Gathering endogenous driving forces for development, China Life solidly promotes reform and innovation
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On March 27, China Life Insurance Co., Ltd. (hereinafter referred to as “China Life”, 601628.SH, 2628.HK) released the 2023 annual report (hereinafter referred to as the “annual report”).
The annual report shows that China LifeIn 2023, the total premium, embedded value and new business value will rank first in the industry, the market leading position will be stable, and the comprehensive strength will be further enhanced.The company achieved total premiums6413.80billion, a year-on-year increase4.3%. The embedded value reached 1.260567 billion yuan, with a growth rate of 5.6% on the same basis. The one-year new business value was 36.86 billion yuan, an increase of 11.9% compared with the restatement results using new economic assumptions for the same period in 2022; the one-year new business value based on the 2022 economic assumption evaluation was 41.035 billion yuan, an increase of 14.0% under the same caliber. As of December 31, 2023, the company’s total assets and investment assets have reached new highs, both exceeding 5.6 trillion. As of December 31, 2023, the comprehensive solvency adequacy ratio was 218.54%, an increase of 11.76 percentage points from the end of 2022; the core solvency adequacy ratio was 158.19%, an increase of 14.60 percentage points from the end of 2022, continuing to maintain a high level.
In 2023, China Life will solidly advance reform and innovation, comprehensively promote a series of reforms including the “Eight Major Projects”, focus on key reform areas, and accelerate quality changes, efficiency changes, and power changes.
The reform of the marketing system has begun to show results. The direction of China Life’s sales force reform towards specialization, professionalism and comprehensiveness has been further clarified. The existing team has accelerated its upgrading around six major measures: structural adjustment, foundation consolidation, urban area strengthening, and county-level cultivation.As ofBy the end of 2023, the team size was the first to stabilize in the industry, with a sales force of 634,000 for individual insurance. The team’s production capacity has steadily increased, and the monthly average first-year regular premium per capita increased by 28.6% year-on-year. Actively promote the layout of new marketing models, pilot and promote the “Seed Plan”, and build a team of financial and insurance planners. By the end of 2023, pilots have been launched in 8 cities.
The pace of elderly care ecological construction is accelerating.UpholdThe construction concept of the elderly care ecosystem of “putting children at ease and the elderly at ease” follows the four principles of long-termism, customer-centeredness, market-oriented operation and rolling development, clarifying the mid- and long-term development goals and plans of China Life’s characteristic elderly care ecosystem, and dynamically evaluating implementation of strategies and continuously optimize development strategies. Strengthen the supply of diversified models and accelerate the layout of projects in key cities.
Operations and customer services continue to be upgraded.China Life pioneered the national intensive shared operation model in the industry, achieving comprehensive coverage in the production field and improving timeliness by more than 10%.27.0%. Further improve the operating standards and specifications system to make “standardization and professionalism” a solid foundation for operating services. The “fast and warm” claims services are deeply rooted in the hearts of the people, and we continue to promote innovative service models such as “claims prepayment” and medical electronic invoice reminders for claims settlement. We have established a “big consumer protection” working pattern with full participation, comprehensive coverage, and full-chain management, and the regulatory evaluation of consumer rights protection ranks among the top in the industry.
The digital construction of financial technology has been comprehensively promoted. The company’s technological capabilities continue to iteratively upgrade, the container cloud is beginning to take shape, the trillion-level data processing platform is fully completed, the first batch of new insurance accounting standards have been implemented in China, the intelligent digital risk control system has effectively promoted the risk prevention and control, and the depth of technology and business Integrating and empowering all areas of company operation and management, data-driven results are remarkable.
Risk prevention and control are effective and promising. China Life firmly adheres to the bottom line of avoiding systemic risks. The company insists on taking risk prevention and control as the eternal theme of its work, maintains a sound and prudent business philosophy, and always balances the relationship between stable growth and risk prevention.The company continues to deepen its legal compliance operations and comprehensively implementsThe second phase of “C-ROSS” regulatory requirements strictly implements the new series of “integration of reporting and banking” regulations to ensure safety while developing, promote development while safety, and effectively prevent and control risks. We continued to improve the construction of the compliance management system and successfully passed the domestic and international dual-standard certification of the compliance management system. In the comprehensive risk rating of insurance companies, the company continues to maintain a Class A rating, and its score in the C-ROSS Phase II SARMRA assessment is firmly among the top among personal insurance companies.
2024 marks the 75th anniversary of the founding of the People’s Republic of China and is a critical year for the implementation of the “14th Five-Year Plan”. Currently, the personal insurance industry is in a critical period of transformation and development. China Life will focus on five major articles: technology finance, green finance, inclusive finance, pension finance, and digital finance, and comprehensively grasp the key points of stability and progress, establishment and breakthrough. , scale and efficiency, assets and liabilities, development and security, balance short-term profit goals and long-term value goals, and strive to improve operating efficiency.
China Life stated that it will adhere to customer-centeredness and strive for progress while maintaining stability to promote stability, establish first and then break.“Three persistences”, realize “three improvements”, strengthen “three breakthroughs”, ensure that party building leadership, reform and innovation, and risk prevention and control are continuously strengthened, business scale, value and efficiency, and team quality are effectively improved, services are optimized, integrated development, and cost reduction Achieve qualitative breakthroughs in key areas such as efficiency improvement, promote the company’s scale, value, efficiency, and high-quality human resources to achieve steady growth in the long term, continuously consolidate its market dominance, and protect people’s better life with high-quality development.
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