Recently, a number of insurance companies such as Chinese People's Insurance Company, Chinese Life Insurance, and Sinosure Insurance held a 2024 work conference to summarize last year and lay out this year. In the face of opportunities and challenges, how will insurance companies embark on a new journey in 2024?
Brokerage China reporters hereby sorted out the content of the 2024 work conference of a number of insurance companies. Through these combing, we can often get a glimpse of the latest research and understanding of industry trends of various companies, as well as the latest business ideas of the company.
Chinese People's Insurance: Focus on the main business and position the direction of each sector
On January 25, Chinese People's Insurance Group held its 2024 work conference in Beijing. This is the first annual work meeting of the group since the formation of a new leadership team last year, revealing the latest business ideas of the new team in studying and implementing the spirit of the first financial work conference and the first economic work conference.
The meeting stressed that Chinese should adhere to the strategic vision of "building a global excellent insurance group" and adhere to the corporate mission of "people's insurance serving the people". It is necessary to optimize and improve the strategic objectives, adhere to the correct performance concept, strengthen the financial function, and grasp the strategic position of the People's Insurance in the construction of a financial power.
The group proposed to focus on its main responsibilities and main business, build an insurance group with property insurance business as its core business, coordinated development of life insurance and reinsurance business, and strategic support of investment management business, so as to improve and strengthen property insurance, specialize in life insurance and reinsurance, and enhance the "dual service" ability of the investment sector to serve the national strategy and the main business of insurance.
In terms of focusing on high-quality development, it is necessary to implement six major action measures to strengthen the party's leadership, strengthen strategic services, strengthen reform and innovation, strengthen risk prevention, strengthen scientific and technological empowerment, and strengthen the talent team.
The meeting also determined the various tasks to be grasped by Chinese Insurance in 2024. These include: focusing on the five major articles of finance, and earnestly fulfilling the fundamental purpose of serving the real economy. Efforts should be made to do a good job in the development of the seven major insurance businesses, and effectively play the functions of economic shock absorbers and social stabilizers. Focus on deepening and implementing eight strategic services, and make efforts in serving Chinese-style modernization.
Among them, the seven major insurance businesses include commercial endowment insurance, health insurance, science and technology insurance, green insurance, agricultural insurance, reinsurance, and catastrophe insurance. Eight strategic services, that is, the implementation of "eight strategic services" around the construction of a modern industrial system, rural revitalization, self-reliance and self-reliance in science and technology, improvement of people's livelihood and well-being, green development, safe development, regional development, and the "Belt and Road".
In 2023, PICC Group will achieve premium income of 661.9 billion yuan, a year-on-year increase of 69%；The profitability performance is at a high level among major insurance groups, and the return on investment remains industry-leading. The amount of risk insurance for the whole year increased by 85% year-on-year7%。
Chinese Life Group: Promote high-quality development to a new level
Recently, the 2024 work conference of Chinese Life Group was held in Beijing. Bai Tao, Secretary of the Party Committee and Chairman of Chinese Life Group, delivered a speech entitled "Unswervingly Follow the Road of Financial Development with Chinese Characteristics, Work Hard, and Promote High-quality Development to a New Level".
The meeting stressed that Chinese Life Group should make overall plans to grasp stability and progress, establishment and breakage, scale and efficiency, assets and liabilities, development and security, as the operating and management logic throughout, better implement the decision-making and deployment, and promote high-quality development.
The meeting pointed out that 2024 is the 75th anniversary of the founding of the People's Republic of China, a key year for achieving the goals and tasks of the 14th Five-Year Plan, and an important year for the reform of Chinese Life Group. In 2024, it is necessary to highlight the "strengthening party building, promoting development, grasping reform, promoting innovation, and preventing risks", and strive to promote stability through progress, establish first and then break through, promote high-quality development to a new level, and contribute to the great cause of national life with Chinese-style modernization to comprehensively promote the construction of a strong country and national rejuvenation.
Among the various sectors, the insurance sector should accelerate transformation and upgrading, strengthen the linkage between capital and liability, and achieve double improvement in market leading position and operating efficiency; The investment sector should continue to improve in terms of investment capacity and investment income; The banking sector should rely on the Group's resources and synergistic development advantages, deepen the Bay Area, highlight characteristic operations, and continuously improve value creation and risk prevention and control capabilities; Other sectors should take their own high-quality development as the main responsibility, make the main business better and stronger, and contribute to the improvement of the overall value of the group.
In 2024, the six key tasks of Chinese Life Group include: first, focus on strengthening the party's overall leadership, second, focus on promoting inspection and rectification to go deeper and more practical, third, focus on achieving innovative breakthroughs in five major articles, fourth, focus on deepening reform in key areas, focus on preventing and resolving major risks, and sixth, focus on strengthening the construction of cadre talent team.
According to the data, in 2023, the total premiums of the group's life insurance companies will reach a record high, the premiums of property insurance companies will exceed 100 billion yuan, and the scale of assets under management of asset companies will be nearly 54 trillion yuan, the scale of assets under management of pension insurance companies exceeds 17 trillion yuan, the scale of assets under management of China Life Investment Company exceeded 500 billion yuan, and the total assets of Guangfa Bank reached 35 trillion yuan steps.
SINOSURE: Strengthen the positioning of policy functions and do a good job in five major articles
On January 25, SINOSURE held the 2024 annual work conference in Beijing.
When deploying the work in 2024, Song Shuguang, Secretary of the Party Committee and Chairman of SINOSURE, said that it is necessary to deeply grasp the political and people's nature of the credit insurance work, with the goal of accelerating the construction of a world-class policy-based export credit insurance institution, with high-quality development as the theme, with the service of the open economy as the main line, and the continuous deepening of reform as the driving force. We will unswervingly follow the development path of export credit insurance with Chinese characteristics, and open up to the outside world with high-quality development services of credit insurance, so as to better contribute to the construction of a strong country and the great cause of national rejuvenation.
Focusing on the overall requirements of the work in 2024, Song Shuguang pointed out that it is necessary to focus on the "four focuses" and do a good job in four aspects. First, we should strive to play the role of counter-cyclical and cross-cyclical adjustment, and be the vanguard of serving the national strategy. Second, we should strive to do a good job in the five major articles and be the main force in supporting the development of foreign trade and economic cooperation. The third is to focus on improving the efficiency of corporate governance and be a pioneer in deepening reform. Fourth, efforts should be made to enhance risk management capabilities and serve as a ballast stone for maintaining financial stability.
Railway self-insurance: Focus on "efficiency improvement and value creation" to better serve the high-quality development of railways in the new era
On January 23, the railway insurance company held the 2024 work conference and the fifth session of the second staff congress in Beijing. The meeting summarized the work in 2023, analyzed the current situation, deployed key tasks in 2024, mobilized all cadres and employees to work hard in the same direction, anchored the goal of high-quality development, focused on "efficiency improvement and value creation", and contributed to the insurance company's strength to better serve and ensure the high-quality development of railways in the new era and the construction of "six modern systems".
The meeting put forward the company's main business objectives in 2024 and deployed five key tasks.
The first is to comprehensively strengthen the party's overall leadership over the company's work. We will continue to strengthen the leading and supporting role of Party organizations, continue to promote the Party's political and organizational construction, continue to consolidate the foundation of ideological and theoretical arming, and further promote the comprehensive and strict governance of the Party, the construction of a clean and honest Party style, and anti-corruption work.
The second is to continue to ensure major national strategies and serve the "great man of the country". We will do a solid job in the on-site service and fast and accurate claim settlement mechanism for major national strategic railway projects, improve the passenger and freight service guarantee of the China-Laos Railway, designate targeted service plans, deepen the freight insurance business of international trains, and explore the formulation of customer hierarchical management and hierarchical service systems.
The third is to continue to improve the construction of the company's business system and promote the quality and revenue of various business segments. Give full play to the overall planning and accumulation efficiency of the freight, Yijian, property and other business divisions and the overall coordination function of the business management department, strengthen the construction of the company's business system, build an industrial profit center and a business development center, realize the coordinated development of business, and ensure the effective implementation of the company's strategy.
The fourth is to explore new mechanisms for market-oriented operation and promote the company's commercial transformation. Gradually carry out the work of increasing capital and leading the war, establish a multi-level marketing system, and actively adapt to the increasingly stringent regulatory requirements of the insurance industry to ensure that regulatory problems and systemic risks do not occur.
Fifth, strengthen the capacity building of insurance services and improve the quality and efficiency of insurance services. Do a good job in customer service and consumer rights protection, accelerate the development of online claims reporting and claim mini programs, improve the quality of claims services, strengthen product demand research, improve the pertinence and effectiveness of product development, and enrich the insurance product system.
Jintai Insurance: Focus on operating efficiency and deepen reform and empowerment
From January 25th to 26th, Jintai Insurance held the 2024 annual work meeting to comprehensively summarize the work in 2023 and arrange and deploy the goals, tasks and key tasks in 2024. Ren Ruihong, Secretary of the Party Committee and Chairman of the Company, made a speech entitled "Focusing on Business Efficiency, Deepening Reform and Empowerment, and Comprehensively Promoting the Company's High-quality Development with Practical Achievements".
The meeting emphasized that 2024 is the 75th anniversary of the founding of the People's Republic of China and a key year for the company to achieve the goals and tasks of the "14th Five-Year Plan".
Ren Ruihong deployed the key work in 2024:
The first is to focus on refinement, the business side should strengthen refined operations, focus on improving sales capabilities, underwriting capabilities, and claims capabilities, the management side should focus on the principle of intensification, focus on supporting actuarial accounts, and the investment side should focus on improving investment returns under the premise of compliance and safety.
The second is to focus on internal reform, deepen the reform of the organizational structure and the reform of the "three systems".
The third is to focus on innovation and development, enrich supply with product innovation, and empower development with service innovation.
Fourth, focus on organized sales and operation, and form a good atmosphere for efficient linkage between departments, general branches, operations and sales, and inter-departmental systems.
Fifth, we will focus on building modern governance capabilities, further improve corporate governance, optimize customer service, and strengthen scientific and technological support.
Sixth, focus on the construction of internal control and compliance, and strengthen internal control to give priority to compliance.
Seventh, focus on party building and promote the integrated development of party building and operation.
Zhongcheng Insurance: Actively promote the integration of industry and finance, and continue to empower the group's main business
On January 24, Utrust Insurance held the 2024 work conference.
The meeting proposed that Zhongcheng Insurance will conscientiously implement the spirit of the first-class financial work conference and the spirit of the 2024 work conference of GAC Group in its daily operation, improve its political position, strengthen its mission, actively promote the integration of industry and finance, and continue to empower the group's main business.
Zheng Xin, deputy secretary of the party committee and president of the company, said that the company's business work in 2023 will mainly show five characteristics: first, rapid growth but huge losses, and mixed operating results; the second is to empower the main business to achieve results, and the embedded insurance model has gradually become a prototype; the third is to face the challenges and work hard to improve the internal skills, and the professional management characteristics to a higher level; Fourth, straighten out the structure and optimize the team, and the team's vitality will be stimulated again; Fifth, the image of talent upgrading is discovered, and cultural construction has borne fruit. In 2024, we will focus on promoting five aspects of work: first, implement "one public sincerity" and maintain the company's "centripetal force"; the second is to focus on the two major strategies and strengthen the core "competitiveness"; the third is to adjust the three major strategies to consolidate the "supporting force" of development; the fourth is to implement four-dimensional management to activate the "internal driving force" of the institution; Fifth, build five lines of defense to enhance the "immunity" of the system.
Du Zhijian, Secretary of the Party Committee and Chairman of the company, put forward four opinions on the company's operation in 2024: first, to unite in the spirit of unity to meet new challenges; the second is to overcome difficulties with a fighting attitude and embrace the great changes in the industry and market; the third is to seize the opportunity with agile action and build a competitive advantage of professional management; The fourth is to serve customers with excellent quality and lay a solid foundation for the realization of the blueprint of "10 billion Zhongcheng".
*:* Times Author: Deng Xiongying, Brokerage China.