Steadyly ranked first | China Life’s total premiums, embedded value, and new business value in 2023 will continue to lead the industry

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On the evening of March 27, China Life Insurance Co., Ltd. (hereinafter referred to as “China Life”, 601628.SH, 2628.HK) released the 2023 annual report (hereinafter referred to as the “annual report”).

The premium scale reached a record high, ranking first in the industry. The annual report shows that in 2023, China Life achieved total premiums of 641.38 billion yuan, a year-on-year increase of 4.3%. The embedded value also ranked first in the industry, reaching 1.260567 billion yuan, with a growth rate of 5.6% on the same basis. One-year new business value continues to lead the industry, achieving 36.860 billion yuan, an increase of 11.9% compared with the restatement results using new economic assumptions for the same period in 2022; one-year new business value based on the 2022 economic assumption assessment is 41.035 billion yuan, with the same caliber An increase of 14.0%. Under International Financial Reporting Standards, the company’s net profit attributable to shareholders of the parent company in 2023 was 46.181 billion yuan; as of December 31, 2023, the company’s shareholders’ equity attributable to shareholders of the parent company was 477.093 billion yuan. As of December 31, 2023, the company’s total assets and investment assets have reached new peaks, reaching 5.89 trillion yuan and 5.67 trillion yuan respectively. As of December 31, 2023, the company’s comprehensive solvency adequacy ratio was 218.54%, an increase of 11.76 percentage points from the end of 2022; the core solvency adequacy ratio was 158.19%, an increase of 14.60 percentage points from the end of 2022, continuing to maintain a high level. The company has 328 million long-term insurance policies in effect.

2023 is the first year for fully implementing the spirit of the 20th National Congress of the Communist Party of China. It is also the year for economic recovery and development after three years of COVID-19 prevention and control. In the past year, the domestic economy has rebounded for the better, market demand has continued to improve, and the life insurance industry has shown a clear recovery trend. Focusing on serving the overall development of the country, China Life actively plays the role of insurance as an economic shock absorber and social stabilizer, unswervingly follows the path of financial development with Chinese characteristics, anchors the goal of building a world-class life insurance company, and works together to make progress. By promoting high-quality development, the company’s development has shown a steady and progressive trend, its market leading position has been consolidated, and its comprehensive strength has been further enhanced. The company has received the A-level operating evaluation of insurance company legal entities from the China Insurance Industry Association for eight consecutive years. In 2023, it ranked 62nd among the Forbes Global 2000 and 12th among the Fortune China’s Top 500 Listed Companies.

“Reforms in key areas of “Eight Major Projects” are promoted

Gather endogenous driving forces for development

China Life has made solid progress in reform and innovation. In 2023, the company will comprehensively promote a series of reforms including the “Eight Major Projects”, focus on key reform areas, and accelerate quality changes, efficiency changes, and power changes.

The reform of the marketing system has begun to show results. The direction of China Life’s sales force reform towards specialization, professionalism and comprehensiveness has been further clarified. The existing team has accelerated its upgrading around six major measures: structural adjustment, foundation consolidation, urban area strengthening, and county-level cultivation. As of the end of 2023, the team size has stabilized first in the industry, with a sales force of 634,000 for individual insurance, the team’s production capacity has steadily increased, and the monthly average first-year regular premium per capita has increased by 28.6% year-on-year. Actively promote the layout of new marketing models, pilot and promote the “Seed Plan”, and build a team of financial and insurance planners. By the end of 2023, pilots have been launched in 8 cities.

The pace of elderly care ecological construction is accelerating. Adhering to the concept of “putting children at ease and the elderly at ease” in the construction of a senior care ecosystem, following the four principles of long-termism, customer-centeredness, market-oriented operation and rolling development, China Life has clarified the mid- and long-term development goals and plans for China Life’s characteristic senior care ecosystem. Evaluate strategy execution and continuously optimize development strategies. Strengthen the supply of diversified models and accelerate the layout of projects in key cities.

Operations and customer services continue to be upgraded. China Life pioneered the nationwide intensive sharing operation model in the industry, achieving comprehensive coverage in the production field and improving timeliness by more than 27.0%. Further improve the operating standards and specifications system to make “standardization and professionalism” a solid foundation for operating services. The “fast and warm” claims services are deeply rooted in the hearts of the people, and we continue to promote innovative service models such as “claims prepayment” and medical electronic invoice reminders for claims settlement. We have established a “big consumer protection” working pattern with full participation, comprehensive coverage, and full-chain management, and the regulatory evaluation of consumer rights protection ranks among the top in the industry.

The digital construction of financial technology has been comprehensively promoted. The company’s technological capabilities continue to iteratively upgrade, the container cloud is beginning to take shape, the trillion-level data processing platform is fully completed, the first batch of new insurance accounting standards have been implemented in China, the intelligent digital risk control system has effectively promoted the risk prevention and control, and the depth of technology and business Integrating and empowering all areas of company operation and management, data-driven results are remarkable.

　　The individual insurance team took the lead in stabilizing

Improved quality and significantly increased production capacity

China Life continues to maintain its leadership in both value and scale. While its insurance business has grown strongly, its business structure has continued to be optimized. The annual report shows that the company’s life insurance business total premiums in 2023 were 512.622 billion yuan, a year-on-year increase of 5.6%; the health insurance business total premiums were 114.023 billion yuan; the accident insurance business total premiums were 14.735 billion yuan, a year-on-year increase of 3.6%.

The insurance business achieved another good performance and its market leading position continued to be consolidated. China Life has always adhered to high-quality development. In 2023, the reform of the marketing system will be implemented, promoting the upgrading of the existing team and the layout of new marketing models, and continuously building a solid foundation for development. We continued to consolidate basic management, took the lead in stabilizing the size of the sales team, continuously optimized the team structure and quality, and significantly increased the team’s production capacity. As of December 31, 2023, the total sales force was approximately 694,000.

All new business indicators in the individual insurance segment achieved rapid growth. Adhering to the strategy of “effective team-driven business development”, we focused on value creation, further promoted channel transformation, and significantly optimized our business structure. In 2023, the total premiums of China Life’s individual insurance sector will be 501.580 billion yuan, a year-on-year increase of 1.9%, of which renewal premiums will be 391.218 billion yuan. First-year regular premiums were RMB 91.807 billion, a year-on-year increase of 12.6%. First-year regular premiums of ten years or more were RMB 49.503 billion, a year-on-year increase of 18.4%. First-year regular premiums of ten years or more accounted for first-year regular premiums. The proportion of premiums was 53.92%, a year-on-year increase of 2.64 percentage points. The new business value of the personal insurance sector in 2023 will be 34.646 billion yuan, a year-on-year increase of 10.4%.

The quality of the individual insurance team continued to improve, and the number and proportion of high-performing people increased. In 2023, China Life’s individual insurance segment will focus on the concept of “customer capital to build a team”, accelerate the establishment of a customer operation-centered individual insurance operation and management system, continue to implement the “6+1” key tasks of individual insurance, and effectively promote the company’s high-quality development . Continuously promote the professional upgrading of the existing team, continue to strengthen the quality improvement and education, strive to create an integrated new talent training system that is linked with growth and education, and continue to stabilize the team such as the “Normal Operation 4.0 System for Individual Insurance Team Construction”, “Zhongxin Plan” and “Strong Foundation Project” Basic market; the exploration of new marketing models has moved from the research and development stage to the pilot stage, and the “Seed Plan” has laid out new marketing to create a team of “professional, value-based, and integrated” financial and insurance planners to cultivate new momentum for the future; team empowerment continues to deepen, and scenarios The application of chemical technology empowers team development, and the construction of digital sales department improves sales efficiency. As of December 31, 2023, the sales force of individual insurance is 634,000, of which the marketing team is 410,000 and the development team is 224,000; the sales team’s production capacity has increased significantly, and the monthly average first-year regular premiums per capita are year-on-year. An increase of 28.6%.

　　Diversified sectors promote professional operations

Increased scale and value

The diversified segment further promotes professional channel management, adheres to equal emphasis on scale and value, and strengthens high-quality development. In 2023, the channel management of the diversified segment will be more refined, new results will be achieved in professional operations and transformation and upgrading, and the value contribution will continue to increase. The new business value of the diversified segment will be 2.214 billion yuan in one year, a year-on-year increase of 42.0%.

The bancassurance channel strengthened bank cooperation and accelerated business development, and both the scale and value of premiums increased rapidly. In 2023, total premiums from the bancassurance channel will reach 78.748 billion yuan, a year-on-year increase of 24.2%. First-year regular premiums will reach 20.735 billion yuan, a year-on-year increase of 39.4%. First-year regular premiums of 5 years and above will reach 9.877 billion yuan. Renewal premiums reached 38.112 billion yuan, a year-on-year increase of 5.3%, accounting for 48.40% of the channel’s total premiums. The bancassurance channel continued to strengthen the professionalization and technological capabilities of the customer manager team, and the quality of the team was steadily improved. As of December 31, 2023, the number of bancassurance channel account managers reached 23,000, the average quarterly actual manpower increased by 8.5% year-on-year, and the per capita regular delivery production capacity increased significantly year-on-year.

The group insurance channel coordinated scale and efficiency, and various businesses developed steadily. In 2023, the total premium of the group insurance channel will be 28.154 billion yuan, a year-on-year increase of 3.0%; of which, the short-term insurance premium will be 24.974 billion yuan, a year-on-year increase of 3.8%. As of December 31, 2023, the group insurance channel sales team size was approximately 37,000 people, the proportion of high-performance manpower increased by 4.7 percentage points compared with the end of 2022, and per capita production capacity increased steadily.

　　Critical illness insurance covers nearly 350 million people

Long-term care insurance covers more than 38 million people

China Life actively supports the construction of a multi-level medical security system and vigorously develops various policy health insurance businesses. In 2023, the company’s total premiums from other channels will reach 32.898 billion yuan, a year-on-year increase of 2.8%. As of December 31, 2023, it is operating more than 200 critical illness insurance projects, covering nearly 350 million people; it is undertaking more than 70 policy-based long-term care insurance projects, covering more than 38 million people; and it has launched customized commercial medical services in more than 120 cities. Insurance items. The company actively participates in social governance related to medical security and continues to undertake more than 600 health security entrusted management projects.

China Life’s Internet insurance business has achieved rapid development. The company has improved its Internet insurance business operation system with centralized operation and unified management to provide customers with high-quality service experience. In 2023, the total premium of Internet insurance business under regulatory standards will reach 76.020 billion yuan, a year-on-year increase of 20.9%. We will continue to build a solid foundation for the development of the Internet insurance business and enhance the core operating capabilities and channel value of the Internet business.

　　Meet the diverse needs of customers

Build a “life insurance +” comprehensive financial ecosystem

China Life is committed to providing customers with one-stop, all-round high-quality financial and insurance services. In 2023, the company’s collaborative sales of China Life Property & Casualty Insurance Company’s business achieved premiums of 23.60 billion yuan, and the number of policies increased by 6.5% year-on-year; its collaborative sales of China Life Pension Insurance Company’s business scale were 8.655 billion yuan; China Guangfa Bank acted as agent for the company’s first-year bancassurance period Premium income reached 1.799 billion yuan, a year-on-year increase of 16.6%; it actively explored the synergy between insurance and investment businesses, continued to deepen cooperation with China Life Asset Management Company, China Life Investment Company, etc., and continued to innovate and explore new models of insurance investment interaction.

In addition, in order to meet the diversified needs of customers, the company cooperates with China Life Property Insurance Company and China Guangfa Bank to actively carry out various customer business activities.

　　Always focus on investor returns

Cumulative dividends exceeded 190 billion in 20 years since listing

China Life has become the world’s largest life insurance company. 2023 is the 20th anniversary of China Life’s share reform and listing. Looking back at the changes over the past two decades, China’s rapid economic development has created good external conditions and major development opportunities for the development of China’s insurance industry. China Life has always adhered to the mission and vision of “protecting people’s better life and building a world-class life insurance company”, established a sound and effective corporate governance structure and internal governance mechanism, shares the same destiny with the country, follows the laws of life insurance operations, and advances according to the times and circumstances. Through reform and innovation, total assets, investment assets, embedded value, and premium income have all increased several times or even dozens of times, and we have always maintained a leading position in the market. While promoting its own high-quality development to create long-term value, the company has always paid attention to investor returns, with cumulative dividends exceeding 190 billion yuan since its listing.

　　Serving the real economy, the stock investment scale exceeds 4 trillion

Green investment stock exceeds 460 billion yuan

China Life actively plays the role of the main force in serving the real economy and the ballast stone in maintaining financial stability. The company continues to optimize capital investment, serving the real economy with a stock investment scale of over 4 trillion yuan and a green investment stock scale of over 460 billion yuan. Effectively assisting the comprehensive revitalization of rural areas, “Rural Revitalization Insurance” became the only insurance industry project selected for the “4th Global Best Poverty Reduction Case”, promoting a new pattern of urban-rural integrated development. We continued to deepen the construction of the ESG system and won the “2023 Forbes China ESG Innovation Enterprise” award.

China Life has always maintained strategic focus, adhered to the matching of assets and liabilities, and carried out investment operations flexibly. In 2023, interest rates will run at low levels, and high-quality assets will still be scarce; the stock market will fluctuate downward, and the structure will be clearly differentiated. Facing the complex market environment, in terms of fixed income, we actively allocate long-term interest rate bonds and high-grade credit bonds to stabilize our bottom position. In terms of equity investment, we will promote balanced allocation and structural optimization and carry out medium- and long-term layout. In terms of alternative investments, we will focus on high-quality entities and advantageous tracks, innovate investment models, and increase allocation scale.

As of December 31, 2023, China Life’s investment assets reached 5,673.371 billion yuan, an increase of 12.0% from the end of 2022. Among the main varieties, the allocation proportion of bonds has increased from 48.54% at the end of 2022 to 51.59%, the allocation proportion of time deposits has changed from 9.59% at the end of 2022 to 7.12%, the allocation proportion of debt financial products has changed from 8.98% at the end of 2022 to 8.46%, and the allocation proportion of stocks has changed from 8.98% at the end of 2022 to 8.46%. The allocation ratio of funds and funds (excluding money market funds) will change from 11.34% at the end of 2022 to 11.20%.

In 2023, China Life realized a net investment income of 198.207 billion yuan, with a net investment rate of return of 3.77%; it achieved a total investment income of 141.968 billion yuan, with a total investment rate of return of 2.68%. After taking into account the net change in the fair value of available-for-sale financial assets included in other comprehensive income for the current period, the comprehensive investment return rate was 3.23%, an increase of 131 basis points compared with 2022.

　　Promote the construction of a comprehensive health and elderly care service system

“Insurance+” benefits more groups

China Life is making every effort to promote the construction of a comprehensive health and elderly care service system. The company insists on being customer-centric and has clear mid- and long-term development goals and plans for the elderly care ecosystem.

Solidly promote “insurance + health”. In 2023, China Life will fully integrate high-quality internal and external resources, continuously improve its health management service capabilities, and create a high-quality, efficient, online and offline health management service system. As of December 31, 2023, China Life’s comprehensive health platform has more than 100 service projects, covering seven major categories of health management service projects, including health examination, health consultation, health promotion, disease prevention, chronic disease management, medical services, and rehabilitation care. The cumulative number of registered users increased by 20.0% compared with the end of 2022, ranking among the top in the industry.

Steadily promote “insurance + pension”. China Life has accelerated its pace of building a senior care ecosystem, gradually expanded the layout of senior care projects in key cities, and continued to improve its diversified service supply capabilities to provide customers with full life cycle senior care services that “put children at ease and the elderly at ease.” In 2023, 7 new institutional elderly care project layouts and 5 urban home-based elderly care model pilots will be added. China Life has created a new team of exclusive planners for senior care, enriched the product docking system, and better met the needs of senior care planning and protection with professional services. The company actively participates in the construction of the third pillar of the national pension insurance system and continuously launches new products and services. As of December 31, 2023, China Life’s personal pension business ranks among the top in the industry.

　　Improve access to financial services

Diversified product supply meets the market’s multi-level security needs

China Life has always adhered to the people’s position, actively participated in the construction of a multi-level social security system, and continued to protect social and people’s livelihood. Adhere to the “people-centered” approach, actively serve the national strategy and protect people’s livelihood, continuously strengthen the supply of diversified products and services, deepen the linkage of asset and liability management, continue to strengthen basic research on product supply, and enhance the ability to supply high-quality insurance products. In 2023, the company will newly develop and upgrade 196 products.

The coverage and availability of inclusive insurance services have been significantly improved. China Life’s critical illness insurance covers nearly 350 million people, long-term care insurance projects cover more than 38 million people, the number of urban customized insurance projects reaches a new high, and the supply of protection products for new citizens and new industry practitioners continues to increase. Help improve the multi-level pension insurance system, focus on improving the risk protection level of the elderly, and continue to improve the elderly care service system and ecological construction.

We will make solid efforts to provide pension financial services. China Life has strengthened the research and development of commercial pension insurance products, enriched the personal pension insurance product system, optimized and upgraded exclusive commercial pension insurance products, promoted the pilot implementation of liability conversion business between life insurance and long-term care insurance, and continued to provide pension funds, medical expenses, Insurance products that protect against accidental injuries and other aspects. We will continue to increase our support for inclusive finance, increase the supply of products for women, children, new businesses, new citizens and other groups, and enrich the product system exclusive to specific groups. Actively promote technology financial insurance protection, improve the technology insurance product system, and provide protection services for technology company employees and other customer groups.

Fully serve the construction of a healthy China. The company actively coordinates and promotes the research and development of critical illness insurance, long-term care insurance, medical insurance and other products, optimizes insurance liabilities, improves protection functions, and deeply develops product protection in the health insurance market segment, explores and promotes the integrated development of health protection and health services, and better Meet the diverse health protection needs of customers.

Actively support rural revitalization. We will continue to enrich agricultural-related insurance products, improve the level of insurance protection for the agricultural-related population, and form a relatively complete system of exclusive insurance products for rural revitalization. The company also innovates and develops regional products, launches regional insurance products such as the Hainan Free Trade Port and the Guangdong-Hong Kong-Macao Greater Bay Area, and actively promotes coordinated regional development.

　　Data-driven value release

Comprehensively launch the construction of financial technology digital projects

China Life insists on providing high-quality scientific and technological capabilities to effectively promote the company’s high-quality development. In 2023, in compliance with the development trend of science and technology, closely following the requirements of high-quality development, we will comprehensively launch the construction of financial technology digital projects, optimize scientific and technological capabilities, strengthen technological empowerment, and deepen technological innovation.

Scientific and technological capabilities are iteratively upgraded. Keep abreast of technological development trends and build a digital base with China Life characteristics. Create a distributed cloud-based multi-active data center to effectively ensure the company’s business continuity. China Life has built a multi-cloud ecosystem to achieve minute-level delivery of computing and storage resources. Use cloud native concepts to innovate application architecture and realize cloud nativeization of key products.

Data drives value improvement. Focus on data accuracy, real-time, consistency and security, and empower the entire insurance value chain driven by data elements. Relying on trillion-level data processing capabilities, we can achieve high-quality systematization of the entire process and automatically generate new insurance contract standards reports, and build new standards accounting and actuarial measurement systems with more accurate algorithms, more sophisticated models, and more efficient processes to comprehensively This ensures the systematicness, completeness and accuracy of the implementation of the new standards.

The results of technological innovation are outstanding. Based on a new self-controlled distributed architecture, using full-stack information technology application innovation as a breakthrough point, a PB-scale real-time data service platform was built. China Life Distributed Hybrid Cloud won the Capital Financial Innovation Achievement Special Award.

Digital risk control continues to be strengthened. Create a digital risk control system based on big data analysis to quickly identify and accurately capture key business risks, and achieve forward-moving risk control and dynamic monitoring. The anti-money laundering intelligent identification and verification system, the first innovative application of “machine learning + knowledge graph” in the field of anti-money laundering in the life insurance industry, won the second prize in the Financial Technology Development Award of the People’s Bank of China.

　　Committed to optimizing customer experience with “China Life Good Service”

The average claim processing time has been accelerated to 0.38 days

China Life builds its core competitiveness with China Life’s good services of “simplicity, quality and warmth”. Implement the “people-centered” development philosophy, focus on value growth and service diversity in 2023, deepen the intensification, digital intelligence, and diversification of operation services, accelerate the construction of a national integrated operation service system, and strengthen the protection of consumer rights and interests. Committed to promoting the company’s high-quality development with professional operational capabilities.

Professional capabilities consolidate operational quality. Continue to improve the operation standard system covering national unified practices, service standards, and job guidelines, so that “standardization and specialization” become a solid foundation for operation services. Actively participate in the formulation of industry and national standards, and as the only insurance company among the drafting units of national standards for intelligent customer service, contribute wisdom to the development of standards. 95519 has been awarded “China’s Best Customer Contact Center” by the CCCS Customer Contact Center Standards Committee for 20 consecutive years. Deeply engaged in model innovation in professional fields, the “digital underwriter” has achieved a manual work replacement rate of nearly 24.9% in six major operating scenarios. The industry’s first intensive shared operation model has been fully promoted in the fields of underwriting, preservation, and claims settlement, and the timeliness has improved by more than 27.0%. .

Claims settlement service creates a heart-warming guarantee. We continue to create “fast and warm” claims services, with the average timeliness increased to 0.38 days and the compensation rate reaching 99.7%. The coverage of convenience compensation was further expanded, and the number of “one-day compensation for serious illness” cases increased by 31.9% year-on-year. The pilot enables manual claims settlement throughout the entire process, and the average processing time is increased by over 90%. We continued to innovate the claims service model, with electronic medical invoice reminders for claims settlement for 567,000 claims throughout the year, and “claims advance payment” that provided heart-warming protection to medical customers in advance, benefiting 27,800 customers.

Diverse services promote improved experience. Inclusive value-added services have been expanded to include health, sports, women, parent-child aesthetic education, life feedback and other fields, with the number of people covered increasing by 12.1% year-on-year. The VIP service system was renovated and upgraded, with the number of VIP customers and service visits increasing by 11.9% and 26.0% year-on-year respectively. Strengthening multi-touch service capabilities, the monthly active users of the China Life Insurance APP and the number of in-flight customer service visits increased by 15.8% and 126.5% year-on-year. We built a multi-channel service “green channel” for the elderly, providing 25.6831 million aging-friendly services throughout the year.

Consumer rights protection highlights its leading position. Establish a “big consumer protection” working pattern with full participation, comprehensive coverage, and full-chain management. Create a digital smart consumer protection platform to improve consumer protection management efficiency. Consumer protection training covers all employees in the system. Innovating the “Consumer Protection +” education and publicity model, the number of people reached by concentrated activities throughout the year increased by 64.6% year-on-year. The supervision evaluation of consumer rights protection ranks among the top in the industry, and the life insurance service quality index and customer praise remain high.

　　Effective risk prevention and control

The comprehensive risk rating continues to remain Category A

China Life firmly adheres to the bottom line of avoiding systemic risks. Insurance is an industry that operates and manages risks. The company insists on taking risk prevention and control as the eternal theme of its work, maintains a sound and prudent business philosophy, and always balances the relationship between stable growth and risk prevention. The company continues to deepen its operations in accordance with laws and regulations, fully implements the second phase of the “C-ROSS” regulatory requirements, and strictly implements the new series of “integration of reporting and banking” regulations to ensure safety during development, promote development while safety, and has strong and effective risk prevention and control. for. We continued to improve the construction of the compliance management system and successfully passed the domestic and international dual-standard certification of the compliance management system. In the comprehensive risk rating of insurance companies, the company continues to maintain a Class A rating, and its score in the C-ROSS Phase II SARMRA assessment is firmly among the top among personal insurance companies.

　　The personal insurance industry is in a period of important strategic opportunities

Huge market space and potential

The main tone that the personal insurance industry is in a period of important strategic opportunities will remain unchanged. The report pointed out that high-quality development is the theme of finance and insurance in the new era. China’s economy has formed good and stable fundamentals in long-term development. The large market size, sufficient macro policy space, and comprehensive deepening of reforms have brought strong development momentum to our economy. The people’s growing needs for multi-level, high-quality health, medical treatment, and elderly care have also provided and created huge market space and potential for the development of the personal insurance industry. At the same time, with the implementation of various industry regulatory systems, the fundamentals for the long-term healthy development of the market will be further consolidated, and the industry will show a development trend of steady quantity and quality improvement. Market entities are accelerating to open up new fields and new tracks, creating new advantages and new momentum for development. Innovations in specialization, digitalization, ecology and other aspects have been continuously strengthened, and risk prevention and control capabilities have been continuously improved, jointly promoting the overall high-quality development of the industry.

　　Prepare “Five Big Articles”

Help build a modern financial system with Chinese characteristics

2024 marks the 75th anniversary of the founding of the People’s Republic of China and is a critical year for the implementation of the “14th Five-Year Plan”. Currently, the personal insurance industry is in a critical period of transformation and development. China Life will focus on five major articles: technology finance, green finance, inclusive finance, pension finance, and digital finance, and comprehensively grasp the key points of stability and progress, establishment and breakthrough. , scale and efficiency, assets and liabilities, development and security, balance short-term profit goals and long-term value goals, and strive to improve operating efficiency.

In the future, China Life will adhere to customer-centeredness, strive for progress while maintaining stability, promote stability, establish first and then break, achieve the “three persistences” (strengthening party building, promoting reforms, and preventing risks), and achieve the “three improvements” ( (Stabilize development, increase value, focus on team), strengthen the “three breakthroughs” (excellent service, promote integration, reduce costs), ensure that party building leadership, reform and innovation, and risk prevention and control are continuously strengthened, and business scale, value and efficiency, and team quality are effectively improved. , achieve qualitative breakthroughs in key areas such as optimized services, integrated development, cost reduction and efficiency improvement, promote the company’s scale, value, efficiency, and high-quality human resources to achieve steady growth in the long cycle, continuously consolidate its market dominance, and promote the construction of modern finance with Chinese characteristics. Contribute China Life’s strength to the system.

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