Recently, the results of the “2023 Forbes China ESG Innovation Enterprise Selection” were announced. China Life Insurance Co., Ltd. (hereinafter referred to as “China Life Insurance Company”) and other companies were selected. The companies on the list cover industrial manufacturing, finance, energy and environmental protection and other industries.
It is understood that the “2023 Forbes China ESG Innovation Enterprise Selection” was initiated by Forbes China, and the final selection was made through a comprehensive evaluation of the performance of the participating companies in the four dimensions of growth, ESG practice, innovation execution and industry influence. Representative companies with innovative highlights and outstanding performance in the ESG field this year. The selection is based on the principles of fairness, authority and forward-looking, and aims to showcase the ESG innovation achievements of Chinese companies by collecting representative innovation samples, and to analyze and discover the current status and future trends of China’s ESG development. In this selection, a group of companies that have achieved positive results in the fields of environmental protection, social responsibility, corporate governance, and green finance and have forward-looking industry perspectives in the field of ESG stood out, providing examples for Chinese companies to practice ESG.
As a leading company in the life insurance industry that actively advocates and practices ESG concepts, China Life Insurance Company has always adhered to the ESG strategic goal of “building a world-class, responsible life insurance company”, deepened the concept of sustainable development, and built a green financial system with China Life characteristics. , actively fulfill various economic, environmental and social responsibilities, and contribute to promoting healthy, harmonious and green development of society. The company’s ESG practices have been widely recognized by society. It has been rated BBB in the MSCI ESG rating by the international authoritative rating agency. It is in the leading echelon of the domestic life insurance industry and has embarked on a “China Life ESG Road” with Chinese characteristics and in line with international standards.
Vigorously develop inclusive finance and insurance business
Adhering to a people-centered approach, China Life Insurance Company actively builds a diversified inclusive insurance product system, increases its efforts to serve the real economy, and protects people’s better life. Enrich the supply of inclusive insurance to meet the health protection needs of the people. As of June 30, 2023, it has undertaken more than 200 critical illness insurance projects, covering nearly 350 million people; it has undertaken more than 60 long-term care insurance projects, covering 3,300 people more than 100,000 people; more than 110 customized commercial medical insurance projects have been implemented in cities. The company is committed to improving the protection of specific risk groups such as the elderly, women, children, disabled people, and new citizens. As of June 30, 2023, the insurance business for the elderly underwritten covered approximately 33.88 million people, providing over 2 trillion yuan. Insurance protection; providing approximately 1.1 trillion yuan of insurance protection for 7.27 million specific female groups. Giving full play to the advantages of large scale and long term insurance funds, as of June 30, 2023, the scale of investment in serving the real economy has exceeded 3.8 trillion yuan, and the scale of strategic investment in serving regional development has exceeded 2.5 trillion yuan.
Take the road of ecological priority and green development
We will actively build a green financial system with China Life’s characteristics, unswervingly follow the path of green development that prioritizes ecology, and help achieve the “double carbon” goal. We will make every effort to promote green insurance business, create a package of insurance product service solutions for green industry customers, and enhance our green insurance service supply capabilities. In the first half of 2023, the green insurance coverage of China Life Insurance Company reached 383.806 billion yuan. Continue to strengthen the responsible investment management system, incorporate ESG into the investment analysis and decision-making process, and promote the green transformation of the investment business. As of June 30, 2023, the scale of green investment stock exceeds 440 billion yuan. We have carried out in-depth green operations, practiced energy conservation and emission reduction, basically realized paperless insurance for personal business, and the online service rate of preservation and claims settlement has remained at a high level of over 90%.
Adding power, synergy and vitality to rural revitalization
In the first half of 2023, China Life Insurance Company continued to improve its long-term assistance mechanism and focused on improving the quality and efficiency of financial and insurance services for “agriculture, rural areas and farmers”. 950 village-based assistance cadres were stationed to undertake the work of 1,171 assistance points and invested 11.24 million yuan in assistance funds to help farmers increase production and income. In response to the diversified insurance protection needs of the rural population, we vigorously developed related insurance businesses, provided 18 trillion yuan in risk protection for 190 million rural people, paid 8.2 billion yuan in compensation to 2.08 million people, and woven a dense and multi-layered insurance protection network to effectively consolidate Achievements in poverty alleviation.
Actively participate in social welfare undertakings
Adhering to the social responsibility concept of “people-oriented, caring for life, creating value and serving society”, China Life Insurance Company actively participates in social welfare undertakings and strives to give back to the society. In the first half of 2023, the company donated 20.4 million yuan through the China Life Charity Foundation for special family planning families and poverty-stricken women suffering from “two cancers” to help the development of a harmonious society. The company advocates the spirit of volunteer service, has more than 7,000 registered young volunteers, and encourages employees to participate in public welfare practices; it is deeply involved in educational public welfare undertakings, and continues to carry out the “100 School Sports Assistance Plan”, donating sports equipment to schools, and selecting volunteers from sports colleges and universities to provide teaching , organize and carry out basketball training and league games to achieve youth sports assistance; continue to hold “art back to the mountain” public welfare activities, promote the practice of aesthetic education, and provide high-quality aesthetic education resources and aesthetic education guidance for rural children.
China Life Insurance Company stated that in the future, it will always adhere to the “people-centered” development philosophy, adhere to the origin of insurance, base on the advantages of its main business, actively explore new paths for sustainable development, provide a “China Life sample” for the industry’s ESG practice, and help the economy. High-quality social transformation and development.