Luen Fung Hang Life Limited (the “Company”) was founded in 2002 with a mission to provide the public of Macau with diversified, quality and comprehensive solutions in life insurance and pension funds. The Company’s shareholder profile is of tremendous strength, comprises a numerous of reputable financial institutions from Hong Kong and Macau. Our shareholding banks in Macau are Tai Fung Bank, OCBC (Macau) Limited and Industrial and Commercial Bank of China (Macau), while Bank of China acts as our major agent bank. Shareholders in Hong Kong include Bank of China Group Insurance, "OCBC" MACAU, CMB Wing Lung Insurance, Shanghai Commercial Bank, Chong Hing Insurance, BC Reinsurance and Hang Seng Insurance.
Capitalizing on the rich client resources and distribution networks of our shareholding banks, we have reached significant achievement in our life insurance and medical insurance businesses, bringing a wide spectrum of trustworthy product offering to the general public. Furthermore, we have also been proactively driving the evolution of pension market in Macau. In response to the Macau Private Pension Funds Ordinance Decree-Law No.6/99/M and the Non-mandatory Central Provident Fund System Decree-Law No. 7/2017 established in 2003 and 2018 respectively, we have swiftly enriched our product assortment to support the rapidly growing demand in pension fund management services from both institutions and individuals, which have been highly recognized by the Macau market. As of the end of December 2022, Assets Under Management is over MOP 8.1 billion.
Alongside the persistent prosperity of the Macau economy, we envisage rapid growth in the demand for life insurance and pension fund products in the Macau market. We shall keep abreast of the ever-changing market conditions, strive for service standard betterment, endeavour for product innovation, and continue to contribute to the market evolution.