2022 results released: China Life Insurance continues to lead the industry with strong and resilient business development
On the evening of March 29, China Life Insurance Company Limited (hereinafter referred to as “China Life Insurance Company”) released its 2022 annual report (hereinafter referred to as “annual report”).
From the information in the annual report, it can be seen that in 2022, the operating performance of China Life Insurance Company will show “Four steady and one progress“The characteristics ofSteady contributionThe ability to serve the overall situation continues to improve;Stable developmentoperating performance maintained a good momentum;stable positionboth scale and value continue to lead;safe and stablethe risk prevention and control capabilities are continuously optimized;reform intoand the development kinetic energy change is accelerating in an all-round way.
The annual report shows that in 2022, China Life Insurance Company will realize the total premium of life insurance business485.642 billion yuanyear-on-year growth0.9%; The total premium of health insurance business is115.329 billion yuan; The total premium of the accident insurance business is14.219 billion yuan. In 2022, the deep adjustment of the life insurance industry will continue, and the overall development will be under pressure. Adhering to high-quality development, the insurance business made steady progress, further consolidating its market leadership. Firmly promoted the construction of the sales system, comprehensively upgraded the management methods of the sales force, gradually stabilized the size of the team, and continuously optimized the structure and quality of the team.As of December 31, 2022, the total sales force of China Life Insurance Company is about729,000 people.
In the individual insurance segment, we insisted on keeping the word “steady” and making progress while maintaining stability. The transformation of channels continued to deepen, and the overall business development was stable. In 2022, the total premiums of individual insurance sector will be492.439 billion yuanwhere the renewal premium is392.849 billion yuan.The first year regular premium is81.508 billion yuanremained stable year-on-year, and the first-year regular premium for ten years and above was41.796 billion yuanyear-on-year growth0.5%the proportion of the first-year regular premiums for ten years and above to the first-year regular premiums is51.28%a year-on-year increase0.73 percentage points. In 2022, the new business value of individual insurance sector will be33.333 billion yuanthe value of new business based on annualized premiums for the first year is33.0%.
Adhere to an effective team to drive business development, adhere to the team development strategy of “stabilizing quantity and seeking efficiency while maintaining stability”, the quality of the team has been continuously optimized, and the production capacity of the team has been significantly improved. In 2022, the monthly first-year regular premium per capita will increase year-on-year51.7%. In 2022, the company will implement a series of major reform projects, leading the transformation and upgrading of the individual insurance sector. Actively promote the “Zhongxin Plan” special quality improvement project to speed up the professionalization and professional transformation of the team; comprehensively upgrade the implementation of sales force management methods, focus on newcomers, supervisors and high-performance groups, strengthen business and service quality management, and enhance the vitality of the team Effective stimulation, the team foundation continues to be consolidated.As of December 31, 2022, the sales force of individual insurance is668 thousand peoplewhere the size of the marketing team is430 thousand peoplethe size of the deployment team is238 thousand people; The proportion of high-achieving groups remained stable.
The diversified business sector is guided by high-quality development, focusing on professional operations, adhering to transformation and upgrading, and continuously improving quality and efficiency, effectively synergizing with the individual insurance sector, actively expanding bancassurance, group insurance and health insurance businesses, and the quality of business development is improving. .
The bancassurance channel continued to deepen cooperation with banks, and the scale of premiums and business value grew rapidly. In 2022, the total premiums of the bancassurance channel will reach63.415 billion yuanyear-on-year growth28.6%.The first year regular premium is14.879 billion yuan.The business structure continued to be optimized, and the first-year regular premiums for a period of 5 years and above were6.451 billion yuanas a percentage of the first-year regular premium43.36%a year-on-year increase1.50 percentage points.Renewal premium up to36.200 billion yuanyear-on-year growth10.4%accounting for the proportion of total channel insurance premiums of57.08%. The bancassurance channel continued to strengthen the professionalization and technological capacity building of the customer manager team, and the quality of the team was steadily improved.As of December 31, 2022, the bank insurance channel account manager has reached21,000 peoplethe quarterly average active manpower remained stable, and the per capita production capacity increased year-on-year9.1%.
The scale and efficiency of the group insurance channel were coordinated to promote the steady development of various businesses. In 2022, the total premiums of the group insurance channel will reach27.333 billion yuanwhere the short-term insurance premium is24.059 billion yuan.As of December 31, 2022, the sales force of the group insurance channel is about40,000 peopleof which the proportion of high-performance manpower will increase compared with the end of 20217 percentage points.
In 2022, the total insurance premiums of other channels of China Life Insurance Company will be32.003 billion yuanyear-on-year growth5.4%. China Life Insurance Company actively develops various policy-based health insurance businesses and supports the construction of a multi-level medical security system.As of December 31, 2022, the company is in operationMore than 200Critical illness insurance project, covering nearly350 million people; undertook policy-based long-term care insurance projects nearly60,coverMore than 27 million people; Cumulative landingMore than 100Urban customized commercial medical insurance project, the number of people insured exceeds22 million.The company actively participates in social governance related to medical security, and continues to undertakeMore than 500Health insurance entrusted management projects, covering more than100 million people.
Vigorously developing the Internet insurance business, China Life Insurance Company provides customers with high-quality service experience through online and offline integration and online direct sales. In 2022, the digital sales capability will be further strengthened, the Internet insurance business will grow rapidly, and the total insurance premium under the supervision standard will reach62.896 billion yuanyear-on-year growth88.3%. The company continues to improve the Internet insurance business operation system with centralized operation and unified management, giving full play to the advantages of fast Internet access, wide coverage, and high efficiency, actively promoting the development of Internet insurance business, releasing the first Internet personal insurance long-term insurance product, and establishing Internet self-owned insurance products. The business platform “Guoxibao China Life Insurance Mall” realized the opening of China Life Ant Insurance business hall.
Give full play to the advantages of the group company’s comprehensive operation, actively build a “life insurance +” comprehensive financial ecosystem, and empower the company’s high-quality development.According to the annual report, in 2022, China Life Insurance Co., Ltd. will realize premiums through sales of China Life Property & Casualty Insurance Co., Ltd.22.383 billion yuanthe number of insurance policies increased year-on-year9.0%; Coordinated sales of the enterprise annuity business of China Life Endowment Insurance Subsidiary Co.15.729 billion yuan; China Guangfa Bank, as an agent of China Life Insurance Company, achieved stable growth in first-year regular premium income; actively explored synergy between insurance and investment businesses, deepened cooperation with China Life Asset Management subsidiaries and other member units, and promoted investment projects, joint customer development, etc. The two aspects are closely linked, and a new model of investment interaction is innovated. At the same time, starting from meeting the diversified needs of customers, the company builds an integrated business platform covering the entire customer base, and cooperates with property insurance companies, pension insurance subsidiaries and China Guangfa Bank to carry out various customer collaborative business activities to provide customers with one-stop, All-round high-quality financial insurance services.
2023 is the first year to fully implement the spirit of the 20th National Congress of the Communist Party of China. It is also a crucial year to promote the “14th Five-Year Plan” linking the past and the future. China Life Insurance Company will also usher in the 20th anniversary of the share reform and listing. China Life Insurance Company will actively integrate into the historical process of Chinese-style modernization, focus on serving the overall situation of the modern financial system and multi-level social security system, continuously deepen the understanding of the law of promoting high-quality development, continue to maintain strategic focus, and fully promote supply-side structural reforms , focusing on strengthening business layout, asset allocation, digital transformation, resource integration and risk management capabilities, and safeguarding people’s better life with high-quality development.