By the 2000s, CTBC Holding was already helping millions of people to save, borrow, and invest for the future. But we knew there was more we could do to diversify CTBC Holding's services for the benefit of our customers and our companies.
So, in November 2011, we acquired 100% of MetLife's Taiwanese subsidiary, which we renamed CTBC Life Insurance.
Next came multiplying CTBC Life's insurance sales channels and expanding its scale. The former was achieved in 2014 by merging with Manulife's local operations and acquiring its nearly 1,000-strong team of insurance sales agents. For the latter, a stock swap was arranged with Taiwan Life Insurance. When it was completed in 2015, Taiwan Life became a fully owned subsidiary of CTBC Holding. We subsequently pooled all our insurance resources under the Taiwan Life banner, generating synergy with our subsidiaries while still harnessing Taiwan Life's eminent standing.
Taiwan Life is the country's oldest insurer, established by the government in 1947 and privatized in 1998. Throughout its life, it has provided a full range of policies, closely monitored market changes, and adopted creative strategies in response. This has helped it ensure sound operational performance and the health and wealth of its policyholders. We think Taiwan Life's longevity is the best demonstration of the stable, long-term profitability it has enjoyed and the customer trust it has earned.
Now with CTBC Holding's “We are family” spirit a part of its culture and its synergies paying off, Taiwan Life is currently enjoying record profits, a stable credit rating outlook, and a satisfied customer base. Taiwan Life has already become an indispensable tool in fulfilling our mission to protect and build our customers’ wealth.