By the 2000s, CTBC Holding was helping millions of people to save, borrow, and invest for the future. But we knew there was more we could do to diversify our services for the benefit of our customers and subsidiaries.
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.
More recently, Taiwan Life has established King Dragon Life Insurance in China. With a business scope taking in Fujian and Zhejiang provinces as well as 10 locations in the Western Taiwan Straits Economic Zone, King Dragon Life is a crucial springboard launching Taiwan Life into China’s insurance market.
In addition to such expansion, Taiwan Life is committed to maintaining its position at the forefront of industry digitalization and innovation. Not only were we the first to offer insurance-purchasing services online and via mobile, but we have actively developed and secured fintech patents to provide customers with digital services that make sense to them and fit into real everyday life.
Toward similar ends, Taiwan Life leads the industry in simplifying insurance claim procedures. One key way we’re doing this is through the adoption of blockchain technology to enable our customers to make online claims swiftly and securely. Our Edge Digitalization Lab is also a valuable asset, developing digitalization tools that are transforming personnel from mere sales staff into insurance consultants, each armed with the comprehensive professional capacities necessary to improve customer experience and service efficiency.
Now with CTBC Holding's "We are family" spirit a part of its culture and its synergies paying off, Taiwan Life is striding confidently into the future, ready to deliver more thoughtful financial services and innovative products as we protect and build value for our customers, employees, shareholders, and community.