It is our goal to build China Life into a world-class financial and insurance group with "advanced corporate governance, well-established management system, stringent internal control, leading technologies, first-class team, superior service, outstanding brand, and harmonious development".
Upholding a scientific outlook on development, China Life Is striving to build itself into a large modern financial and insurance group that is bigger, stronger and better. It endeavors to implement a conglomeration strategy of "rational resource allocation, clear comprehensive advantages, strong core business, appropriately diversified operations, high social respect and peer acknowledgement, high imbedded value, strong core competitiveness and forceful and sustainable growth".
Phase One: China Life will further strengthen its leading edge of core business in life insurance and asset management.
Phase Two: Property and casualty insurance and pension business will be developed as its core business so as to build China Life into a comprehensive insurance service provider.
Phase Three: Banking, funds, securities and trust business will be integrated gradually into the core business of China Life through various channels. By so doing, China Life's prospect and investment value will be broadly enhanced.
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 business shall be well integrated in order to materialize the conglomeration strategy of "being exceptionally strong in core business 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.
Development Framework for the 12th Five-Year Plan
In accordance with the overall plan of "conglomeration development and professional operation", China Life endeavors to implement a strategy with "core business improvement, comprehensive operation, resource integration, overseas expansion, quality talent selection, and culture navigation". The competitive edge of core business in life insurance, asset management, property & casualty, and pension will be enhanced as main drivers for conglomeration development. New business areas in banking and funds will be included as new drivers. China Life aims to evolve itself from comprehensive insurance operation into comprehensive financial operation.
Development Objective for the 12th Five-Year Plan
While strengthening its core business, China Life endeavors to acquire a control stake in a nationwide commercial bank and a fund company in order to accomplish preliminarily the Phase Three development strategy. It will build basically one common brand, shared channels and an integrated IT platform. Insurance, asset management, financial service and insurance-relevant business will be its four major business lines. As a comprehensive financial group possessing both traditional and market edge, China Life aims to provide diversified products and services to clients, and become a genuine industry leading company with high client recognition and best corporate value. This will serve as one key step towards a world-class financial and insurance group.
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