China Life: Everything you need to know
|
Headquarters address |
22-28F China Life Center, 17 Financial Street, Xicheng District, Beijing, 100140 China |
|---|---|
|
Year established |
1949 |
|
Size (employees) |
630,000+ |
| Consolidated premium income | 750 billion yuan |
| Underwriting expertise | Life, property & casualty insurance |
| Key people | Bai Tao (secretary of the Party Committee and chairman), Cai Xiliang (deputy secretary of the Party Committee, vice-chairman and president), Guo Xinshuang (deputy secretary of the Party Committee and chairman of the supervisory board), Wu Shaohua (member of the Party Committee and vice-president), Su Hengxuan (member of the Party Committee and vice-president), Wang Kai (member of the Party Committee and vice-president), Yang Liping (member of the Party Committee, vice-president and chief risk officer), Zhao Peng (member of the Party Committee) |
About China Life
China Life Insurance (Group) Company is a state-owned insurance and financial services firm that offers life insurance, property and casualty insurance, and pension plans. It also manages assets, industrial investments, and international operations.
China Life has been included in the Fortune Global 500 for 20 consecutive years, rising in the ranks from 290th in 2003 to 40th in 2022. The group has also been recognized as one of the world’s top 500 brands for 15 straight years, with its brand value reaching more than 452 billion yuan in 2022. Its subsidiary, China Life Insurance Co., Ltd, meanwhile, returned to the domestic A-share market in January 2007 after it was listed overseas in December 2003.
Brief history
China Life was established in 1949 as the People’s Insurance Company of China (PICC). From this institution, China Life Insurance Co., Ltd. was formed in 1996. In 2003, with the approval of the State Council and the China Insurance Regulatory Commission, the former China Life Insurance Company was restructured and changed into China Life Insurance (Group) Company, and exclusively initiated the establishment of China Life Insurance Co., Ltd.
At present, the group affiliate members include China Life Insurance Co., Ltd., China Life Asset Management Co., Ltd., China Life Property Insurance Co., Ltd., China Life Pension Insurance Co., Ltd., China Life E-Commerce Co., Ltd., China Life Insurance (Overseas) Co., Ltd., China Life Investment Insurance Asset Management Co., Ltd., China Life Health Industry Investment Co., Ltd., and Insurance Vocational College. In 2016, China Life joined China Guangfa Bank, spearheading the coordinated development of the insurance, investment, and banking sectors.
Member institutions
This is composed of China Life Insurance (Group) Company, its subsidiaries, and direct affiliates, and is the single largest shareholder of China Guangfa Bank. The group is responsible for strategic planning, capital operation, team building, brand appreciation, culture building, risk control, supervision, management, organization, and coordination within the group.
A member of the Fortune Global 500 and the World's Top 500 Brands, the company provides life, annuity, health, and accident insurance products to individuals and groups, covering survival, pension, illness, medical care, death, disability, and other coverages. As of December 31, 2021, it had approximately 323 million active long-term individual and group life insurance policies, annuity contracts, and long-term health insurance plans, providing insurance and value-added services to more than 500 million customers.
Founded in 1988, China Guangfa Bank has become a member of China Life Group since 2016. It is a national joint-stock commercial bank controlled by the state.
The company is one of the largest asset management institutions in China. Its assets under management exceed 4.5 trillion yuan, and it is involved in domestic and foreign public markets, public funds, alternative investments, and other related fields.
The unit is a core member of China Life Insurance (Group) Company, with a registered capital of 18.8 billion yuan. Its scope includes property damage, liability, credit and guarantee, short-term health, and accident insurance, reinsurance, insurance fund utilization permitted by national laws and regulations, and other businesses approved by the China Banking and Insurance Regulatory Commission.
The national pension management company provides customers with comprehensive financial products and services such as enterprise annuity, occupational annuity, basic pension insurance fund management, wealth management and asset management.
The company is committed to becoming an important platform for the implementation of China Life Group’s technology-based strategy, boasting strong development and service capabilities. It provides high efficiency integrated, generalized, and shared services for the group and various professional companies, and has become an important supporting force for the high-quality development of China Life.
The business is a wholly owned subsidiary of China Life Insurance (Group) Company. It has offices in Hong Kong, Macao, and New Zealand, and serves a global client base. It provides an international window for China Life to expand its overseas business.
The company serves as a professional alternative investment platform under China Life. The company was established in 2007 with a registered capital of 3.7 billion yuan. In 2021, the company was approved by the China Banking and Insurance Regulatory Commission to issue the “Insurance Asset Management Company Legal Person License.”
The professional investment management company focuses on industrial investment and finance, and moderately extends to industrial operations and services. Its business scope covers investment management, asset management, and operation management in the health industry.
Insurance Vocational College was founded in 1986. Its predecessor was China Insurance Management Cadre College. In 2003, it was restructured into a full-time public higher vocational college. It is currently the only full-time public college specializing in insurance education in the country.
Culture
China Life adheres to the core concept of a corporate culture of “becoming oneself, oneself and oneself,” It also adheres to the general working principle of seeking progress while maintaining stability and high-quality development.
The group “solidly promotes” the coordinated development of the value and scale of its main insurance business and strives to increase the contribution of the investment sector. It also aims to provide good banking and financial services, carry out comprehensive operations, technological innovation, and international expansion in an orderly manner, and comprehensively promote the construction of a world-class financial and insurance group.
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