Chung Kuo Insurance Company was established on 1 November 1931, and underwent a merger with Non-life Insurance Department of the Central Trust of China in 1February, 1972. The Company had since remained a state-run business under the Ministry of Finance until it became the first privatized non-life insurance company in Taiwan on 5 May 1994. On 31 December 2002, the Company joined Mega Financial Group to become the Group’s wholly-owned subsidiary. The name of the Company was changed to “兆豐產物保險股份有限公司” in the Chinese language with its name in the English language remaining as Chung Kuo Insurance Company, Limited since 6 July 2006.
The Company (formerly China Insurance Company) was originally an investment venture of the Bank of China, and was officially established on November 1, 1931 with headquarters in Shanghai and branch offices in all major municipal centers throughout China and Southeast Asia. The Company enjoyed excellent reputation and maintained frequent and close communications with major insurance firms in Europe as well as in the United States. In October 1949, the Company filed application to establish a branch office in Taiwan. And in December of the same year, the Company relocated its headquarters to Taiwan, following the steps of the Bank of China. The Company later brought overseas branch offices into its jurisdiction and continued to develop its non-life insurance business in all classes.
With the privatization of the Bank of China (Taiwan) in February 1972, the Ministry of Finance supervised the merger, with the approval of the Executive Yuan, between the Company and the Non-life Insurance Department of the Central Trust of China. The new entity continued to use the name “Chung Kuo Insurance Company, Limited”, received its funding support from the National Treasury, and operated as an insurance organization under the Ministry of Finance. In response to government privatization policy, Chung Kuo Insurance became listed on the Taiwan Stock Exchange on January 24, 1994. The National Treasury released 56.22% shares of the Company to meet the objectives of the privatization policy. The Company became the first privatized non-life insurance company in Taiwan as of the privatization demarcation date on May 5, 1994.
Before its privatization, the Company had been engaging primarily in businesses with institutions of the central government and business units under the Ministry of Economic Affairs. Adopting a business approach inspired by the founding mission--“Be the services for the business enterprises, and ensure safeguarding securities for government-owned properties“, the Company became the exclusive insurer for government-owned businesses. Following its privatization, the Company further strengthened marketing channels and increased business outlets to develop non-life insurance business in the private sector. Today, the Company operates a network of 26 outlets from its headquarters in Taipei, with 11 branch offices and 15 corresponding offices in major cities (including Kinmen County) in Taiwan.
In overseas business, the Company began operating a representative office in Guam in April 1972. The office was later named the “Guam Office” in December of the following year.Today, the Company operates one overseas representative offices, providing non-life insurance consulting services for the Taiwanese investors and meeting the needs of local overseas Chinese communities.
In pursuit of further business expansion and a better competitive edge, the Company became a wholly-owned subsidiary of Mega Financial Holding Company through transfer of shares on December 31, 2002. At the approval of the competent authority, the Company changed its name to “兆豐產物保險股份有限公司” in the Chinese language with the name in the English language remaining the same as Chung Kuo Insurance Company, Limited in an effort to help establishing a consistent corporate image for the Group since July 6, 2006. The subsidiaries of the Group also include Mega International Commercial Bank, Mega Securities Co., Ltd., Mega Bills Finance Co., Ltd., Mega Investment Trust Co., Ltd., Mega Asset Management Co., Ltd., Mega Life Insurance Agency Co., Ltd., and Mega CTB Venture Capital Co., Ltd. With a strong brand image, abundant resource, and cross selling strategy of the Group, the Company will be able to achieve greater business expansion, provide our clients with comprehensive financial services, and maximize synergistic effect created by the Group.