CIRe was incorporated with initial capital of HK$5 million with shareholders of CIC, Ming An and old TPI

PICC joined as a shareholder with a 50% share, CIC held 20%, Ming An and old TPI 15% each; paid-up capital increased to HK$10 million

A representative office was opened in London to strengthen the link and gather the information in London and European markets

Realignment of shareholders whereas CIHK held 51.67%, PICC held 33.33% and Ming An held the remaining 15%

PICC shareholding transferred to CIHC

Labuan Branch established;

Ownership of CIRe was transferred to CIIH before CIIH's public listing in June on the Hong Kong Stock Exchange Main Board

CIIH Shanghai Representative Office established to assist with the reinsurance customer liaison and market contact

CIRe Beijing Representative Office started operation, China market strategy set in motion

CIRe received formal approval from CIRC to be designated and supervised as a Chinese reinsurance company

CIRe received approval from CIRC to begin preparatory work for establishing its Beijing Branch and commenced business

CIRe changed its name to Taiping Reinsurance Company Limited ("TPRe")

CIHC changed its name to China Taiping Insurance Group Co. ("TPG") at the end of June 2009

CIHK changed its name to China Taiping Insurance Group (HK) Company Limited ("TPG (HK)") at the end of June 2009

CIIH changed its name to China Taiping Insurance Holdings Company Limited ("CTIH") in August 2009

Consolidate current leading position while pursuing profitable growth opportunistically

• Manage soft market cycle by being more selective/focused in underwriting
• Maintain a strong domestic market position in Hong Kong, Macau and Mainland China
• Strategically position the company in the growing Mainland China market
• Continue to selectively develop in other Asian markets
• Develop Treaty and Facultative business in non-Asia markets, however no long tail liability/ casualty business from non-Asian markets is accepted

Maintain quality services to our clients and act as a leader and price setter in the core markets

• Maximize core clients business potential by cross-selling all reinsurance services (Treaty & Facultative, Life & Non-Life, Property & Casualty)

Focus on profitability

• Target combined ratio of net retained premium below 100

Control risk

• Comply with strict underwriting disciplines, casualty line of business outside Asia is not written
• Invest prudently aiming at stable return and high liquidity
• Make use of group assets management expertise to maximize the investment return
• Enhance Cat modeling and Cat PML analysis and control