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Huatai Insurance Company of China, Limited (¡°the Company¡±), incorporated in Beijing, China, on Aug. 29, 1996 with a registered capital of RMB 1.333 billion, is the first nationwide joint-stock property insurance company in China. The Company¡¯s 54 shareholders engage in 24 industries including petroleum, power, metallurgy, electronics, chemicals, aviation, shipping and etc, most of which are powerful and profitable enterprises or enterprise groups, with a total assets exceeding RMB 2 trillion. Currently, the Company has a total of about 1500 employees, and has formed a nationwide network by establishing branches in 26 cities.
As the first nationwide joint-stock property insurance company
in China, the Company keeps on improving its corporate governance
structure, and has established a organizational structure which
clarifies responsibilities and rights of all staff at different
levels as well as a standardized risk control mechanism. In May
2002, ACE Group, a world-known insurance and reinsurance enterprise
group, held shares of Huatai and provided Huatai with advanced
management ideas and global business support network. In January
and April 2005, Huatai Asset Management Company and Huatai Life
Insurance Company opened business successively, indicating that
the Company has made a great approach to the development of group-company
structure.
Through the 9 years¡¯ experience since its establishment,
the Company developed a strategy of ¡°centralized management, specialized
operation, and development with quality and profitability¡±, and
formed its own characteristics of ¡°rapid and persistent development
with sufficient management support¡±. During the 9 years, the Company
achieved an average annual growth rate of 28.19%, an investment
return of RMB 1.259 billion with an average annual return rate
of 8.68% which ranked first in the industry, and an accumulated
net profit of RMB 850 million. The Company maintained stable profit-earning
capability and dividends distribution level. By the end of December
2004, the Company¡¯s total assets reached RMB5.6 billion, and its solvency adequacy ratio was 13 times of the standard set by China Insurance Regulatory Commission.
The Company is one of the creators of China Space Insurance Pool as well as China Nuclear Insurance Pool, and frequently involved in underwriting the projects of satellite launch and unclear power. The Company has underwritten many national key construction projects including Beijing Light Rail, Shanxi-Beijing Natural Gas Pipeline Project, Shanghai Fortune Forum International Conference Center, 300000-Ton Synthetic Ammonia Project of Nanjing Chemical Industry Group, Beijing Fortune Plaza in Central Business District, Headquarter Building of People¡¯s Band of China, State Administration of Foreign Exchange Building, Building of State Tobacco Monopoly Bureau, Shanghai Jinmao Tower, Shanghai Pudong Steel Group, Shanghai General Motors Co., Guohua Electric Power, No. 6 Bohai Sea Oil Field of China National Offshore Oil Corp.,
The effective asset management capability is one of the important parts of the Company¡¯s core competitiveness. Huatai Asset Management Company boasts its specialized investment project management team and a successful capital management record, and takes the leading position the domestic bond market. The Company has been awarded as the ¡°Excellent Company on Clearing Business in the Inter-Bank Bond Market¡±. Recommended by the Ministry of Finance and approved by the State Social Security Fund Council, the Company became the first underwriter of the bond of social security fund among the domestic insurance industry in 2001. During the 9 years since its establishment, the Company ¡®s accumulated investment trade volume reached RMB 568.6 billion, with an average annual return rate of 8.8% in bond business.
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