2023 is destined to be an extraordinary year, this year is the first year to implement the spirit of the 20th National Congress of the Communist Party of China, and it is also a key year for the implementation of the "14th Five-Year Plan". This year, the whole society implemented the new development concept, efficiently coordinated the speed and quality of economic development, and the economic and social development showed a new look.
2023 is also the 20th anniversary of the share reform and listing of Chinese Life Insurance Co., Ltd. *** hereinafter referred to as "Chinese Life Insurance Company"). The company adheres to the theme of high-quality development, maintains steady business development, continuously improves the quality of development, continues to stabilize its market leading edge, and further enhances its comprehensive strength.
In this year, Chinese Life Insurance Company adhered to the people-centered, served the overall situation of the country, fully implemented the new development concept, deeply practiced the political and people's nature of insurance, took the road of financial and insurance development with Chinese characteristics, and better played the role of insurance in serving Chinese modernization.
Reform and innovation, the "eight major projects" have been accelerated
This year, Chinese Life Insurance Company has reformed its old and new, operated steadily, and accelerated the implementation of the "eight major projects". Focusing on the leadership of party building, mechanism optimization, marketing reform, resource integration, management innovation, and ecological drive, a number of strategic measures and reform practices have been carried out, and new breakthroughs have been made in the reform of key areas.
Guided by the "Party Building Leading Foundation Building Project", supported by the "Talent Construction Consolidation Project", with the "Sales Channel Strengthening Project", "Comprehensive Marketing Cohesion Project", "Customer Management Jinshan Project", "Government-Enterprise Cooperation Project" and "Health and Pension Ecological Project" as the main body, and based on the "Financial Technology Digital Project", we will deeply implement basic reengineering and difficult research, actively aim at new customer groups, new models and new capabilities, comprehensively upgrade the company's development momentum, and accelerate quality change, efficiency change and power change.
Chinese In the first three quarters of 2023, the company's insurance business achieved rapid development, with premium income reaching 5,7879.9 billion yuan, a year-on-year increase of 45%；New business value continued to grow, up 14. year-over-year0%。The business development has been steady and progressive, and the scale value continues to maintain the leading position in the industry.
Accelerate the layout of the health care industry
This year, Chinese Life Insurance Company made every effort to promote the "health and elderly ecological construction project", taking the insurance business as the core, taking "people-centered" as the starting point and foothold of the construction of "insurance + health care", and accelerating the layout of the health care industry.
The strategy of actively responding to the aging of the population is a long-term and systematic work, which requires a holistic and systematic thinking to plan the work. Based on its unique advantages in the development of pension ecology and adhering to the concept of "reassuring children and reassuring the elderly", Chinese Life Insurance Company regards the construction of health care ecology as the company's long-term development strategy, and rapidly forms the supply capacity of elderly care services in some key cities to meet the diversified needs of the people.
At this stage, there are five main results: First, the pension service supply model of "one main and multiple auxiliaries" has been clarified. Create an "insurance + pension" development model that focuses on "urban center" institutional pension, and the existing "suburban" institutional pension, home pension and community pension are jointly promoted. The second is to quickly form a number of pension service supply. Since 2023, Chinese Life Insurance Company has added 7 institutional pension projects that can connect with "insurance + pension" business. The third is to provide "rich, professional and safe" pension services. Bringing together cutting-edge pension, medical and first-class resources at home and abroad to create a "rich, professional and safe" pension service system. Fourth, supporting diversified pension insurance products. Combined with the risk protection needs and risk characteristics of the elderly customer group, an old-age security product system with "perfect system, flexible combination, wide coverage and strong pertinence" has been established. Fifth, establish a convenient and warm service delivery system and strengthen the management of the whole process of pension ecology. Establish an "online + offline, team + outlets, universal + exclusive" pension customer group contact network.
Deepen the reform of the marketing system
In this year, Chinese Life Insurance Company continued to implement the "Sales Channel Strengthening Project", deeply promoted the reform of the marketing system, strengthened the excellent growth and education of the sales team, and steadily promoted the transformation of the sales force to specialization and professionalism.
As of the end of the third quarter of 2023, the total premium of the individual insurance channel of Chinese Life Insurance Company reached 448.4 billion yuan, with a total manpower of 660,000. Among the new individual insurance premiums, the premiums with a term of 10 years and above accounted for 52%, and the per capita production capacity of the team increased by 29%. The Company will continue to promote the reform of the individual insurance marketing system, promote the continuous improvement of the marketing system and mechanism, and gradually improve the compliance awareness, professional level and service ability of sales personnel, so as to promote a more reasonable sales force structure and more stable business development.
In recent years, China's life insurance industry is in a period of important strategic opportunities, and the internal and external environment is undergoing profound adjustments. Chinese Life Insurance Company has clarified two key reform directions, namely "professional upgrading of existing teams" and "layout of new marketing models", and supports reform with two major protection strategies, namely "'product + service' ecological construction" and "precise empowerment of science and technology", and accelerates the transformation and upgrading of the "three modernizations" team to specialization, professionalism and integration.
Comprehensively launch the digital project of financial technology
In this year, Chinese Life Insurance Company fully launched the construction of financial technology digital project, deepened scientific and technological innovation, consolidated the digital foundation, and effectively promoted the company's high-quality development with high-quality scientific and technological capacity supply.
Relying on the solid digital foundation that has been built, we will comprehensively launch the financial technology digital project, take the layout and application of new technologies as a breakthrough, further enhance the comprehensive support of online, digital and intelligent for the company's operation and management, and inject scientific and technological momentum into the company's high-quality development.
Chinese Life Insurance Company has created a variety of front-end technology products, among which the Chinese Life Insurance APP provides convenient and efficient online independent services for hundreds of millions of customers, and China Life e-stores have become an important position for sales partners to exhibit and sell. In terms of improving the user experience, it also unifies the customer contact center service to realize the non-perceptual transfer between the group's 3 sectors, domestic and overseas, and 9 subsidiaries, and when customers call the 95519 customer service line, they can realize the convenient service of "the number is only dialed once, the voice is only listened to once, and the demand is only spoken once".
At present, the development of insurance technology has greatly improved the efficiency of the operation service side, from the practice of Chinese life insurance companies, with the help of information power, to provide customers with more than 2900 million person-times, and the online service rate of preservation and claim settlement exceeded 90%.
Continue to strengthen the supply of diversified products
This year, Chinese Life Insurance Company actively served the national strategy, adhered to the original mission of "insurance for the people", combined with the internal and external environment of product research and development, optimized product structure, and improved the sensitivity, effectiveness and safety of product supply.
Actively serve the construction of a healthy China, orderly promote the research and development of critical illness insurance, long-term care insurance, medical insurance and other products, further meet the diverse health security needs of customers, innovate and develop products such as the "Companion Blessing" series on the basis of the "Exclusive Happiness" and "Hui Xiangfu" series, and launch student and child disease products such as "Happy Learning and Worry-free". Implement the national strategy of actively responding to the aging of the population, continue to expand the allocation of pension insurance, long-term care insurance and other products on the basis of launching exclusive insurance products for the personal pension system, and actively promote the pilot implementation of life insurance and long-term care insurance liability conversion business to meet the differentiated pension security needs of customers. We will continue to launch a series of exclusive products for rural revitalization, provide death, medical and accident insurance protection for relevant groups, explore the supply of products for specific regions, and launch products such as accident insurance in the Hainan Free Trade Port, so as to actively contribute to rural revitalization and coordinated regional development. In-depth research on the retirement protection needs of professional athletes, and promote the innovation of sports insurance products.
Practice "insurance for the people" and actively serve the real economy
This year, Chinese Life Insurance Company adhered to high-quality development and reached a new level in terms of operating strength. As the "head goose" of the industry, the company has always adhered to the theme of high-quality development, practiced "insurance for the people", and constantly made new contributions to serving the overall development of the country.
While the scale and strength continue to grow, Chinese Life Insurance Company actively participates in the construction of the social security system, and the serious illness insurance covers 3500 million urban and rural residents, reducing the medical burden by more than 25 billion yuan. The ability to serve the real economy continues to improve, and as of the end of November 2023, the cumulative investment in the real economy has exceeded 39 trillion yuan, serving the regional development strategy investment scale of more than 27 trillion yuan. The insurance business and investment scale related to rural revitalization have achieved rapid growth.
In recent years, Chinese Life Insurance Company has continuously participated in social welfare through public welfare donations, community care organizations, volunteer services, etc., and MSCI's ESG rating has been upgraded to BBB level, continuing to be in the leading echelon of the industry.
Adhere to compliance management and adhere to the bottom line of financial risks
In this year, Chinese Life Insurance Company adhered to the bottom line of financial risks, fully implemented the regulatory requirements of the second generation and the second phase of the solvency, continued to improve the comprehensive risk management system, and continuously improved the risk management and control capabilities to meet the needs of comprehensive operation.
Risk prevention and control has always been the bottom line and cornerstone of the development of the insurance industry, and insurance companies need to consider their own risk management within the framework of the financial security of the whole country, which is of great significance and far-reaching impact on promoting the healthy development of the industry, maintaining financial security, helping the real economy, and serving the national strategy.
While accelerating development, Chinese Life Insurance Company actively strengthens the construction of its own risk prevention and control system, comprehensively coordinates development and security, and resolutely guards the people's pension money and life saving money. We have always adhered to the business philosophy of stability, integrity and compliance, adhered to the general tone of seeking progress while maintaining stability, strictly followed the laws and regulations of the place of listing and industry regulatory regulations, paid attention to forward-looking planning and systematic thinking, and continued to strengthen internal control and risk management, so as to effectively prevent and resolve major risks. Adhere to the "second generation" as the criterion, continue to strengthen risk management in key areas, and integrate security into the development bloodline.
We will continue to improve the corporate governance structure and compliance management system, vigorously promote the compliance culture, integrate the concept of risk management into the company's management fields and business processes, and improve the level of risk prevention and control informatization. Carry out the "Year of System Compliance" in depth, give full play to the joint efforts of the "three lines of defense" compliance management, continuously optimize the compliance operation mechanism, strengthen compliance compliance, and continuously improve the efficiency of compliance management.
The road is long and resistant, and the line is coming; If you don't give up, the future can be expected.
2023 marks the 20th anniversary of the share reform and listing of Chinese Life Insurance Company. In the past 20 years, Chinese Life Insurance Company has continued to lead the development of the life insurance industry as a "head goose", achieving leapfrog growth, with premium income from less than 150 billion yuan to 600 billion yuan and embedded value from 90 billion yuan to 123 trillion yuan, total assets from 328.7 billion yuan to 525 trillion yuan, the scale of investment assets from 279.2 billion yuan to 506 trillion yuan of huge improvement.
Facing the opportunities and challenges of the future, Chinese Life Insurance Company will continue to deepen reform and innovation, and continuously enhance its core competitiveness in the new era. The company will always adhere to the "people-centered" development idea, with professional services and diversified product supply, to meet the people's yearning for a better life, with the power of insurance to continuously enhance the people's sense of gain, happiness and security.
Disclaimer: This article is for informational purposes only and does not constitute investment advice.
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