China Life is comprised of China Life Insurance (Group) Company and its subsidiaries and institutions, including China Life Insurance Company Ltd., China Life Asset Management Company Ltd., China Life Property & Casualty Insurance Company Ltd., China Life Pension Company Ltd., China Life Ecommerce Company Ltd., China Life Insurance (Overseas) Company Ltd., China Life Investment Holding Company Ltd., and Insurance Professional College.
China Life Insurance (Group) Company is responsible for issues at the group-level, including strategic planning, capital management, leadership, brand value appreciation, corporate culture, risk control, supervision on management, and coordination among subsidiaries. The Organizational Management Chart presents at the Corporate Governance part.
China Life Insurance Company Limited (hereinafter referred to as the Life Company) headquartered in Beijing. It was initiated solely by the Group Company with a registered capital of RMB28.265 billion. It has been triple-listed in New York, Hong Kong and Shanghai respectively. As one of the core members of China Life, the Life Company has successfully gained trust and confidence from the vast majority of the society with its long history, comprehensive strength, industry leadership competency and reputable brand. It has been maintaining the leading position in China's life insurance market all along and has been known as the mainstay of China's insurance industry.
The Life Company offers individual customers and group customers a full-range of insurance products and services, covering life, aged care, illness, medicare, death, disability and so on. These products comprehensively satisfy the needs of the customers for personal coverage, asset management and investment management. As at December 31, 2017, the Life Company had approximately 268 million long-term individual and group life insurance policies and annuities, and long-term health insurance policies in force. The Life Company also provides individual and group accident insurance, and short-term health insurance policies as well as services.
Based on its nationwide customer service network covering almost all the urban and rural areas, the Life Company upholds the service concept of "Credibility First, Customer Foremost", and is dedicated to providing high-quality insurance products and services to the general public. The Life Company boasts efficient "95519" customer service hotline, and user-friendly corporate website. Moreover, it has approximately 1.49 million exclusive agents, 85,000 direct sales representatives and 234,000 sales representatives in intermediary bancassurance outlets, which makes Chine Life the most accessible life insurance provider for our customers. Through its globally leading information technology, the Life Company has been expanding its e-distribution channel by means of telephone, internet, app and e-mail, thus meeting the customers' demand for diversified distribution channels of insurance products. The Life Company carries out the “people-centric and ethic-combined” talent management philosophy, in order to nurture a talent pool with quality to meet the demands of “building itself into a world-class life insurer”.
China Life Asset Management Co., Ltd. (hereinafter referred to as the Asset Company) manages over RMB2.81 trillion assets through investments in domestic and international open markets, public offered funds, alternative assets and other fields. The Asset Company's business scope covers: management and utilization of its own funds, entrusting or entrusted asset management business, relevant advisory business, and other asset management business permitted by national laws and regulations. The Asset Company's main business lines include: entrusted management of China Life internal assets, entrusted management of external assets, investment advisory business (such as QFII investment advisory), and intermediary business (bond underwriting, financial advisory). With the aim to develop wealth management market, to promote comprehensive business operations, and to meet the increasingly diverse demand for financial services, the Asset Company has founded several companies as the controlling shareholder, i.e., China Life Franklin Asset Management Co., Ltd. (in Hong Kong), China Life AMP Asset Management Co., Ltd. and China Life Wealth Management Co., Ltd. The Asset Company currently holds all licenses in the asset management business and has been recognized by many honorary awards in Chinese economic and financial market and social activities.
Under the leadership of China Life Insurance (Group) Company, the Asset Company will always adhere to market-oriented, international-oriented, and modern-oriented development direction, always serve the insurance core business and the overall interest with teamwork and integrity, continue to develop wealth management market, explore a professional development path through constant reform and innovation, and actively undertake industry and social responsibility. The Asset Company strives to become core competitiveness of China Life, to become a domestically first-class, and internationally competitive asset management company with excellent brand image, first-class capability and performance, extraordinary talent team, diversified product offerings, high-quality client resources, powerful operational capabilities， and professional service system.
Founded on December 30th, 2006, China Life Property & Casualty Insurance Company Limited (hereinafter referred to as the P&C Company) is one of the core members of China Life Insurance (Group) Company, with a registered capital of RMB15 billion. Its business includes property insurance, liability insurance, credit insurance, guarantee insurance, short-term health insurance and accident insurance, reinsurance business of the above, use of insurance funds in accordance with national laws and regulations, and other business approved by the China Banking and Insurance Regulatory Commission. The P&C Company has steadily grown into a competitive and influential property insurer.
Since its establishment, the P&C Company has maintained the coordinated development of scale and efficiency, moved beyond the conventional mode of property insurance operation, and entered the forefront of property insurance industry with comprehensive strength. In 2017, the P&C Company's premium income was RMB66.2 billion. It ranked fourth in the market in terms of market share. Its available funds exceeded RMB46 billion, and its total assets RMB73.013 billion. The P&C Company has been honoring its service commitment, protecting customers’ interests, and alleviating customers’ difficulty through claim settlement. It has won the “Best Customer Service” award for 5 consecutive years.
China Life Pension Company Limited (hereinafter referred to as the Pension Company), is a professional nationwide pension company that offers enterprise annuity, occupational pension, pension funds management, wealth management, and asset management products and services to its customers. Based in Beijing, the Pension Company was set up by China Life Insurance (Group) Company, China Life Insurance Company Limited and China Life Asset Management Company Limited on January 15, 2007. Australia’s AMP Group became a strategic investor through a private placement in October 2014, increasing the Pension Company’s registered capital to RMB3.4 billion.
The Pension Company aims to “lead the industry by the AUM of pension funds, professional expertise, corporate governance, operations and management, quality of service, and financial benefits”. It has committed itself to grow into a leading professional pension manager with a strong reputation worldwide, and the leading brand in the Chinese pension fund management market. Since its establishment, the Pension Company has adhered to the principles of setting high standards and seeking to reach them. It has grown its various businesses at a rapid speed on the backs of its various competitive advantages in the areas of organizational strength, superior human resources, extensive retail network and high brand value, apart from capitalizing on its expertise to integrate resources and provide customers with a full range of standard and personalized high-quality services.
With an established strong foothold in Hong Kong and Macau, China Life Insurance (Overseas) Company Limited (hereinafter referred to as the Overseas Company) eyes towards the global market and is dedicated to becoming the platform for China Life to develop its global business. Having been operating in Hong Kong for 34 years and in Macau for 29 years, it now serves as the only life insurer with "China" entitled.
Since its establishment, the Overseas Company has been adhering to the corporate spirit of "steadiness, credibility, efficiency, and innovation", prudent investment strategy, and "customer-first" service principle. It strives to keep up with the times, operate in a diligent way, and forge ahead with determination. By the end of 2017, its total premium exceeded HKD70 billion, and total asset HKD300 billion. It boasts strong capital resources, and good financial condition.
In the fiercely competitive market, the Overseas Company takes full advantage of China Life's strong resources, and provides quality services to its customers. It has won customers' recognition and trust for its reasonable premium, extensive coverage, strong credibility and sound operation.
With a registered capital of RMB3.7 billion, China Life Investment Holding Company (hereinafter referred to as the Investment Company) is a subsidiary of China Life conducting professional alternative investment. By the end of 2017, its assets under management exceeded RMB350 billion. Its business covers private equity, medicare and health investment, real estate, senior living and health, infrastructure, and special opportunity investment, etc.
In recent years, the Investment Company has been carrying out China Life’s development strategy of “Pan-asset Management, Pan-health, and Pan-pension”. It focuses on alternative investment, and tries to seize market opportunities home and abroad. It has achieved leap-forward development due to its long-term, stable and excellent investment capability. Its investment performance and brand have been leading in the industry. Now the Invest Company serves as a value investment practitioner and domestic alternative investment front-runner.
Based in historically famous Changsha City, the Insurance Professional College (hereinafter referred to as the College) is affiliated to China Life Insurance (Group) Company. Its predecessor, China College of Insurance Management, was founded in 1986. In 2003 the College was restructured as a vocational college for higher education. It is now the only full-time state-owned insurance college for vocational education nationwide.
The College is designed to serve the insurance industry. It aims to nurture high quality and vocational talents for the front-line workers of the industry. Therefore, training company employees and future employees becomes its key task. It combines teaching and research with the industry needs. The College has initiated a unique education layout. That is to serve as a platform for SOEs’ Party-building education, on-job training, and vocational academic education.
Since its establishment 32 years ago, the College has witnessed the recovery and development of China’s insurance sector. It has made its own contributions to the development of China’s financial sector as well as socio-economic development. The industry has kindly named the College “the Whampoa Military Academy of China’s Insurance Sector” and “the Cradle of Insurance Professionals”.
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