Ping An Annuity Signs Annuity Business Collaboration Agreement with Mitsubishi UFJ Trust and Banking Corporation
Ping An Annuity Signs Annuity Business Collaboration Agreement with Mitsubishi UFJ Trust and Banking Corporation
(Shanghai, February 24, 2006) Ping An Annuity Insurance Company of China, Ltd. (“Ping An Annuity”) and Mitsubishi UFJ Trust and Banking Corporation (“MUTB”) have entered into an Annuity Business Collaboration Agreement. Under the Agreement, Ping An Annuity will provide high-quality and professional consulting, planning and fund management services for annuity plans, serving the corporate clients of MUTB in China. This Agreement, which has drawn attention from both the industry and the media as the first annuity collaboration between a Chinese professional pension management company and an internationally renowned financial institution,；demonstrates that the quality of Ping An’s corporate annuity business has attained the highest national standard.
Ms. Emily Li, Executive Vice President of Ping An Annuity and Mr. Kazuo Hanari, General Manager of Business Development in the Global Markets Business Unit of MUTB attended the signing ceremony. Ms Li commented, “Since MUTB is highly respected in the Japanese trust industry, our partnership will provide Ping An Annuity an opportunity to enhance our brand image in the pension industry in China. Bringing in overseas trust management experience will also help Ping An Annuity improve product quality and drive growth. Finally, this partnership will expose Ping An Annuity to a number of multinational companies operating in China and allow Ping An to broaden its customer base.”
MUTB values the strengths, excellent management and extensive sales and distribution network of Ping An Group. Leveraging its own characteristics and strengths, MUTB will form a strong strategic partnership with Ping An Annuity.
Headquartered in Tokyo and as one of the three largest Japanese financial institutions under Mitsubishi UFJ Financial Group, MUTB is a financial conglomerate with banking, trust and securities businesses as its principal businesses. It also offers services such as investment trust, leasing, credit card and consumer financial products. The recently established Mitsubishi UFJ Financial Group commenced operations on October 1, 2005, serving clients ranging from large corporations to individual clients.
The partnership recognizes Ping An Annuity’s superior quality in trust management, operating systems, service network, risk control and business management. Under the Agreement, MUTB will introduce Ping An Annuity to its corporate clients in China. Ping An will provide comprehensive annuity services, including annuity consultation, solution design, solution reporting and selection of operating partners.
Enterprise annuity is a voluntary retirement system that can supplement the existing pension system. By improving the post-retirement living standard of employees, enterprise annuity can help to create a harmonious and stable social environment. Companies adopting enterprise annuity schemes may benefit from preferential tax policies, save cost and retain key employees.
Background Information:
Mitsubishi UFJ Financial Group (“MUFG”)
The merger of Mitsubishi Tokyo Financial Group (“MTFG”) and UFJ Holdings on October 1, 2005 has opened the way for a new financial era, both globally and in Japan. Headquartered in Tokyo, MTFG is the holding company of Bank of Tokyo-Mitsubishi and Mitsubishi Trust Bank and Mitsubishi Securities. MTFG’s principal businesses are mainly located in Tokyo and Eastern Japan, serving large corporations and overseas clients. Headquartered in Osaka, UFJ Holdings was jointly established by Sanwa bank of California, Toyo Trust Bank and Tokai bank of California, the three major financial institutions of Sanwa Group. UFJ Holdings is the holding company of UFJ Bank, UFJ Trust Bank Ltd and UFJ Securities, operating in Western Japan and Central-Japan, serving mid and small size corporate clients and individual clients. Based on the value of MTFG and UFJ Holdings in March 2004 total asset of MUFG were Yen 188,700 billion (equivalent to approximately US$1,700 billion), substantially larger than world leader Citigroup (approximately US$1,300 billion). The total bank deposits and total loans of MUFG were JPY119,000 billion and JPY89,000 billion respectively.
Ping An Annuity Insurance Company of China, Ltd.
Ping An Annuity Insurance Company of China, Ltd.(Ping An Annuity ) was founded on December 1, 2004 in Shanghai. It is the first insurance company in China specializing in Retirement Accounts and Annuities. It has registered total asset of RMB 300 million and is wholly owned by its parent company, Ping An Insurance (Group) Company of ChinaLtd. It offers a wide variety of products and services including Group Retirement Accounts and Annuities, Individual Retirement Accounts and Annuities, and other products approved by China Insurance Regulatory Commission (CIRC). The founding of Ping An Annuity Insurance Company of China marks an important milestone in China's fast growing insurance industry. It is a clear indication of China Ping An’s strategic vision to be the first in industry to offer services in Employee Pension Plan and Annuities. The entrance to this new market will greatly benefit China Ping An ' s future growth potential and ultimately increases its shareholder's value.
(Shanghai, February 24, 2006) Ping An Annuity Insurance Company of China, Ltd. (“Ping An Annuity”) and Mitsubishi UFJ Trust and Banking Corporation (“MUTB”) have entered into an Annuity Business Collaboration Agreement. Under the Agreement, Ping An Annuity will provide high-quality and professional consulting, planning and fund management services for annuity plans, serving the corporate clients of MUTB in China. This Agreement, which has drawn attention from both the industry and the media as the first annuity collaboration between a Chinese professional pension management company and an internationally renowned financial institution,；demonstrates that the quality of Ping An’s corporate annuity business has attained the highest national standard.
Ms. Emily Li, Executive Vice President of Ping An Annuity and Mr. Kazuo Hanari, General Manager of Business Development in the Global Markets Business Unit of MUTB attended the signing ceremony. Ms Li commented, “Since MUTB is highly respected in the Japanese trust industry, our partnership will provide Ping An Annuity an opportunity to enhance our brand image in the pension industry in China. Bringing in overseas trust management experience will also help Ping An Annuity improve product quality and drive growth. Finally, this partnership will expose Ping An Annuity to a number of multinational companies operating in China and allow Ping An to broaden its customer base.”
MUTB values the strengths, excellent management and extensive sales and distribution network of Ping An Group. Leveraging its own characteristics and strengths, MUTB will form a strong strategic partnership with Ping An Annuity.
Headquartered in Tokyo and as one of the three largest Japanese financial institutions under Mitsubishi UFJ Financial Group, MUTB is a financial conglomerate with banking, trust and securities businesses as its principal businesses. It also offers services such as investment trust, leasing, credit card and consumer financial products. The recently established Mitsubishi UFJ Financial Group commenced operations on October 1, 2005, serving clients ranging from large corporations to individual clients.
The partnership recognizes Ping An Annuity’s superior quality in trust management, operating systems, service network, risk control and business management. Under the Agreement, MUTB will introduce Ping An Annuity to its corporate clients in China. Ping An will provide comprehensive annuity services, including annuity consultation, solution design, solution reporting and selection of operating partners.
Enterprise annuity is a voluntary retirement system that can supplement the existing pension system. By improving the post-retirement living standard of employees, enterprise annuity can help to create a harmonious and stable social environment. Companies adopting enterprise annuity schemes may benefit from preferential tax policies, save cost and retain key employees.
Background Information:
Mitsubishi UFJ Financial Group (“MUFG”)
The merger of Mitsubishi Tokyo Financial Group (“MTFG”) and UFJ Holdings on October 1, 2005 has opened the way for a new financial era, both globally and in Japan. Headquartered in Tokyo, MTFG is the holding company of Bank of Tokyo-Mitsubishi and Mitsubishi Trust Bank and Mitsubishi Securities. MTFG’s principal businesses are mainly located in Tokyo and Eastern Japan, serving large corporations and overseas clients. Headquartered in Osaka, UFJ Holdings was jointly established by Sanwa bank of California, Toyo Trust Bank and Tokai bank of California, the three major financial institutions of Sanwa Group. UFJ Holdings is the holding company of UFJ Bank, UFJ Trust Bank Ltd and UFJ Securities, operating in Western Japan and Central-Japan, serving mid and small size corporate clients and individual clients. Based on the value of MTFG and UFJ Holdings in March 2004 total asset of MUFG were Yen 188,700 billion (equivalent to approximately US$1,700 billion), substantially larger than world leader Citigroup (approximately US$1,300 billion). The total bank deposits and total loans of MUFG were JPY119,000 billion and JPY89,000 billion respectively.
Ping An Annuity Insurance Company of China, Ltd.
Ping An Annuity Insurance Company of China, Ltd.(Ping An Annuity ) was founded on December 1, 2004 in Shanghai. It is the first insurance company in China specializing in Retirement Accounts and Annuities. It has registered total asset of RMB 300 million and is wholly owned by its parent company, Ping An Insurance (Group) Company of ChinaLtd. It offers a wide variety of products and services including Group Retirement Accounts and Annuities, Individual Retirement Accounts and Annuities, and other products approved by China Insurance Regulatory Commission (CIRC). The founding of Ping An Annuity Insurance Company of China marks an important milestone in China's fast growing insurance industry. It is a clear indication of China Ping An’s strategic vision to be the first in industry to offer services in Employee Pension Plan and Annuities. The entrance to this new market will greatly benefit China Ping An ' s future growth potential and ultimately increases its shareholder's value.
