Founded in 1963, China Life was renamed China Life Insurance Co., Ltd. in 1981 with its headquarter office located on No. 122, Tun Hwa North Road of Taipei City. The common stock of China Life began trading on the Taiwan Stock Exchange in 1995 under the ticker 2823. To provide more comprehensive and prompt services, we also have branch offices and sales staffs throughout the island. These enable us to provide more immediate, convenient and attentive services. Former Chairman Mr. Wang Yang Ming joined China Life as a professional manager. While he drew on the skills and abilities of the employees, he also brought in managers from outside to overhaul our risk management systems in an unprecedented move for China Life. In 2020, the Board of Directors elected Ms. Kuo Yu Ling to succeed Mr. Wang Ming Yang as Chairperson, becoming the first woman in the insurance industry to hold that position. The dedication to sustainable operations and prudent investment strategies has made China Life one of the few listed insurance companies which maintain positive spread for long term.
We acquired Winterthur Taiwan from AXA in 2007. In 2009 we acquired PCA Life’s major assets and liabilities from UK-based Prudential Life, which was a critical move in a period of global turmoil. These deals helped boost China Life’s assets to more than NT$500 billion, grow our agency force to more than 10,000 from 3,000, and diversify our distribution network. During the global financial crisis in 2008, China Life did not suffer from any asset impairment losses as we did not hold any toxic sub-prime assets. This was widely recognized by our investors and the markets in general. Besides consolidating our position in our home market, we have been expanding our footprint in China. In 2010, we acquired a 19.9% stake in CCB Life, the insurance subsidiary of China Construction Bank, then the world’s second largest bank by market capitalization. We support CCB Life with our industry knowledge, experience and technology. The partnership has served as a solid foundation from which we have expanded our business. In fact, in the recent decade, China Life has achieved record financial performance, with total assets reaching NT$1 trillion in the first quarter of 2014 and still rising. The company’s capital adequacy ratio (RBC ratio) was 369% at the end of 2016, highest among large-cap insurance companies and proof of sound capital adequacy.
China Life’s vision is to “Serve the interests and values of our policyholders, shareholders, employees and the greater community in order to cement our reputation as the most reliable insurance company in Taiwan.” We care about policyholders’ interests, and develop diversified products and comprehensive services to meet customer demand. In response to advances in technology, we developed and launched a digital platform for mobile insurance purchasing and the BI (Business Intelligence) System. In addition, we now offer micro-insurance products to serve economically disadvantaged people. We continue to enhance our corporate governance and internal control mechanisms, and update our “China Life CSR Principles” and “China Life CSR Policy” to be in line with global trends. When natural disasters strike in Taiwan, we launch emergency aid programs to play a positive role and stabilize society, in line with our duty of corporate social responsibility. China Life will uphold the core spirit of "We Share, We Link." By combining a strong, forward-thinking financial position with rigorous corporate governance and risk management systems, we will work together with our stakeholders to realize common values and execute our long-term business vision to become a benchmark brand in life insurance industry.