Established in 1947 and privatized in 1998, Taiwan Life Insurance is the first life insurance company in Taiwan. Subsequently, Taiwan Life Insurance became a wholly-owned subsidiary of CTBC Holding in 2015. In 2016, it merged with CTBC Life Insurance to form "Taiwan Life Insurance". By leveraging and combining its channels and resource advantages with CTBC's, Taiwan Life Insurance is committed to providing customers with comprehensive insurance coverage, optimizing asset-liability management, and steadily developing its operations. Keeping abreast of current trends, it also works to innovate digital services and enhance its impact through sustainable insurance. Taiwan Life Insurance's after-tax profit exceeded NT$10 billion (reaching NT$10.2 billion) in 2017, shortly after its consolidation, and reached NT$23.1 billion in 2021, setting a record high and accounting for more than 40% of the Group's profits. It is the second-largest profit center of CTBC Holding, delivering outstanding operating performance.
With an in-depth focus on local and overseas operations, Taiwan Life Insurance is also proactively expanding its business operations. As of the end of 2024, its subsidiaries include CTBC Insurance Co., Ltd. and Sunmoon Development Co., Ltd.Furthermore, as part of its forward-looking deployment effort, Taiwan Life Insurance established Junlong Life Insurance Co., Ltd., a joint venture in Mainland China. The scope of business of the joint venture covers Fujian and Zhejiang Provinces, offering in-depth services to the Western Taiwan Straits Economic Zone through 10 locations. This is an important milestone for Taiwan Life Insurance in expanding to overseas markets and strengthening the reach of its brand influence as well as regional competitiveness.
In terms of sustainable finance, Taiwan Life Insurance voluntarily complies with the Principles for Responsible Investment (PRI) and the Principles for Sustainable Insurance (PSI). By taking concrete actions to achieve the UN's Sustainable Development Goals (SDGs), Taiwan Life Insurance becomes the first life insurance company among its industry peers in Asia to participate in offshore wind power syndicated loan projects. Furthermore, it is also striving to support life insurance funds for public construction. As of 2024, the approved amount of green investment and financing reached NT$71.155 billion. Taiwan Life Insurance is steadily working to achieve the goal of net-zero emissions by 2050, exerting good influence of sustainable finance.
Taiwan Life has also been committed to social welfare for a long time. For 13 consecutive years, we have organized the "Three Generation Walk" to promote self-health management and cross-generational inclusion among Taiwanese people.Every year, we organize the Taiwan Aging Society Retirement Landscape Survey and Finance for Seniors Forum, as well as Aging-Friendliness Survey and Forum.These are part and parcel of our efforts in creating a platform for all ages and lifelong learning. We consistently promote financial education, implement the principle of Treating Customers Fairly, and care for the elderly and disadvantaged, in order to expand financial inclusion and deepen the influence of sustainable insurance.
Upholding CTBC Holding's service philosophy of "treating customers like family" and the brand spirit of "We are family", Taiwan Life Insurance works with other members of the Group to provide more thoughtful financial services and innovative products to customers. To contribute to a better tomorrow, we will continue to protect and build the value of customers, employees, shareholders, and communities, achieving our vision of becoming the best insurance service brand in the Mandarin-speaking world.