Chung Kuo Insurance originally an investment venture of the Bank of China, was 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. In December of the same year, Chung Kuo Insurance relocated its headquarter to Taiwan, following the steps of the Bank of China. The company later brought overseas branch offices into its jurisdiction and continued to grow 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 of Chung Kuo Insurance with Non-Life Insurance Department of the Central Trust of China.
The new entity continued to use the name “Chung Kuo Insurance Company, Ltd.” received its funding support from the National Treasury, and operated as an insurance organization under the Ministry of Finance.
In response to the privatization policy of government, Chung Kuo Insurance became listed on the Taiwan Stock Exchange on January 24, 1994 and became the first privatized non-life insurance company in Taiwan. Before its privatization, Chung Kuo Insurance 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, Chung Kuo Insurance operates a network of 26 outlets from its headquarters in Taipei, with 9 branch offices and 17 corresponding offices in major cities (including Kinmen County) in Taiwan.
In overseas business, Chung Kuo Insurance began operating a representative office in Guam in April, 1972. The office was later named the “Guam Office” in December of the following year. In line with the government policy of promoting investments in Southeast Asia, the Company set up a representative office in Ho Chi Minh City, Vietnam in December 1997. Currently, Chung Kuo Insurance operates two overseas representative offices, providing non-life insurance and is currently planning to set up overseas branches in Saipan and Shanghai.
In pursuit of further business expansion and a better competitive edge, the Company became a wholly-owned subsidiary of Mega Financial Holding Company. The subsidiaries of the group 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., Mega CTB Venture Capital Co., Ltd., and International Investment Trust Co., Ltd. with a strong brand image, abundant resources and the 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 synergy effect created by the Group.
