At the beginning of the new year, how do insurers set the direction of their work throughout the year?
A few days ago, insurance companies such as Chinese Insurance Company, Chinese Life Insurance, China Taiping, and Xinhua Insurance successively held 2024 annual work meetings to study and judge the current situation and deploy key tasks in 2024.
Overall, serving the national strategy and promoting high-quality development are still the main tone of the development of leading insurance companies. In terms of insurance business, focusing on the main responsibilities and main businesses, promoting value transformation, and improving operating efficiency have become hot topics at the meeting. In terms of investment business, there are frequent cases such as improving investment capabilities and coordinating third-party businesses.
Promote high-quality development
It is the inherent responsibility of the insurance industry to ensure the stable development of the economy and escort the steady implementation of the national strategy. In the 2024 annual work conference, a number of leading insurance companies said that they would do a good job in the "five major articles", prevent and resolve financial risks, and promote the company's high-quality development to a new level.
For example, at the 2024 work conference, Chinese Insurance proposed to focus on the "five major articles" of finance and earnestly fulfill the fundamental purpose of serving the real economy; Focus on the development of the seven major insurance businesses, and effectively play the functions of economic shock absorber and social stabilizer; focus on deepening and implementing eight strategic services to serve Chinese-style modernization; Efforts should be made to do a good job in risk prevention, control and resolution, and resolutely adhere to the bottom line of no major risks and systemic risks.
Chinese Life Group also pointed out that in 2024, it is necessary to strengthen the hard truth of the new era of high-quality development, grasp six key tasks, including focusing on achieving innovative breakthroughs in five major articles, focusing on promoting deepening reforms in key areas, focusing on preventing and resolving major risks, and focusing on strengthening the construction of cadre talent teams.
When deploying the work in 2024, China Taiping requires that it be proactive in changing the mode, adjusting the structure, improving the quality, and increasing the efficiency, and accelerate the promotion of high-quality development. Do a good job in eight key business tasks, including adhering to value orientation and further promoting high-quality development; bravely assume responsibilities and missions to serve the real economy and people's livelihood security; Establish a firm bottom-line thinking, resolutely prevent financial risks, etc.
According to Xinhua Insurance, in 2024, the company's operation and management work will adhere to the responsibilities and missions of serving the overall situation of the country, consistently deepen reforms, continue to make practical results of business empowerment, prevent and resolve financial risks, and adhere to the bottom line of risks.
In addition, SINOSURE also said that it will give full play to the role of export credit insurance, continuously improve the quality and efficiency of serving the real economy, and the company's policy performance will reach a new level. In 2024, the company will do a good job in four aspects: focus on giving full play to the role of counter-cyclical and cross-cyclical adjustment, and be the vanguard of serving the national strategy; Strive to do a good job in five major articles, and be the main force in supporting the development of foreign trade and economic cooperation; focus on improving the efficiency of corporate governance, and be a pioneer in deepening reform; Efforts should be made to enhance risk management capabilities and serve as a ballast stone for maintaining financial stability.
Strengthen and optimize the main business
In terms of insurance business, a number of insurance companies mentioned at the annual work conference that they should focus on their main business, become better and stronger, accelerate transformation and upgrading, and improve operating efficiency.
In 2024, Chinese Insurance has made it clear that it will focus on its main business, build an insurance group with property insurance business as its core main business, coordinated development of life insurance and reinsurance business, and investment management business as its strategic support, 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 serve the main business of insurance.
Focusing on specific sectors, Chinese Life Group pointed out that the insurance sector should accelerate transformation and upgrading, strengthen the linkage of capital and liability, and achieve double improvement in market leading position and operating efficiency. 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.
China Taiping mentioned that it will strengthen and optimize its main business, enhance its investment capacity, accelerate the construction of the ecosystem, and deepen comprehensive coordination. We will make great efforts to promote value transformation, solve problems with change, and promote comprehensive innovation.
Enhance investment and research capabilities
In terms of investment business, improving investment management capabilities and promoting the continuous improvement of investment capabilities and investment returns have also become the focus of insurance companies.
At the annual work conference, Chinese Life Group stressed that the investment sector should continue to improve both investment capacity and investment income. At the same time, China Life Asset Management, a subsidiary of the group, further pointed out that in accordance with the 15-character requirements of the group company's "strengthening party building, promoting development, grasping reform, promoting innovation, and preventing risks", it will focus on investment income and profit contribution to strengthen the four benchmarks, better coordinate the service of the real economy and stabilize investment and increase income, better coordinate the service of the main business and third-party business, and better coordinate high-quality development and high-level security.
China Post Insurance said that in 2024, it will improve its investment and research capabilities and strengthen asset allocation under liability constraints; Improve the ability of asset-liability linkage management, and promote the matching of asset-liability duration and income; Improve operational capabilities and enrich customer reach.
In addition, many small and medium-sized insurance companies mentioned that they should work together on the business side, the management side, and the investment side. For example, Jintai Insurance said that 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, and focus on supporting actuarial accounts, and the investment side should focus on improving investment returns under the premise of compliance and safety.