Text: Daily Financial Report.
2023 is destined to be an extraordinary year for the insurance industry, with the social economy moving forward in twists and turns, and the reform and transformation of the insurance market continuing to deepen.
For life insurance "head goose" Chinese life insurance, 2023 is also of great significance.
This year is an important time node for Chinese Life Insurance to usher in the 20th anniversary of the share reform and listing, 20 years ago in December, Chinese Life Insurance was successfully listed in New York and Hong Kong, creating the world's largest IPO that year, and then successfully listed on the A-share market in January 2007, opening a new path of development as a modern public company.
Over the past 20 years, Chinese Life Insurance has witnessed the development of the industry all the way and has always led the market direction. On the road of deep transformation and high-quality development of the industry, Chinese Life Insurance has provided a solid foundation and strong confidence for in-depth reform and transformation by using the customer advantages, brand advantages and comprehensive financial advantages formed by long-term accumulation.
Standing at a new historical starting point,Life insurance for ChineseWith the original intention of practicing the people, it has embarked on a high-quality, stable and scientific development path with its own characteristics, and has been awarded the joint issuance of every financial network and daily financial report"2023 Golden Persimmon Award - Trustworthy Life Insurance Sample Enterprise".
Highlight the value of "head goose" and move towards multi-level development in depth
As the "vanguard" of life insurance, Chinese Life Insurance has always focused on its main business, giving full play to the advantages of the accumulated heavy precipitation of the market, and striving to build a solid foundation in serving China's modernization process.
From the perspective of premium income, the premium income of Chinese life insurance increased from less than 150 billion yuan in 2003 to 578.8 billion yuan in the first three quarters of 2023. Among them, the first year premium of 10 years and above is 4463.9 billion yuan, a year-on-year increase of 154%；The value of new business continued to grow in the first three quarters of 2023, up 14% year-on-year.
In terms of total assets, the total assets of Chinese Life Insurance increased from 328.7 billion yuan in 2003 to 5 percent at the end of the first three quarters of 202376 trillion. With the continuous growth of China Life's assets, a large amount of funds have been injected into the real economy, thus greatly serving the social and economic development and the national strategic layout.
For example, in terms of expanding people's livelihood security, Chinese Life Insurance has always taken the construction of the three pillars of old-age care as a key development direction, providing strong potential energy for the realization of China's vision of "the elderly have something to rely on and the elderly to support". As of September 30, 2023, the personal pension business of Chinese Life Insurance Company has issued a total of 6420,000 pieces, providing nearly 50,000 customers with personal pension insurance products and services, and the scale of personal pension and commercial pension business continues to maintain the leading position in the industry.
In terms of vigorously supporting the real economy, according to the "2022 ESG and Social Responsibility Report" released by Chinese Life Insurance, as of December 31, 2022, the company's investment in the real economy has exceeded 36 trillion yuan, serving the regional development strategy investment scale of more than 23 trillion yuan. In terms of promoting the coordinated development of Beijing-Tianjin-Hebei, the integrated development of the Yangtze River Delta, the construction of the Greater Bay Area, and responding to the "Belt and Road" initiative, there is in-depth support from the asset side of China Life Insurance.
At the level of serving social governance, Chinese Life Insurance has been playing the role of economic "shock absorber" and social "stabilizer" in the insurance market, creating a closed loop of "product-service-payment", building the company's core competitiveness of "product + service", and becoming an important force to help improve the social security system, improve people's livelihood and well-being, and improve people's quality of life.
Under the guidance of the new development strategy, Chinese Life Insurance has comprehensively strengthened value creation and optimized its development pattern. Each sector and unit is making steady progress and improving steadily, which can be summarized by three key words: better business structure, higher value and better situation.
We will achieve steady and far-reaching results, and promote development through reform and full of resilience
Development is the last word, and reform is the general switch", and problems in development need to be solved by means of reform.
Bai Tao, secretary of the Party Committee and chairman of Chinese Life Bank, pointed out at the 2023 annual work conference held at the beginning of the year that the company should start from the overall strategic situation, focus on the main contradictions, focus on major key areas, and highlight the key points.
Specifically, at the business level, Chinese Life Insurance should achieve key breakthroughs in three aspects: breaking through digital infrastructure, breaking through key reform and innovation, and breaking through new business growth poles.
Since the beginning of this year, under the development idea of "one increase, one excellent and six strengthening", the reform of Chinese life insurance has entered a period of intensive cultivation, and the top-level design of reform has been continuously improved, especially in some key areas related to the long-term and overall situation, and the pace of reform has continued to accelerate.
First of all, it is to make steady progress in the reform of the marketing system. Chinese Life Insurance adheres to the effective team to drive business development, focuses on the "eight major projects", continues to implement the "sales channel strengthening project", deeply promotes the reform of the marketing system, strengthens the excellent growth and education of the sales team, and steadily promotes the transformation of the sales force to specialization and professionalism. As of September 30, 2023, the company's total sales force was 7200,000 people, of which 66 are individual insurance sales manpower00,000 people, the team size stabilized and the trend was further consolidated;The quality of the team continued to be optimized, the production capacity of the team was greatly improved, and the average monthly first-year premium paid per capita in the individual insurance sector increased by 28% year-on-year6%。
The second is to accelerate digital transformation in an all-round way. At present, Chinese Life Insurance has provided online consultation, insurance and other services for 90 million users, realizing 99% of the online completion of policy services, and the intelligent model is effectively applied to underwriting, customer acquisition, risk control and other links, achieving an intelligent underwriting review pass rate of 927%, more than 60 million customer positioning recommendations, and 92% suspicious transaction identification rate.
Of course, high-quality development is inseparable from the strong risk management and security system that has been firmly established. Since the beginning of this year, Chinese Life Insurance has always put the prevention and resolution of major risks in an important position, firmly guarded the bottom line of no systemic risks, continuously improved the comprehensive risk management system, and continuously improved the efficiency of risk control.
In addition, in accordance with the idea of "clearing pain points, stringing scenarios, and communicating information", Chinese Life Insurance has created a "smooth and continuous" service experience for customers in one game, and has successively promoted the implementation of more than 20 optimization tasks and launched a number of active service measures, effectively protecting the rights and interests of consumers with the service spirit of "keeping simple and high-quality high-quality products, and never retreating from craftsmanship".
Looking forward to the future, Chinese Life Insurance will take the 20th anniversary of its listing as a new starting point, continue to deepen reform and innovation, focus on key areas to promote transformation and upgrading, continuously inject new momentum into high-quality development, and continue to enhance the people's sense of gain, happiness and security with more "simple, high-quality and warm" insurance protection services, and move towards the goal of building a world-class life insurance company.