Finance is closely related to national development strategies and economic and social operations. It plays the role of “source of living water” in accelerating technological innovation, promoting the implementation of “double carbon”, realizing common prosperity, and supporting the elderly with adequate care. Recently, the Central Financial Work Conference was held in Beijing, which proposed for the first time the construction of “financial power” and asked to do a good jobTechnology Finance,green finance,Inclusive finance,Pension finance,digital financeFive big articles. As a large state-owned financial institution, China Life has always had the “The great one in the country“, fully implement the original mission of serving the country with finance and serving the people with insurance, further serve as the main force in serving the real economy and the ballast stone in maintaining financial stability, further exert the functions of insurance as an economic shock absorber and social stabilizer, and assist in building a strong country and great cause of national rejuvenation.
Create a “reassurance pill”
Support technological self-reliance and self-reliance
Science and technology finance, as the first of the five major articles, reflects the important role of technological innovation and advanced manufacturing in developing and expanding the real economy. China Life fully exerts its functions such as financial insurance, economic compensation, and financial financing, continuously deepens its multi-level, professional, and characteristic science and technology financial service system, and is committed to making new contributions in supporting “two new and one important” projects, strategic emerging industries, and technological innovation. of greater power.
Guangdong Lidar Biotechnology Co., Ltd. is a national high-tech enterprise that develops, produces and sells plant extracts and food and functional feed additives. Due to its rapid development, it has recently encountered financing difficulties. After learning about the relevant situation, Guangfa Bank, a member of China Life Group, granted the company a credit line of 10 million yuan through an unsecured guarantee, effectively solving the “urgent need.” As of the end of the third quarter of 2023, China Guangfa Bank’s strategic emerging industry loans and technology enterprise loans had increased by 48.9% and 28.7% respectively from the beginning of the year. In addition to credit support, China Life also provides a large number of professional liability, personal accident, health and pension and other insurance protection services to scientific researchers, technology entrepreneurs, key “mass entrepreneurship and innovation” groups, etc., and further improves the technology insurance system and participates in patent insurance, The first (set) of major technical equipment insurance and the first application insurance of new materials will be piloted, and the first version of software insurance, network security insurance and other businesses will be explored. In the first three quarters of 2023, China Life Property & Casualty Insurance Company provided risk protection for strategic emerging industries worth 18.6 trillion yuan.
Both involved in “Specialized and Specialized“, also look ahead”Great power weapon“. China Life continues to participate in forward-looking and strategic investment in major national science and technology projects. As of the end of the third quarter of 2023, China Life Insurance funds support the scale of existing investment in science and technology self-reliance and self-relianceOver 300 billion yuan, and implemented a large number of special projects. For example, the “China Life Asset Company” initiated and establishedChina Life-Electronic Mixed-ownership Reform No. 1 Equity Investment Plan“Successfully completed the fundraising and issuance to1.99 billion yuanChina Electronics Co., Ltd., the core business platform of China Electronics Information Industry Group Co., Ltd., has increased capital to fully support the target company in tackling major projects in the network information field and accelerate breakthroughs in key core technologies.Stuck neck“problem.
Expand “living water sources”
“Carbon” seeks the path to green development
Respecting nature, complying with nature and protecting nature are inherent requirements for building a modern socialist country in an all-round way. Facing the new situation and new tasks, China Life regards green finance as an important force in serving the construction of a modern industrial system, injecting financial vitality into green waters and green mountains, and providing impetus for promoting green and low-carbon economic and social development.
Photovoltaic panels are neatly arranged, and a typhoon turbine stands facing the wind, continuously delivering clean power for the construction of a beautiful China. This is a magnificent view of the Fuchuan Wind and Solar Power Station in Hezhou, Guangxi, which China Life has invested in, and a glimpse of China Life’s green finance practice. China Life leverages its long-term advantage in insurance funds and focuses on supporting financing needs in low-carbon, circular and ecological fields through green credit, green bonds, green funds and other forms.As of the end of the third quarter of 2023, the scale of green investment stock of China life insurance fundsOver 460 billion yuanChina Guangfa Bank’s green credit balanceNearly 150 billion yuan.
around”Double carbon“With the goal ofMarine Carbon Index Insurance,Agricultural carbon sink insurance,Forest carbon sink insurance,Wetland carbon sink insurance,Grassland Carbon Insuranceand other five major ecosystem carbon sink products, to achieve effective coverage of ecosystem carbon sink guarantees. Big data such as satellite remote sensing and meteorology are also widely used in product innovation and claims services for “carbon sinks” such as forests, oceans, and wetlands, effectively improving work quality and efficiency. . In the first three quarters of 2023, China Life Property & Casualty Insurance Company has provided risk protection for green industry enterprises.Over 3.85 trillion yuan,forOver 2,500 companiesProvide environmental liability risk protection.
Be a “caring person”
Inclusive services benefit people’s livelihood
2023 marks the tenth anniversary of the inclusion of inclusive finance in the national strategy. Over the past ten years, China Life has implemented “people-centered“Develop ideas,Take the people“Small“Make things a priorityaccelerate the development of inclusive financial business and promote common prosperity.
Looking at the streets and alleys of the city, “blue rider“”yellow rider“The figures are constantly shuttling back and forth. Express train drivers and pickup truck drivers serve as “city ferryman“There is an endless stream…these”new citizens“As a new employment form, employees have become the service targets of inclusive finance. In particular, due to the nature of their work, they cannot be included in traditional work-related injury insurance, but they are also an accident-prone group, and their need for occupational injury protection is very urgent. In order to explore and solve this problem Regarding the social security problems of specific groups, the national level starts with the most important occupational injury protection. Starting from July 2022, the first batch of pilot projects for occupational injury protection for employees in new employment forms will be launched in seven provinces and cities including Beijing, Shanghai, and Chongqing. China Life It has undertaken projects in 5 of the pilot provinces and is generally in a leading position in the industry. At the same time, China Life has strengthened its cooperation with the Office for Aging, Women’s Federation, Disabled Persons’ Federation, Family Planning Association, etc. to develop products that meet the needs of specific groups such as the elderly, disabled people, and family planning families. Inclusive insurance products have now benefited the whole countryNearly 54 million people.
In the main field of insurance, we continue to “agriculture, rural areas and farmers“Tilting is one of China Life’s important measures to promote the high-quality development of inclusive finance. The group’s life insurance companies have provided an additional 25 trillion yuan in personal risk protection for the rural population in the first three quarters of 2023; property and casualty insurance companies as of the third quarter of 2023 At the end of the year, it has provided farmers with nearly 4.7 trillion yuan in risk protection through agricultural insurance. Small and micro enterprises are the capillaries for the smooth operation of the national economy and are also the key service targets of inclusive finance. China Life is actively accelerating the credit guarantee insurance, The supply-side reform of corporate property insurance and liability insurance has given full play to the functions of insurance risk protection and risk reduction management. For example, the group’s life insurance company has innovated the “Member Welfare Insurance” group short-term insurance product, which has been used by more than 30,000 companies in total. Provide risk protection for small and micro enterprises; property insurance companies actively carry out loan guarantee insurance for small and micro enterprises to provide credit enhancement support for small and micro enterprises to successfully obtain production and operation loans. In the first three quarters of 2023, support small and micro enterprises in obtaining financing amountsOver 5.4 billion yuan.
Escort “Sunset Red”
Helping “retirement care” turn into “enjoyment of old age”
In recent years, the country hasHave something to look after in old age“China Life has continued to make efforts to actively respond to the aging of the population as a national strategy. Nowadays, elderly care has increasingly become an important topic closely related to people’s lives. In the process of improving the multi-level pension security system, China Life is committed to improving people’s livelihood and well-being and improving elderly care. Taking the quality of life as its own responsibility, we have made in-depth explorations in developing pension finance, assisting the construction of the third pillar, and deploying the elderly care industry.
As the first anniversary of the launch of the personal pension system is approaching, China Life released its annual “report card”: After China Life issued a document from the Ministry of Human Resources and Social Security, the first order of personal pension products was quickly launched, and the first order was placed in 36 pilot stores the next day. All cities (regions) have issued orders. As of the end of the third quarter of 2023, a total of 64,200 orders have been issued, providing personal pension insurance products and services to nearly 50,000 customers; China Guangfa Bank is one of the first batch to obtain personal pension business qualifications financial institution, which has served more than 1 million personal pension customers; China Life Pension Insurance Company independently developed and launched an online personal pension planning service system, and was the first in the industry to launch 5 commercial pension products. In the future, China Life will strictly implement the requirements of national policies and systems, continue to enrich product supply, improve service quality, and continue to meet the financial and insurance service needs of the elderly.
China Life has taken multiple measures to focus on the “three pillars” of pension insurance. In terms of the first pillar, the first batch of domestic securities investment management institutions selected for basic pension insurance funds; in the second pillar, the management scale of enterprise annuities and occupational annuities exceeds 1.5 trillion yuan; in the third pillar, the group’s three major insurance, investment and banking The business sectors are moving forward simultaneously, with personal pensions and commercial pensions leading the industry in terms of scale, with multiple first batches achieved, and the accumulated reserves of annuity insurance with strong pension attributes reaching 1.7 trillion yuan. In addition, in order to meet the long-term care security needs of the people, especially the disabled elderly, China Life relies on its expertise, system, network and team advantages to build a long-term care insurance support system and undertakes long-term care insurance projects across the country, covering more than 33 million people.
In addition to leveraging its comprehensive financial advantages to help the people achieve safe and steady appreciation of pension reserve funds, China Life also regards health care as a strategic business, vigorously improves the industry chain of the health care ecosystem, and accelerates the construction of “Institution + community + home“The three-in-one elderly care service system actively explores the sustainable development model of inclusive elderly care to help support the healthy life and happy elderly care of hundreds of millions of people. At present, China Life has established a total scaleReaching 50 billion yuanof the Great Health Fund and20 billion yuanThe large pension fund is accelerating the layout of pension community projects in 20-30 central cities across the country, including Tianjin, Suzhou, Qingdao, Chengdu, Shenzhen, Hangzhou, Kunming, and Sanya. At the same time, it is actively connecting and investing in more than 60 medical and health companies to integrate health Management, medical and pharmaceutical hospitals and other service resources to better meet the people’s health and elderly care needs.
Entering the “fast lane”
Digitally driven service upgrades
The national “14th Five-Year Plan” proposes to steadily develop financial technology and accelerate the digital transformation of financial institutions. For a long time, China Life has actively participated in the construction of “Digital China”, deeply engaged in the field of digital finance, and built digital scenarios through technologies such as artificial intelligence, blockchain, and cloud computing to make financial services more accurate and warm.
“Now all claims are settled online, which is fast and convenient!” Mr. Wu from Wenzhou uploaded his traffic accident claim information to China Life Property & Casualty Insurance’s “One Road” air smart claims platform and received the claim on the same day. . In addition, through technological empowerment, services such as one-day critical illness compensation, direct payment of claims, and in-flight customer service have also been continuously innovated and upgraded. These are the epitome of China Life’s accelerated digital transformation. Customers can enjoy one-stop, full-process, contactless claims services without leaving home.
Claims settlement service embodies the core value of insurance services and is one of the aspects that customers pay most attention to. China Life strives to solve the problems of slow and difficult claims settlement, optimize the claims process, and strive to make claims services more efficient, faster and of better quality. At present, China Life Insurance Company’s overall claims service timeliness is 0.39 days, a year-on-year increase of 17%. More than 7.1 million claim settlement cases have been processed intelligently, and the intelligent claim settlement rate exceeds 70%; program and “Cloud Compensation” to realize one-stop digital claims service, making it convenient for users to settle claims quickly and efficiently anytime and anywhere. In the first three quarters of 2023, the fastest processing times for auto insurance and non-auto insurance claims are 4.8 minutes and 10.2 minutes respectively. Now, China Life has embarked on a technological journey and accelerated the implementation of digital strategy, which may leave a vivid footnote for digital finance.
Bai Tao, Secretary of the Party Committee and Chairman of China Life Group, said, “China Life will closely focus on the goal of building a financial power, unswervingly follow the path of financial development with Chinese characteristics, accelerate the construction of a world-class enterprise, and further integrate more insurance, investment, and banking and other financial resources to serve the real economy, give full play to the main role of large state-owned financial and insurance groups, and provide high-quality financial services for economic and social development.” In the future, China Life will be more proactive in integrating the company’s own development into the overall development of the party and the country. , continue to deepen the financial supply-side structural reform, effectively strengthen high-quality financial services for major strategies, key areas and weak links, and contribute to the great cause of building a strong country and rejuvenating the nation through Chinese-style modernization with practical performance.