Now there is no longer, China Life Insurance Company Limited IntroductionChina Life Insurance Company Limited is a national commercial life insurance company held by China Life Insurance (Group) Company on behalf of the state, its predecessors are the former People's Insurance Company of China, founded in October 1949, and the CIC Life Insurance Company Limited, which was established in February 1996, and China Life Insurance Company Limited, which was approved by the State Council in January 1999.On June 30, 2003, with the consent of the State Council and the approval of the CIRC, China Life Insurance Company Limited was incorporated in Beijing on June 30, 2003, with the approval of the State Council. On June 30, 2003, with the consent of the State Council and the approval of the China Insurance Regulatory Commission (CIRC), China Life Insurance Company Limited was incorporated in Beijing and listed in New York and Hong Kong on December 17 and 18 of the same year respectively. The company is a leader in China's insurance market.
The Company's extensive nationwide distribution network consists of individual agents, direct salespersons, and professional and part-time agencies, offering products and services such as individual life insurance, group life insurance, accident insurance and health insurance. As of June 30, 2005, China Life had more than 65.54 million in-force individual and group life insurance policies, annuity contracts and long-term health insurance policies, 150 million individual and group accident and short-term health insurance policies, and owned and managed more than 120 million in-force long-term life insurance policies.
China Life was ranked 290th among the world's top 500 companies in 2002 by Fortune, a renowned financial magazine in the U.S., with a total revenue of 290th place, making it the first insurance company in mainland China to enter the world's top 500 companies. 2003 and 2004 were the consecutive years that China Life was selected as one of the world's top 500 companies, with the rankings of 241st and 212th place respectively. On September 1, 2004, China Life was ranked No. 1 among the top 50 life insurance companies in Asia (excluding Japan) by FinanceAsia, a world-renowned financial magazine, Euromoney, in its 2003 Asian Corporate Awards. In the second edition of China's 500 Most Valuable Brands, organized by the World Brand Lab and the World Economic Forum***, China Life's brand value* rose from RMB 42.767 billion in 2004 to RMB 48.667 billion in 2006, making it the No. 1 brand in China's insurance industry, and ranked among the top 10 most valuable brands in China. [Edit Paragraph] Corporate CultureThe company upholds the "double-completion" concept of "to become oneself for others and to reach oneself", advocates the work style of "truthfulness and pragmatism, standardization and rigorousness, prohibition of orders, hard work, innovation and competitiveness", and actively promotes the "innovation and pragmatism" concept. The work style of "truthfulness and pragmatism, standardization and rigor, strict compliance, hard work, innovation and competitiveness", actively promote the cultural construction project of "external image, internal spirit", and comprehensively shape the corporate character of "heavy and honest, self-improvement and prosperity".
We have known each other for many years, and we are worthy of trust
China Life Insurance Company Limited is the largest life insurance company in China, headquartered in Beijing. As a core member of China Life Insurance (Group) Company, which is one of the Fortune 500 companies and one of the world's top 500 brands, the company has won the trust of the widest range of customers in the society with its long history, solid strength, professional leading competitive advantages and world-renowned brand, and has always occupied the position of leader in the domestic insurance market. It has always occupied the leading position in the domestic insurance market, and is regarded as the "mainstay" of China's insurance industry. China Life's Ten Advantages
(1) Long History
China Life Insurance Company (CLIC) is the largest wholly state-owned specialized commercial life insurance company in mainland China, under the leadership of the State Council, with a long history of more than 50 years, and the largest scale, the largest number of customers, and the widest coverage. According to the 2001 Asia Weekly ranking of the 100 largest life insurance companies in the Asia-Pacific region, China Life ranked 13th, the highest ranking life insurance company in mainland China. China Life, which is the same age as the People's Republic of China, is one of the earliest insurance companies in China, and is responsible for exploring and pioneering China's life insurance industry. After more than half a century of development, China Life is well versed in the way of operating in the domestic life insurance market.
-On January 9, 2007, China Life Insurance Co., Ltd. was listed on the A-share market in China, making the company the first "triple-listed" financial and insurance company in China.
-On December 17 and 18, 2003, China Life Insurance Company Limited was listed in New York and Hong Kong respectively, creating the world's largest IPO in that year.
-On June 30, 2003, China Life Insurance Company accelerated the pace of reform and development, formed China Life Insurance (Group) Company, and initiated the establishment of China Life Insurance Co. Ltd.
- In January 1999, the State Council approved the establishment of China Life Insurance Company.
-In 1996, China Life Insurance Co., Ltd. was established, and China Life began to step into the era of life insurance business specialization.
- In October 1949, the Central Government approved the formation of the only insurance company in China, thus starting the first year of China Life's development.
(2) Strong capital
At the end of 2001, the company's total assets reached 221.44 billion yuan, accounting for 48.18% of the total assets of the national insurance companies, and the asset scale accounted for half of the national insurance companies.
The company's premium income in 2001 reached 81.236 billion yuan, accounting for 57% of the national life insurance market, and it has been always an industry It has always been the industry leader in China's life insurance market and plays the role of the main channel in China's national life insurance industry.
(C) Dense service network
The sales network is widely distributed throughout the country,*** with more than 4,800 branches above the county level, 52,500 urban and rural agency outlets established, and an additional 12,000 part-time agencies employing more than 600,000 individual agents. There is an office in Japan.
(4) Strong available capital
It is expected that the balance of the company's available capital will reach 240 billion yuan by the end of 2002.
(V) Flexible utilization of funds
In 2001, the company realized investment income of 4.5 billion yuan, an increase of 23.28% year-on-year, demonstrating its investment technology and strength in the utilization of funds.
*Bond market: the primary market underwriting insurance system ranked first, the secondary market trading volume ranked among the top 5 of the exchange. *Repurchase market: 2001 volume of 244.5 billion, accounting for 17.17% of the exchange repurchase market volume of 1424.3 billion, is a long-term capital market suppliers. *Fund market: with an investable amount of $22 billion and a fund market capacity of less than $70 billion, it is the most influential institutional investor. *Banks: agreement deposits account for more than 50% of the total deposits of all insurance companies in the country, and are an important supplier of long-term funds to commercial banks.
(F) Largest market share
The premium income of 81.236 billion yuan in 2001 accounted for 57% of China's life insurance market.
(vii) Advanced technology
It has invested heavily in information technology construction investment, with 100% equipment coverage. The company has fully realized computerized business and office processing, taking the lead in the era of electronic office.
(H) Complete insurance products
More than 100 types of insurance provide customers with a variety of choices and comprehensive protection.
(ix) "95519" service is permanent
The "95519" customer service telephone number enthusiastically provides customers with risk consulting, risk management, investment and financial management, as well as pension, medical and other special, personalized and high-quality value-added services. high quality value-added services. You can call 95519 from anywhere in the country in the most convenient way for you.
(J) Good corporate culture
"To be a man for others, to be a man for oneself" is the core concept of our corporate culture: on the one hand, the purpose of continuously improving and expanding ourselves is to better serve our customers and the society; on the other hand, only by continuously improving and expanding ourselves can we better serve our customers and the society. On the other hand, only by continuously improving and developing ourselves can we better serve our customers and society. [In the five years since the opening up of China's insurance industry to the outside world, China Life has completed its restructuring and overseas listing, quadrupled its share price and risen to the top of the world's life insurance companies in terms of market capitalization. The life insurance "big brother", more and more like a spirited young man.
In the first half of this year, China Life's net profit grew by more than 70 percent, and what's more significant in the long run is that the company's business transformation has shown results.
Over the years, insurers have been plagued by the pitfalls of sloppy operations that blindly expanded their markets. In contrast, foreign insurers, while earning less in premiums, are focusing more on internal value and profit growth. Against this backdrop, market leader China Life's transformation path is an important model for Chinese insurance.
In the first half of 2006, China Life's risk-based first-year premiums increased 28.4 percent year-on-year, first-year paid premiums increased 26.2 percent year-on-year, and total premium income from renewals increased 35.1 percent year-on-year. Meanwhile, indicators such as the proportion of risk-based premium income, the proportion of first-year premiums paid in the medium term, and the proportion of term business of 10 years and above in the first-year term business all rose significantly.
After the end of the transition period of WTO accession, some foreign-funded financial groups have been involved in banking, insurance and securities at the same time by means of separate access, and have gradually integrated their resources and sought to take advantage of the group's operation.
Chinese companies have not been idle either. So far this year, China Life's equity investment has been a big deal. Against the backdrop of comprehensive financial management, China Life is on the one hand looking for high-yield outlets for its huge insurance funds, and on the other hand leading the whole industry in exploring new coordinates. [Editor's note]China Life: the leader in the sunrise industryIn January-June 2006, China Life realized a net profit of 5.817 billion yuan, a year-on-year increase of 61.67 percent, with the high-speed growth of profit mainly coming from the following four driving factors:
(1) Rapid growth of premium income.In January-June 2006, China Life's premiums realized 111.364 billion yuan, a year-on-year increase of 22.30 percent. increased by 22.30%.
(2) Slower growth of insurance business expenses: From January to June 2006, China Life's insurance business expenses amounted to RMB 39.135 billion, a year-on-year growth of only 9.29%, of which the compensation expenses decreased by 8.48% and the surrender premiums increased by only 2.94%.
(3) Investment income increased sharply. from January to June 2006, China Life realized investment income of 9.951 billion yuan, an increase of 6.353 billion yuan, or 176.57% year-on-year. Among them, the debt investment income was 5.691 billion yuan, and the equity investment income was 4.26 billion yuan, while in the whole year of '05, the equity investment income of the State Life shares was only 568 million yuan, the investment income, especially the substantial increase in the equity investment income is an important factor for the rapid growth of the profit of the life this year.
(4) The effective income tax rate has been reduced. from January to June 2006, the effective tax rate of National Life was 11.25%, which was 2.88 percentage points lower than that of the same period in 2005, which was 14.13%. By the end of June 2006, the total assets of National Life stock reached 616.926 billion yuan, and the net assets per share was 2.52 yuan, the total assets accounted for 35.58% of the total assets of the whole insurance industry; among the assets of Life stock, bank deposits, bond investment, equity investment (including funds), and other assets accounted for 34.63%, 52.15%, 6.67%, and 6.55%, respectively, among which Equity investment accounted for 2.68 percent of total assets, which has not yet reached the regulatory requirement of 5 percent ceiling.
China Life, as the largest life insurance company in China, has a very prominent competitive advantage, which is mainly reflected in the following four points:
Wide marketing channels: Guoshou shares have the most complete distribution network, the company *** has about 670,000 sales staff, more than 90,000 intermediary outlets, and the sales outlets cover almost all the county-level administrative areas in mainland China.
High brand value: In 2006, the brand value of Guoshou Corporation reached 48.667 billion yuan in the selection of "China's 500 Most Valuable Brands", which is the No. 1 brand in China's insurance industry and ranked among the top 10 most valuable brands in China.
Large customer base: China Life is the life insurance company with the largest customer base in China, with domestic customers including the most famous enterprises and organizations in various industries in China, and international customers covering 80% of the Fortune 500 companies in China.
Fully enjoy the benefits of the rise of second- and third-tier cities: As some domestic insurance companies as well as foreign-funded insurance companies have not yet completed their layout in China, in China's second- and third-tier cities, the market monopoly of life shares is much higher than that of first-tier cities; with the rapid development of China's second- and third-tier cities, life shares, with their monopoly in the local area, will be able to fully enjoy the development of these areas. [Editorial] Integration and transformation: China Life selected the direction of 2007 January 9, 2007 morning, when China Life Insurance Co. perfectly completed the opening of this year's A-share market, the company's president Wu Yan face this reporter frankly said, "feel a lot of pressure. The only thing we can do is to work hard to give investors a better return." Is this statement is Wu Yan's words of modesty? Ten days have passed, domestic and foreign investment institutions on China Life's valuation of the dispute is still continuing.
"Fundamentally the development of the insurance industry depends on underwriting. We say that the development of the insurance industry needs to underwriting, investment and two wheels turn together, only one wheel turns, the whole industry can only circle in place. At present, the insurance industry may not be able to do together, but we have to work towards giving full play to underwriting as the essence of development. If you only highlight investment returns, are you still in the insurance industry?" In the national insurance work conference held on January 21, the CIRC vice chairman Li Kemu (Li Kemu news, Li Kemu said it) in the insurance asset management discussion group of these words can be described as Wu Yan's pressure and China Life's valuation of the controversy made a good judgment.
(1) In 2006, positive and balanced development began to bear fruit
China Life put forward and launched a competitive strategy of "consolidating the cities and expanding the two townships" for positive and balanced development. On the one hand, the headquarter put forward the reconstruction of the development strategy of large and medium-sized cities and the implementation of the fixed point of transcendence; on the other hand, it further deepened the understanding of the significance of the strategy of "expanding the two townships", formulated and issued the guideline for accelerating the development of the rural business, intensified the construction of the rural outlets and summarized and popularized the model of expanding the rural business. A China Life source said that over the past year, the company's personal insurance business restructuring has begun to bear fruit, and the product structure is also being gradually optimized.
(2) China Life's investment management ability has been improved, and the major breakthroughs in capital operation are even more visible
Successful shareholding in CITIC Securities; shareholding in China GuangDong Bank; after investing in the H-shares of the Construction Bank, it has become the largest strategic investor in the A-shares of the Bank of China and the Industrial and Commercial Bank of China and one of the largest basic investors in the H-shares; and it has succeeded in winning the strategic opportunity to invest in the South China Grid, and the Group has contributed nearly 35 billion yuan to hold the largest stake in the South China Grid, with a capital of nearly 20 billion yuan. The Group successfully secured the strategic opportunity to invest in the Southern Power Grid, and eventually held a 32% equity stake in the Southern Power Grid with a capital of nearly RMB35 billion; it took the lead in China in setting up a high-caliber and complete management information system, and initially established an investment benchmark system in line with the characteristics of the investment of insurance funds.
Data showed that China Life's development speed accelerated significantly in 2006, realizing premium income of about 183.8 billion yuan under China accounting standards, up 14.2 percent year-on-year, 2.7 percentage points higher than the industry. The market share continues to maintain the absolute leading position in the industry. In terms of business structure, the Company's proportion of first-year premiums to first-year premiums increased by 0.8 percentage points year-on-year; and the proportion of first-year premiums of ten years and above to first-year premiums increased by 4.3 percentage points year-on-year. Meanwhile, operating efficiency improved significantly.
(C) New Steps Taken in the Reform of Operating Mechanisms
Since last year, China Life has been committed to standardizing its operations under a new governance structure, and it is very proud of the fact that, due to the outstanding performance of its corporate governance and information disclosure work, the company's leaders have been invited to attend the relevant meetings of the United Nations and featured a presentation of their experience.
"I haven't seen it for a while, and China Life's staff positions have changed again." This is the impression of many media on China Life last year. Relevant sources of China Life introduced to the reporter that in 2006, China Life effectively integrated the organizational structure, business processes and human resources, and made necessary adjustments to the headquarter organization, which provided a good guarantee for improving the company's executive power and operational effectiveness. Meanwhile, the company has vigorously strengthened the construction of branch leadership teams, improved the performance-oriented assessment and incentive mechanism, and initiated a project to improve the professional quality of employees and carry out cross-regional and cross-position cadre exchanges.
The company increased its investment in the construction of the back-up center and launched the construction of the data center. In terms of business support, the company completed the development of the short-term insurance business management system, introduced the investment management system, launched a new generation of financial and human resources management systems, and built a unified ****-enjoyed NPS system platform, which laid a technological foundation for the effective enhancement of the company's operational efficiency.
Taking the Article 404 compliance work as an opportunity, China Life also stepped up the integration of risk control resources to promote the rectification of the situation of on-site inspections by regulators, strengthened the internal control management, and increased the control of agency business. For the first time, a management month activity themed on internal control and compliance was carried out, which achieved significant results.
(IV) 2007, a key year for achieving leapfrog development
"2007 is a key year for the company to achieve leapfrog development." At a recent working meeting of China Life Insurance Co. insurance, Wu Yan emphasized two points of focus for the company in accelerating its development in 2007: one is to deal with the relationship between the five aspects and improve the ability to develop in a balanced way; and the other is to integrate resources, deepen reforms and push forward the transformation of its business model.
At the work conference, the company put forward measures to promote the transformation: first, through cross-selling, to realize the complementary advantages among channels, and to promote the transformation of sales and service, and the protection system to a customer-centered and market-oriented integration; second, through the establishment of a scientific and reasonable constraints and incentives mechanism, to promote the transformation of the business development from being overly biased towards the first year and the single delivery to rely on the renewals and the term delivery, and thus to realize the transformation of the business development from being too much on the first year and the single delivery to the renewal and the term delivery. Secondly, through the establishment of scientific and reasonable constraints and incentive mechanisms, we will promote business development from overly focusing on first-year and single-payment promotion to relying on renewal and term payment, thus realizing the transformation of the development mode. Fifthly, under the premise of risk prevention, the investment of strategic assets will be increased to promote the transformation of investment business from general capital utilization to effective allocation of strategic assets and reasonable matching of assets and liabilities; sixthly, the implementation capacity will be strengthened, the control system will be improved, and the transformation of the control system will be promoted to standardization. Wu Yan emphasized that through the above transformation breakthroughs, we should lay a solid foundation for the new leap forward.
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