Between the pen and the ink, the sense of urgency of time contained in 20 years arises spontaneously.
20 years ago, Chinese Life Insurance Co., Ltd. *** hereinafter referred to as "China Life Insurance") simultaneously listed on the Hong Kong Stock Exchange and the New York ** Stock Exchange in the United States, creating the world's largest IPO that year, and three years later listed on the A-share market, becoming the first insurance company to be listed in Hong Kong, Shanghai and New York at the same time (it has been delisted from the New York Stock Exchange).
Such a set of figures highlights the extraordinary achievements of Guoguo Life Insurance in the past 20 years: the premium income has increased from less than 150 billion yuan in 2003 to 600 billion yuan in 2022, and the embedded value has increased from 90 billion yuan to 123 trillion yuan, total assets increased from 328.7 billion yuan to 525 trillion yuan, the scale of investment assets expanded from 279.2 billion yuan to 506 trillion yuan, the number of customers served from 2500 million to more than 500 million people, the number of long-term insurance policies in force increased from 48 million to 32.6 billion cases, the number of annual claims increased from 7890,000 to 19.17 million, and the annual claim amount increased from 2.8 billion yuan to 51.5 billion yuan......
At the same time, another set of data is also worth paying attention to: in 2003, China's total premiums only ranked 11th in the world, with a total of less than 50 billion US dollars, accounting for only 16%。But 20 years later, in 2022, the total premium in our country has exceeded 47 trillion yuan, the global proportion has increased to 10%, and the scale of premiums has been ranked second in the world since 2016.
In the past 20 years, China Life Insurance has shown that as long as it always has the "great man of the country" in mind and takes the attitude and responsibility of the head goose, the road of development will be broader and broader.
In the past 20 years, from opening my eyes to see the world, to knocking on the door of the world, to gradually integrating into the world, until showing the power of Chinese insurance to the world. Standing at the moment of historic changes in China's relations with the world, the world has a richer perspective on China, and through the corner of insurance, we can also see the decisive influence of China on the world today.
In the past 20 years, China's accession to the WTO, the share reform of state-owned enterprises, and the rapid development of the insurance industry have ...... two "roller coasters".It is vivid, but it is difficult to say it in a few words. After all, the hardships are beyond words; After all, it's easy to get tired from the rush day and night. As a result, many people also tend to indulge in the trend of the moment, and go with the flow in a hurry, lost and regretful.
As an individual in the process of economic and social development, it is actually difficult to control the beating beat of the pulse of the times, but I can't help but ask: if we discard the unchanging tranquility in our hearts and ignore the evergreen faith in our minds, can we still move steadily and far in the stormy waves?
Looking back at the achievements of China Life Insurance in the past 20 years of overseas listing, it is not only supported by the macro environment, but it is also inseparable from its own perseverance and determination. There are many factors needed for the success of an insurance company, such as sales, technology, customer service, brand, talent, policy, etc., but if you want to continue to sing high and consistently lead the industry, it may be difficult to achieve these common factors.
As an industry that smooths risks, and as specific institutions that carry risks, the core concerns of insurance companies, especially life insurance companies, generally speaking, have three points:
The first is the settlement of claims, which is the underlying logic of business risks, and together with the underwriting in the early stage, it forms the cornerstone of the operation of the liability side;
The second is investment, as an investor of long-term assets, how to properly do a good job in investment strategy selection and investment management is undoubtedly another core of the sound operation of insurance companies;
The third is corporate governance, the core underlying logic of the company's operation is, of course, the three committees and the first layer (shareholders' meeting, board of directors, board of supervisors and senior management), and as a balance and constraint mechanism, the health of corporate governance is not only related to performance, but also determines the life and death of the enterprise.
Looking back at the development path of China Life Insurance in the past 20 years, every aspect, unfolded, is a magnificent picture.
485.5 billion yuan of China Life Insurance
Outside the window, in the snowy room, in the emergency operating room on the first floor, a white coat and a set of green surgical gowns, the doctor kept wiping the sweat, "scissors", "hemostasis" and "stitching", concise and powerful words and countless eye contacts, outlining a realistic picture of life and death.
Only by revering "death" can we better understand the meaning of life and better care for life and health. However, it is difficult for good and bad to exist according to personal preferences.
In the winter of 2022, middle-aged Li Dong (pseudonym) was unfortunately admitted to the hospital in a coma with cerebral infarction, but fortunately he was sent to the hospital in time and finally passed the hurdle. However, after being transferred to the ICU, medical expenses have become a big problem for this migrant man.
Everything was arranged for the best. Li Dong's lover He Xin (pseudonym), in a desperate and helpless situation, tried to contact China Life Insurance, because she had taken out an insurance policy before. After the pre-trial confirmed that he met the conditions for hospitalization prepayment, he quickly paid 23,000 yuan in advance to ensure the sustainability of Li Dong**, and after he was transferred to the general ward, the claims adjuster went to the hospital to visit him, and helped He Xin sort out the information and complete the compensation of the entire case.
A microcosm is a story. If the time of 20 years is compared to a bridge of time, then this bridge not only connects the past and the future, but also engraves a heart-warming story of dedicated protection, stringing together the 20-year insurance escort journey of China Life Insurance
Since 2016, focusing on the "medical + insurance + Internet" scenario, we have comprehensively promoted the direct payment service of claims through direct data connection between social security, hospitals and third-parties. By the end of 2022, it has served more than 22.2 million customers, with a compensation amount of more than 13.3 billion yuan.
In 2019, the "One-Day Critical Illness Claim" service was launched, and for eligible customers who apply for critical illness compensation, staff will take the initiative to visit and assist customers in collecting all the information, and complete the claim processing within one working day. So far, more than 600,000 customers have experienced it, and the amount of benefits has exceeded 26 billion yuan. Using science and technology to aggregate resources, empower businesses, and establish an ecosystem, it has connected with more than 400,000 external services and activities, and directly paid claims to more than 20,000 medical institutions across the country, providing customers with better insurance ecological services.
In recent years, it has continued to promote the deep integration of digital technology and claims services, and launched the handheld claims business in 2015, with OCR technology embedded in the mobile claim terminal, realizing convenient functions such as intelligent review of image data, electronic signature, and guided upload of claim application materialsSo far, it has brought more than 61 million customers a handheld mobile claims service across time, space and scenarios.
Claims settlement, the embodiment of the core value of insurance services, is one of the key links that consumers pay the most attention to. Over the past 20 years, China Life Insurance has continued to improve its claims business, improving the speed of claims settlement with technological innovation, optimizing customer experience with process innovation, and escorting the people's better life with "fast and warm" claims services.
From 2003 to 2022, the cumulative total number of claims of China Life Insurance exceeded 16.5 billion cases, with a total claim amount of 485.5 billion yuan, ranking in the forefront of the industry.
5.25 trillion yuan invested in national life insurance
In the Xiong'an New Area in summer, the blue waves of Baiyangdian Lake are rippling, spreading a beautiful picture of interdependence and symbiosis and integration between the city and the lake. On the vast waters, Baer's Pochard chicks, the world's critically endangered species, follow their "parents" through the reeds.
More than six years after the establishment of Xiong'an New Area, we have witnessed the great ecological changes taking place in this field of hope, and we have also witnessed the magnificent changes of this new historical coordinate.
Behind the great changes, it must be inseparable from the support of funds. For this historic project to promote the coordinated development of Beijing-Tianjin-Hebei, China Life Insurance adheres to the long-term investment concept and participates in the initiation of the first ecological and environmental protection project in Xiong'an New Area as an LP.
Of course, not only Xiong'an, but also in the Greater Bay Area, it also actively promotes the "insurance capital into Guangdong", invests about 8 billion yuan in the Guangzhou urban investment project, participates in the new phase of the transformation of scientific and technological achievements initiated by the State Investment Group and the Ministry of Science and Technology and Guangdong Province, and invests in the COFCO Chuangxin Industrial Park project8700 million yuan, for the development of "the Internet industry as the leading, supporting the development of software and science and technology information services, network financial services industry" innovative industries, optimize the debt structure, and actively serve the real economy and innovative economic development ......
The dual positioning of insurance capital and state-owned enterprises determines the investment path of China Life Insurance. As a life insurance company, China Life's investment business is rooted in and serves the development of the main insurance business, which has always been an important part of its value creation. In the past 20 years, the investment assets of China Life Insurance have increased from 279.2 billion yuan in 2003 to 50.6 billion yuan, the volume has expanded by 17 times.
In the face of 5 trillion yuan of massive assets, China Life Insurance has always resonated with the same frequency as the country, firmly implemented the medium and long-term strategic asset allocation plan, carried out cross-cycle stable investment management, and realized the coordination and unity of asset security, profitability and liquidity.
After 20 years of accumulation, China Life's total assets in 2022 reached 525 trillion yuan, becoming the first life insurance company in China with assets exceeding 5 trillion yuanCompared with 328.7 billion yuan at the beginning of its listing in 2003, it has increased by 15 times, and at the same time, in the past 20 years, the average ROE of China Life Insurance has exceeded 10%, ranking among the top listed insurance companies, reflecting strong development resilience.
Under the huge asset increment accumulated in 20 years, the net investment income of China Life Insurance has increased from 98 in 20032.5 billion yuan, which has increased to 190.3 billion yuan in 2022It not only fully reflects the long-term investment strategy of China Life Insurance, but also brings long-term and stable income to shareholders.
5,689 party organizations have done national life insurance
The members of the company's party committee team use the "first topic" to learn in time and the party committee theoretical learning center group to study in depth, sink to participate in the party branch of the organ to study and implement the spirit of the 20th National Congress of the Communist Party of China, share their learning experience in combination with the work in charge, and set an example in true learning, true understanding and real use; Organize the learning and evaluation activities of the "Learning Power" platform to promote learning and work through competition; Through various forms of regular learning and education such as "three meetings and one lesson", theme party days, and special party classes, the party (general) branch has created a strong learning atmosphere in which party members and cadres are fully "moving" and all members "bringing up", and quickly promoted the spirit of the 20th National Congress of the Party into the brain and ......heart
At the end of 2022, the theme party day activities continued to be carried out by party organizations in various parts of China Life Insurance General Branch, depicting the historical picture of this state-owned enterprise "wholeheartedly to the party and forging ahead".
Looking back at the development of the insurance industry since the new century, success or failure is nothing more than corporate governance, and looking at the world, the core position of corporate governance is also a consensus, but the more core problems are, the more difficult it is to solve the root cause. After all, corporate governance is a systematic project, and solving the corporate governance dilemma requires the coordination of all parties, and to this day, there is still no one-size-fits-all standard paradigm of corporate governance in the global business community.
Looking back at the 20 years of development of the insurance industry, in all kinds of foreseen and unforeseen storms, in the era of development and stagnation, all of them have forced the industry to think deeply, but also forced the upgrading of corporate governance, and called for the change of the development concept of the industry.
At this moment, China Life Insurance has a continuous persistence, that is, the leadership of party building.
In March this year, the "Three-year Action to Improve Corporate Governance in the Banking and Insurance Industry Achieved Remarkable Results" systematically expounded the main achievements of the corporate governance work of the former China Banking and Insurance Regulatory Commission in the past three years. Earlier, in 2022, the former China Banking and Insurance Regulatory Commission (CBIRC) also clarified the core position of "party leadership" in the Measures for the Supervision and Evaluation of Corporate Governance of Banking and Insurance Institutions (for Trial Implementation).
Jumping out of the industry, "adhering to the party's leadership and strengthening party building is the glorious tradition of China's state-owned enterprises, the 'root' and 'soul' of state-owned enterprises, and the unique advantages of China's state-owned enterprises." ”
In other words, whether it is industry supervision or national top-level design, the leadership of the Party is the "bull's nose" that determines the success or failure of the future corporate governance of the insurance industry. For this "bull's nose", in the past 20 years, China Life Insurance has been firmly held and has not relaxed for a moment.
In the past 20 years, the party committee teams at all levels have given party lectures at least once a year for party members and cadres; Give play to the role of the party school as the main channel and main position for the education and training of party members, and since 2017, more than 1,000 party members and cadres have been selected to receive systematic theoretical study at the Chinese Life Party School; expand the coverage of grassroots party organizations; Adhere to strict standards to do a good job in the development of party members, ensure that grassroots party organizations should be built, and continue to solve the problem of weak party building at the grassroots level. As of the end of June 2023, there are 5,689 party organizations at all levels in the whole China Life Insurance system, including 398 party committees, 49 general party branches, and 5,242 party branches. There are more than 60,000 party members in the whole system, and the total number continues to increase, and the organizational foundation is constantly consolidated; The party members of the marketer are about 190,000 people, all of whom are under the management of the company's party branch.
In the past 20 years, we have continued to promote the integration of party building and business. Identify the combination point of decision-making and deployment and the company's development, incorporate the company's party building work and reform and development key work into the company-level key work plan, deploy and promote it as a whole with business work, strengthen process management, deepen implementation, and ensure the standardized and orderly operation of the implementation work. Party organizations at all levels focus on the tasks of the company's reform and development center to build an activity platform, and widely organize party members to play a vanguard and exemplary role around urgent, difficult, dangerous and heavy tasks such as business development, epidemic prevention and control, emergency rescue and disaster relief, and poverty alleviation. Investigation and research have been carried out at multiple levels and through multiple channels, and special research activities on "grasping party building and promoting integration" have been carried out, and targeted and operational research results have been formed. Actively create 4,862 red flag "party member demonstration posts", 4,767 "party member responsibility areas", 2,836 "party member commandos", and 2,902 "party member service teams". Carry out in-depth activities such as "the party flag fluttering high on the front line at the grassroots level", organize and carry out a series of activities of "party flag flying and party member piloting" at the grassroots counter service window, based on meeting the needs of customers, and build a "four best" China Life service team with "good political literacy, good customer reputation, good service skills and good work performance", 625 outstanding comprehensive tellers were rated as "Party Member Pioneer Post", and 38 benchmark counters were rated as "Party Member Demonstration Counter".
At the beginning of 2023, China Life Insurance launched a new business strategy to lead the future development of the layout - "Eight Major Projects", which focuses on innovation and breakthroughs in party building guidance, mechanism optimization, marketing reform, resource integration, management innovation, ecological drive, etc., with "Party Building Leading Foundation Building Project" as the guide, "Talent Construction Solid Foundation Project" as the support, and "Sales Channel Strengthening Project", "Comprehensive Marketing Cohesion Project", "Customer Management Jinshan Project", "Government-Enterprise Cooperation People's Heart Project" and "Healthy Pension Ecological Project" as the main bodyOn the basis of the "Fintech Digital Project", we will carry out in-depth basic reengineering and difficult research, actively target new customer groups, new models and new capabilities, comprehensively upgrade the company's development momentum, and accelerate quality change, efficiency change and power change. But at the core, party building is still the core of adherence.
We will connect the painful and glorious past, the ever-changing present, and the bright and grand future, firmly grasp the right direction in the turbulent clouds, sharpen our courage in the face of risks and challenges, inspire the confidence and motivation to strive for the great rejuvenation of the Chinese nation, move forward with perseverance through thick and thin, and create a historical cause that belongs to our generation of insurers.
The 20 years of development of China Life Insurance has verified this simple truth, the development of the people, the soul of the party, is the only magic weapon that can go through all cycles, is the real experience is a heroic declaration.
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