Recently, many media released the results of the annual awards. China Life Insurance Co., Ltd. (hereinafter referred to as “China Life Insurance Company”) won the China Banking and Insurance News’ 2023 Outstanding Cases of Digital Transformation of China’s Insurance Industry, the Daily Economic News’ 2023 “Golden Tripod Award” and the Financial Industry’s Outstanding Life Insurance Company of the Year. 2023 “Yanshu Award” Global Insurtech Contribution Award and Global Insurtech Case Award, Hexun.com’s 21st “Financial Ranking” Annual Influential Insurance Company and Social Responsibility Annual Award, 2023 Times Financial “Golden Orange Award” Several major awards, including the Socially Responsible Financial Institution Award, reflect the market and media’s full recognition of the company’s high-quality development, digital transformation, corporate social responsibility, and brand influence.
Adhere to high-quality development and reach a new level in operating strength
In the first three quarters of 2023, my country’s economic recovery has continued to consolidate, and the industry’s recovery trend has continued. However, there are still many uncertain and complex factors.
Adhering to the theme of high-quality development, China Life Insurance Company’s business development has remained steady, the quality of development has continued to improve, the market leadership has continued to be consolidated, and the comprehensive strength has been further enhanced. The company’s insurance business has achieved rapid development, with total premium income of 578.799 billion yuan, a year-on-year increase of 4.5%, and new insurance premiums reaching 196.656 billion yuan, a year-on-year increase of 14.8%. While new policy premiums are growing rapidly, the business structure is constantly being optimized. First-year regular premiums with ten years or more were 44.639 billion yuan, a year-on-year increase of 15.4%, accounting for 42.12% of first-year regular premiums, an increase of 2.13 percentage points from the first half of 2023. New business value continued to grow, with a year-on-year increase of 14.0%. The total sales force is 720,000, the stabilization of team size has been further consolidated, the quality of the team has continued to be optimized, and the team’s production capacity has been significantly improved.
Solvency continues to remain at a high level. As of September 30, 2023, the core solvency adequacy ratio of China Life Insurance Company reached 161.25%, and the comprehensive solvency adequacy ratio reached 232.68%, an increase of 17.66 percentage points and 25.90 percentage points respectively from the end of 2022, continuing to maintain a high level. Provide solid capital guarantee for the company’s development. It has maintained a Category A rating in the regulatory risk comprehensive rating for 21 consecutive quarters.
Firmly pursue digital transformation and continuously improve the level of technological empowerment
The award-winning technology projects this time have their own characteristics, and have contributed China Life samples and China Life wisdom to the digital transformation of finance and insurance. “China Life Distributed Architecture Transformation Practice” realizes comprehensive architectural innovation of all core systems from computing, storage, database, middleware to application software, becoming the first institution in the financial industry to complete the distributed architecture innovation of all core business systems.
Continuing to further promote digital transformation, China Life Insurance Company has accelerated its technological capabilities, empowered value creation in all aspects, and promoted the company’s high-quality development with digital drivers. We have deepened and expanded our digital capabilities, comprehensively optimized the data management system, refined data classification and hierarchical management and control, and strengthened data fusion drive. We were the first in the industry to be awarded the highest level of Data Management Maturity (DCMM), and we have taken the lead in data management capabilities.
Focus on the real-time and consistency of data to continuously improve the quality and efficiency of data services, and use data elements as the driving force to comprehensively empower sales, services, operations, risk control and other business areas. Relying on trillion-level data processing capabilities, the entire process is automatically generated to generate new insurance contract standards reports, and the new standards accounting and actuarial measurement system is built with more accurate algorithms, more refined models, and more efficient processes, fully ensuring the implementation of the new standards. Systematic, complete and accurate.
Digital risk control continues to be strengthened, and a digital risk control system is built based on big data analysis. Through multi-dimensional modeling analysis and cross-comparison, various risk behaviors can be accurately positioned to achieve forward-moving risk control, dynamic monitoring, and rapid identification and accurate capture of key points. Business risk monitoring scenarios.
Adhere to the original aspiration and mission and build a green financial system with China Life characteristics
As a leading company in the life insurance industry that actively advocates and practices ESG concepts, China Life Insurance Company has always adhered to the ESG strategic goal of “building a world-class, responsible life insurance company”, deepened the concept of sustainable development, and actively fulfilled various economic and environmental and social responsibility, and contribute to promoting healthy, harmonious and green development of society. The company’s ESG practices have been widely recognized by society. It has been rated BBB in the MSCI ESG rating by the international authoritative rating agency. It is in the leading echelon of the domestic life insurance industry and has embarked on a “China Life ESG Road” with Chinese characteristics and in line with international standards.
We will actively build a green financial system with China Life’s characteristics, unswervingly follow the path of green development that prioritizes ecology, and help achieve the “double carbon” goal. We will make every effort to promote green insurance business, create a package of insurance product service solutions for green industry customers, and enhance our green insurance service supply capabilities. In the first half of 2023, the green insurance coverage of China Life Insurance Company reached 383.806 billion yuan. Continue to strengthen the responsible investment management system, incorporate ESG into the investment analysis and decision-making process, and promote the green transformation of the investment business. As of June 30, 2023, the scale of green investment stock exceeds 440 billion yuan. We have carried out in-depth green operations, practiced energy conservation and emission reduction, basically realized paperless insurance for personal business, and the online service rate of preservation and claims settlement has remained at a high level of over 90%.
Playing the role of “head goose”, brand reputation has been newly demonstrated
Unswervingly following the path of financial development with Chinese characteristics, China Life Insurance Company has been awarded the A-level operating evaluation of insurance company legal entities by the Insurance Association of China for seven consecutive years. In 2023, China Life Insurance (Group) Company, with China Life Insurance Company as its core member unit, ranked 54th among the Fortune Global 500. In the 2023 “China’s 500 Most Valuable Brands” list released by the World Brand Laboratory Among the orders, the brand value reached RMB 485.567 billion, continuing to rank first in the insurance industry.
In the future, China Life Insurance Company will adhere to the “people-centered” development philosophy, adhere to the origin of insurance, adhere to the path of high-quality development, accelerate digital transformation, and while pursuing sustainable operation and development, use actions to fulfill corporate social responsibilities. Demonstrate excellent brand image and promote high-quality economic and social development.