China Life Insurance Announces 2022 Annual Results (A Shares)
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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”).The annual report shows that in 2022, the company will achieve total premiums615.19 billion yuanintrinsic value1230.52 billion yuannew business value36 billion yuanthe key business indicators continued to rank first in the industry.
In 2022, the complexity, austerity, and uncertainty of the domestic economic development environment will increase. The life insurance industry is still in a period of deep adjustment and transformation, and the growth rate of industry premium income will further slow down. China Life Insurance Company adheres to the general principle of seeking progress while maintaining stability, adheres to the fundamentals of insurance, continues to deepen supply-side reform, and adheres to high-quality development. The overall business situation is stable and improving, and the business scale and business value continue to lead the industry.
Adhere to high-quality development and continuously enhance comprehensive strength
In 2022, with the theme of high-quality development, China Life Insurance Company will firmly hold on to the fundamentals of development, and its comprehensive strength will continue to increase.As of December 31, 2022, the company’s total assets and investment assets have both broken through5 trillion yuanof which total assets amount to5.25 trillion yuaninvestment assets up to5.06 trillion yuan. In 2022, the company will continue to strengthen the linkage between assets and liabilities, and the total investment income will reach187.751 billion yuanrealizing the net profit attributable to shareholders of the parent company32.082 billion yuan.As of December 31, 2022, the comprehensive solvency adequacy ratio and the core solvency adequacy ratio are respectively206.78%,143.59%, continue to maintain a high level.The company has long-term insurance policies with a total of325 million copies.
Adhere to value guidance and maintain stable core indicators
In 2022, the premium income of China Life Insurance Company will reach615.190 billion yuan, ranking first in the industry.The new policy premium is184.767 billion yuanup year-on-year5.1%; The first-year regular premium is96.426 billion yuanof which, the first-year regular premium for ten years and above is41.821 billion yuanup year-on-year0.3%, the business structure has been optimized.The company’s one-year new business value is36.004 billion yuanwith an embedded value of1230.519 billion yuanan increase from the end of 20212.3%business value continues to lead the industry; surrender rate0.95%,Down0.25 percentage points.
Vigorously promote reform and innovation, and the results of transformation are gradually showing
China Life Insurance Company continued to deepen reform and innovation, focused on key areas to promote transformation and upgrading, and continuously injected new momentum into high-quality development. Continue to promote the construction of the sales system, accelerate the optimization of the sales force, the structure and quality of the team are gradually optimized, and the per capita regular delivery capacity has been greatly increased. Product innovation and supply capacity continued to increase, the first batch of personal pension business was launched, and the supply of new business forms and new citizen insurance products and services continued to be enriched. Continuously deepening operation service innovation and intensive operation, the operation sharing operation has been promoted nationwide in the fields of security and underwriting, and the service experience has been significantly improved. The digital transformation has reached a new level, the first in the industry to be awarded the highest level of data management capability maturity, and the data management capability is industry-leading.
The annual report pointed out that at the end of 2022, China Life Insurance Company launched a new business strategy to lead future development—”Eight major projects“. The “eight major projects” focus on innovation and breakthroughs in the leadership of party building, mechanism optimization, marketing reform, resource integration, management innovation, and ecological drive.Party building leads the foundation project” as the leader, with “Talent construction solid capital project” as support, with “Sales channel strengthening project“”Comprehensive marketing cohesion project“”Customer Management Jinshan Engineering“”Government-enterprise cooperation public opinion project“”Healthy pension ecological project” as the subject, with “Financial technology digital engineering“Based on this, we will carry out in-depth reengineering and tackling difficult problems, actively target new customer groups, new models, and new capabilities, comprehensively upgrade the company’s development momentum, and accelerate quality change, efficiency change, and power change.
On the whole, the operating performance of China Life Insurance Company in 2022 presents “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.
Strong business development
Scale value continues to lead
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, China Life Insurance 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, China Life Insurance Company will actively carry out various policy-based health insurance businesses to support 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 comprehensive management advantages of the group company and actively build a “Life Insurance+“The comprehensive financial ecosystem empowers the company’s high-quality development. The annual report shows that in 2022, China Life Insurance Co.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, China Life Insurance Company built an integrated business platform covering the entire customer base, and cooperated with property insurance companies, pension insurance subsidiaries and China Guangfa Bank to carry out various customer collaborative business activities to provide customers with a comprehensive One-stop, all-round high-quality financial and insurance services.
Serve the overall situation of the country
Investment in the real economy totaled over 3.6 trillion yuan
Strengthen the responsibility of insurance for the people and make new contributions to serve the overall situation.
China Life Insurance Company continues to enhance the functions of economic compensation, financial intermediation, wealth management, and social management to strongly support and escort the people’s better life. In-depth participation in the construction of a multi-level social security system, deepening the “universal” and “beneficial” inclusive insurance, and expanding the scope and coverage of new citizen insurance service supply. The personal pension business industry was among the first to be launched, and exclusive commercial pension insurance was steadily advancing.Fully support the overall improvement of economic operation, the ability to serve the real economy has continued to improve, and the cumulative investment in the real economy has exceeded3.6 trillion yuanthe scale of investment in serving regional development strategies exceeds2.3 trillion yuan. Promote common prosperity and green development. The insurance business and investment scale related to rural revitalization achieved rapid growth. The construction of ESG (environmental, social, governance) and green financial governance systems has been accelerated, and MSCI’s ESG rating has been upgraded to BBB, ranking it in the leading echelon of the domestic life insurance industry.
Adhere to the customer-centric approach, continue to implement the national strategy of healthy China and actively respond to population aging, and increase the development layout of the health care business. In 2022, China Life Insurance Company will build a high-quality and efficient health management service system with synergy between total and sub-branches.As of December 31, 2022, the number of service items on China Life’s big health platform has exceeded 100, and the cumulative number of registered users has increased by more than 20% compared with the end of 2021.twenty one%, ranking the forefront of the industry. The company implements the national strategy of actively responding to population aging, gives full play to the long-term advantages of insurance funds, and relies on the professional investment platform of China Life Group to continue to promote the investment layout and professional operation of the elderly care industry, build an elderly care service system, and improve the supply capacity of elderly care services. In 2022, the company will accelerate the integration of China Life Group’s internal health care resources through the China Life Pension Fund, and continue to promote institutional pension and community pension projects in strategic areas such as the Beijing-Tianjin-Hebei region, the Yangtze River Economic Belt, and the Guangdong-Hong Kong-Macao Greater Bay Area. Layout. In order to accelerate the deployment of China Life’s health care industry, the company launched the “Healthy Elderly Care Ecological Project” to build a China Life characteristic health care ecosystem with rich scenarios, diversified supplies, advanced management, and controllable risks to create new business development momentum and promote High-quality development of insurance business.
Create a product system with brand influence
88 newly developed and upgraded products
Actively implementing the national strategic deployment and adhering to the customer-centric product development concept, China Life Insurance Company conducts in-depth market research and continuously strengthens product development and response capabilities. In 2022, the company will develop and upgrade new products88 stylescovering all product categories such as life insurance, annuity insurance, health insurance, accident insurance, etc., and continue to create a corporate product system with rich product forms, outstanding features, and brand influence.
Actively serve the Healthy China strategy, vigorously promote the innovative research and development of health insurance products such as disease, medical care, and nursing care, and launch health insurance products such as “Respect and Benefit” and “Aiyi Kangyue” to continuously enrich the health insurance product system; actively respond to the aging population in services In terms of the national strategy of nationalization, the elderly have been launched exclusive accidental injury, disease and other age-appropriate insurance products. At the same time, the personal pension business has started solidly. In terms of boosting the rural revitalization strategy, continue to improve the exclusive series of rural revitalization products to provide more extensive insurance protection for relevant groups; launch exclusive accident protection products for new business types and new citizen groups; steadily promote the development of Internet exclusive insurance products, and launch the “Guardian Star” ” and other insurance products to better meet the insurance consumption needs of young customers.
Investment assets exceed 5 trillion yuan
Take various measures to stabilize investment income
The annual report analyzes the capital market environment and the investment income of China Life Insurance companies in 2022.
The annual report pointed out that in 2022, complex and severe internal and external environments will continue to disturb the capital market, domestic bond yields will be at historically low levels, and the A-share market will undergo a deep adjustment. With the introduction of policies to stabilize growth and the improvement of the external environment, the risk-free interest rate rose at the end of the year, and the A-share market rebounded slightly. In the ups and downs of the market environment, China Life Insurance Company has always maintained strategic focus, persisted in serving the country’s major strategies and supporting the real economy, firmly implemented the medium and long-term strategic asset allocation plan, and took multiple measures to stabilize investment returns. On the basis of continuing to do a good job in research and judgment of market dynamics, we will steadily promote the allocation of traditional fixed-income products, and strive to stabilize the level of coupon yield and asset duration; actively grasp the long-term allocation opportunities in the process of equity market adjustment, and promote the proportion of equity asset allocation to The mid-to-long-term allocation center will be closer; increase the innovation of alternative investment product models, deploy high-quality alternative assets through various forms such as equity plans, asset-backed plans, and equity funds, stabilize the allocation scale, and enrich the sources of excess returns.
According to the annual report, as of December 31, 2022, the investment assets of China Life Insurance Company reached5064.980 billion yuanan increase from the end of 20217.4%.The proportion of bond allocation among major varieties will be changed from that at the end of 202148.20%raised to48.54%the allocation ratio of time deposits will be increased by the end of 202111.23%change to9.59%the proportion of debt-type financial products allocated by the end of 20219.41%change to8.98%the allocation ratio of stocks and funds (excluding money market funds) will be adjusted by the end of 20218.75%raised to11.34%.
In 2022, China Life Insurance Company will realize net investment income190.344 billion yuanan increase from 20211.574 billion yuanyear-on-year growth0.8%the net return on investment is4.00%. In 2022, the company will realize total investment income187.751 billion yuanthe total return on investment is3.94%.After considering the net change in the fair value of available-for-sale financial assets included in other comprehensive income in the current period, the comprehensive investment yield is1.92%.
Accelerated leap in scientific and technological capabilities
All-round empowerment for value creation
In 2022, China Life Insurance Company will continue to deepen its digital transformation, accelerate its scientific and technological capabilities, empower value creation in an all-round way, and promote high-quality development of the company with digital drivers.
Another step forward in technological innovation
Fully completed the transformation of the core business system architecture, successfully built a new self-controlled distributed digital base, and realized the improvement of data processing capabilities2 timesstorage utilization per unit space is improved3 timesthe computing utilization rate per unit space is improved266%cost reduction and efficiency increase, green and low-carbon achievements are remarkable, and information technology application innovation has been leading the industry for two consecutive years.
Deepen and expand digital capabilities
Comprehensively optimize the data management system, refine data classification and hierarchical management and control, and strengthen data fusion drive. It is the first company in the industry to be awarded the highest level of Data Management Capability Maturity (DCMM), and its data management capabilities have achieved leadership.Human-machine collaboration continued to make breakthroughs, and the number of intelligent robot applications increased year-on-year326%fully empowering various business scenarios such as sales, service, operation, and risk control.
Digital Connectivity Open Extension
Relying on the digital platform, it responds quickly to market demand driven by diversified scenarios, expands the open and shared Internet social ecosystem, and provides standardized service components near15,000 itemscooperate to carry out services and activities over400,000 itemsWidely extended to online and offline, inside and outside the enterprise, to provide customers with a full range of digital services.
Committed to building
“First-class experience” operation service
In 2022, China Life Insurance Company insists on putting the people at the center, serving the overall situation of the country, and takes “first-class experience” as the value pursuit of operation services, and creates “simple,quality,warmth“Customer service, continue to promote the intensive, digital, and diversified development of operational services, focus on improving service supply and delivery capabilities, improve the consumer rights protection system, and accelerate the implementation of an intelligent and intensive integrated operation model.
Green development, online services increased significantly.
Efforts were made to promote convenient and smooth online service channels to help the company save energy and increase efficiency.The number of registered users of China Life Insurance APP reached129 millionthe number of monthly active people increased year-on-year6.8%.Personal business paperless insurance coverage rate exceeds99.9%.Further promote e-mail, e-policy, online security, and online claims services, saving more than6400 tons.The online service rate of security and claims settlement remained at90%above high.
Abide by the promise and adhere to the original intention of “fast and warm” claim settlement service.
Continue to provide convenient multi-scenario payment methods, and the odds of claim settlement are super99.6%the average aging0.43 days, are at the forefront of the industry.All kinds of convenient compensation are very popular, and the coverage of “serious illness compensation in one day” has been further expanded, benefiting the whole year185,000client. “Claims direct payment” super6.7 million passengers.forMore than 116,000Customers with difficulties are provided with the service of “special service door-to-door compensation”.
Customers are put first, and the level of consumer rights protection continues to improve.
Build a comprehensive consumer rights protection mechanism, formulate a consumer rights protection work plan of “full employee participation, comprehensive coverage, and full process management”, strengthen closed-loop management of customer experience, and maintain a high level of life insurance service quality index and customer praise .Strengthen the supply of value-added services, and the total service volume increased year-on-year3.7%.The elderly-friendly service has formed its own characteristics, and the service provided throughout the year exceeds25.59 million passengers. The China Life Insurance APP became the first mobile phone application in the insurance industry to pass the evaluation of barrier-free and aging-friendly technology by the Ministry of Industry and Information Technology of the People’s Republic of China.
The model is upgraded, and shared operations and intelligent applications have reached a new level.
Realize the intelligent scheduling of maintenance and underwriting tasks, promote the overall utilization of national operation resources, improve service quality, faster business processing speed, and increase the average timeliness of personal security and underwriting approval by more than 100%.25%.The ability of intelligent application continued to improve, the pass rate of intelligent review of insurance application, underwriting, claim settlement and preservation remained high, and the problem solving rate of intelligent online service reached95.8%.
Comprehensive Risk Rating
Awarded Grade A for 19 consecutive quarters
Scientifically coordinate development and safety, and achieve new improvements in risk control capabilities. China Life Insurance Company took the opportunity of the implementation of the second phase of C-ROSS to continue to promote the construction of a comprehensive risk management system, strengthen asset and liability management, continue to strengthen risk management in key areas, and firmly hold the bottom line of no systemic financial risks. Persist in promoting the modernization of risk governance, and improve the timeliness, effectiveness and intelligent level of risk prevention and control. Adhere to the system concept, optimize the top-level design of comprehensive risk management and improve the management ability of the whole process, and promote the organic combination of risk control and operation management.In the comprehensive risk rating of the China Banking and Insurance Regulatory Commission, the continuous19Quarterly to maintain a category A rating.
The annual report pointed out that my country’s economy continues to recover and shows an upward trend, but the foundation for recovery is not yet solid. The triple pressure of demand contraction, supply shock, and weakening expectations is still relatively large. The traditional momentum of the life insurance industry is weak and is still in the stage of deep adjustment. In the long run, my country has the world’s most complete industrial system and the domestic market with the greatest potential. The economy is resilient, has great potential, and is full of vitality. The fundamentals of China’s long-term economic growth have not changed. According to the annual report, as the effects of policies promoting the overall economic improvement continue to emerge, the national strategy of actively responding to the aging population and the healthy China strategy are being implemented in depth, new momentum such as digital technology, ecological platforms, and team transformation are accumulating and strengthening, and new customer groups in the life insurance industry The rapid growth of , new business and new channels will promote the further expansion and upgrading of financial and insurance consumption and open up a new world for the industry.
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. Faced with the “three-phase resonance” of the important strategic opportunity period for the long-term improvement of the macro economy, the acceleration period of the structural growth of the life insurance industry, and the bonus period of the accelerated transformation of China Life’s comprehensive advantages, China Life Insurance Company will actively integrate into the historical process of Chinese-style modernization Focusing on serving the overall situation of the modern financial system and multi-level social security system, we will continue to deepen our understanding of the law of promoting high-quality development, continue to maintain strategic focus, fully promote supply-side structural reforms, and focus on strengthening business layout, asset allocation, digital transformation, Capabilities such as resource integration and risk management have laid a solid foundation for high-quality development, created greater value for shareholders, and shared development results with the society.
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