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China Life Insurance

October 28th, 2016 Leave a comment Go to comments

CHINA LIFE INSURANCE


By : Aries Kurniawan

china life insurance company

china life insurance company

China Life Insurance Company Limited is an insurance company located in Beijing China. The company operates businesses through individual insurance business , group insurance business and short term insurance business , which provides individual life insurance , group life insurance , accident insurance and health insurance products and services , such as financing insurance , children’s insurance , endowment insurance and protection insurance , annuities , especially in the domestic market .

China Life Insurance (Group) Company and its subsidiaries referred to as China Life, this is the largest commercial insurance group in Mainland China, and the only state-owned insurance group with assets exceeding 1 billion yuan RMB. It is also one of the largest institutional investors in the capital market of China.

This insurance company is one of the largest companies in the State of China , while the beginning of the company’s history began this , we will describe as follows :

In 1929 : Tai Ping Insurance Company was established in Shanghai .
In 1931: China Insurance Company was established in Shanghai.
In 1949: The Chinese government take over all insurance operations in the mainland, established the People’s Insurance Company of China (PICC).
In 1959: Insurance Operations abolished, except (marine and aviation) foreign insurance needs, and PICC into the department’s central bank.
In 1979: After the launch of economic reforms, PICC started publishing non-life insurance policies.
In 1980: A joint venture was formed with AIG.
In 1982: PICC began offering life insurance policies.
In 1988: The Chinese government first licensed insurance companies compete.
In 1996: PICC was restructured as PICC Group, a holding company for his life, reinsurance, and property operations.
In 1999: PICC Group was dissolved and replaced by the four state-owned companies, including China Life Insurance.
In 2003: China Life went public on the Hong Kong Stock Exchange and the New York Stock Exchange in the largest initial public offering that year.
In 2004: China Life announced its intention to diversify asset management, brokerage services, and banking services in the near future.

China Life Insurance Company Limited is the largest life insurance company in the People’s Republic of China. The company offers individual life insurance, group life, accident, and health insurance policies. China Life commanded 45 percent of the market, and holds the number one position in 29 of the 31 countries the only major markets of Shanghai and Beijing. China Life is the only life insurance company in China with a nationwide business license, which has been allowed to develop a network of more than 8,000 field offices, 4,800 branches, 3,000 customer service offices and 87,000 sales outlets in locations such as banks, post offices, hotels, airports, travel agents, and the like. Company’s nearly 67,000 employees are equipped with a network of 650,000 independent sales agents exclusively. The company also operates a “one – stop” 24- hour telephone sales and service hotline. Together, China Life serves more than 100 million long-term policyholders and more than 150 million of short -term policy holders, generating nearly CNY 51 billion ($ 6.2 billion) net premiums and the cost of the policy in 2003. The group’s total sales surpassed $ 9500000000 year. China Life listed on the Stock Exchange of Hong Kong and New York Stock Exchange at the end of 2003, raising $ 3.5 billion in the biggest initial public offering that year (IPO). China has indicated its intention to expand into other financial areas, such as asset management, brokerage, and banking.

In order to make the IPO more attractive, older people entitled to control the transfer of the policy only for long-term and medium-term published on June 10, 1999, to China Life. This step is done to avoid China Life from a large number of load loss policies issued on a return rate as high as 6.5 percent, which is on June 10, 1999, the date associated with an emergency decision by the CIRC, which lowers the rate of return of only 2.5 percent.

To attract investors, China Life launched its IPO on the Hong Kong Stock Exchange and the New York Stock Exchange in December 2003. IPO finally a huge success, raising $ 3500000000 and can be the biggest in the world for 2003. Retail bid has been oversubscribed by 172 cal, and the total order has reached $ 80 billion.

The success of China Life IPO is encouraging starting eyeing expansion into new markets in 2004. Parent company registered in China Life, announced its intention to diversify the insurance business, in order to include and develop business property insurance agents, brokers and insurance, as well as adding other financial services. China Life itself announced its intention to diversify into new services, such as asset management, brokerage services, and banking in the near future. Meanwhile, China Life has emerged as a dominant player in terms of life insurance, and life insurance market is expected to become the fastest growing and the largest in the world.

Because of the commitment to grow into a world class life insurance companies with strong capitalization, advanced corporate governance, which is a well-established management system, strict internal control, leading technology, first-class team, superior service, an outstanding brand and harmonious development mode. For nine consecutive years China Life entered the Fortune Global 500, and ratings are moving forward from 290 in 2003 to 113 in 2011 and registered for the fifth consecutive year at the World Brand 500, gain 264 ranking in 2011. Having a dual – listing on the New York and Hong Kong in December 2003, China Life Insurance Company Limited back to China A share market in January 2007 and has become the first insurance company listed on the Shanghai Stock Exchange. It is also the first triple insurance company listed on the New York, Hong Kong and Shanghai and has become the largest public life insurance companies in the world in terms of market capitalization. For those of you who are interested to enroll in the company’s life insurance or want to know more details about the company, you can contact at:

China Life Insurance Company Ltd.
No. 16, China Life Insurance Building, Financial Street, Xicheng District Beijing 100033 China JSE
Phone: +86 (106) 363-2938
Fax: +86 (106) 657-5112

 

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