Traditional Industry Transformation Life Insurance Elite Service

On the evening of March 24th, China Life Insurance Co., Ltd. (hereinafter referred to as "China Life") released the 20021Annual Performance Express. The report shows that in 20021year, the company realized a total premium of 61832.7 billion yuan, a year-on-year increase of1.0%; Embedded value reached 1203008 billion yuan, an increase of12.2% compared with the end of 2020; The annual new business value was 44.78 billion yuan. All three indicators rank first in the industry, and the company has made steady progress.

In 20021year, the global COVID-19 epidemic continued to evolve, the international environment was complicated and severe, and the domestic economy was faced with triple pressures of shrinking demand, supply shocks and weakening expectations. Affected by the slow release of consumer demand and the decline in the scale of sales manpower, the growth rate of premium income in the life insurance industry has further slowed down, and the development of the industry is facing unprecedented pressure. In terms of industry supervision, we will continue to promote the insurance industry to return to its origin, further improve the system and strengthen management and control around insurance product management, channel development, market behavior, operational services and corporate governance, and comprehensively promote the high-quality development of the industry.

China Life adheres to the strategic core of "three major transformations, concerted efforts and linkage between capital and assets", and implements the business policy of "emphasizing value, strengthening the team, stabilizing growth, promoting science and technology, providing excellent service and preventing risks". Qi Xin makes concerted efforts to overcome difficulties and unswervingly promote high-quality development while doing a good job in the prevention and control of normalized epidemic situation. The overall operation of the company remained stable, the market leading position was more stable, and the quality and efficiency of operation services were significantly improved.

According to the data in the annual report, China Life insists on value leading, deepens transformation and upgrading, and maintains the "double leading" in scale value under the circumstance that the industry development pressure and premium growth rate continue to slow down. 202 1, the company realized premium income of 61832.7 billion yuan, up1.0% year-on-year; The renewal premium was 442.463 billion yuan, a year-on-year increase of 5.8%. By 202 1, 65438+February 3 1, embedded value had reached 1203008 billion yuan, an increase of 12.2% compared with the end of 2020. Affected by the epidemic, the insurance demand was released slowly, and the company realized a new single premium of 65.438+075.864 billion yuan. The first-year premium is 98.41100 million yuan, of which the first-year premium of ten years or more is 4168.2 million yuan. In 20021year, the company's annual new business value was 44.78 billion yuan. The number of long-term effective policies reached 323 million, an increase of 65,438+0.9% compared with the end of 2020.

Facing the complicated and changeable market environment, China Life has always maintained its strategic strength, guided by strengthening asset-liability management, firmly implemented medium-and long-term strategic asset allocation planning, and continuously optimized allocation management around the investment value chain. 202 1, the company flexibly carries out tactical configuration operations according to market changes, taking into account short-term income stability, key risk prevention and long-term track layout. The total investment income reached 2140.57 million yuan, a year-on-year increase of 7.8%; The total return on investment reached 4.98%.

In 202 1 year, the company's overall operation was stable and its investment performance was good. According to the market information on the balance sheet date, the traditional assumption of discount rate of insurance reserve is updated. Based on the above factors, China Life realized a net profit attributable to shareholders of the parent company of 5092 1 billion yuan, a year-on-year increase of 1.3%.

Adhere to high-quality development and continuously consolidate the reform achievements in Ding Xin.

In 20021year, China Life realized a total premium of 4813.10/billion yuan, up 0.1%year-on-year; The total premium of health insurance business was 65.438+020.609 billion yuan, a year-on-year increase of 4.8%; The total premium of accident insurance business is 654.38+06.407 billion yuan. 202 1 Faced with the persistent impact of the COVID-19 epidemic and the severe and complicated market environment, the industry development is facing unprecedented transformation pressure. The company continues to deepen the customer-centered "integrated and diversified" sales layout, and on the basis of strengthening standardized management, it strengthens the precise allocation of resources and strives for transformation and breakthrough. The individual insurance sector continues to focus on value creation and further promotes channel differentiation management; The diversified business segment focuses on specialized operation, quality improvement and efficiency improvement, and transformation and innovation. The overall business is progressing steadily and steadily, and it is effectively coordinated with the individual insurance segment. Up to 202 1, 65438+2,31,China life insurance company has a total sales force of about 890,000 people.

The individual insurance sector adhered to high-quality development, the channel transformation continued to deepen, and the overall business development was stable. In 20021year, the individual insurance sector of China life insurance company realized a total premium of 509.489 billion yuan, of which the renewal premium was 407.973 billion yuan, up 4.3% year-on-year; The premium paid in the first year was 82.254 billion yuan, of which the premium paid in the first year of ten years or more was 465.438+0.58 billion yuan. In 20021year, the annual new business value of individual insurance sector was 42.945 billion yuan, and the value rate of new business in the first year was 42.2%.

China Life adheres to the team development strategy of improving quality and stabilizing quantity, and strives to improve team quality. As of 202 1, 65438+2,31,the sales manpower of individual insurance was 820,000, including the marketing team size of 510.9 million and the sales team size of 30 1 10,000. Excellent personnel in the individual insurance sector are stable, and the team foundation is generally stable. The company insists on driving business development with effective teams and actively promotes channel transformation. The 4.0 system of normal operation of individual insurance teams has been fully promoted and implemented, which has promoted the transformation of sales teams to specialization and professionalism.

Diversified business sectors adhere to professional management, improve quality and efficiency, and actively expand banking insurance, group insurance and health insurance.

The bancassurance channel adheres to channel positioning, which pays equal attention to both scale and value, and continues to promote the healthy development of the channel. In 20021year, the total premium of bancassurance channel was 49.326 billion yuan, up 65.438+09.6% year-on-year. The first-year premium paid reached 65,438+0,665,438+0.1billion yuan, up 2.3% year-on-year, of which the first-year premium paid for five years and above reached 6.743 billion yuan, up 35.3% year-on-year. The renewal premium reached 32.792 billion yuan, up 30.6% year-on-year, accounting for 66.48% of the total channel premium, up 5.59 percentage points year-on-year. The bancassurance channel continued to strengthen the team's professional service support ability, and the team's quality improved steadily. By the end of 20021,65438+2,31,there were 25,000 account managers in the bancassurance channel, and the actual manpower remained stable in each quarter, and the per capita production capacity continued to grow.

The group insurance channel adheres to the overall scale benefit, and all businesses develop steadily. In 20021year, the total premium of group insurance channel was 2910.62 billion yuan, up10% year-on-year; Short-term insurance premium was 25.694 billion yuan, up 2.9% year-on-year. By the end of 20021,65438+2,31,there were 45,000 group insurance salesmen, among which the high-performance manpower increased by 13.0% compared with the end of 2020.

In addition, the company vigorously develops the Internet insurance business and provides customers with a quality service experience through online and offline integration and online direct sales. The company fully implemented the regulatory requirements of China Banking Regulatory Commission on Internet insurance business, improved the centralized operation and unified management of the Internet organization and management system, and enriched the supply of scene-based and customized products. In 20021year, the internet insurance business developed by the company through individual insurance, bancassurance and group insurance grew rapidly. Under the supervision of CBRC, the total premium reached 34.969 billion yuan, and the premium scale reached a record high. In the future, China Life Insurance Company will further strengthen the online and offline integration business, actively explore the exclusive business of Internet life insurance, and provide customers with more convenient Internet insurance services.

China Life's comprehensive financial sector adheres to customer-centeredness, gives full play to the resource advantages of all members of China Life (Group) Company, and actively builds a "Life Plus" comprehensive financial ecosystem to create a good situation for the high-quality development of comprehensive financial empowerment companies. 202 1 under the pressure of comprehensive reform of auto insurance and development of speed limit, the company realized the business premium of China Life Insurance Company of 2110.07 million yuan, and the number of policies increased by18.0% year-on-year; The company's agency enterprise annuity business will increase the scale of the first year's collection and the scale of the old-age security business to 2.810.97 billion yuan; Guangfa Bank represented China Life Insurance to realize the steady development of premium income in the first year of bancassurance; China Life Guangfa jointly issued 1.224 million debit cards and credit cards. At the same time, in order to meet the diversified needs of customers, the company cooperated with Guangfa Bank and property insurance company to carry out various customer business activities and provide customers with a package of high-quality financial and insurance services.

China Life has integrated online and offline, internal and external medical and health resources, improved its health management and service capabilities, and actively participated in the construction of a healthy China. The service items of China Life Health Platform are constantly enriched, and the system functions are constantly upgraded. As of 202 1, 65438+2, 3 1, the number of service items of China Life and Health Platform has exceeded 100, and the cumulative number of registered users has increased by more than 35% compared with the end of 2020, ranking among the top in the industry. The company continues to build the China Life Pension System, and through the China Life Pension Fund, it has laid out high-quality resources in the upstream and downstream of the pension industry chain, such as rehabilitation, medical care, hospitals, health care big data and health industrial parks. In 20021year, China Life Pension Fund accelerated the storage of a number of healthy pension projects in strategic areas such as Beijing-Tianjin-Hebei, Yangtze River Economic Belt and Guangdong-Hong Kong-Macao Greater Bay Area, which can meet the diversified and multi-level needs of customers.

Serving the overall situation of the country, the total investment in the real economy exceeded 2.7 trillion.

Adhering to the responsibility of serving the overall situation of the country, China Life has played a major role, actively served the construction of a healthy China, actively responded to the national strategy of population aging, and actively participated in the construction of a multi-level social security system. The company actively carries out all kinds of policy health insurance business. As of 202165438+February 3 1, the company is running more than 200 critical illness insurance projects, covering more than 350 million people. Continue to undertake more than 400 health care entrusted management projects, covering more than 654.38 billion people; Undertake 17 provinces and cities 6 1 long-term care insurance project, covering 23 million people; Undertake 22 provinces and cities 170 supplementary medical insurance projects, covering 9 1 10,000 people. The company actively integrated into the construction of multi-level social security system, and customized commercial medical insurance projects in 54 cities in 15 provinces and cities, with the number of insurers exceeding100000. The pilot work of exclusive commercial endowment insurance was promoted in an orderly manner. Adhere to the purpose of financial services to the real economy, focus on major national strategies, and continuously improve service quality and efficiency. The total investment in the real economy exceeds 2.7 trillion yuan, and the scale of new investment in 20021year is nearly 770 billion yuan. The accumulated investment in serving the national regional development strategy exceeds 1.4 trillion yuan.

Anchor the ESG strategic goal of "building a world-class and responsible life insurance company", implant the goal of "the peak of carbon dioxide emission is carbon neutrality" into the company's development concept, build a climate change response system, formulate the overall environmental goal and specific implementation plan of "ensuring a healthy and friendly environment and helping to achieve carbon neutrality", and find the right starting point from green investment, green sales, green operation and green office. The accumulated green investment exceeded 300 billion yuan, a year-on-year increase of four times. The construction of green investment standard system started, and the asset management subsidiary launched the first ESG bond index and equity index in the domestic insurance asset management industry. We will fully promote rural revitalization, optimize the supply of rural revitalization insurance products, and continue to help the country help regional development.

Create a diversified product system, and newly develop and upgrade 160 products.

Practicing the concept of "customer-centered" product development, China Life adheres to the origin of insurance, conscientiously implements national major strategies such as healthy China, actively responding to the aging population and revitalizing the countryside, accelerates the pace of product innovation, promotes the supply-side reform of insurance products, and builds a diversified product system.

China Life Insurance Company will closely integrate comprehensive service and healthy China construction with its own business development, continuously optimize and upgrade health insurance products, increase innovative research and development of products such as sickness insurance and medical insurance in terms of underwriting population, coverage scope and coverage function, and provide diversified health protection. Actively serve the country's strategy to cope with the aging population, give full play to the advantages of long-term risk protection and long-term capital utilization, focus on the scope and benefits of protection, and launch exclusive commercial endowment insurance and special annuity insurance products for elderly customers. Help the rural revitalization strategy, develop exclusive insurance products for rural revitalization, and actively play the role of insurance to protect people's livelihood.

In 20021year, China Life Insurance Company newly developed and upgraded 160 products, including 12 life insurance, 138 health insurance, 2 accident insurance and 8 annuity insurance. Principal-guaranteed products 144, long-term savings products 16.

Strengthen the management of assets and liabilities, and the total investment income exceeds 21400 million yuan.

202 1 domestic bond yields fluctuated within a narrow range, from high to low, and the interest rate center declined throughout the year; The A-share market is in a volatile pattern, and the industry differentiation is remarkable. China Life Insurance Company has always maintained its strategic strength, guided by asset-liability management in the use of funds, firmly implemented medium-and long-term strategic asset allocation planning, and flexibly carried out tactical allocation operations according to market changes. First, grasp the window period of relatively high interest rate in the first half of the year, increase the long-term asset allocation based on interest rate bonds, and further narrow the duration gap; Second, carefully control the risk exposure of equity in the open market, reduce portfolio fluctuation and lock in income; The third is to increase the innovation of alternative investment models, promote the forward-looking industry layout and build a diversified investment portfolio.

As of 202 1 65438+February, 3 1, the total assets of China life insurance company reached 489108.5 billion yuan, an increase of 15.0% compared with the end of 2020. The company's investment assets reached 4.71682.9 billion yuan, an increase of 15 1% compared with the end of 2020.

In 20021year, the company realized a net investment income of18877 billion yuan, an increase of 25.987 billion yuan compared with 2020, with a year-on-year increase of 16.0%. Thanks to the company's continuous increase in the allocation of long-term bonds in recent years and the contribution of joint ventures and associated enterprises to investment income, the net investment return rate in 20021year reached 4.38%, up by 4 basis points compared with 2020. The total investment income for the whole year was 2140.57 million yuan, an increase of 154 1 100 million yuan compared with 2020, with a year-on-year increase of 7.8%. The total return on investment is 4.98%. Affected by the fluctuation of the equity market, after considering the net change of fair value of available-for-sale financial assets included in other comprehensive income in the current period, the comprehensive investment yield is 4.87%.

The digital transformation has reached a new level, and the data processing capacity has been improved by 10 times.

In 20021year, China Life accelerated its scientific and technological innovation, strengthened its digital drive, deepened its value creation of technological empowerment, accelerated the integration of technology and business, and constantly strengthened its leading and supporting role.

Technological innovation and the overall upgrading of scientific and technological structure. Relying on the powerful computing power and open and compatible digital platform of China Life Hybrid Cloud, the distributed architecture innovation of all core systems from computing, storage, database, middleware to application software has been realized, the scientific and technological support capacity has leapfrogged, the data processing capacity has been improved by 10 times, and the flexible expansion time of computing resources has been shortened to minutes.

Agile delivery has greatly improved the ability of scientific and technological response. We will comprehensively deepen the system of scientific and technological products, smooth the large cycle of scientific and technological operation with the digital operation mechanism of full data and full chain tracking, continuously introduce new functions and services at high frequency, and iteratively optimize scientific and technological products for more than 40 times every day to respond quickly to market changes and provide customers with more accurate and efficient services.

The intelligence has jumped and the level of technological empowerment has been significantly enhanced. China Life's Internet of Things covers the whole country, and its scientific and technological services have reached the front line smoothly, realizing the unified control of 12 categories and 240,000 electronic devices, creating online digital twins, and improving the service efficiency by 70% year-on-year. "China Life Internet of Things-Edge Computing, Intelligent Perception and Digital Presentation" won the innovation achievement of 202 1 financial technology and digital transformation. Intelligent services have been comprehensively deepened, and intelligent robots are widely used in sales, service, operation, finance, risk control and other fields. The big data empowerment scenario increased by 84% year-on-year, and intelligent services were provided more than 5 million times a day.

When the traffic arrives, the digital ecological effect continues to enlarge. The social online collaboration system seamlessly connects mobile phones, desktops, big screens and various digital applications, and comprehensively enhances the communication and interaction experience of customers, salespeople and company employees. The insurance digital ecosystem continues to be rich. The digital platform has opened 3,256 standard services, up 92% year-on-year, accessed nearly 1,000 ecological applications, and carried out services and activities with various cooperative institutions for nearly 400,000 times.

Taking customer satisfaction as the standard, we will create high-level and high-quality operational services.

In 20021year, China life insurance company focused on customers, anchored the goal of "leading efficiency, technology-driven, jumping in value and first-class experience", effectively promoted the upgrading of operating mode, accelerated the transformation to online and intelligent, and continued to provide customers with "simple, high-quality and warm" high-quality operating services, with the continuous improvement of customer experience and constant praise from customers.

Online services have developed rapidly. By upgrading various online service contacts, the number of registered users of life insurance APP reached1.1.200 million, up by 2 1% year-on-year, and the number of monthly active users increased by 1.8 1% year-on-year. The electronic payment rates for personal protection and claims were increased to 88.3% and 98.7% respectively, the number of electronic notices sent exceeded 780 million times, the air customer service volume increased by 9 times year-on-year, and the average waiting time of counter customers decreased significantly year-on-year.

The level of intelligent services has been significantly improved. The intelligent business model was upgraded and promoted, and the timeliness of personal long-term new single service accelerated by 37.2% year-on-year. The pass rates of intelligent audit of underwriting, preservation and claim settlement reached 93.4%, 99. 1% and 73. 1% respectively. Expand the application scenario of Internet intelligent customer service, and the scale of robot service has exceeded 75 million times. The digital service mode of contact center has landed, and the proportion of non-manual services has reached 88.9%.

The customer experience continues to improve. Claims service has speed and temperature, and the number of customers for "direct claims" service exceeded 6 million annually. "One-day compensation for serious illness" benefited nearly 6.5438+0.7 million customers, and the amount of compensation increased by 32.3% year-on-year. Provided active door-to-door service for 1 17000 customers with counter difficulties. The scene service benefits different customer groups, and it is the first in the industry to launch the APP model of respecting the elderly and promote a number of elderly service initiatives such as "sit back and enjoy the success" service at the counter. Focusing on the theme of "health, parenting education and enjoying life", we continue to provide a number of value-added services such as "Immune Enhancement Plan", "China Life Painter" and "Customer Festival".

The comprehensive risk rating was rated as A for 15 consecutive quarters.

China Life has strengthened its asset and liability management, adhered to prudent and prudent operation, and firmly held the bottom line that systematic financial risks will not occur. Strictly implement the regulatory requirements, improve the comprehensive risk management system, improve the risk management mechanism, constantly improve the means of risk management and control, and continuously improve the risk management ability. In the comprehensive risk rating of the insurance industry of China Banking Regulatory Commission, the company was rated as Grade A for 15 consecutive quarters.

Standing at a new starting point, China Life said that it will focus on serving the overall development of the country and ensuring people's better life, seize the opportunity of strategic development, do its own thing in a down-to-earth manner, keep the word steady, strive for progress in stability, stick to the source of insurance, continue to deepen supply-side reform, continuously improve the supply capacity of insurance services, actively play the leading role of the industry, lead the high-quality development of the industry with its own high-quality development, constantly create a new situation of building a world-class life insurance company, and strive to repay shareholders and shareholders with good performance.