Development Strategy and Positioning
China Life endeavors to implement a conglomeration strategy of “rational resource allocation, clear comprehensive advantages, strong core businesses, appropriately diversified operations, high social respect and peer acknowledgement, high imbedded value, strong core competitiveness and forceful and sustainable growth”.
Strong core businesses and appropriately diversified operations——are to enhance existing advantages in core businesses, and consolidate our market-leading position. Based on this, China life will enter new business areas synergistic to existing core businesses. Such development synergy will be coordinated to satisfy clients’ demands for financial planning.
With continuous business development, our core businesses will be expanded. The first phase is to life insurance and asset management, second to property & casualty insurance and corporate annuity business, and third to securities and banking.
Objective
It is our goal to build China Life into a world-class financial and insurance group with “strong capital resources, advanced corporate governance, well-established management system, stringent internal control, leading technologies, first-class team, superior service, outstanding brand, and harmonious development”.
Roadmap
In order to further implement the “scientific outlook on development”, China Life has developed a scientific roadmap of “one center, six adherence and eight overall plans” with its own characteristics.
“One center” means that our work and mind should be focused on “making China Life even bigger, stronger and better in a more appropriate and faster way so as to build itself into a world-class financial and insurance group, and better serve the construction of a well-off and socialist harmonious society”.
“Six adherence” are as follows. First, “scientific outlook on development” shall be adhered as the fundamental guideline for China Life’s development. Second, “Putting people first and serving people’s livelihood” shall be adhered as the basic orientation for development. Third, in-depth reform and independent innovation shall be adhered as the driving force behind development. Fourth, exertion on SOE’s political advantages shall be adhered as an important condition for development. Fifth, relying on grassroots and building team shall be adhered as the strong cornerstone for development. Sixth, strengthening control and preventing risks shall be adhered as a reliable guarantee for development.
“Eight overall plans” are the following. First, speed, scale, quality and effectiveness shall be well integrated for better and faster development with intension. Second, core and connected businesses shall be well integrated in order to materialize the conglomeration strategy of “being exceptionally strong in core businesses and appropriately diversified in operation”. Third, insurance business and capital management shall be well integrated so as to realize breakthroughs in development driven by two wheels. Fourth, business development and team building shall be well integrated so that a sustainable development can be realized with the strong support of the talent pool. Fifth, business expansion and centralized control at the group level shall be well integrated for orderly and coordinated development. Sixth, development and risk prevention shall be well integrated for safe and stable growth. Seventh, operation management and party building shall be well integrated for development of unique characteristics and with profound advantages. Eighth, enterprise development and social responsibility shall be well integrated for people-oriented and harmonious development.
