Taiwan's Fubon Insurance Ltd opened a branch in Pingtan Island, Fujian province, on Feb 27, becoming the first Taiwan-funded financial institution in the pilot zone, Fujian Daily reported.

A spokesperson with the company said Pingtan's privileged policies and development potential is its biggest attraction. It hopes to introduce new insurance concepts to the island and provide Taiwan compatriots, as well as local residents, with optimized risk prevention and insurance services.

Fubon Insurance Ltd is a subsidiary of Fubon Financial, Taiwan's second largest financial holding company. It is the first Taiwan-funded insurance firm to seek business on the Chinese mainland after the Economic Cooperation Framework Agreement took effect in 2010.

Its mainland headquarters is located in Xiamen, Fujian. The company has launched marketing activities in Fujian province, Liaoning province and Chongqing municipality. In 2012, the company was approved to offer a variety of auto insurance plans on the mainland.

Edited by Chen Zhilin and Michael Thai