China Life Insurance Co., Ltd. launched a series of research, interviews and press releases on “20 years of listing on China Life by the media”
From June 26th to 28th, China Life Insurance Co., Ltd. (hereinafter referred to as “China Life Insurance Company”) launched the “Study, Propaganda and Implementation of the Spirit of the 20th National Congress of the Communist Party of China-New Development Concepts to Promote High-quality Development and Listing for 20 Years” in Fujian The Media Look at China Life” series of research interviews and press releases.
Figure: Site of research, interviews and press releases
Zhao Guodong, assistant to the president and secretary of the board of directors of China Life Insurance Company, participated in the press conference and systematically introduced China from the aspects of leading the party building, serving the real economy, helping to build a multi-level social security system, adhering to reform and innovation, participating in charity and public welfare, and strengthening risk management. The development history of life insurance companies since their listing 20 years ago and the practical effects of participating in social governance. China Life Insurance Fujian Branch introduced the 20 years since its listing, especially in recent years, Life Insurance Fujian Branch has thoroughly implemented the spirit of the 20th National Congress of the Communist Party of China, promoted high-quality development, served the local real economy, and deepened comprehensive finance. Overall situation.
Fujian is an important birthplace and practice place for Xi Jinping’s socialist thought with Chinese characteristics in the new era, and also gave birth to the “Gutian Spirit” that will shine forever. This year is the first year to fully implement the spirit of the 20th National Congress of the Communist Party of China. China Life Insurance Co., Ltd. coincides with the 20th anniversary of the share reform and listing. It launched the first stop of research and interview activities in Fujian, aiming to inherit the red gene and continue the red blood. It has a profound history. significance and positive practical significance.
The report of the 20th National Congress of the Communist Party of China proposed that the great rejuvenation of the Chinese nation should be promoted in an all-round way through Chinese-style modernization. Chinese-style modernization puts forward overall, systematic and comprehensive requirements for high-quality financial development. China Life Insurance Company was successfully listed overseas in 2003, becoming the first life insurance company in mainland China to be listed overseas, creating the world’s largest IPO that year. The past 20 years of listing are exactly the 20 years in which China’s life insurance industry has developed rapidly and is shifting from high-speed development to high-quality development. In this process, China Life Insurance Company, as the “ballast stone” of the industry’s development, has played an important role in product innovation, channel innovation, rule formulation, etc., and has carried out beneficial exploration and development in promoting high-quality development and serving the people’s livelihood. Vivid practice and substantial results have been achieved.
Adhere to the leadership of party building
Highlight politics and people’s nature, and strive to build a world-class life insurance company
Always adhere to the leadership of the party, strengthen party building, and promote the deep integration of party building and business, so that wherever the business is developed, the party organization will cover it simultaneously. At present, there are more than 60,000 party members in the whole system of China Life Insurance Company, and about 20,000 party members are sales agents. The total number of party members continues to increase, and the organizational foundation is constantly being consolidated. Highlight political construction, integrate the party’s leadership into corporate governance, and give full play to the role of party committees at all levels in setting the direction, managing the overall situation, and ensuring implementation. Strengthen the construction of branches, build standardized and standardized party branches, and promote the strengthening of grassroots party branches. Strengthen the party building of the sales force team, incorporate the party members of the sales staff into the management of the company’s party organization, and guide the sales staff to provide better insurance services for the general public. Carry out in-depth activities such as “Flying the Party Flag at the Grassroots Frontline”, and organize a series of activities of “Flying the Party Flag and Party Members Leading the Way” at the service windows of the counters at the grassroots level. The “Four Best” China Life service teams with excellent work performance. Regularly organize the selection of “Two Excellences and One First”, carry out tour lectures on the deeds of “Moving China Life’s Top Ten People”, and promote the spirit of struggle. In recent years, a number of advanced collectives and individuals in the China Life Insurance Company system have been honored and commended. Hou Li of the Shanxi Branch was awarded the “National Excellent Party Worker”, and the Health Insurance Department of the Guangxi Chongzuo Branch was awarded the National Advanced Collective for Poverty Alleviation , Luobu Dundup of the Tibet Autonomous Region Branch was awarded the National Advanced Individual in Poverty Alleviation… The vanguard and exemplary role of party members has been continuously demonstrated and strengthened.
Adhere to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, deeply grasp the political and people-oriented nature of financial work, focus on improving professionalism, continuously strengthen system thinking and overall concept, and unswervingly follow the road of financial development with Chinese characteristics. Inherit finance and insurance as the heart of the people and serve the country, and strive to be the most reliable force for the party and the country to rely on. Adhere to the origin of insurance, take ensuring the stable operation of the economy and protecting the people’s better life as the driving force for development, transform the advantages of corporate governance into development advantages, and strive to build a world-class life insurance company.
Give full play to the advantages of the main insurance business, help win the battle against poverty, consolidate and expand the achievements of poverty alleviation and effectively connect with rural revitalization, effectively promote the “five major revitalizations”, establish and improve the long-term assistance mechanism of “one body, two pillars, five policies and six guarantees”, gradually formed A reproducible and scalable China Life assistance program has been developed.
Insist on serving the country financially
Integrate into the social governance system and fully promote the development of the real economy
Clarify and continuously strengthen the identity attributes of financial central enterprises, and China Life Insurance Company will effectively play the role of financial insurance as a “safety net” for people’s livelihood, a “shock absorber” for economic operation, and a “stabilizer” for social development, so as to contribute to China’s economic and social development. and China Life Wisdom. Continuously improve China Life’s characteristic investment management system, enhance investment management capabilities, and actively promote high-quality investment development. Always maintain strategic focus, insist on serving the country’s major strategies and supporting the real economy, firmly implement the medium and long-term strategic asset allocation plan, and take multiple measures to stabilize investment returns. Based on regional characteristics, support regional coordinated development, and actively deploy investment projects that conform to the national economic development trend and policy orientation.
Think in the overall situation of the country, act in the national strategy, and constantly forge “iron shoulders” that serve the overall situation. Provide long-term financial support for real industries and real enterprises that conform to the national strategy through various forms such as equity, debt, and stock-debt combinations, and open up the blood of the real economy. Efforts will be made to improve the quality and efficiency of serving the real economy, and the investment layout will be continuously optimized in areas such as accelerating the development of green investment, supporting the development of modern industrial systems, the construction of social and people’s livelihood fields, and coordinated regional development.
Adhere to insurance for the people
With the “big country” in mind, we will do our best to protect the people’s better life
Continuously strengthen product supply-side reform, actively participate in the construction of a multi-level social security system, weave a dense social security network, and continuously meet the people’s growing needs for a better life. The insurance protection provided by China Life Insurance Company covers the entire life cycle of a person, covering various protection needs such as survival, pension, illness, medical treatment, nursing care, death, and disability. Actively serve the construction of the “three-pillar” pension insurance system, actively serve the construction of “Healthy China”, vigorously develop exclusive commercial pension insurance, personal pension insurance, serious illness insurance for urban and rural residents, long-term care insurance and other businesses, and at the same time accelerate the promotion of China Life’s health care industry Layout, strive to build China Life’s characteristic health care ecosystem with rich scenarios, diversified supplies, advanced management, and controllable risks, so that the people can have medical care, old-age care, and weak support, and strive to make people feel happy and happy The sense of security and security is more fulfilling, more secure, and more sustainable.
Adhere to the people-centered, serve the overall situation of the country, take “first-class experience” as the value pursuit of operational services, create “simple, high-quality, warm” customer service, continue to promote the intensive, digital, and diversified development of operational services, and strive to improve services supply and deliverability. Build a comprehensive consumer rights protection system, establish and improve the consumer rights protection mechanism of “full participation, comprehensive coverage, and full process management”, strengthen the closed-loop management of customer experience, and maintain high service quality index and customer praise.
Figure: Staff provide customers with convenient business handling services
Adhere to reform and innovation
Taking both speed and quality into consideration, we will continue to build a new pattern of China Life’s characteristic development
Twenty years ago, taking advantage of the opportunity of preparing for listing, China Life Insurance Company seized the opportunity to promote system reform, starting from the grassroots system, and organized relevant forces to study and plan the shareholding system reform plan. The smooth advancement of shareholding system reform and company reorganization has provided China Life Insurance Company with a larger and broader development space. Over the years, the company has continuously strengthened its market capitalization management and promoted its market capitalization to continue to lead the domestic insurance industry.
Deeply cultivating professional advantages, expanding institutional outlets, enriching product supply, improving sales network, and improving investment capabilities. After going public in three places, reforming the operation and management system, and reforming the Dingxin Project, we have built a sales layout of “integration and diversification”, and built a China Life characteristic The new development pattern contributes to the China Life plan for the sustainable, healthy and stable development of the industry.
Following the trend of technological development, we have made every effort to build an open digital ecosystem. From the perspective of the needs of hundreds of millions of customers, we have further promoted the “China Life Science and Technology” strategy, accelerated digital transformation, continued to build a digital insurance ecosystem, and developed a technology with China Life characteristics. The road of construction has created an industry-leading financial technology. Deepen the integration of business, service and technology, improve technological innovation capabilities and empowerment levels, achieve new breakthroughs in technological construction, and effectively optimize customer service experience.
Actively give play to the synergistic effect of various subsidiaries under China Life Group, vigorously promote comprehensive operations, serve customers and main businesses on the basis of pursuing synergy and strengthening synergy, create value for customers, and help build insurance, investment, and banking. The comprehensive business structure of the sector provides customers with a package of financial and insurance services, and is constantly moving towards the goal of a comprehensive business structure of “one customer, one China Life”.
Adhere to business for good
Engage in public welfare undertakings and fulfill the responsibility of central enterprises
Actively fulfill social responsibilities and be an excellent corporate citizen. With the China Life Charity Foundation as the core platform, and in conjunction with the GF Hope Charity Fund, China Life Charity and Public Welfare System has been aggregated to form a China Life Charity and Public Welfare System with more professional and sustainable investment. The love of charity conveys the warmth of society, uses the power of public welfare to improve the happiness of the masses, and fully demonstrates the responsibility and responsibility of a central enterprise.
On June 16, 2007, China Life Insurance Company initiated the establishment of China Life Charity Foundation, the first non-public foundation in the domestic financial industry registered with the Ministry of Civil Affairs. Since its establishment, the foundation has been actively carrying out charitable activities such as helping the poor, helping the poor, disaster relief, and helping the disabled with the purpose of “supporting public welfare and charity, and promoting social harmony and development”. After the Wenchuan Earthquake occurred in 2008, the China Life Charity Foundation immediately announced to support all Wenchuan Earthquake orphans. Afterwards, it successively sponsored children orphaned by disasters including the Wenchuan Earthquake, Yushu Earthquake, Zhouqu Earthquake, and Ludian Earthquake, and assumed the basic living guarantee of 600 yuan per month for each child until they reached the age of 18. Due to its outstanding performance in a series of public welfare activities such as ice and snow disasters, earthquake relief, etc., China Life Insurance Company won the “China Charity Award”, the highest government award in the field of charity in China that year – the “Most Caring Domestic Enterprise” award.
In addition, the China Life Charity Foundation and the China Charity Federation jointly launched the “Green Life” health assistance project to provide serious illness assistance to minors in need, so as to help them reduce their worries about falling into poverty due to illness and returning to poverty due to illness.
Take green finance as an important force to serve the construction of a modern industrial system, help achieve the goals of “carbon peak” and “carbon neutrality”, and inject financial vitality into “green water and green mountains”. Actively promote the development of the company’s green finance, relying on solid green financial strategic deployment, responsible investment philosophy and eco-friendly low-carbon operating model, to provide inexhaustible power for sustainable development.
Adhere to compliance management
Focus on steady and long-term development, and keep the bottom line of no systemic risk
Risk prevention and control is always the bottom line and cornerstone of the development of the insurance industry. Insurance companies need to consider their own risk management within the framework of the entire national financial security. , are of great significance and far-reaching influence. While accelerating its development, China Life Insurance Company actively strengthens its own risk prevention and control system construction, comprehensively coordinates development and safety, and resolutely guards the pension funds and life insurance funds of the people. Always adhere to the business philosophy of prudence, integrity, and compliance, adhere to the general tone of work while striving for stability, strictly abide by the laws and regulations of the listing place and industry regulatory requirements, focus on forward-looking planning and systematic thinking, and continue to strengthen internal control and risk management. Prevent and defuse major risks. Adhere to the “Corporation II” as the criterion, continue to strengthen risk management in key areas, and integrate safety into the blood of development. The company’s SARMRA assessment results ranked first in the life insurance industry, and the core solvency adequacy ratio and comprehensive solvency adequacy ratio have always remained within the reasonable range required by the regulatory authorities.
Continue to improve the corporate governance structure and compliance management system, vigorously promote the compliance culture, integrate the concept of risk management into the company’s management fields and business processes, and improve the level of risk prevention and control informatization. The “Year of System Compliance” campaign was carried out in-depth, and the “three lines of defense” compliance management force was brought into play, the compliance operation mechanism was continuously optimized, compliance compliance was strengthened, and the efficiency of compliance management was continuously improved.
Stick to the origin of insurance
Read the “Development Sutra” well and maintain the attitude of “head goose” leading the way
The 20 years since the listing of China Life Insurance Company coincided with the rapid development of the domestic insurance industry. The company continued to lead the industry as a “leading goose”. The changes in several sets of data are the best proof:
The outstanding strength of being the industry leader: premium income has increased from 135.054 billion yuan to 615.190 billion yuan, and the business scale has increased by nearly 9 times in 20 years; the value of new business in one year has increased from 6.5 billion yuan to 36 billion yuan, and the total assets have increased from 306.8 billion yuan to 5.25 trillion yuan; the embedded value has also been rapidly accumulated, increasing from 90.073 billion yuan to 1,230.519 billion yuan.
To protect a better life for the people: the number of served customers has increased from 250 million to over 500 million; the number of annual claims has increased from 789,000 to 19.17 million, an increase of 25 times; the annual claim amount has increased from 2.8 billion yuan to 51.5 billion yuan; Winning odds increased from 97.50% to 99.65%. The average daily compensation for critical illnesses has increased from 1.3827 million yuan to 42.5821 million yuan, an increase of 29.8 times; the average daily medical compensation has increased from 2.1248 million yuan to 54.6985 million yuan, an increase of 24.74 times.
Powerful driving force to boost the real economy: The total investment assets increased from 280.568 billion yuan to 5.06498 billion yuan, breaking through the 5 trillion mark in one fell swoop. The scale of investment in serving the real economy exceeds 3.6 trillion yuan, of which more than 1.2 trillion yuan is invested in major infrastructure construction, about 280 billion yuan is supported for the development of strategic emerging industries, more than 180 billion yuan is supported for advanced manufacturing, and more than 32 billion yuan is supported for the reform of state-owned enterprises 100 million yuan, supporting the development of private and small and micro enterprises exceeding 180 billion yuan; investing in green investment-related fields exceeding 430 billion yuan; serving the national and regional coordinated development investment scale exceeding 2.3 trillion yuan.
Responsibility to shoulder the mission of the central enterprise: assist the rural revitalization strategy, invest 239 million yuan in assistance funds, and undertake 1,048 rural revitalization support points; pay attention to the track advantages of private and small and micro enterprises in emerging fields, and support the development of private and small and micro enterprises The investment scale exceeds 180 billion yuan. For 20 consecutive years, it has been included in the “Fortune” and “Brand” dual world top 500 lists, and its ranking has jumped from 290th and 302nd to 40th and 92nd respectively; it has been listed in the “China’s 500 Most Valuable Brands” for 20 consecutive years In the top 10, the brand value jumped from 42.7 billion yuan to 452.5 billion yuan.
Cutting-edge thinking of technological empowerment development: the first company in the financial industry to complete the 100% distributed transformation of core business systems, and the first company in the insurance industry to be awarded the highest level of Data Management Capability Maturity (DCMM). Build a new Internet of Things infrastructure with leading scale and wide coverage in the insurance industry. It is the first in China to propose and build a multi-active data center, and it is the first to create a safe, green and flexible China Life distributed hybrid cloud, successfully moving enterprises to the “cloud”. Innovatively built a digital platform, decoupling the huge system into nearly 15,000 standard service components, flexibly assembling, and efficiently supporting diversified business forms and differentiated business models. The paperless insurance coverage rate for personal business exceeded 99.9%, and the online service rate of security and claims settlement remained at a high level of over 90%. The direct payment of claims settlement covered more than 20,000 medical institutions across the country, providing customers with better insurance ecological services.
Figure: Technology empowers high-quality operation services
Forge ahead on a new journey
Practice the political nature of insurance and serve the Chinese modernization
For China Life Insurance Company, the 20-year listing is not only a historical accumulation of development, but also an inexhaustible driving force for the new journey.
This year, China Life Insurance Company launched a series of commemorative activities with the theme of “20 years of unity and new journey together”. “One heart” means that China Life has always adhered to the original mission of “serving the overall development of the country and protecting the people’s better life”, sharing destiny with the party and the country, gathering with all sectors of society, relying on the industry, integrating with customers, and working with employees Grow together; “Juli” means that China Life will gather love to make a trip, get together into a fire, and gather energy to bloom; “Twenty Years” reviews the progress and achievements of the series, and “New Journey” shows that it will cultivate new opportunities, open new games, and make new contributions.
With the 20 years of listing as a mark, China Life Insurance Company has entered a new stage of high-quality development. Taking 20 years as a new starting point, China Life Insurance Company will adhere to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, fully, accurately and comprehensively implement the new development concept, deeply practice the political nature of insurance, and take financial insurance with Chinese characteristics The road to development, to better play the role of insurance in serving Chinese-style modernization. It mainly proceeds from the following six aspects:
Focus on major national strategies. Focusing on promoting high-quality development, accelerate product innovation and improve insurance protection capabilities. Focus on the innovation-driven development strategy, and improve the insurance support innovation system. Focus on the “double carbon” goal, adhere to green development, practice the ESG investment concept, and promote the green transformation of the real economy. Give full play to the advantages of insurance capital investment, take the initiative to take the initiative in maintaining national strategic security and industrial chain supply chain security, promoting high-quality economic development, and accelerating the realization of high-level technological self-reliance and self-improvement, and continuously improve the quality and efficiency of serving the real economy.
Implement the concept of inclusive finance. Adhere to the people-centered development philosophy to meet the needs of the people for a better life. Actively promote the supply of inclusive insurance products and services, and serve vulnerable groups and people in new business formats. Innovate special insurance products for poverty alleviation to prevent people who have been out of poverty from returning to poverty due to disease or disaster. Continue to expand insurance coverage, and actively provide insurance guarantees for new citizens to start businesses, employment, medical care and pensions.
Serving the social governance system. Vigorously develop commercial health insurance, explore new models of health management, actively participate in the handling or contracting of basic medical insurance and critical illness insurance, and serve the construction of a healthy China. Accelerate the innovation of commercial pension insurance and long-term care insurance, vigorously develop the third pillar of pension security, and participate in the construction of a multi-level social security system. Vigorously develop liability insurance to serve comprehensive social governance.
Focus on sustainable development. Continuously improve corporate governance, and take the construction of sales force as a “top leader project” to do a good job. Enrich service scenarios, optimize customer one-stop experience, and continuously improve service delivery capabilities. Make overall plans to promote the effective selection of cadres, and accelerate the growth of outstanding young cadres. Promote the full release of the three major elements of products, teams, and services, and build a sustainable business development pattern based on talents, resources, and technology.
Focus on value creation. Continue to improve investment capabilities, and continuously improve investment returns, profit contributions and shareholder returns. Ensure the growth of operating efficiency, business value, and company market value, and strive to achieve effective improvement in quality and reasonable growth in quantity. Continue to deepen the structural reform of the supply side, form a solid competitive advantage in emerging fields such as third-party asset management, and accelerate the cultivation of new growth drivers for the future.
Stick to the bottom line of financial risks. Fully implement the regulatory requirements of the second phase of C-ROSS, continue to improve the comprehensive risk management system, and continuously improve the risk management and control capabilities to meet the needs of comprehensive operations. Improve the three lines of defense and establish and improve the major risk prevention mechanism. Do a good job in risk prevention and control and disposal in key areas, and resolutely hold the bottom line of no systemic risk.
In order to actively contribute to Chinese-style modernization and escort the realization of common prosperity, China Life Insurance Company launched the reform of the “eight major projects” business model at the end of last year, focusing on party building leadership, mechanism optimization, marketing reform, resource integration, management upgrade, ecological drive, etc. In terms of innovation and breakthroughs, we will build on our strengths, make up for our weaknesses, and strengthen our foundations. We will actively lay out emerging ecosystems, carry out in-depth reconstruction of foundations and tackle difficult problems, accelerate quality changes, efficiency changes, and power changes, and strive to draw a new blueprint for high-quality development.
Conforming to the call of the times, following the wave of China’s economic development and the path of high-quality development, China Life Insurance Company’s listing story and historical opportunities cannot be copied, but its concept and action will continue to write a new chapter , Contribute wisdom and strength to the construction of a beautiful China.
