Message from the Chairman
Looking back at 2016 when the global economy steadily got back on track, and in the face of an ever-changing economic environment and a diverse financial market, we were able to uphold our principle of "equal emphasis on quality and quantity," by not only strengthening our development and market expansion, but also by optimizing our business structures to enhance the operational efficiency of various organizational systems.
In addition, we improved upon the service functions of various digital applications to increase handling efficiency, thereby improving business performance and customer satisfaction. Thanks to the concerted efforts of all of our employees, we generated US$19.7 billion in premium income, up 9.5% from the previous year, outperforming all of our peers. Our market share increased to 13.6%, placing us firmly in second place .
We received the 13th Annual National Brand Yushan Award for the "Outstanding Enterprise Category" and the "Best Product Category."
We continue to uphold the spirit of innovative services and seek to improve our business performance. In 2016, our Moody's rating shifted from stable to positive. Regarding domestic and foreign awards, we received the 13th Annual National Brand Yushan Award for the "Outstanding Enterprise Category" and the "Best Product Category." We also once again won the Golden Torch Award – Annual Top 10 Outstanding Enterprise and Annual Top 10 Best-Performing Products. In addition, we received the Celent Model Insurer Asia Award - Service in 2016 - Digital and Omnichannel Technologies, organized by Celent, a global research and advisory firm focused on financial services.
In 2016 we were the first property insurance company to have completed an application for selling insurance policies denominated in foreign currencies.
Regarding our overseas operations, Cathay Insurance (China) collaborated with Ant Financial Services Group to collectively develop Internet of Things (IoT) insurance. In 2016, Cathay Insurance (Vietnam) also generated a profit for the first time. To extend our reach to the international community and expand market operations, in 2016 we were the first property insurance company to have completed an application for selling insurance policies denominated in foreign currencies. In the future, we will combine the resources and global operations of Cathay Financial Holdings and our foreign partners to actively develop the international insurance market.
Regarding corporate social responsibility, we uphold the Group's principle of "Sustainable Development" and identifying environmental protection, social development, and corporate governance as the key aspects.
Regarding corporate social responsibility, we uphold the Group's principle of "Sustainable Development" and identifying environmental protection, social development, and corporate governance as the key aspects. In recent years, we have invested R&D resources into green insurance products, including the industry leading "Green Vehicle Insurance" project in 2013 and the first-ever "Bicycle Insurance Project" in 2014. In response to climate change issues in 2016, we assisted farmers in alleviating their financial burden by introducing the“Mango Crop Insurance Product.”We insured Taiwan's very-first case of offshore wind power plant to show our support for the transformation of the green renewable energy industry. We established the“Zero Accident Academy”website in 2014, and in 2016 we once again promoted an all-new Driver Assessment Test which provides drivers with a comprehensive range of safety-related knowledge to reduce the likelihood of traffic accidents. Furthermore, Cathay Century Insurance continues to promote the “Accident-free Campus” initiative in which we arrange a series of school safety activities, as well as the “Accident-free riders”, which educate college students on correct driving behavior and driving etiquette. We also hosted a “Loss Prevention Forum,” during which we provided an overview of disaster prevention trends and risk management concepts and promoted issuing insurance policies in electronic form. These efforts are a testament to our commitment to corporate social responsibility and the realization of sustainable management.
Looking forward to 2017, we will continue to focus on the development of digital technologies and continue to provide innovative, efficient, and customer-satisfying professional services based on our business theme of “Cathay E-Action and Establishment of a New Century.”
Lastly, on behalf of my colleagues, I would like to express our heartfelt gratitude for the longstanding support and assistance of the competent authorities and our customers.