China Life Insurance

The China Life Insurance Company Limited is the largest life insurer in the People's Republic of China, with total assets of RMB 2.4 trillion (US$346.5 billion). Established in 1949, it is the only life insurance company in China with a long and rich history. It offers both traditional and modern life insurance products and services to individual and institutional customers through its extensive network of branches, agency offices, and electronic channels. 

China Life Insurance Company is committed to providing customers with high-quality and innovative products and services. It has been working to develop and introduce new products, such as health and accident insurance and long-term care insurance, to meet the needs of customers. It also provides customers with a wide range of wealth management products, such as mutual funds, asset management plans, and wealth management accounts. The Company was listed on the Hong Kong Stock Exchange in 2003 and is a constituent of the Hang Seng Index.

The company serves customers through a network of more than 50,000 agents and over 6,000 branches across the country. It also offers services through its subsidiaries, such as China Life Asset Management and China Life Pension & Annuity. In addition, the company has business operations in Hong Kong, Macau and the United States.

China Life Insurance is a leader in the life insurance industry. It is well known for its commitment to quality customer service and innovative product offerings. The company has a strong emphasis on customer education and financial literacy. It also has a strong focus on technology, offering a wide range of online services for policyholders and agents

China Life Insurance Company Limited (China Life) was founded on December 19, 1949, as the first life insurance company in the People's Republic of China. It was established in Beijing to provide life insurance coverage to Chinese citizens. During its early years, China Life focused on providing life insurance coverage to government and enterprise employees, civil servants, and members of the Chinese military. In addition, China Life also offered policies to individuals, which enabled them to obtain coverage for their families as well.

In its first year of operation, China Life had over 3 million policyholders and a total premium income of RMB 17 million. By the end of 1951, China Life had grown to include over 8 million policyholders and a total premium income of RMB 58 million.

In the 1950s and 1960s, China Life focused primarily on providing life insurance coverage for government employees and their families. In 1959, China Life Insurance Company was established as a state-owned enterprise. As the Chinese economy began to modernize, the company expanded its offerings to include commercial insurance policies for businesses and individuals.

During the 1970s and 1980s, CLIC expanded its operations to include more types of insurance, such as group insurance and travel insurance. In the late 1970s, China began a period of economic reforms that opened up the country to foreign investment and increased trade. CLIC was affected by these changes and had to adapt to the new economic environment. The company started to introduce new insurance products to cater to the needs of the growing middle class.

In the 1980s, CLIC started collaborating with foreign insurers to gain access to international best practices and expertise. In 1983, CLIC signed a joint venture agreement with Prudential Insurance Company of America to form the China International United Insurance Co., Ltd. This joint venture was the first foreign insurance company in China since the nationalization of the insurance industry. Also during the 1980s, CLIC expanded its services to include more types of insurance, such as property insurance and liability insurance. The company also started to offer investment products, such as mutual funds and annuities. CLIC started to adopt new technologies to improve its operations and customer service. The company introduced computerized systems to handle policy administration and claims processing. This enabled CLIC to streamline its processes and provide faster and more efficient service to its customers.

In 1994, CLIC became the first Chinese insurance company to list on the Hong Kong Stock Exchange. The initial public offering (IPO) raised over US$3 billion, making it one of the largest IPOs in history at the time. This helped CLIC to raise capital for future expansion and investment.

In 1996, CLIC acquired Ping An Insurance, a major Chinese insurance company. This acquisition expanded CLIC's market share and diversified its product offerings. It also helped Ping An Insurance to recover from financial difficulties and become a leading player in the Chinese insurance industry.

In the late 1990s, CLIC expanded its operations into international markets, setting up subsidiaries and joint ventures in countries such as the United States, Australia, and Japan. This helped CLIC to tap into the growing demand for insurance products among Chinese immigrants and businesses operating overseas.

In 1998, the China Insurance Regulatory Commission (CIRC) was established to regulate the insurance industry in China. This helped to improve the overall regulatory environment for insurance companies such as CLIC and ensured that they operated in a more transparent and accountable manner.

 In 1999, it was renamed China Life Insurance Company. With the approval of the State Council and the China Insurance Regulatory Commission, the former China Life Insurance Company was restructured as China Life Insurance (Group) Company in 2003. 

China Life Insurance Company was reorganized and restructured, changed to China Life Insurance (Group) Company, with the approval of the State Council and the China Insurance Regulatory Commission. It also initiated the establishment of China Life Insurance Company Ltd. In December 2002, China Life Insurance Company Limited was listed on the New York Stock Exchange and Hong Kong Stock Exchange, becoming the first Chinese insurance company to be listed on a foreign stock exchange.

In 2006 China Life Insurance acquired Guangdong Development Bank and became a comprehensive financial services company. In 2008, China Life Insurance became the largest life insurer in China, surpassing China Pacific Insurance. China Life Insurance entered the top 10 global life insurers in terms of assets by 2009. In 2012, China Life Insurance formed a strategic partnership with American International Group, becoming the first Chinese life insurer to partner with a global insurer.

In 2011 its insurance premium income hit 357.8 billion RMB yuan. Life premium income accounted for 34.75% of the Mainland's life market share. By the end of the year, its total asset reached 1.9562 trillion RMB yuan.

 In 2012 China Life Insurance became the first company to win the China Quality Award. In 2013 China Life Insurance became the first Chinese company to be included in the Dow Jones Sustainability Index. In China Life Insurance entered the Fortune Global 500, ranking at number 145.

It has China Life Insurance Company Limited, China Life Asset Management Company Limited, China Life Property & Casualty Insurance Company Limited, China Life Pension Company Limited, China Life Insurance (Overseas) Company Limited, China Life Investment Holding Company Limited and Insurance Professional College as its subsidiaries. Its business covers life insurance, property & casualty insurance, pension plans (corporate annuity), asset management, industrial investment and overseas operations. Through the capital operation, it has invested in several banks, security firms and other non-financial institutions.

In 2017 China Life Insurance became the first Chinese insurer to join the United Nations Environment Programme's Principles for Sustainable Insurance Initiative. In 2019, the company reported a net income of more than $10.6 billion, a 7.1% increase from the previous year. The company has also seen its total assets grow from $385.5 billion in 2018 to $441.2 billion in 2019.

China Life Insurance has a long history of financial stability and is highly rated by international rating agencies. The company’s financial strength, sound capital base and prudent management are key factors for its long-term success. China Life Insurance is committed to delivering superior returns to its shareholders and policyholders.

With more than 102 000 employees, China Life Insurance Co., Ltd. is a core member of China Life Insurance (Group) Company, which is a Fortune Global 500 company, as well as one of the World’s Top 500 Brands. The company by itself is considered one of the top 2000 largest public companies in the world, according to Forbes.

“The mission of China Life Insurance is to provide its customers with quality insurance and financial services and to help them achieve their financial goals."

"The primary focus of the Company is the enhancement of profits and the creation of value through organic growth as well as mergers and acquisitions. In addition, the Company puts equal emphasis on business development and investment management. 

The Company is not only the international business platform of the parent company but also a training centre for the management team. With talented professionals, advanced technology, strong management, stable growth and excellent performance, the Company aims at becoming an industry leader in Hong Kong, Macau, Singapore and Indonesia."

“China Life Insurance’s vision is to become the leading life insurance provider in China, providing innovative and high-quality products and services to customers. The company is committed to providing quality assurance, customer service, and financial protection for its customers.”

“In order to set a strong foothold in those markets and establish more presences globally in the long run, China Life Insurance (Overseas) Company Limited develops constantly by means of transition, innovation and integration."

The Company provides a range of insurance products, including individual and group life insurance, health insurance and accident insurance products. Providing individual insurance in the following: 

• Savings 
• Juvenile Protection
• Life Protection
• Accident
• Critical Illness
• Retirement
• Medical