What are Mission Vision & Core Values of China Life Insurance Company?

Prudent operation is a cornerstone of China Life's mission. This involves maintaining robust financial health and risk management practices. The company consistently aims to exceed regulatory solvency requirements.

China Life emphasizes trustworthy service by focusing on ethical conduct and building customer trust. This includes transparent communication, fair practices, and prompt claims settlement. The company invests heavily in training its personnel to ensure high service standards.

The 'People-oriented Principle' guides China Life's customer-centric approach. The company strives to provide tailored insurance solutions to meet diverse customer needs and enhance customer experience through digital transformation initiatives. This is further reinforced by their focus on ensuring financial security for clients.

China Life promotes harmonious development by balancing business growth with social responsibility. This includes contributing to the stability of the financial market, supporting economic development, and engaging in philanthropic activities. The company aims to create value for all stakeholders.

Active progression involves continuous improvement and strategic expansion. China Life actively seeks new market opportunities and enhances operational efficiency. This includes expanding its product offerings and geographic presence.

China Life embraces an innovative approach to enhance products and services. This includes investing in technology to improve customer experience and developing new insurance products to meet evolving customer needs. For instance, New China Life, a related entity, introduced over 40 new insurance products by 2023, investing around RMB 500 million in R&D for product innovation.

The vision statement inherently looks towards the future, highlighting long-term relationships and continuous service. This forward-thinking approach is crucial in the dynamic insurance market. It allows China Life to adapt and evolve to meet changing customer needs.

The vision implicitly aims for market leadership, emphasizing a customer-centric approach. It underscores China Life's dedication to serving its customers' evolving needs throughout their lives. This focus is vital for maintaining a competitive edge.

China Life's vision includes a commitment to excellence in service and product innovation. This involves continuous improvement of offerings and adaptation to market trends. For instance, New China Life's focus on innovative financial products and high customer satisfaction reflects this commitment.

The aspiration to be a 'lifelong partner' is both realistic and ambitious, given China Life's significant market presence. China Life Company leverages its substantial assets and market position to achieve its vision. This solid foundation supports its long-term goals.

As the largest life insurer in China, China Life Insurance possesses substantial financial resources. In December 2024, total assets reached RMB 6.77 trillion, with gross written premiums of RMB 671,457 million. This financial strength supports the company's strategic objectives.

China Life's ongoing investment in digital transformation and product diversification ensures its continued relevance. These initiatives support its aspiration to remain a preferred partner for its extensive customer base. This helps China Life Insurance maintain its competitive advantage.

China Life Insurance strategically develops its products to meet evolving demographic and consumer needs, guided by the 'People-oriented Principle' and the vision of being a 'Lifelong Partner'. This approach ensures the company remains relevant and responsive to market changes.

The company has introduced new health and retirement-oriented insurance products to address the needs of China's aging population and growing wealth. This strategic focus reflects a commitment to providing comprehensive and specialized insurance solutions.

The expansion of supplementary major medical expenses insurance and long-term care insurance businesses in 2024 demonstrates China Life's dedication to serving evolving societal needs and providing robust coverage options.

China Life's commitment to 'Harmonious Development' and social responsibility influences its investment strategies and partnerships. The company integrates environmental, social, and governance (ESG) criteria into its operations, supporting sustainable development.

In 2024, China Life's investments in the real economy surpassed RMB 4 trillion, highlighting its role as a 'long-term capital' provider. The company actively supports alternative energy industries and aims to divest from coal, unconventional oil, and gas investments by 2040.

China Life (Group) Company's consolidated revenues surpassed RMB 1.1 trillion in 2024, with consolidated assets reaching approximately RMB 7.5 trillion, maintaining industry leadership. Gross written premiums amounted to RMB 671,457 million in 2024, and embedded value surpassed RMB 1.4 trillion, demonstrating significant growth and value creation.

China Life Insurance demonstrates its commitment to innovation through continuous investment in digital transformation. This aligns with its mission of providing accessible and convenient services, and its vision of being a lifelong partner to its customers. The company leverages technology to enhance customer experience and streamline operations.

The launch of the OneLife core system in February 2022 significantly improved the efficiency of new business and policy servicing. Online premium sales accounted for over 30% of total sales in 2022, demonstrating the success of its digital insurance platform. China Life's digital initiatives have led to increased customer satisfaction and operational efficiency, contributing to its overall strategic goals.

China Life's expansion into healthcare and elderly care solutions directly reflects its 'People-oriented Principle' and the vision of being a 'Lifelong Partner'. This commitment is particularly relevant given the aging population and the increasing demand for long-term care insurance.

The company actively develops products like supplementary major medical expenses insurance and long-term care insurance to meet the evolving needs of its customers. In 2024, China Life provided insurance protection to approximately 270 million rural residents through agricultural-related insurance, demonstrating its commitment to serving a broad range of customers.

Effective communication is essential for ensuring that China Life Company's mission, vision, and values are understood and upheld by all stakeholders. The company engages with governments, regulatory bodies, shareholders, employees, and customers through various channels.

Regular reports, shareholder meetings, and direct communication are used to maintain transparency and build trust. The company's commitment to ethical standards, as part of its 'Trustworthy Service' value, ensures that these statements are actively communicated and upheld in its external dealings. Furthermore, the company uses various channels to communicate its values, including its website, annual reports, and social media platforms.

China Life employs formal programs and systems to ensure alignment between its stated values and actual business practices. The integration of environmental, social, and governance (ESG) criteria into its operations is a key example, promoting sustainable development and responsible investment.

The establishment of a corporate social responsibility committee, inviting board members and independent directors, further underscores their commitment to addressing stakeholder concerns and fulfilling their CSR commitments. The company also implements internal compliance programs to ensure adherence to ethical standards across all departments. For more insights into the company's marketing strategies, you can explore the Marketing Strategy of China Life Insurance.