Maintaining its leadership in both value and scale, China Life’s total individual insurance premiums exceeded 500 billion yuan

Maintaining its leadership in both value and scale, China Life’s total individual insurance premiums exceeded 500 billion yuan

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  2023 is the first year for fully implementing the spirit of the 20th National Congress of the Communist Party of China. It is also the year for economic recovery and development after three years of COVID-19 prevention and control. Looking back on the past year, the domestic economy has rebounded for the better, market demand has continued to improve, and the life insurance industry has shown a clear recovery trend. China Life Insurance Company Limited (hereinafter referred to as “China Life”, 601628.SH, 2628.HK) focuses on serving the overall development of the country, actively plays the role of insurance as an economic shock absorber and social stabilizer, and unswervingly pursues financial development with Chinese characteristics Along the way, we anchor on the goal of building a world-class life insurance company, work together and work hard to promote high-quality development. The company’s development shows a trend of steady progress, its market leading position is stable, and its comprehensive strength is further enhanced.

  Recently, the company released2023 Annual Report (hereinafter referred to as the “Annual Report”). The annual report shows that China Life continues to maintain its leadership in both value and scale. While its insurance business has grown strongly, its business structure has continued to be optimized. The company’s total premiums for life insurance business in 2023 will be 512.622 billion yuan, a year-on-year increase of 5.6%; total health insurance business premiums will be 114.023 billion yuan; total accident insurance business premiums will be 14.735 billion yuan, a year-on-year increase of 3.6%.

  The insurance business achieved another good performance and its market leading position continued to be consolidated. China Life has always adhered to high-quality development.In 2023, the marketing system reform will be implemented, promoting the upgrading of the existing team and the layout of new marketing models, and continuously building a solid foundation for development. We continued to consolidate basic management, took the lead in stabilizing the size of the sales team, continuously optimized the team structure and quality, and significantly increased the team’s production capacity. As of December 31, 2023, the total sales force was approximately 694,000.

  All new business indicators in the individual insurance segment achieved rapid growth.persist inThe strategy of “effective team-driven business development” focuses on value creation, further promotes channel transformation, and significantly optimizes the business structure. In 2023, the total premiums of China Life’s individual insurance sector will be 501.580 billion yuan, a year-on-year increase of 1.9%, of which renewal premiums will be 391.218 billion yuan. First-year regular premiums were RMB 91.807 billion, a year-on-year increase of 12.6%. First-year regular premiums of ten years or more were RMB 49.503 billion, a year-on-year increase of 18.4%. First-year regular premiums of ten years or more accounted for first-year regular premiums. The proportion of premiums was 53.92%, a year-on-year increase of 2.64 percentage points. The new business value of the personal insurance sector in 2023 will be 34.646 billion yuan, a year-on-year increase of 10.4%.

  The quality of the individual insurance team continued to improve, and the number and proportion of high-performing people increased.In 2023, China Life’s individual insurance segment will focus on the concept of “customer capital to build a team”, accelerate the establishment of a customer operation-centered individual insurance operation and management system, continue to implement the “6+1” key tasks of individual insurance, and effectively promote the company’s high-quality development . Continuously promote the professional upgrading of the existing team, continue to strengthen the quality improvement and education, strive to create an integrated new talent training system that is linked with growth and education, and continue to stabilize the team such as the “Normal Operation 4.0 System for Individual Insurance Team Construction”, “Zhongxin Plan” and “Strong Foundation Project” Basic market; the exploration of new marketing models has moved from the research and development stage to the pilot stage, and the “Seed Plan” has laid out new marketing to create a team of “professional, value-based, and integrated” financial and insurance planners to cultivate new momentum for the future; team empowerment continues to deepen, and scenarios The application of chemical technology empowers team development, and the construction of digital sales department improves sales efficiency. As of December 31, 2023, the individual insurance sales force was 634,000, of which the marketing team was 410,000 and the development team was 224,000; the sales team’s production capacity has increased significantly, and the monthly average first-year regular premiums per capita are year-on-year. An increase of 28.6%.

  The diversified segment further promotes professional channel management, adheres to equal emphasis on scale and value, and strengthens high-quality development.In 2023, the channel management of the diversified segment will be more refined, new results will be achieved in professional operations and transformation and upgrading, and the value contribution will continue to increase. The new business value of the diversified segment will be 2.214 billion yuan in one year, a year-on-year increase of 42.0%.

  The bancassurance channel strengthened bank cooperation and accelerated business development, and both the scale and value of premiums increased rapidly.In 2023, total premiums from the bancassurance channel will reach 78.748 billion yuan, a year-on-year increase of 24.2%. First-year regular premiums will reach 20.735 billion yuan, a year-on-year increase of 39.4%. First-year regular premiums of 5 years and above will reach 9.877 billion yuan. Renewal premiums reached 38.112 billion yuan, a year-on-year increase of 5.3%, accounting for 48.40% of the channel’s total premiums. The bancassurance channel continued to strengthen the professionalization and technological capabilities of the customer manager team, and the quality of the team was steadily improved. As of December 31, 2023, the number of bancassurance channel account managers reached 23,000, the average quarterly actual manpower increased by 8.5% year-on-year, and the per capita regular delivery production capacity increased significantly year-on-year.

  The group insurance channel coordinated scale and efficiency, and various businesses developed steadily.In 2023, the total premium of the group insurance channel will be 28.154 billion yuan, a year-on-year increase of 3.0%; of which, the short-term insurance premium will be 24.974 billion yuan, a year-on-year increase of 3.8%. As of December 31, 2023, the group insurance channel sales team size was approximately 37,000 people, the proportion of high-performance manpower increased by 4.7 percentage points compared with the end of 2022, and per capita production capacity increased steadily.

  Committed to providing customers with one-stop, all-round high-quality financial and insurance services.In 2023, the company’s collaborative sales of China Life Property & Casualty Insurance Company’s business achieved premiums of 23.60 billion yuan, and the number of policies increased by 6.5% year-on-year; its collaborative sales of China Life Pension Insurance Company’s business scale were 8.655 billion yuan; China Guangfa Bank acted as agent for the company’s first-year bancassurance period Premium income reached 1.799 billion yuan, a year-on-year increase of 16.6%; it actively explored the synergy between insurance and investment businesses, continued to deepen cooperation with China Life Asset Management Company, China Life Investment Company, etc., and continued to innovate and explore new models of insurance investment interaction. In addition, in order to meet the diversified needs of customers, the company cooperates with China Life Property Insurance Company and China Guangfa Bank to actively carry out various customer business activities.

  China Life stated,In 2024, the company will focus on five major articles: technology finance, green finance, inclusive finance, pension finance, and digital finance. It will adhere to customer-centeredness, deepen supply-side reform, strengthen foundation, improve services, transform and enhance traditional driving forces, and Accelerate the cultivation of new driving forces and contribute China Life’s strength in promoting the construction of a modern financial system with Chinese characteristics.

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