TFMI was established in the early stages by taking over various insurance companies established by the Japanese in Taiwan, with the formation of The “Taiwan Fire & Marine Insurance Company Provisional Office” in June 1946. In addition to taking over the insurance business and the assests, new insurance businesses were also developed. The Company was officially established on March 12, 1948 and it is now Taiwan’s oldest non-life insurance company.
In the early stages there were only a few insurance underwriters, and insurance needed were also quite minimal. However, after over 60 years of intense development, the Company expanded its insurance products to over 80 products. With 12 branches and 28 liason offices across Taiwan, TFMI’s service network now spans across the country. The Shanghai Office was also established in August 2006 to expand services in the mainland China. In addition, to comply with the third stage of the Rate Liberalization Plan of the Non-Life Insurance Industry on April 1, 2009, the Company has completed internal organization adjustments in January 2009 and adjusted the Company’s strategy from being product-oriented to consumer-oriented.
At its formation, the Company’s initial capital of 10 million Old Taiwan dollars was provided by the Bank of Taiwan, Land Bank of Taiwan, First Commercial Bank, Chang Hwa Commercial Bank, Hua Nan Commercial Bank, Taiwan Navigation Co., Ltd., Taiwan Railways Administration and other entities. During the following 57 years, investments also came from the Taiwan Cooperative Bank, Taiwan Business Bank, and Taiwan Chung Hsing Paper Corporation and the Company became a provincial business entity. The Company’s stocks were listed on Taiwan Stock Exchange on September 30, 1997 and the Company was reorganized into a privatized business on January 22, 1998 to comply with government policies. The Company became a private enterprise after over 50 years of public operations. The Company Issued new stocks by capital surplus in September 2010. Its capital is now NT$3,622,004,000.
Under the guidance of the “stable and customer-oriented operations” policy, we are been able to maintain strong capital levels and good insurance underwriting performance. In recognition of our solid performance, we have been awarded “A-” and “twAA” ratings with stable outlook, from Standard & Poor’s (S&P) and Taiwan Ratings, respectively. TFMI values corporate governance, legal compliance, and corporate social responsibilities and the rights and interests of various shareholders, as such, TFMI has been selected as a constituent stock of the “TWSE Corporate Governance 100 Index” by the Taiwan Stock Exchange.
In the future, TFMI will continue to hold true to our strategic policies of prudent management and sustainable development. Internally, we will strengthen our corporate governance, strive to care for employees, and enhance our management performance. Externally, we will emphasize customer relations management to improve the quality of service for our customers. And through Taiwan Fire & Marine Foundation, we will continuously care for disadvantaged groups, promote green energy and environmental friendliness, and support academic research and physical fitness activities.