Introduction to Asia Pacific Property Insurance Company

Overview

Asia Pacific Property & Casualty Insurance Co., Ltd., referred to as "Asia Pacific Property & Casualty Insurance", was renamed from "Min'an Property & Casualty Insurance Co., Ltd.". It has been established in Chongqing in 1943 and has been passed down to this day. It has been for more than 70 years. It is a national comprehensive property insurance company established with the approval of the China Insurance Regulatory Commission, with a registered capital of 4 billion yuan (RMB). Its business scope includes property loss insurance, liability insurance, credit insurance and accidental injury insurance. It has nearly 300 types of insurance products. Provide comprehensive risk protection for enterprises and individuals.

Solid insurance protection capability?

In the process of development, Asia Pacific Property & Casualty Insurance has always adhered to the brand value concept of "paying attention to people's livelihood and protecting people's livelihood", integrated innovation, optimized business, and provided customers with Provide high-quality services while actively fulfilling social responsibilities and creating social value. After more than 70 years of history, we have accumulated rich risk management experience, won the trust of our customers, our brand has extensive influence, and we have established a good image in society and among peers. It has established business relationships with many internationally renowned professional reinsurance companies, including China Reinsurance Company, Munich Reinsurance Company, Swiss Reinsurance Company, and Hannover Reinsurance Company. It has strong reinsurance support and overseas rescue capabilities, sufficient solvency, and effectively protects corporate customers. interests.

Service capabilities

Asia Pacific Property & Casualty Insurance has a complete service system, with a service network covering the whole country (including Hong Kong) and 246 institutions at all levels, providing "Tongbaotong" to customers in various regions. Compensation” and other insurance value-added services. Asia Pacific Property & Casualty Insurance insists on being customer-oriented, constantly meets customer needs through product, service and technological innovation, strengthens data management and new technology applications, and establishes comprehensive services with an e-commerce platform, mobile loss assessment and self-service claims service system as the core platform to provide customers with more efficient and considerate insurance services.

The company’s shareholders?

In November 2015, with the approval of the China Insurance Regulatory Commission, Oceanwide Holdings, together with New Hualian Group, Elion Resources Group and Huiyuan Group, jointly took over Minan Insurance, among which Oceanwide Holdings acquired 51% of the shares and became the company’s controlling shareholder. The above shareholders are all powerful industry-leading enterprise groups in China, bringing strong and continuous support to the company's development.

Future Outlook

Change stimulates vitality, innovation drives development, reshapes a new image, and achieves historical leaps. "Three years to lay the foundation, ten years to create great achievements", Asia Pacific Property & Casualty Insurance will stand at a new starting point in history with a new attitude, adhere to the path of innovation, optimize the insurance structure, take root in the domestic market, and ultimately strive to build China's first-class property insurance company .

Foreword

Asia Pacific Property & Casualty Insurance Co., Ltd., referred to as Asia Pacific Property & Casualty Insurance Co., Ltd., is one of the earliest national insurance companies in my country. It was founded in 1943 in Chongqing by the "Min'an Insurance Company" "It has been inherited for seventy years and has left an unforgettable mark in the development of China's insurance industry for more than 200 years.

Committed to building China's first-class property insurance company.

The initial period of the brand (1943-1953)

The establishment and development of Min'an Property Insurance

Asia Pacific Property & Casualty Insurance was established in the 1940s. Against the background of turmoil, internal and external troubles, the entrepreneurial journey in Asia-Pacific is destined to be uneven.

The founding of the Asia-Pacific brand

In 1943, Chongqing was the political, economic and cultural center of China during the war, with more than 50 local insurance institutions. In April, in order to implement the work policy proposed by the Party Central Committee to "hide capable personnel, lurk for a long time, and accumulate strength to wait for the opportunity" in the Kuomintang-controlled areas, it was proposed by Lu Xuzhang, an underground party member of the Communist Party of China, and approved by Comrade Zhou Enlai. Comrade Lu Xuzhang represented the vast number of Hua Bank, Mr. Lu Zuofu represented Minsheng Industrial Company. Both parties raised 50% of the capital, and the other party jointly invested 10 million yuan in legal currency to prepare for the establishment of Min'an Products Insurance Company (hereinafter referred to as Min'an Products) in Chongqing. Min'an Products is one of the earliest national insurance companies established in my country, responsible for ensuring the material security of the country and people.

The name of the company "Min'an" comes from the founder, Mr. Lu Zuofu, who believed: "The responsibilities of this insurance company should focus on the safety and security of people's materials, so it was named Min'an Product Insurance Company."

In November 1943, Min'an Products opened for business, officially joining the ranks of the financial industry in the rear area.

After its opening, Min'an Products continued to enrich and adjust its cadres, actively opened branches and expanded its business. It successively set up branches in Neijiang, Sichuan, Kunming, Yunnan, and established branches in Chengdu, Guiyang, Xi'an, Zigong, Yandu, Luzhou, Yibin, Hejiang, Branch agencies have been set up in medium-sized and medium-sized cities, and the business is booming.

Moved eastward to Shanghai to continue development

In February 1946, after the victory of the Anti-Japanese War, as the country's political and economic center moved eastward, Min'an Products moved its headquarters eastward to Shanghai. In order to seek development under the new situation, while expanding the affiliated enterprise Minyi Trading Company into an independently operated Minyi Transportation Company, Minan Products adjusted and expanded its branches, and changed the original three branches in Chongqing, Tianjin and Hankou to Huaxi , North China, and Central China, and established new branches or agencies in Nanjing, Guangzhou, Qingdao, Shenyang, Changchun and other places. The head office will send personnel or hire reputable business people on the spot to be responsible for the operation. Min'an Products also closely relies on China Bank and through Minfu Enterprise Company to develop overseas insurance business. Later, a contract reinsurance relationship was established with American Asia Insurance Company, and the business was booming.

In 1947, in order to attract more insurance brokers to cooperate in underwriting, Min'an Products established Lian'an Insurance Company and successively made equity investments in dozens of companies such as Da'an Insurance Company. At the same time, Min'an Products sent specialist Mr. Shen Richang to Hong Kong to prepare for the establishment of a branch, further expanding the company's business scope and social influence. Through multi-party operations, Min'an Products has expanded its shares to 200,000 shares, with a total capital of 200 million French currency, an increase of 20 times compared with the initial establishment.

End of Mainland Business

With the overall victory of the Liberation War, Min'an Products, a national financial enterprise founded during the Anti-Japanese War, also completed its historical mission. In March 1949, in accordance with the instructions of the Central Committee of the Communist Party of China, Min'an Products' domestic institutions ceased operations and announced liquidation. At the same time, personnel were dispatched to restructure the Hong Kong branch of Min'an Products. On May 26, 1953, Min'an Products completed the liquidation of all domestic insurance businesses, and was officially terminated with the approval of the Financial Department of the Financial and Economic Takeover Committee of the Shanghai Municipal Military Control Commission.

Although Min'an Insurance Company has a short business history, it has actively developed and worked hard in the business world, cultivating a group of financial and insurance backbones with rich insurance operations and promoting the development of my country's insurance industry.

The period of going south to Hong Kong (1949-2009)

The rebirth of Asia Pacific Property & Casualty Insurance in Hong Kong

After the end of its operations in the mainland, Asia Pacific Property & Casualty Insurance returned to He moved his business and personnel to Hong Kong, the outpost of financial capital in Asia at that time, and opened a new chapter in the development history of Asia-Pacific property insurance.

In 1949, while handling the aftermath of the bankruptcy of domestic business according to the original plan, Min An Products Hong Kong Branch was reorganized into "Hong Kong Min An Insurance Co., Ltd." (hereinafter referred to as Hong Kong Min An Insurance Co., Ltd.) , officially opened on October 1, 1949, with a total capital of HK$1 million, operating all insurance businesses except life insurance.

In the early days of its opening, Hong Kong Civil Security mainly handled freight insurance and related fire insurance business for mainland China transshipped through Hong Kong. It was appointed by the People's Insurance Company of China at that time as its claims agent in Hong Kong. In the 1960s, with the support of the People's Insurance Company of China, Hong Kong Minan broke the rule that ship insurance business should be priced in London, built the company's professional advantages and expanded its market influence.

Since its establishment, Hong Kong Civil Security has gone through the process of laying the foundation in the 1950s, striving for growth in the 1960s, seeking development in the 1970s, and taking a new leap forward in the 1980s, from weak to strong. During the period when China's mainland insurance industry was basically stagnant, Hong Kong Minan has maintained business operations and has continued to grow and develop amidst the tests of previous financial crises. In addition to having multiple branches in Hong Kong, it also has operating agencies and offices in many countries or regions such as East Asia, Europe and the United States.

In the early 1980s, Hong Kong Minan's development gradually diversified. It established a joint venture with China Reinsurance (Hong Kong) Co., Ltd. Company (now known as China International Reinsurance Company Limited). On January 2, 1992, Hong Kong Min An's registered capital increased to HK$200 million, its business developed rapidly, and its scale efficiency increased rapidly. On October 27, 1997, it moved into its own property "Min An Plaza", in terms of hardware strength. While being strengthened, the company's image has also been further improved.

In the 21st century, the development of Hong Kong’s civil security has entered a new stage.

On May 15, 2000, Hong Kong Min An carried out business reorganization with the Hong Kong Branch of China Insurance Co., Ltd. and Taiping Insurance Co., Ltd. Hong Kong Branch. Since March 1, 2001, the three companies have been publicly traded in the name of Hong Kong Min An. operation, the scale of Hong Kong Civil Security has further expanded. In June 2006, the company carried out equity restructuring and was listed in Hong Kong in December. At this time, Hong Kong Minan's registered capital had increased to HK$2 billion, ranking among the top three property insurance companies in Hong Kong.

In December 2009, Hong Kong Civil Security was officially renamed China Taiping Insurance (Hong Kong) Co., Ltd.

After more than half a century of operation, Hong Kong Minan has established partnerships with more than 100 insurance companies and reinsurance companies in more than 20 countries and regions around the world (including: China Re, Munich Re and Swiss Re) The reinsurance relationship has made it an insurance brand that enjoys a wide reputation at home and abroad. In addition, Hong Kong Civil Security has also actively expanded into the mainland market to further promote the prosperity and development of the insurance markets in Shenzhen and Hong Kong.

Return to the Mainland Period (1982-2015)

Asia Pacific Property & Casualty Insurance’s past and future in the Mainland

In December 1978, the 10th anniversary of the Communist Party of China The successful convening of the Third Plenary Session of the First Central Committee of the Communist Party of China was a great turning point with far-reaching significance in the history of the Party since the founding of New China, which opened a new historical period of China's reform and opening up.

The return of the mainland market

With the further deepening of domestic reform and opening up, on January 9, 1982, Hong Kong Min An Insurance Co., Ltd. Shenzhen was established in Shenzhen by Hong Kong Min An. The branch (hereinafter referred to as Hong Kong Minan Shenzhen Branch) was officially opened. This is the first overseas insurance company to enter the domestic insurance market after the reform and opening up, and the second insurance company to open in Shenzhen after the People's Insurance Company of China.

After the Shenzhen branch of Hong Kong Minan was established in 1982, it leveraged the rich international experience and brand advantages of its parent company, Hong Kong Minan, to expand its business in Shenzhen and Hong Kong and continuously expand its business scale. In March 2004, Hong Kong Civil Security Shenzhen Branch signed agency contracts with fifty agents from Hong Kong who have obtained professional qualifications from the mainland, becoming the first insurance company under the CEPA framework to have Hong Kong agents legally conducting business in the mainland.

Restructuring and reorganization, going nationwide

On May 10, 2004, Hong Kong Minan Insurance Shenzhen Branch was approved by the China Insurance Regulatory Commission and restructured into "Minan Insurance (China) Co., Ltd." ( (hereinafter referred to as Min An China), a wholly-owned subsidiary of Hong Kong Min An with independent legal personality, with a registered capital of HKD 200 million, marking that Min An Insurance has since embarked on a journey of expanding its business to all parts of the country with Shenzhen and Hong Kong as the center. road to comprehensive development.

In January 2006, Minan China officially opened for business and obtained the qualification to operate compulsory motor vehicle insurance, becoming one of the first 22 insurance companies to have this qualification. From 2007 to 2009, Minan China accelerated its organizational layout and successively opened more than 100 institutions in 19 provinces and cities including Beijing, Shanghai, Hunan, Hubei, Sichuan, Liaoning, and Hong Kong. It also launched the national unified short number 95506 and initially formed a national sales network. network and service platform, and became the first insurance company to enter Sichuan after the Wenchuan earthquake. At this time, Minan China's capital increased to HK$1 billion, and premium income reached 1.27 billion yuan. In June 2010, Minan China was honored to be selected as one of the "Top 100 New Guangdong Businessmen in 2010".

On December 31, 2010, with the approval of the China Insurance Regulatory Commission, a joint transferee composed of six companies including Haikou Meilan International Airport Co., Ltd. jointly transferred China Taiping Insurance (Hong Kong) Co., Ltd. 100% equity held by Minan China. In March 2011, with the approval of the China Insurance Regulatory Commission, Minan Insurance (China) Co., Ltd. was renamed Minan Property Insurance Co., Ltd. Since the reorganization of Mining Insurance in 2011, Mining Property Insurance Co., Ltd. has embarked on a new development journey. On December 12, 2012, the registered capital of Mingan Property and Casualty Insurance increased to RMB 2,001,383,000, doubling the original registered capital, and the company's solvency adequacy ratio increased significantly to more than 400%.

New development period (2015 to present)

Equity changes of Asia Pacific Property & Casualty Insurance

In November 2015, Wuhan Central Business District Construction Investment Co., Ltd. ( Oceanwide Holdings Co., Ltd.), New Hualian Holdings Co., Ltd., Elion Resources Group Co., Ltd., and Chongqing Three Gorges Fruit Industry Group Co., Ltd. (subsidiary of Huiyuan Group) officially took over. Asia Pacific Property & Casualty Insurance stands at a new starting point in history with a new attitude. , will implement the idea of ??"change stimulates vitality and innovation drives development", implement the plan of "laying the foundation in three years and achieving great success in ten years", adhere to the path of innovation, optimize the insurance structure, take root in the domestic market, and expand the international market based on Hong Kong , completed the restructuring of the Hong Kong branch, opened up domestic and overseas investment platforms, and committed to building a first-class property insurance company in China.

A new journey to build on the past

The new Asia Pacific Property & Casualty Insurance will inherit the insurance industry pioneered by Lu Xuzhang, Lu Zuofu and other predecessors under a new name and a new main body form, and continue to provide society with Excellent insurance service.