COMPANY INFORMATION

Listed Date 15 Jan 2015

Telephone General Line:
(852) 2395 4111
Investor relations:
(852) 2390-1868

Facsimile General Line:
(852) 2789 1539
Investor relations:
(852) 3475 0126

Website:
6161.com.hk

Email investorrelations@6161.com.hk

FINANCIAL REPORTSmore

2017 (IR)
2016 (AR)
2016 (IR)
2015 (AR)
2015 (IR)

Target Insurance (Holdings) Limited (the “Company”) (Stock Code: 6161.HK) listed on the Main Board of the Stock Exchange of Hong Kong Limited (the “HKEx”) on 15 January 2015. The Company was honored to receive Hong Kong Economic Journal’s Listed Company Award of Excellence 2016. Target Insurance Company, Limited (“Target”), a wholly-owned subsidiary of the Company, was incorporated in 1977, is one of the largest motor insurance companies in Hong Kong. Target is a trusted partner to the transportation industry and provides high quality and professional insurance services to our customers.

With the focus on motor insurance, Target ranked first in terms of motor insurance gross premium income in 2010, and has maintained the top three ranking consecutively. Target distinguished itself and earned customers’ confidence with its convenient and speedy claims procedures, highly efficient and advanced insurance information system, as well as its experienced and professional team in the competitive motor insurance market. Target received various recognitions around Hong Kong, such as RoadShow’s Best Loved Motor Insurance Brands Awards 2015 and 2016 and Metro Awards for Banking & Finance Corporations 2016 – Best Motor Insurance Award.

Target have successfully developed new general insurance products in 2017 and provides an all-rounded, professional and quality general insurance products and services to local enterprises and individual clients. Target recruited a team of top-tier experienced professionals from international insurance companies, in order to diversify its general insurance products and enhance its professionalism. We embrace new challenges in the future and target to be the most preferred local general insurance company in Hong Kong.


Dr. Cheung Haywood - Chairman and Executive Director

Dr. CHEUNG HAYWOOD (張德熙) (“Dr. Cheung”), is an executive Director and chairman of the Board. He joined our Group in 2010 . He has over 31 years’ experience in metals trading, securities and futures brokerage and forex dealings in Hong Kong. Dr. Cheung has extensive business connections in Hong Kong and the PRC. He has served as the President of the Executive and Supervisory Committee of the Chinese Gold & Silver Exchange Society from June 2010 to December 2014. Since then, he has become the Chairman of the Supervisory Committee of the Society. He is also the President of the New Territories General Chamber of Commerce for the year 2012 to 2014.

Mr. Lai Bing Leung - Executive Director

Mr. LAI BING LEUNG (黎秉良) (“Mr. Lai”), is one of the founders of our Group. Mr. Lai has about 37 years of experience in the motor insurance business. He has been an executive director of Target since 1977. He had also been the chairman of the board of Target until November 2010. In addition this directorship role of setting objectives and formulating strategies of our Group, Mr. Lai has also been responsible for enhancing our corporate image, liaising with the regulatory authorities, exploring market opportunities and overseeing the claims operation and human resources management of our Group. Mr. Lai has also been a director of The Oscar Motors Company Limited since 1991, which is engaged in the business of sale of motorcycles and one of our agents of the sale of our motor insurance policies. Mr. Lai is also the director of a number of other private limited companies. Mr. Lai has received secondary education.

Mr. Chiu Sun Ting - Executive Director

Mr. CHIU SUN TING (趙新庭) (“Mr. Chiu”), is one of the founders of our Group. Mr. Chiu has about 37 years of experience in the motor insurance business. He has been an executive director of Target since 1977 and was the chief executive officer of Target up to October 2014. In addition to his directorship role of setting objectives and formulating strategies of our Group, Mr. Chiu has also been responsible for enhancing our corporate image, exploring market opportunities, supervising the accounting operation and overseeing the underwriting operation and the investment function of our Group. During the period between 1995 and November 2011, Mr. Chiu was a partner of General Underwriters, which was engaged in the provision of insurance agency services and one of our agents. Mr. Chiu is also the director of a number of other private limited companies. Mr. Chiu has received secondary education.

Dr. Choi Chiu Fai Stanley - Executive Director

Dr. CHOI CHIU FAI STANLEY (蔡朝暉) (“Dr. Choi”), is an executive Director of our Group. Dr. Choi possesses about 23 years of experience in securities, futures, financial derivative products and merger and acquisition projects. Apart from working at senior positions for different financial groups in Hong Kong, Dr. Choi has also served as a member of the senior management of the following three companies, all of which are listed on the Stock Exchange , namely, the deputy chairman and an executive director of HyComm Wireless Limited (Stock Code: 499) from April 2010 to September 2010, an executive director of Simsen International Corporation Limited (Stock Code: 993) from May 2008 to April 2010 and the chief executive offi cer and an executive director of Cash Retail Management Group Limited (which is currently known as Carnival Group International Holdings Limited) (Stock Code: 996) from October 2006 to October 2007. Dr. Choi is currently an executive director of Media Asia Group Holdings Limited (Stock Code: 8075) since October 2011.

Mr. Muk Wang Lit Jimmy - Executive Director and Chief Executive Officer

Mr. MUK WANG LIT JIMMY (穆宏烈) (“Mr. Muk”), is an executive Director and Chief Executive Officer of the Group. Mr. Muk is also the compliance officer of Target, reporting to the Board on Target’s compliance matters, and is responsible to monitor Target’s compliance with the requirements under the ICO and other requirements as imposed by the IA. He joined our Group in 1979. Mr. Muk has over 35 years of experience in motor insurance business. Mr. Muk first joined the insurance industry in 1979 by joining Target in that year as Claims Supervisor and was responsible for handling and conducting claims and related matters. He was promoted as Claims Manager in 1982 and as Assistant General Manager in 1986 and was responsible for overseeing all functions and the daily operations of all departments. He was then subsequently appointed as the General Manager in 1993, taking up further planning, administration, compliance and decision-making responsibilities. He has also been a director of Target since 1983, participating in setting objectives and formulating strategies and corporate governance with his fellow directors.

Mr. Chan Hok Ching - Executive Director

Mr. CHAN HOK CHING (陳學貞) (“Mr. Chan”), is an executive Director of our Group. He joined the Company in July 2010 as the Assistant to Chairman . He was responsible for assisting the Chairman in performing his duties in all areas. Mr. Chan has been appointed as an executive director of Target since June 2012. Mr. Chan has over 25 years’ experience in banking and financial industry. Mr. Chan has been the general manager of Simsen International Corporation Limited (“Simsen”) (Stock Code: 993), a company listed on the Main Board of the Stock Exchange from May 2002 to January 2006. He has also been an executive director and acting managing director of the said company from January 2006 to April 2010. Mr. Chan has been elected as an executive director of the New Territories General Chamber of Commerce for the year 2012 to 2014.

Mr. Wan Kam To - Independent non-executive Director

Mr. WAN KAM TO (尹錦滔) (“Mr. Wan”), was appointed as an independent non-executive Director on 1 November 2014 . He has been awarded the Higher Diploma in Accountancy by Hong Kong Polytechnic (now known as Hong Kong Polytechnic University) in 1975. Mr. Wan is a fellow member of the Hong Kong Institute of Certified Public Accountants (“HKICPA”) . Mr. Wan was a former partner of PricewaterhouseCoopers Hong Kong & China, and has been a practising accountant in Hong Kong for over 30 years with extensive experience in auditing, finance, advisory and management.

Mr. Wong Shiu Hoi Peter - Independent non-executive Director

Mr. WONG SHIU HOI PETER (黃紹開) (“Mr. Wong”), was appointed as an independent non-executive Director on 1 November 2014 . Mr. Wong obtained a Master of Business Administration Degree from the University of Macau (formerly known as the University of East Asia, Macau in 1986). Mr. Wong possesses over 40 years of experience in the fi nancial services industry . He is the past chairman of the Hong Kong Institute of Directors and was an executive director, deputy chairman and chief executive of Haitong International Securities Group Limited. He also is former members of the Standing Committee of Company Law Reform, Listing Committee of the Stock Exchange and Financial Services Advisory Committee of the Hong Kong Trade Development Council . He is currently an overseas business advisor of Haitong Securities Company Limited and a director of the Hong Kong Securities and Investment Institute.
 

Mr. Szeto Wai Sun - Independent non-executive Director

Mr. SZETO WAI SUN (司徒維新) (“Mr. Szeto”), was appointed as an independent nonexecutive Director on 1 November 2014 . Mr. Szeto graduated from The University of Hong Kong with a Degree of Bachelor of Laws in 1982, and obtained the Postgraduate Certificate in Laws from the same university in 1983. He was admitted as a solicitor in Hong Kong in 1985 and has worked in a number of law firms in Hong Kong including Messrs Chan & Co., Y.T. and Messrs Cheung & Co., Edmund before founding Messrs Sun Lawyers (formerly known as Messrs. W.S Szeto & Lee) and becoming a partner of that firm in 2003. He also joined Messrs. Patrick Chan & Co. as a partner in July 2014. Mr. Szeto has completed a course of Professional Certificate in Chinese Civil & Commercial Law, which was jointly organised by Tsinghua University of the PRC and the School of Professional and Continuing Education of The University of Hong Kong in 2002.

Mr. Yuen Tak Tim, Anthony MH, J.P. - Independent non-executive Director

Mr. YUEN TAK TIM, ANTHONY MH, J.P., (阮德添) (“Mr. Yuen”), is a seasoned professional in financial and insurance fields for over 35 years. Mr. Yuen is a co-opted member of the Insurance Agents Registration Board under Hong Kong Federation of Insurers.  He held senior executive positions in a number of major international and local companies. Mr. Yuen is currently (1) an executive director and a responsible officer of a licensed corporation carrying on business in type 1 (dealing in securities), type 4 (advising on securities) and type 9 (asset management) regulated activities under the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) (“SFO”); and (2) a technical representative of an independent financial planning company holding insurance broking license under Professional Insurance Brokers Association and corporate intermediary license under Mandatory Provident Fund Schemes Authority. He was a non-executive director of a sizable insurance brokers, both in Hong Kong and China from 2003 to 2009 and the managing director of prestigious local insurance broking and consulting company with general insurance focus from 1988 to 1993.

Mr. Yuen holds a Bachelor degree of Business Administration from The Chinese University of Hong Kong and a Master degree of Business Administration from The University of Hong Kong, and successfully completed the 109th Session of the Advanced Management Program organized by Harvard University. Mr. Yuen is a fellow of The Asia Pacific Financial Services Association, an associate member of The Institute of Financial Accountants, a fellow member of The Society of Registered Financial Planners, a fellow member of The Chartered Institute of Marketing, a chartered member of The Chartered Institute of Logistics & Transport and a fellow member of The Chartered Management Institute.

Audit Committee

The primary duties of the audit committee are to review and supervise the financial reporting process and internal control procedures of our Group.

Upon Listing, the audit committee comprises Mr. Wan Kam To, Mr. Wong Shiu Hoi Peter, Mr. Szeto Wai Sun and Mr. Yuen Tak Tim, Anthony MH, J.P.. Mr. Wan Kam To is the chairman of the audit committee.

 

Terms of Reference of the Audit Committee

 

Remuneration Committee

The primary duties of the remuneration committee are to review and determine the terms of remuneration packages, bonuses and other compensation payable to the Directors and other senior management.

The remuneration committee comprises two independent non-executive Directors and one executive Director, namely Mr. Wong Shiu Hoi Peter, Mr. Szeto Wai Sun and Mr. Chan Hok Ching. Mr. Wong Shiu Hoi Peter is the chairman of the remuneration committee.

 

Terms of Reference of the Remuneration Committee

 

Nomination Committee

The primary duties of the nomination committee are to make recommendations to the Board on the appointment of Directors and management of Board succession.

The nomination committee comprises two independent non-executive Directors and one executive Director, namely Mr. Szeto Wai Sun, Mr. Wong Shiu Hoi Peter and Mr. Muk Wang Lit Jimmy. Mr. Szeto Wai Sun is the chairman of the nomination committee.

 

 

Terms of Reference of the Nomination Committee

 

Risk Committee

The primary duties of the risk committee are (i) to advise the risk and risk management strategy of our Group; (ii) to consider, review and approve risk management policies and guidelines; and (iii) to decide on risk levels and related resources allocation. The risk committee will also be responsible for advising further enhancement on corporate governance in preparation for the requirements under the risk-based capital framework (including the appointment of a chief risk officer).

The risk committee comprises three independent non-executive Directors and two executive Directors, namely Mr. Wong Shiu Hoi Peter, Mr. Szeto Wai Sun, Mr. Yuen Tak Tim, Anthony MH, J.P., Mr. Muk Wang Lit Jimmy and Mr. Chan Hok Ching. Mr. Wong Shiu Hoi Peter is the chairman of the risk committee.

 

Terms of Reference of the Risk Committee

 

Procedures for Shareholders to Propose A Person for Election as A Director of the Company

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Shareholders Communication Policy

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Whistleblowing Policy

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6161.com.hk

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IR Contact


Target Insurance (Holdings) Limited
Address: 5/F, Low Block, Grand Millennium Plaza, 181 Queen's Road Central, Hong Kong
Tel: (852) 2390-1868
Fax: (852) 3475-0126
Email: investorrelations@6161.com.hk