Spring blossoms and autumn fruits, the years are like songs.
In 2023, Chinese Life Insurance Co., Ltd. *** hereinafter referred to as "Chinese Life Insurance Company") celebrates its 20th anniversary of listing. Recently, the company cooperated with CCTV to launch the documentary "The Light of Shuangcheng", taking the stock reform and listing as a clue, looking back on the past 20 years, it has always been with the "great man of the country" in mind, insisting on promoting development through reform and increasing vitality with innovation, and has embarked on a high-quality development path in continuous exploration.
I will not forget the beginning of 20 years, and I will forge ahead for 20 years. In the past 20 years, Chinese Life Insurance Company has achieved a breakthrough in premium income from less than 150 billion yuan to 600 billion yuanThe total asset size has increased from 30682.7 billion yuan, an increase to 52,519$8.4 billion. The ranking of the "Fortune 500 in the World" of Chinese Life has climbed from 290th in 2003 to 54th in 2023;Chinese brand value increased by more than 10 times ......
Time is engraved with the annual rings of struggle and outlines the trajectory of endeavor. Looking back at the development journey of Chinese Life Insurance Company, we can see that China's insurance industry has taken advantage of China's strong national strength in the past 20 years, walked out of a unilateral upward development curve, and drawn a magnificent growth pictureIt can also be seen that this leading enterprise in the life insurance industry has pursued the glory of "double success" and served the "great man of the country" in the process of self-breakthrough and subversion again and again, and demonstrated its responsibility as the main force and ballast stone of the times as the main force and ballast stone of large state-owned financial institutions with the determination and courage to move forward bravely and break the waves for 20 years.
"Phoenix" spreads its wings: gnaw down the "impossible" to take the lead
On December 17 and 18, 2003, Chinese Life Insurance Company was listed on the New York ** Stock Exchange and the Hong Kong Stock Exchange respectively, creating the world's largest IPO that year.
It seems to be the most ordinary and strange, but it is easy but hard. In that year, Chinese Life named the stock reform and listing project "Phoenix Project", which pinned on the earnest expectations of China Life people for the development of listing: Phoenix Nirvana, reborn from the ashes. Due to the many difficulties at that time, and the fact that there was no precedent for the overseas listing of insurance companies, it was called an "impossible task".
It took a long time to prepare multiple versions of financial reports and meet numerous information disclosure requirements. Those involved in the project still remember the scene vividly.
In December 2002, Chinese Life's share reform plan was approved. After gnawing the "hardest bone", the company spread its wings and landed in the capital market, and at the same time completed the "rebirth" and rejuvenated. Chinese Life has not only solved the problem of insufficient capital through overseas financing, but also raised the management system, decision-making process and core competitiveness to a higher level, stimulating new momentum for development.
"Dingxin" breakthrough: two-wheel drive across the key journey
In 2010, the premium income of Chinese life insurance companies exceeded 300 billion, and in 2017, it stood on the platform of 500 billion.
Business management is like sailing against the current, if you don't advance, you will retreat, innovation will not stop, change will continue, and life can be sustainable. If the rise of an enterprise must be in line with a certain situation of the times, then if the company can stand at the forefront of the trend for decades, it must have its strong driving force.
It is the self-victory and self-improvement of the courage to innovate and self-change. It is this kind of self-innovation and iteration that allows it to create its own second power curve before the original growth momentum decays.
In 2019, Chinese Life Insurance Company launched a series of reforms and innovations named after the "Dingxin Project".
The "Dingxin Project" revolves around the organizational structure and operating mechanism. Chinese Life Insurance Company firmly promotes the transformation of the industry's largest sales force to professionalism and professionalism, effectively strengthens personnel recruitment, selection and management, and drives business development with an effective team. At the same time, the classification and hierarchical management of institutions, tilting the grassroots and the front line, and implementing a market-oriented salary performance management system.
The "Dingxin Project" not only provides a "good prescription" for solving the problem, but also draws a blueprint and a clear path for the future development of Chinese Life Insurance Company, fully embodies the reform idea of managing the fundamentals, the overall situation and the long-term, and has strong strategic leadership. According to the overall plan, the "Dingxin Project" lays the foundation in one year, builds the framework in two years, and achieves results in three years. Under the new reform, Chinese Life Insurance Company has made drastic innovations while making efforts to operate in performance and maintain stability and progress.
Taking 2021 as an example, in a complex and volatile market environment, the total premium of Chinese life insurance companies reached a new high of 6,183 after breaking through the 600 billion yuan mark2.7 billion yuan;The embedded value is 120300.8 billion yuan, a year of new business value of 447800 million yuan. All three indicators rank first in the industry and continue to lead the industry.
With the indomitable will of "fighting hard despite thousands of blows", the strategic determination of "flying calmly through the turbulent clouds", and the bold ability of "making the tide to stand on the waves", Chinese Life Insurance Company sails towards the blue sea and long sky in the future with a steady and far-reaching attitude.
The light of "double success": take the enterprise as the annotation of "the way of mission".
The way to solve the problem, the concept of "double success". "Becoming oneself and achieving oneself" is the basic belief that all Guoshou people follow and adhere to, which fully reflects the original mission and noble pursuit of Chinese Shou to fulfill its responsibilities for the country and benefit the people. As the leader and promoter of China's life insurance industry, Chinese Life Insurance Company has always fully embodied the mission value of leading enterprises in serving the national strategy, consolidating the industry foundation, and escorting people's livelihood projects.
2008 "512 "After the Wenchuan ** incident, Chinese Life donated 16 million yuan to support the earthquake relief at the first time, and announced the full sponsorship of ** orphans after the earthquake until they reached the age of 18;On April 14, 2010, 7In the case of a level 1 major ** disaster, Chinese Life solemnly announced: fully undertake the basic living guarantee for orphaned children in Yushu to grow up to the age of 18.
Large enterprises take responsibility and make promises. Chinese Life Insurance Company grows up and walks warmly with these ** orphans.
On October 12 this year, the press conference of the 2023-2024 Chinese Men's Basketball Professional League was held in Beijing. In 2017, Chinese Shou threw a "key shot" and became the official main sponsor of the CBA League. Over the past six years, the company has taken the opportunity of sponsoring the league to help the growth of professional players, to support the development of youth basketball, to launch the Junior CBA National Challenge and the "Little Reporter Dream Program", and then to launch the "100 Schools Sports Support Program" and the "One Leap All-Star" Private Selection Competition, etc., to achieve a comprehensive coverage of the basketball industry from the base to the spire.
The water trickles, and the confluence becomes the ocean;The stars are shining brightly, turning into the Milky Way. By the end of 2022, Chinese Life Insurance Company has invested a total of 23.9 billion yuan, invested in consumption assistance funds 13.8 billion yuan, which has strongly supported the development of the help area. The company has established more than 300 youth volunteer service teams, has more than 7,000 registered youth volunteers, organized more than 1,500 volunteer services, and participated in more than 30,000 volunteer services.
"Eight major projects" layout: towards a world-class life insurance company
In the past 20 years, Chinese Life Insurance Company has firmly served the mission of "the great man of the country", and gradually clarified the development goal of "building a world-class life insurance company" in the course of growth.
Under the proposition of the times of high-quality development, at the end of 2022, Chinese Life Insurance Company launched a new business strategy - "Eight Major Projects" that is in line with the layout of the "Dingxin Project" and leads the future development, and continues to increase the reform and promotion of key areas, further upgrade the development momentum and rebuild the growth engine. The "Eight Major Projects" focus on innovation and breakthroughs in the leadership of party building, mechanism optimization, marketing reform, resource integration, management innovation, ecological drive, etc., with the "Party Building Leading Foundation Building Project" as the leader, the "Talent Construction Consolidation Project" as the support, the "Sales Channel Strengthening Project", "Comprehensive Marketing Cohesion Project", "Customer Management Jinshan Project", "Government-Enterprise Cooperation and People's Heart Project" and "Healthy Pension Ecological Project" as the main body, and the "Financial Technology Digital Project" Based on this, we will carry out in-depth basic reengineering and difficult research, actively aim at new customer groups, new models and new capabilities, and accelerate quality change, efficiency change and power change.
The wind is strong and the tide is strong. Looking back on the past twenty years, Chinese Life Insurance Company has always played the role of "leading geese" and ballast stones, actively giving full play to the advantages of the main business, embracing the times and embracing changes, and integrating the pulse of endless development.
Twenty years is just a prologue. In the next 20 years, there will be difficulties in wind and rain, there will be long distances, and there will be the joint efforts of peers and the firm ...... of walking
Huazhang is new, and the future can be expected. Chinese Life Insurance Company will actively implement the spirit of the ** Financial Work Conference, effectively do a good job in the five major articles of science and technology finance, green finance, inclusive finance, pension finance and digital finance, put financial services for the real economy in a more prominent position, provide high-quality financial and insurance services for economic and social development, and move forward bravely towards the goal of building a world-class life insurance company.
Disclaimer: This article is for informational purposes only and does not constitute investment advice.