. In addition, the reinsurance of overflow contracts concluded by Taiping with domestic and foreign peers is mostly based on the principle of reciprocity. However, the reinsurance of share contracts obtained as a result is exclusively accepted by Taiping and cannot be shared with group member companies. Because of their weak financial resources, they are unwilling to take on additional responsibilities; Second, there are no branches abroad, and in case of compensation, it cannot be paid in the original currency. "
Chinese insurance companies set up reinsurance groups, which effectively solved the problem of risk dispersion in the national insurance industry and laid the foundation for Chinese insurance companies to operate independently step by step.
in the later period of Kuomintang rule, inflation was rampant and the economic order was in chaos. According to statistics, from September 1946 to May 1949, prices soared by 15.1 million times. China's insurance industry has been severely damaged, and a large number of insurance institutions have been living on empty land and in debt, and even some more powerful companies are in an unsustainable predicament. Chinese businessmen United Reinsurance Group issued a sigh: "The gold certificate has not been issued for a long time, and it has depreciated rapidly. No one dares to predict whether it will remain stable afterwards. If the difficult situation at the end of legal tender is repeated today, I am afraid that my insurance industry will be on the verge of danger." The insured has lost confidence in the gold certificate, and even if they have the intention to insure, they are only willing to insure and calculate the indemnity in foreign currency. As a result, state-owned and other insurance companies with spare capacity have changed their underwriting to silver dollars, US dollars and Hong Kong dollars. Taiping Reinsurance Group also organized a foreign currency business group including 22 member companies on July 1, 1948, and struggled to support it in difficult times until it was dissolved before liberation in 1949.
Public-private partnership, the world is unified
On May 27th, 1949, Shanghai was liberated. According to the instructions issued by the Shanghai Military Commission, 64 Chinese insurance companies and 42 foreign insurance companies, including Taiping Insurance Company, were allowed to resume business.
in the following ten years, the people's government carried out drastic reforms in the insurance market, in which Taiping insurance company played an important role.
at the beginning of liberation, most insurance companies had weak financial resources and limited underwriting capacity. In order to alleviate the reinsurance problem of Chinese insurance companies, on July 2th, 1949, under the leadership of the Martial Control Committee and the support of China Insurance Company, 47 Chinese private insurance companies jointly formed the reinsurance exchange office of the People's Federation, and Ding Xuenong, associate director of Taiping Insurance Company, was elected as the chairman, and the office of the People's Federation was also located in Taiping Insurance Company.
The reinsurance exchange office of the NLD is the earliest joint venture established in Shanghai's industry and commerce after liberation. Its establishment has changed the insurance company of Chinese businessmen.