The privatization of Ming An Holdings completed successfully
2009/11/2
To cope with the business development and obtain the realization of synergies of the Group's business, the ultimate holding company of The Ming An (Holdings) Company Limited ("Ming An Holdings"), on China Taiping Insurance Group Co. ("TPG") decided to privatize Ming An Holdings by way of a scheme of arrangement through its another listed company, China Taiping Insurance Holdings Company Limited ("CTIH") (the "Scheme"). Ming An Holdings convened the Court Meeting on 7 October 2009 in Hong Kong to consider and approve the privatization proposal of Ming An Holdings. The Scheme was approved (by way of poll) by 776,592,476 votes cast in favour of the Scheme (approximately 98.18% of the no. of Ming An Holdings shares held by independent Ming An Holdings shareholders which were voted at the Court Meeting). Ming An Holdings appointed solicitor to attend the hearing held at the Grand Court at Cayman Islands on 30 October 2009 (Cayman Islands time) and the Scheme was sanctioned by the Grand Court. Ming An Holdings becomes the wholly-owned subsidiary of CTIH and was withdrawn its listing position on the Stock Exchange of Hong Kong on 2 November 2009 from 4:00 pm.
An upsurge in Gross Written Premium to HK$1,970 million
2009/3/27
The Ming An (Holdings) Company Limited announced its annual result of Year 2008 on 20 March 2009. For the year ended 31 December 2008, gross written premiums increased by 46.4% to HK$1,970 million as compared with HK$1,346 million in 2007. Our PRC operations recorded a significant growth and contributed 53.7% (2007: 32.2%) to the total gross written premiums of the Group, whereas Hong Kong operations contributed 46.3% (2007: 67.8%). In 2008, The Ming An Insurance Company (China) Limited established eight new provincial branches and thirty-five sub-branches in the PRC. The establishment of the national network completed one year ahead as undertaken with the investor. At the end of Year 2008, the Group had a total eighteen provincial branches and fifty-two sub-branches. The total number of branches reached seventy and the establishment of national business network was complete.
Since the establishment of the comprehensive network of the PRC operations substantially increased the administrative and operating expenses, together with the adverse effect of economic turmoil and natural perils, for the year ended 31 December 2008, the Group recorded a loss of HK$375 million.
Looking forward, the effect of the international financial crisis on the economy is becoming more apparent. It is difficult to foresee when the financial crisis will end, and the year 2009 will be a challenging year. In the face of fierce competition and adverse economic conditions, the Group will continue to adopt prudent underwriting and investment strategies to create value for shareholders and investors.
Mr Lin Fan, Chairman of the Group, said, "The global financial crisis is a test of our ability to adhere to our principles and standards, and a test of our perseverance. We firmly believe that if we can adhere to the established strategy, strengthen our overall corporate governance, deepen the reform of our sales model, fully utilize the competitive advantage of Ming An Hong Kong and excel in innovation, we can achieve steady sustainable growth and create even greater value for our shareholders and strategic business partners."
Ming An recorded a 52.1% growth of business in the first half of 2008
2008/9/1
For the six months ended 30 June 2008, gross written premiums of the Group increased by 52.1% to HK$960 million as compared with HK$631 million for the corresponding period last year. In the meantime, our PRC operations recorded a significant growth that the gross written premiums increased drastically by 173.7% to HK$479 million, which contributed 49.9% to the total gross written premium of the Group, whereas Hong Kong operations contributed 50.1%. On the whole, the PRC operations of the Group recorded a net loss of HK$151 million. This was mainly due to the expansion of the PRC operations which caused the administrative and operating expenses increased substantially and the occurrence of natural disasters which incurred a considerable amount of claims.
On the investment front, during the six months ended 30 June 2008, investment return of the Group was HK$159 million. Investment income of the Group recorded an increase of 35.7% to HK$114 million for the six-month period as compared with HK$84 million for the corresponding period last year. The increase was primarily due to the increase in dividend and interest income from equity securities and debt securities. The net realized and unrealized gains on investments recorded a decrease of 92.0% to HK$45 million for the six-month period as compared with HK$564 million for the corresponding period last year. The significant decline was primarily due to a one-off gain of HK$555 million from the disposal of the Group's entire shareholding in Pacific Century Insurance Holdings Limited in the corresponding period of 2007 and the adverse changes in global financial and economic environment as well as the steep decline in the local and the PRC equity markets in the first half of 2008. The Group recorded a net profit of HK$20 million for the six months ended 30 June 2008, representing a significant decrease of 96.3% as compared with HK541 million for the corresponding period last year.
Chairman of the Group Mr Feng Xiao Zeng said, "The competitions in the insurance market in Hong Kong and among competitors were vigorous. The Group will maintain its leading position in the Hong Kong general insurance market as in the past and strive for a steady growth of business. Apart from concentrating on the development of diversified insurance products, the Group will strengthen and explore more business opportunities by establishing stronger cooperation with various financial institutions to further enhance the market share and influence. The Group will continue to support the development and expansion of our PRC business with its experiences and resources."
Ming An and Its Staff Aid In The Relief Efforts For The Sichuan Victims
2008/5/29
The Group actively fulfills the social responsibility and dedicates to building a harmonious society. We are aiding in the relief efforts for the quake victims with relief donations of HK$1 million from Ming An (Holdings), and approximately HK$ 600,000 from staff of the Group.
To express the support for the Sichuan earthquake victims, Ming An China donated the opening ceremony organizing funds of Hubei branch instead of holding the opening ceremony. Mr. Liu Shi Hong, the CEO of Ming An China said, "Donating the opening ceremony organizing funds to the victims reflected Ming An's sense of social responsibility and corporate citizenship, which is more meaningful than spending the money on opening ceremony."
Through the other way to help Sichuan victims, the Group provided personal accident insurance to the 35 firemen of the Jinan Fire Detachment, who were firstly sent to the forefront to rescue the disaster area, and personal accident insurance to the earthquake relief volunteers of America SE (Group) Home Textile Co. Ltd.
Ming An's net profit surged by 134.3% in 2007
2008/3/20
For the year ended 31 December 2007, our gross written premiums increased by 25.1% to HK$1,346 million in 2007 as compared with HK$1,076 million in 2006. Our PRC operations recorded a significant growth and contributed 32.2% to the total gross written premiums of the Group. The investment performance was very satisfactory with the total investment return of HK$911 million primarily due to the gain on disposal of available-for-sale securities and high investment returns. We achieved net profit of HK$717 million for the year ended 31 December 2007, representing a significant increase of 134.3% as compared with HK$306 million in 2006. The Board recommended the payment of a final dividend of HK 3 cents per share; including the interim dividend paid, as a result, the total dividend for 2007 will amount to HK 5 cents per share.
Looking forward, Mr Feng Xiao Zeng, Chairman said, "We will continue to ride on the booming insurance market in the PRC while further extending the reach of our network. We plan to open eight new provincial branches in Hubei, Anhui, Liaoning, Tianjin, Henan, Sichuan, Hunan and Fujian in 2008, and have already obtained approval from the CIRC for the opening of these provincial branches. Together with the existing ten provincial branches, we will have a total of eighteen provincial branches at the end of 2008. We believe Ming An will fully capitalize on the opportunities present in the PRC market by well-positioning ourselves in order to generate long-term growth for the Company and better value for shareholders."
Ming An (Holings) Won the "President's Award" Given by The Community Chest
2007/10/8
In 2006/2007, Ming An (Holdings) participated in fund-raising activities organized by the Hong Kong Community Chest and raised HK$1 million for the organization. Mr. Cheng Kwok Ping, Executive Director and General Manager of The Ming An (Holdings) Company Limited, received a "President's Award" certificate from the Community Chest at the Annual Presentation of Awards 2006/2007 held on 8 October 2007.
Grand Opening of Jiangsu, Zhejiang and Shanghai Branches
Accomplished Strategic Network in the Yangtze River Delta
2007/7/9
The Ming An (Holdings) Company Limited ("Ming An" or the "Company") is pleased to announce that the Jiangsu, Zhejiang and Shanghai branches of its indirect wholly-owned subsidiary Ming An Insurance Company (China) Limited ("Ming An China") would be officially opened on July 10, 11 and 13 respectively. As of now, Ming An China operates a total of eight provincial branches in the PRC.
By establishing the Jiangsu, Zhejiang and Shanghai branches, Ming An China has successfully achieved its strategic expansion plan in the Yangtze River Delta, one of the most prosperous regions in the PRC. These branches will not only lay the foundation for Ming An's further development in Eastern China, but also enhance the Company's overall growth in China's market. Most importantly, these branch openings represent a significant milestone in the Ming An's roadmap in penetrating China's local insurance market.
Grand Opening of Beijing and Shandong Branches
Making Good Progress Toward Target Set During IPO
2007/5/31
The two new branches of Ming An China in Northern China were opened on June 1 and May 31, respectively. The establishment of Beijing and Shandong branches not only marks a significant step for Ming An China's strategic development in the mainland but also signals the accelerated pace of development. The opening of Beijing and Shandong branches represents a far-reaching impact upon the local insurance market.
Together with the branches in Guangdong, Shenzhen and Hainan, the number of Ming An China's branch in the PRC is increased to five.
Ming An held the first Annual General Meeting on 21 May 2007.
2007/5/21
Ming An held the first Annual General Meeting on 21 May 2007.
The Annual General Meeting of the Company has successfully held on 21 May 2007. Mr. Feng Xiao Zeng, Chairman, Mr. Peng Wei, Chief Executive Officer and Executive Director, Mr. Cheng Kwok Ping, General Manager and Executive Director, and other directors and senior management of the Company has actively involved in the AGM to ensure that shareholders' views have been communicated to the Board. With supportive voting results, all resolutions were duly passed by the shareholders as ordinary resolutions. Poll results were posted on the website of the Company and the HKEx and were published on the Hong Kong Economic Times and the Standard.
Announced its first annual results after listing
2007/3/21
During the press conference and analyst presentation, Mr Feng Xiao Zeng, the chairman, reported that the year 2006 was one of remarkable growth and transformation for Ming An (Holdings). Its successful listing on the Main Board of the Hong Kong Stock Exchange further strengthened the Company's financial base. Coupled with its leading position in Hong Kong's general insurance market, the Company is well positioned to capture opportunities in the fast growing PRC general insurance market.
In this first set of results after its listing, the Company was able to achieve net profit attributable to shareholders of HK$306 million, above the profit forecast of HK$254 million as stated in the offering prospectus.
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