China Life, formerly known as the former People's Insurance Company of China, was founded in October 1949 and renamed China Life Insurance Company in 1999, is a state-owned, extra-large financial and insurance enterprise, belonging to one of the four major central enterprises.
China Life History:
China Life's history can be traced back to the former People's Insurance Company of China, which was established on October 20, 1949 to handle life insurance business. 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 the 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.
In October 1958, the State Council held a conference on finance and trade in Xi'an, proposing that "after the people's communalization, the role of insurance has disappeared, and the domestic insurance business should be suspended immediately." In 1959, the life insurance business, along with the other domestic insurance business, entered into a state of complete suspension.
After the Third Plenary Session of the Eleventh Central Committee, in April 1979, the State Council approved the "Minutes of the Meeting of the Governors of the People's Bank of China", and made a major decision to "gradually restore the domestic insurance business".
The National Insurance Conference was held in Beijing in November, and the domestic insurance business, which had been interrupted for 20 years, was formally announced to be restored. China's insurance industry ushered in a brand new period of development.
Based on the resumption of property insurance business, life insurance business was resumed in 1982. The great practice of China's reform and opening up, and the establishment of a sound socialist market economic system provided a strong impetus for the development of the insurance industry, and during the 13 years from 1982 to 1995, the life insurance business grew at an average annual rate of 40%.
In 1995, China's first Insurance Law came into being, and in 1996, in accordance with the requirements of the Insurance Law on the separation of property and casualty insurance, CIB Life Insurance Co., Ltd. was established on the basis of inheriting all the life insurance business of the former People's Insurance Company of China (PIC) and reorganizing the 17 local life insurers, thus entering into the era of professional operation.
The introduction and full implementation of the personal marketing system contributed to the rapid development of the company. From 1996 to 1998, the marketing team grew from more than 40,000 to 200,000 people, and premium income increased from 19.2 billion yuan to 54 billion yuan, making it China's largest insurance company by leaps and bounds.
In March 1999, CIB Life Insurance Co., Ltd. changed its name to China Life Insurance Company, becoming a wholly state-owned first-class legal entity directly subordinate to the State Council. Since then, China Life has formally become independent on the stage of China's financial and insurance market, providing various kinds of life insurance for hundreds of millions of Chinese people, and assuming the important functions of serving economic development and maintaining social stability.
Since the reorganization and establishment of China Life Insurance (Group) Company in 2003, it has adapted to the development trend of integrated financial management and started the journey of group development.
In 2003, the group company and the life insurance company jointly initiated the establishment of China Life Asset Management Co.
In 2006, China Life's new leadership team formulated a group development strategy of "strong in main business and moderately diversified", and by the end of 2006, the property insurance company and the pension insurance company were set up one after another. At the same time, the reform of overseas companies, the National Life Investment Company and the Insurance College was basically completed, and the largest insurance group in China, integrating life insurance, property insurance, corporate annuities, asset management, industrial investment, insurance education and other businesses, took shape.
On January 9, 2007, the life insurance company successfully returned to the a-share market in Shanghai. Since then, China Life has become China's first domestic and foreign three places listed financial insurance enterprises. With the "wind of the king" of the return of a-share, China Life, under the development strategy of "special strength in the main business and moderate diversification", has set up the goal of building an international top financial insurance group, clarified the scientific development road characterized by China Life, and put forward the strategic requirement of comprehensively improving the comprehensive operation and management capability. China Life has established the goal of building an international top-tier financial and insurance group under the development strategy of "special strength in industry and moderate diversification". China Life's road to good and fast development, bigger, stronger and better is getting wider and wider.
China Life products:
China Life is mainly engaged in life insurance (life insurance), health insurance (critical illness insurance, medical insurance), and accidental injury insurance (accidental insurance), financial insurance (annuity insurance) and other life insurance, as well as property insurance (car insurance, etc.) business, the more popular products are: Guosuifu series, Corning series, Fortune Xinzun series. The more popular products are: Guoshoufu series, Corning series, Fortune Xinzun, etc. Some of the main products are as shown in the picture:
Reference for the above information: Baidu Encyclopedia---China Life Insurance (Group) Company