The history of China Life can be traced back to the life insurance business handled by the former People's Insurance Company of China (PIC), which was established on October 20, 1949. Just 20 days after the establishment of New China, in order to rapidly develop the economy, a unified national insurance organization, the People's Insurance Company of China (PIC), was established with the approval of the Central People's Government, under which a life insurance office was set up.
In the early days of the founding of the People's Republic of China, there were two major types of life insurance business, compulsory insurance and voluntary insurance, compulsory insurance was mainly for railroads, ships and airplanes passenger accident insurance, while voluntary insurance was divided into two categories: employee group life insurance and simple life insurance. By 1958, **** realized 141 million yuan of premium income from life insurance, 3 million people participated in employee group life insurance, and 1.8 million people participated in simple life insurance, which played a positive role in stabilizing the lives of the masses.
Expanded InformationChina Life Insurance Company Limited is headquartered in Beijing. China Life Insurance Company Limited and its subsidiaries constitute the largest life insurance group in China, one of the domestic insurance groups with assets exceeding one trillion dollars, and one of the largest institutional investors in China's capital market.?
In 2013, the total premium income of China Life Insurance Co. and its subsidiaries reached 386.8 billion yuan, with the domestic life insurance business accounting for about 31.6 percent of the life insurance market share; and total assets reached 2.4 trillion yuan.
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