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Global economy in 2007 was shaken by the credit crunch and market disorder brought by the US subprime mortgage crisis, surging oil and commodity prices. Against this backdrop, Taiwan・s export still saw continuous growth with emerging market economy, although domestic demand remained stagnant. The property insurance sector in Taiwan experienced the second year of negative growth, due to a sluggish auto market and reduced insurance.
In response to these challenges, we fully utilized our advantage as a member of the Cathay Group and further improved our operational efficiency. As a result, our premium income last year exceeded NTD 10 billion for the first time, and business growth ranked at the top of the sector, which made us the second biggest property insurance company in Taiwan.
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We not only fulfilled the staged target of ．being one of the top three・, but also created record pre- and post-tax revenues as well as EPS. Besides, we made great progress in overseas operations -- our first subsidiary in China, also the first property insurance company from Taiwan, was approved by the China Insurance Regulatory Commission to set up and expected to begin operation this year. In Vietnam, we set up an office that will serve as the springboard for our further development in Southeast Asia, leading us towards our vision of making Cathay Financial Holdings the best financial institution in the Chinese community.
For the second time, we were awarded as the winner of the Best E-Commerce of the Taiwan Insurance Best Performance Awards, proving that our devotion in technology application was recognized and appreciated. As for credit ratings, we were affirmed ．A-・ by S&P and ．A2・ by Moody's, which evidently demonstrated our financial strength, healthy asset structure, and excellent operations.
Achieving outstanding performance required tremendous commitments and collective efforts in a severe business environment. Therefore, the credit shall be given to the entire staff of Cathay Century Insurance and personnel involved in our work from affiliated companies. Along with the expansion of our operational scale, we have entered a new phase of business. In the future, we shall continue to perfect internal management, encourage our colleagues to create innovations, build up highly competent operational team, and provide professional services with higher standards, in order to react to more severe challenges. Looking into 2008, our endeavor shall be continued on the basis of Discipline, Professionalism, and Services, which will lead us towards the vision of becoming the best and the biggest in the property insurance sector in Taiwan.
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| Sincerely, |
Chairman |
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Cheng-chiu Tsai |
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