On August 19, 1999, China Insurance Co., Ltd. and Hong Kong China Insurance (Group) Ltd. officially announced the completion of the reorganization to become a large state-owned multinational insurance enterprise group. China Insurance Co., Ltd. was founded in Shanghai in the 1930s, after the establishment of China People's Insurance Company, China People's Insurance (Group) Company became a wholly-owned subsidiary company. In October 1998, after the withdrawal of China People's Insurance (Group) Company, China Insurance Co., Ltd. began its reorganization. This reorganization made China Insurance Co., Ltd. the final holding company of all former Chinese People's Insurance (Group) Company overseas business institutions, and Hong Kong China Insurance Group (Group) Ltd. implemented the management of "t