China Life helps restore and expand consumption with high-quality financial and insurance services
In 2022, the Central Economic Work Conference emphasized that the recovery and expansion of consumption should be given priority in 2023, and efforts should be made to expand domestic demand. As a central financial enterprise, China Life Insurance (Group) Company (“China Life”) earnestly fulfills its duties and missions, leverages the comprehensive financial advantages of the coordinated development of the three major business segments of insurance, investment and banking, and strives to guarantee consumption capacity with high-quality financial and insurance services , Promote consumption upgrades, enhance consumption potential, and strive to play the role of the industry’s “leading wild goose” in benefiting people’s livelihood, promoting consumption, and stabilizing growth.
Insurance Guarantees Consumption Capability Innovative Products Help “Dare to Consume”
China Life focuses on the main business of insurance, continues to increase the supply of innovative insurance products, and helps the people live a better life through sufficient and effective insurance protection and efficient and convenient claim settlement services. In 2022, China Life will provide about 610 trillion yuan of risk protection for economic and social development. The group’s life insurance company will pay 51.5 billion yuan in claims, and the property insurance company will pay 59.2 billion yuan in claims, effectively providing insurance protection for consumers.
Take the protection of migrant workers for the New Year as an example. Before the Spring Festival in 2023, the “Performance Guarantee Insurance for Wage Payment of Migrant Workers” underwritten by the property insurance company under China Life Insurance Group quickly opened claims after receiving a report from the Labor Security Supervision Brigade of Qindu District, Xianyang, Shaanxi. The green channel, timely payment of nearly 800,000 yuan in claims to the special account for the wages of local migrant workers, and then timely distribution by the labor security supervision team to the hands of 106 local migrant workers who were owed wages, guaranteed the consumption needs of migrant workers during the Spring Festival reunion. In 2022, China Life Insurance will provide salary protection for nearly 2.6 million migrant workers through the wage payment performance guarantee insurance for migrant workers, and pay more than 70 million yuan in compensation, ensuring that thousands of migrant workers in more than 30 cities can celebrate the New Year with peace of mind.
At the same time, the life insurance company under China Life Insurance Group actively supports the development of the tourism industry. After the resumption of outbound tour group business in China, it provides high-quality insurance protection services for the first outbound travel group departing from Guangzhou Baiyun International Airport. At present, the life insurance company under China Life Group has deeply participated in the first group activities of more than 200 tourist routes, providing insurance protection and service support for domestic and overseas tourist groups, and is committed to promoting the orderly development of the tourism industry.
On the first day of the new year, the property insurance company under China Life Insurance Group also launched the third “Treasure Festival” consumer activity, and the online platform of China Life Property & Casualty Insurance “Anxinxiang” was upgraded to version 4.0. The platform integrates China Life Insurance APP, China Life Insurance WeChat Official Account, and China Life Insurance Air Service Mini Program to create a service ecosystem of “insurance + car service + health + life” and realize six major health, family, and travel services. Online self-service purchase of more than 50 types of insurance products has attracted about 5.83 million users to participate, meeting the diverse insurance needs of the public. In addition, China Life Property & Casualty Insurance Company aims at the consumption of prefabricated vegetables, and provides exclusive insurance guarantees such as product quality assurance and food safety liability for the local prefabricated vegetable industry in Weifang, Shandong, the famous “vegetable basket” in the country. Vegetable consumption upgrade. At the same time, aiming at the important scenes of e-commerce consumption, actively promote the return shipping insurance. At present, it has provided return and exchange risk protection for more than 150 million orders on the Douyin platform, realized the online automation of the claim settlement process, and established a dedicated customer service team to provide 7×24 hours online Consultation to promote peace of mind transactions between buyers and sellers on e-commerce platforms.
Investment promotes consumption upgrade Satisfy consumer demand and enhance “willingness to consume”
The Central Economic Work Conference proposed to support consumption such as housing improvement, new energy vehicles, and elderly care services. China Life gave full play to its investment advantages to support market players in fields such as health and elderly care services to continuously adapt to the trend of domestic consumption upgrades, improve product and service quality, and meet new consumption demands. As of now, China Life’s inclusive investment stock has exceeded 130 billion yuan, an increase of more than 36% over the same period in 2022.
At the end of 2022, China Life Pension Fund will make a strategic investment in Fushoukang Medical Pension Service Company. Fushoukang is a well-known brand in the field of home medical and elderly care in China. It provides convenient community home care and rehabilitation services for the elderly at home. It has covered more than 50 large and medium-sized cities in China, and the annual service volume is nearly 15 million. China Life relies on its large pension fund to make an exclusive strategic investment in Fushoukang, effectively supporting the construction of Fushoukang’s commercial services and digital operation system, and accelerating the expansion of the national market service network to further promote the consumption upgrade of the elderly care service market.
In February 2023, the equity investment plan of “China Life-COFCO No. 1”, an asset company under China Life Group, completed the fundraising and issuance, and strategically invested in COFCO Fulinmen Company, the core main business entity of agriculture and grain under COFCO Group. The main products of COFCO Fulinmen in the domestic consumer market include rice noodles, edible oil, beer malt, etc., and its processing capacity and market share are in the leading position in the industry. China Life’s strategic stake will further support COFCO’s Fulinmen brand’s grain and oil processing capacity expansion, supply chain strengthening, technology and equipment upgrades, informatization empowerment, etc., thereby helping COFCO continue to build a food safety chain and enrich people’s shopping carts , to promote the upgrading of food consumption.
Credit enhances consumption potential “Spring Action” fully promotes “more consumption”
China Guangfa Bank, a member of China Life Insurance Group, played an important role in the expansion of consumption by credit card payment channels, and launched the “Spring Action” to fully promote residents’ consumption with tens of billions of subsidies, focusing on New Year’s Day outings, New Year’s purchases, Spring Festival shopping, festive gatherings, and Women’s Day consumption and other consumption hotspots, more than 1,000 online and offline business districts, airports, gas stations, charging stations, etc., through consumption coupons, credit card cashback, point rewards, installment red envelopes, 50% off meal tickets, car purchase subsidies and other preferential activities , providing consumers with consumption incentives and support for precision and diversification
On the eve of the Spring Festival in 2023, GF Credit Card launched the “Super New Year’s Shopping Festival” event, in which it was found that the main venue of the wonderful APP event achieved nearly 250 million yuan in consumer transactions. At the same time, GF Credit Card has increased its credit supply to the consumer market, driving new consumption of over 2 billion yuan. During the Spring Festival holiday, GF credit card tourism consumption increased by nearly 130% year-on-year, catering consumption increased by nearly 30% year-on-year, movie consumption increased by about 75% year-on-year, and the cumulative transaction volume of customers reached 27 billion yuan, effectively promoting the growth of the Spring Festival consumer market.
Small and micro enterprises are not only the “main force” to absorb employment, but also the “new force” to drive investment and promote consumption. In 2022, China Life will support 19,400 small and micro enterprises through small and micro enterprise loan guarantee insurance. As of now, the group member unit Guangfa Bank has a balance of inclusive small and micro enterprise loans of about 160 billion yuan, effectively helping to stabilize market players. In addition, China Guangfa Bank also actively supports the stabilization of expectations and confidence in the real estate market, and has approved a total of over 25.7 billion yuan in bailout loans for real estate companies, promoting the stable and healthy development of the real estate market.
This year, while promoting its own high-quality development, China Life will focus on the main business functions and comprehensive financial advantages, continue to explore and promote “dare to consume, willing to consume, and more consumption”, help improve consumption conditions, create consumption scenarios, and create a consumption atmosphere , to support and boost the economy throughout the year.