China Life Insurance (Group) Company and its subsidiaries (hereinafter referred to as China Life) constitute the largest commercial insurance group in Mainland China. It is the only state-owned insurance group with an asset exceeding 1 trillion RMB yuan.It is also one of the largest institutional investors in China's capital market.
In 2010 its insurance premium income hit 350.612 billion RMB yuan. Life premium income accounted for 37.2% of the Mainland's life market share. By the end of 2010, its total asset reached 1.7760 trillion RMB yuan.
China Life Insurance (Group) Company, headquartered in Beijing, is a large state-owned financial and insurance company. Its predecessor, PICC was founded in 1949 and the PICC (Life) Co., Ltd was set up in 1996 after its separation from the former PICC. 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. 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 capital operation, it has invested in several banks, security firms and other non-financial institutions.
China Life has been listed for nine consecutive years on the Fortune Global 500 list, and its rank moved forward drastically from 290 in 2003 to 113 in 2011. It has been listed for the fifth consecutive year among the World Brand 500 and ranked at 264th place in 2011. After the dual-listing in New York and Hong Kong in December 2003, China Life Insurance Company Limited returned to China A share market in January 2007 and has become the first insurance company to be listed in Shanghai Stock Exchange. It is also the first insurance company triple-listed in New York, Hong Kong and Shanghai and has become the largest public life insurance company in the world in terms of market capitalization.
At present, China Life endeavors to implement a conglomeration strategy of “rational resource allocation, clear comprehensive advantages, strong core businesses, appropriately diversified operations, high social respect and peer acknowledgement, high imbedded value, strong core competitiveness and forceful and sustainable growth”. It is our goal to build China Life into a world-class financial and insurance group with “strong capital resources, advanced corporate governance, well-established management system, stringent internal control, leading technologies, first-class team, superior service, outstanding brand, balanced and harmonious development”. |
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