China Life Insurance Company Releases 2022 ESG and Social Responsibility Report

China Life Insurance Company Releases 2022 ESG and Social Responsibility Report

In 2022, the 20th National Congress of the Communist Party of China drew up a grand blueprint for comprehensively promoting the great rejuvenation of the Chinese nation with Chinese-style modernization. China Life Insurance Co., Ltd. (hereinafter referred to as “China Life Insurance Company”) actively implements the decisions and deployments of the Party Central Committee, always abides by the principle of “insurance is insurance and insurance is for the people”, and gives full play to the “national team” of financial central enterprises and the main force of high-quality development Army” role.

Recently, China Life Insurance Company released the 2022 ESG and Social Responsibility Report. The report comprehensively demonstrates the company’s practice and effectiveness in the fields of environment, social responsibility and corporate governance in its operation and development. In 2022, China Life Insurance will lead the industry in terms of scale and value, and its total market value will rank among the top among global insurance companies. ESG practices will be widely recognized by the society. It will be rated BBB by the international authoritative rating agency MSCI ESG, and will be in the leading echelon of the domestic life insurance industry. The Bauhinia Award for Most Investment Value, High-Quality Development Listed Company, “Asia’s Best Life Insurance Company of the Year” and other honors have blazed a “China Life ESG Road” with Chinese characteristics and in line with international standards.

  Serve the national strategy and help the coordinated development of the region

China Life Insurance Company focuses deeply on national strategies, solidly promotes national plans such as rural revitalization and coordinated regional development, extensively participates in social charity, conducts multi-dimensional talent training, brings together the company’s core strength and professional advantages, comprehensively promotes the construction of a new development pattern, and actively helps The country fully realizes the modernization drive.

Focus on helping the “five major revitalizations” of regional industries, talents, culture, ecology, and organizations, give full play to the company’s advantages in related fields, establish and improve a long-term rural revitalization assistance mechanism, and help local economic development; focus on promoting assistance work and the company’s main business operation Integrate development, continue to provide diversified financial insurance products and high-quality services suitable for people who have been lifted out of poverty, and build a solid bottom line to prevent large-scale return to poverty, gradually forming a replicable and scalable China Life plan for rural revitalization.

As of December 31, 2022, the company has invested a total of 239 million yuan in assistance funds and 138 million yuan in consumption assistance funds, which has strongly supported local development. Give full play to the advantages of the main insurance business at a high level, actively implement the policy of favoring the disadvantaged groups in critical illness insurance, and the projects with the responsibility of assisting and favoring account for more than 80%. The exclusive medical insurance products of the health insurance and rural revitalization series provided compensation services for 590,000 person-times. Develop rural revitalization insurance. From 2017 to December 31, 2022, a total of 36 insurance products including “Poverty Alleviation Insurance”, “Good Life” and “Rural Revitalization” have been developed, and a diversified exclusive insurance product system has been built.

The company also continues to improve the ability of insurance to serve the real economy and regional development. As of December 31, 2022, the cumulative investment in the real economy has exceeded 3.6 trillion yuan, and the strategic investment in serving regional development has exceeded 2.3 trillion yuan. Promote the coordinated development of the Beijing-Tianjin-Hebei region, help optimize the economic and spatial structure of the Beijing-Tianjin-Hebei region, and actively participate in the construction of the Xiongan New Area; promote the integrated development of the Yangtze River Delta, comprehensively serve the construction of a multi-level social security system in the Yangtze River Delta region, and actively promote urban customized Benefit commercial insurance; promote the construction of the Greater Bay Area, give full play to comprehensive advantages, strengthen investment support for the Greater Bay Area, improve the social management of the Greater Bay Area, and help the construction of a financial platform in the Greater Bay Area; serve in response to the “Belt and Road” initiative, Optimize the special expansion plan of “foreign business labor service and business travel insurance”.

  Promoting the development of green finance, the scale of green investment exceeds 430 billion

Thoroughly implement the Party Central Committee’s series of decisions and deployments on promoting green development. China Life Insurance Company actively promotes the development of green finance in accordance with the “Guidelines for Green Finance in the Banking and Insurance Industry” issued by the China Banking and Insurance Regulatory Commission. Relying on solid green financial strategic deployment, responsible investment philosophy and eco-friendly low-carbon operation mode, the company provides inexhaustible power to achieve sustainable development.

To support the development of green industries, China Life Insurance Company expanded the scope of insurance protection and actively served customers in green industries. The company promotes the development of the green insurance intelligent report system, grasps the operating benefits of green insurance, and helps improve the sustainable operation capability; strengthens the assessment of green insurance, incorporates the green insurance business into the company’s business assessment indicators and group insurance channel function assessment indicators, and actively promotes branch offices Serve green industry customers; increase the expansion of green industry customers, enrich insurance protection responsibilities, provide preferential rates, and provide a package of personal insurance protection programs such as accident, medical, and life insurance for upstream and downstream enterprises in the green industry chain according to customer needs. In 2022, the company’s green insurance coverage will be 417.812 billion yuan.

Deeply practicing the concept of responsible investment and green finance, China Life Insurance Company continues 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 and financing structure. Through the entrusted investment guidelines, the company clarifies the main objectives, investment direction and implementation path of key areas related to green investment, and incorporates green investment into the assessment indicators of managers. The company continues to enrich and improve the strategy of green investment varieties, and promotes the establishment of market-oriented entrusted portfolios of ESG green financial portfolios. As of December 31, 2022, the company’s green investment will exceed 430 billion yuan.

  Promote low-carbon operation in multiple steps

China Life Insurance Company actively responded to the national strategic goal of “carbon neutrality and carbon peaking”, comprehensively and systematically integrated the concept of green development into the whole process of company operation and management, and continuously created a new situation of low-carbon development. “China Life Focuses on Carbon Peak Carbon Neutrality Goals to Promote Green Development Solutions” won the second prize of “2022 Carbon Peak Carbon Neutral Action Typical Cases”, and is the only life insurance company that has won the award.

Promote green sales. Establish an efficient and convenient online contract signing platform, strengthen the training of sales staff on the use of the online contract signing platform, and realize the rapid access of different sales teams and paperless signing. The company carries out electronic management of the sales force, establishes electronic files for sales personnel, and realizes the visualization of information changes of sales personnel.

Promote green operation. Fully promote digital transformation, build comprehensive Internet scenarios, create China Life Hybrid Cloud and China Life Internet of Things technology clusters, and promote the company’s cost reduction, efficiency increase, and green and low-carbon operations. The company has applied artificial intelligence technology in multiple links such as product research and development, financial payment, and operational services. All links such as preservation, claims, notification, and payment can be handled online, which can effectively improve operational efficiency and prevent operational risks.

Advance digital office. The meeting management system supports online viewing of meeting materials, and users can view electronic version of meeting materials through the Internet and mobile smart terminals to efficiently promote green office.

Promote the construction of green data centers. In accordance with the relevant guidelines for the construction of national green data centers, the company adheres to the development concept of high efficiency, low carbon, intensification, and recycling, continuously improves technology and management levels, strengthens the construction of green data centers, and upgrades energy-saving equipment to reduce the energy consumption of data centers. The performance has always been in the leading position of the peers. China Life Distributed Hybrid Cloud won the 2022 Capital Financial Innovation Special Prize.

  Meet the needs of the people with diversified products and services

Actively responding to the call of the state, China Life Insurance Company strengthened product and service innovation according to local conditions. The company is committed to meeting the diverse insurance needs of the people with professional and diversified products and services, and contributing to serving the overall development of the country and protecting the people’s better life. In 2022, the company will develop a total of 84 new products and change 4 products.

Build an inclusive insurance product system, actively participate in inclusive insurance business, including critical illness insurance business, long-term care insurance business, urban customized commercial medical insurance business, develop tax-deferred pension insurance, exclusive commercial pension insurance, and premium or premium Relatively low amount of health insurance, accidental injury insurance, etc., to provide customers with rich and diverse inclusive insurance protection. As of December 31, 2022, China Life Insurance Company has undertaken more than 200 critical illness insurance projects, covering nearly 350 million urban and rural residents; in 2022, the critical illness insurance will pay more than 18 million people, and the compensation will exceed 25 billion yuan. As of December 31, 2022, it has undertaken nearly 60 long-term care insurance projects, covering more than 27 million people; it has implemented customized medical insurance projects in more than 100 cities, of which 50 projects are new projects in 2022, and the cumulative number of underwriters exceeds 2200 Ten thousand.

Efforts will be made to increase protection for specific risk groups such as the elderly, women, children and new citizens. In response to the actual needs of students and children in life, education and medical care, 2 comprehensive accident insurance products were upgraded, and 4 accidental injury insurance products were developed to expand the protection content and scope of student medical insurance. Actively carry out the entrusted undertaking business of the pilot occupational injury protection for employed persons in the new employment form, and won the bids for 4 provincial-level projects in Beijing, Jiangsu, Sichuan, Guangdong and other places.

To build an Internet personal insurance product system, China Life Insurance Company developed 4 Internet personal insurance products in response to the needs of Internet customers. Give full play to the Internet’s advantages of “fast access, wide coverage, and high efficiency”, adhere to the Internet concept of “digitalization, intelligence, and sharing”, and create “Guoxibao China Life Insurance” which integrates “products + services + content”. “Insurance Mall” has been launched in China Life Insurance APP, official WeChat and WeChat mini-programs.

  Take the Road of Science and Technology Construction with China Life’s Characteristics

Grasping the opportunity of the development of the digital economy and following the development trend of the mobile Internet, China Life Insurance Company, guided by the new development concept, insisted on “drawing a blueprint to the end”, deeply promoted the “Technology China Life” strategy, accelerated the digital transformation, deepened the endowment To create energy value, continue to build a digital insurance ecosystem, and walk out of the road of technological construction with China Life’s characteristics.

Plan ahead to create a new layout of China Life’s characteristic mobile Internet. Building a China Life hybrid cloud with powerful computing power, actively responding to the country’s call for accelerating the construction of new infrastructure such as 5G networks and data centers, and building a private cloud with three centers in Beijing and Shanghai in a multi-active manner, seamlessly connecting public cloud resources, taking the lead The industry’s first safe, green, and elastic hybrid cloud has been built to realize “senseless” switching of resource elastic scaling supply and deployment. Build a ubiquitous interconnected China Life Internet of Things, integrate cloud computing and edge computing technologies, build a wide-ranging network-wide interconnection environment, extend the efficient and flat mobile Internet network to all levels of management agencies and grass-roots outlets, and deploy multi-scenario, wireless The interconnected intelligent hardware equipment realizes the centralized management and control of 12 categories and 240,000 electronic equipment across the country.

Empowering technology, focusing on digitally driven innovation and integration. Increase all-round technology empowerment, establish a technology application innovation incubation center and R&D sub-center, innovatively build a smart panoramic view of family insurance protection, expand technology supply in multiple dimensions, promote technology business integration, fully empower the entire value chain of insurance, and provide customers with convenience , Efficient and accurate financial and insurance services.

Innovate the structure and lead the technological innovation to be independent and controllable. Relying on China Life’s hybrid cloud and open layered technology architecture, it efficiently promotes information technology application innovation, fully completes the transformation of the distributed architecture of the core business system, builds an open and compatible digital base, and doubles the data processing capacity. The utilization rate has been increased by 3 times, and the computing utilization rate per unit space has increased by 266%, and the cost reduction and efficiency increase have achieved remarkable results in green and low carbon. In 2022, the company’s distributed architecture transformation project was selected into the “2022 China Financial Digital Transformation Best Innovative Application Project TOP 30” list released by the institution directly under the Ministry of Industry and Information Technology. Innovation provides a model for practice.

Empowering with digital intelligence, strengthening the fusion drive of data elements. Taking data as a key production factor, building an enterprise-level data management system covering multiple fields, standardizing data management, strengthening data integration, and deepening data application, the industry’s first company was awarded the highest level of Data Management Capability Maturity (DCMM). Human-machine collaboration continues to make breakthroughs. In 2022, the number of intelligent robot applications will increase by 326% year-on-year, fully empowering various business scenarios such as sales, service, operation, and risk control.

Build an ecology and create an open and shared digital ecology. Build China Life’s characteristic digital insurance platform (EAC), which integrates online digital services and offline digital workplaces, connects enterprises, sales teams and customers in a social way, and supports organizations at all levels of the company and partners to integrate scenarios and flexibly Assembling and extending the ecology, realizing the seamless connection of life, insurance and services, providing nearly 15,000 service components, connecting more than 400,000 external cooperation services and activities, gradually establishing a richer and more diverse insurance ecology, and realizing openness, sharing and win-win.

  Let customers enjoy a satisfactory experience with smart services

China Life Insurance Company attaches great importance to customer experience, improves the experience closed-loop management mechanism, and insists on listening to customer opinions. The company conducts pre-launch assessments of services, establishes a customer journey breakpoint prevention and control system, and discovers and solves experience problems in a timely manner. The results of the third-party customer survey in 2022 show that the company’s overall customer satisfaction level remains high.

Fully apply technology and intelligent services, upgrade the “SIP (self-service-intelligence-manual) three-level” multi-service model of the customer contact center, comprehensively apply new technologies such as big data, intelligence, and cloud computing, and create multi-touch services such as 95519, APP, WeChat, and SMS Point-of-service, improve services such as electronic return visits, electronic notifications, intelligent voice navigation, intelligent outbound calls, and intelligent online customer service robots. In 2022, the 48-hour one-time problem solving rate of 95519 call-in service will reach 89.1%, a year-on-year increase of 3.6 percentage points; 95519 service satisfaction will hit a new high, reaching 98.77%; the proportion of electronic and intelligent services for new order return visits has exceeded 97.43% %; eXiaobao, an intelligent online customer service robot, has provided intelligent and artificial online services for 35 service terminals including APP and WeChat, with an intelligent service replacement rate of 96.31%, carrying about 170,000 service instructions per day.

Upgrade China Life Insurance APP policy service. Improve the carrying capacity of various insurance services, health care ecological services and online activities of the China Life Insurance APP, and create a full-process online insurance policy service for customers. In 2022, the number of registered users of the China Life Insurance APP will be about 129 million, an increase of 15.2% from the end of the previous year; the cumulative number of customer services for the year will be nearly 300 million, a year-on-year increase of 18.7%, demonstrating a stronger service carrying capacity.

Improve the service efficiency of 95519 customer dedicated line. Optimize the first-level service algorithm of the 95519 customer service line, and solve customer problems more quickly. When customers dial 95519, they can enjoy the convenient service of “only dialing the number once, listening to the voice once, and talking about the demand once”. Launched the industry’s first voice service digital management platform, enabling 95519 intelligent voice service emergency response changes within seconds.

Create an intelligent security service model. Fully established a security service model of “multi-point access, multi-track parallel, one step faster”, comprehensively upgraded the self-service contact point and intelligent review process, realized the processing of each case within 1 second, and the e-rate of customer policy preservation services Increased to 92.79%, and the automation rate of personal security exceeds 99%.

Improve the value-added service ecological platform “V Guest Life”. The value-added service ecological platform “V Customer Life” supports the normalization of rich and diverse customer business activities, enhances the communication bridge between customers and sales personnel, and provides customers with diversified, systematic and professional value-added services.

The company strives to create “fast and warm” claim settlement services, relying on digital technologies such as the Internet, big data, cloud computing, artificial intelligence, blockchain, and 5G networks to improve the speed and temperature of claim settlement services. The company realizes “mobile, convenient and efficient” handheld claim settlement, and actively applies intelligent technology to improve the efficiency of claim settlement services. In 2022, China Life Insurance will pay more than 19 million claims, and pay 1 claim in less than 1.7 seconds; the amount of claims will exceed 50 billion yuan, and an average of 140 million yuan will be sent to customers every day; the direct payment service for claims will exceed 670 million yuan. 10,000 person-times, and in some areas, one-stop settlement and instant compensation after discharge; Efficiently improve the efficiency of claims settlement operations, with a small claim settlement time limit of 0.13 days; Rapid response to 88 emergencies.

  Gather public welfare forces and carry out characteristic assistance

Actively supporting social public welfare undertakings, China Life Insurance fully demonstrates the company’s responsibility by organizing community care, volunteer services, emergency rescue and other activities. The company attaches great importance to social charity work and actively builds China Life’s public welfare brand. In 2022, the company will donate 34 million yuan to the China Life Charity Foundation.

In July 2022, the twelfth “China Life Little Painter” children’s social aesthetic education public welfare activity sponsored by China Life Insurance Company officially kicked off, allowing children to experience the simple relationship between people, people and nature, and people and society; From 2017 to 2022, we have joined hands with the NYBO Youth Basketball Open for five seasons to build a solid foundation and gather strength for the realization of a sports power and a healthy China; “Life” art salon series of activities to improve the cultural and artistic literacy of young people has been widely welcomed by participants; in 2022, donate public welfare insurance to more than 11 million person-times, and give play to the unique role of commercial insurance in assistance.

China Life Insurance Company encourages employees to actively participate in voluntary services. As of December 31, 2022, the company has established more than 300 youth volunteer service teams, with more than 7,000 registered young volunteers, and organized more than 1,500 volunteer services. Serving more than 30,000 person-times.

  The effectiveness of risk management and control remained in good condition

China Life Insurance Company adheres to legal and compliant operations, proactively identifies and prevents risks in business operations, and insists on being a practitioner and defender of business ethics. The company actively carried out the construction of a clean and honest government, implemented various anti-corruption and anti-money laundering regulations, and achieved new results in the development of corporate governance.

The company will integrate laws and regulations into the whole process of the company’s operations, actively carry out positive interactions with investors, further enhance the transparency of information disclosure, and provide a good guarantee for the company’s operations. Continue to improve the corporate governance structure and compliance management system, conscientiously implement the requirements of the laws and regulations of the listing place, give full play to the role of the special committees of the board of directors, including the audit committee, risk management and consumer rights protection committee, and deeply recommend the “system compliance year” activity , give full play to the joint force of “three lines of defense” compliance management, continuously optimize the compliance operation mechanism, strengthen compliance compliance, and continuously improve the efficiency of compliance management.

Taking risk prevention and control as the bottom line and cornerstone of development, China Life Insurance Company focuses on the construction of financial risk management system, deeply optimizes risk management measures, and solidly promotes the improvement of risk prevention and control level. Actively respond to the adjustment of risk comprehensive rating indicators under the second-phase rules of “C-ROSS”, and continuously improve the management of risk comprehensive rating data. The company strictly carried out the annual self-assessment work, and solidly promoted the rectification work. In 2022, the company’s comprehensive risk rating will maintain a good rating, and it has maintained an A rating for 19 consecutive quarters, effectively highlighting the company’s risk management and control effectiveness.

  Take multiple measures to improve ESG management level

China Life Insurance Company actively implements the company’s ESG strategy, continues to improve the ESG governance structure, carries out ESG risk management, and improves the ESG management level.

Focusing on the ESG strategic goal of “building a world-class and responsible life insurance company”, China Life Insurance Company adheres to the ESG strategic concept of “putting people first, caring for life, creating value, and serving the society”, and has built a three-dimensional plan that includes environment, society and governance. , and the ESG and social responsibility strategic model of the seven stakeholders of the country, society, industry, customers, enterprises, employees and the environment. The company formulated the “ESG and Social Responsibility Strategic Plan (2021-2025)” to promote ESG management step by step, and strive to achieve the phased goal of ESG management leading the life insurance industry in 2025.

Committed to building an ESG and green finance management structure with sound organization and clear responsibilities. In 2022, the company will upgrade the original ESG management structure to an ESG and green finance management structure in accordance with the “Guidelines for Green Finance in the Banking and Insurance Industry” issued by the China Banking and Insurance Regulatory Commission to ensure that the responsibilities and rights and responsibilities of ESG and green finance management are clear.

In accordance with the national green and low-carbon development goals and plans, as well as relevant environmental protection laws and regulations, industrial policies, and industry access policies, etc., the “Environmental, Social, Governance, and Green Finance Management Regulations” were promulgated to standardize the company’s ESG and green financial system. The regulations cover key areas such as ESG and green finance organization management, normalization construction, ESG risk and internal control management, and have specific requirements for green investment, green insurance, green operation, green office, environmental target management, ESG rating management, climate change response, Major work items such as ESG supply chain management and social welfare have been institutionalized and procedurally regulated.

In terms of ESG risk management, China Life Insurance Company formulated the “ESG Risk Management Measures (Trial)” to clarify the ESG risk management process of risk identification, risk assessment, risk response and control, risk trend attention and improvement, reporting and archiving To comprehensively improve risk management capabilities.

2023 is the first year to fully implement the spirit of the 20th National Congress of the Communist Party of China. It is a crucial year for the implementation of the “14th Five-Year Plan”. It is also the 20th anniversary of the shareholding reform and listing of China Life Insurance Company. China Life Insurance Co., Ltd. stated that it will forge ahead on the road of ESG practice with the foresight and courage of “committing the most difficult and pursuing the most far-reaching”, and contribute new and greater strength to the construction of a beautiful China with high-quality development.

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