On the evening of August 25, China Life Insurance Co., Ltd. (“China Life Insurance Company”) released its 2022 interim performance report.

  The report shows that in the first half of 2022, China Life Insurance Company achieved a total premium of 439.969 billion yuan.

As of June 30, 2022, the company's embedded value reached 1,250.877 billion yuan, an increase of 4.0% over the end of 2021; the comprehensive solvency adequacy ratio was 235.56%, and the core solvency adequacy ratio was 169.05%, continuing to maintain a high level.

Steady progress, major indicators perform well

  In the first half of 2022, the industry has entered a stage of in-depth adjustment. China Life has always adhered to value leadership, and its business development has shown greater resilience. Scale value continues to lead the industry, achieving a total premium income of 439.969 billion yuan, further enhancing its leading position in the industry.

  Value continues to lead the market.

As of June 30, 2022, the company's embedded value reached 1,250.877 billion yuan, an increase of 4.0% from the end of 2021; the value of new business in the first half of 2022 was 25.745 billion yuan.

New single premiums were 139.358 billion yuan, a year-on-year increase of 4.1%.

The first-year regular premium was RMB 79.838 billion, of which the first-year regular premium of ten years and above was RMB 30.226 billion, a year-on-year increase of 4.4%.

The renewal premium was 300.611 billion yuan.

  The individual insurance sector remained solid overall.

The report shows that in the first half of 2022, the individual insurance segment of China Life Insurance Company achieved total premiums of 352.487 billion yuan and renewal premiums of 274.016 billion yuan.

The first-year regular premium was 68.957 billion yuan, a year-on-year increase of 0.5%, of which the first-year regular premium for ten years and above was 30.212 billion yuan, a year-on-year increase of 4.7%.

The proportion of first-year regular premiums for ten years and above in first-year regular premiums increased by 1.76 percentage points year-on-year.

The new business value of the individual insurance segment was 24.185 billion yuan, and the first-year annualized premium caliber new business value rate was 30.4%.

  The quality of group insurance business is higher.

The report shows that in the first half of 2022, China Life Insurance's group insurance channel achieved total premiums of 16.759 billion yuan, a year-on-year increase of 0.4%; short-term insurance premiums reached 15.165 billion yuan, a year-on-year increase of 2.3%.

As of June 30, 2022, there were 41,000 group insurance sales personnel, of which the proportion of high-performance personnel increased by 6 percentage points compared to the end of 2021.

  Compliance levels stay ahead.

China Life Insurance Company strictly abides by the laws and regulations of the place of listing and industry regulatory requirements, and continues to strengthen internal control and risk management.

The company has established a normalized management system for risk appetite, organically combining risk appetite with various lines of operation and management, and the risk management capability has been significantly improved.

In the first quarter of 2022, the China Banking and Insurance Regulatory Commission launched the new C-ROSS Phase II index system for the first time to carry out comprehensive risk rating of the insurance industry.

  Internet insurance business is developing rapidly.

In the first half of 2022, the company's Internet insurance business grew rapidly. The total premium under the supervision of the China Banking and Insurance Regulatory Commission reached 38.872 billion yuan, a year-on-year increase of 121.5% and a record high.

Focusing on the work goal of "improving and optimizing integrated business capabilities, actively expanding public domain traffic business, and achieving breakthroughs in exclusive business", China Life Insurance Company continued to improve the centralized operation and unified management of the Internet organization and operation system, and enriched scenario-based and customized products. supply.

In the next stage, the company will actively deploy the exclusive business of Internet personal insurance to provide customers with more convenient Internet insurance services.

Diversified empowerment, high-quality digital transformation

  In the first half of 2022, China Life will continue to deepen its digital transformation, accelerate technological innovation, apply digital technologies in an all-round way to enable value creation, deepen the integration of technology businesses, and boost the company's high-quality development with digital drive.

  Technological innovation goes a step further.

The company has built a solid foundation for the company's digital transformation and development with a new, self-controlled distributed and open cloud architecture. The utilization rate of storage space has been increased by 3 times, and the cost reduction and efficiency increase, and the green and low-carbon achievements have been remarkable.

Information technology application innovation has been leading the industry for two consecutive years, and continues to lead the innovation and development of insurance technology.

  Deepen expansion of intelligent applications.

Using AI technology to build "digital employees", breakthroughs have been made in human-machine collaboration, and various types of intelligent robots such as "smart consultants", "smart underwriting" and "smart customer service" have been created, and self-answering services exceed 200,000 times a day.

Continuing to expand big data services, big data empowerment scenarios increased by nearly 94% compared with the same period in 2021, and constantly enriched intelligent application scenarios with insurance features.

  Digital connectivity is open to extension.

Relying on the digital platform and driven by diversified scenarios, it further enhances the collaborative ability of enterprises, collaborates efficiently internally, and builds an open and shared Internet social ecosystem externally, with a total of 3,498 open services and access to 1,092 various ecological applications, providing a wide range of services. Extend to online and offline, inside and outside the enterprise, to provide customers with a full range of insurance digital services.

  The integration of service sales accelerated.

In the first half of 2022, China Life Insurance Co., Ltd. innovated and promoted the implementation of the national integrated intelligent and intensive shared operation mode, accelerated the integration of service and sales, and was committed to providing customers with high-quality services of "simple, high-quality and warm".

The online platform was further expanded, and the number of registered users and monthly active users of the life insurance APP increased by 20.2% and 7.2% year-on-year respectively; the volume of paperless services was further expanded, and the volume of electronic notifications sent increased by 7.2% year-on-year, and the paperless insurance application rate of personal long-term insurance business. 99.9%; the replacement rate of electronic new order return visits increased to 97.5%, the air customer service volume increased by 167.3% year-on-year, and the underwriting intelligent audit rate increased to 94.2%.

Give back to the society and protect the people's good life

  China Life Insurance Company adheres to the concept of "people-oriented, caring for life, creating value and serving the society", improving environmental, social and governance performance, and contributing to the sustainable development of society.

  Give full play to the advantages of insurance and take the initiative to integrate into the overall situation.

As of June 30, 2022, China Life Insurance Company was running more than 200 critical illness insurance projects, covering nearly 350 million urban and rural residents; it continued to undertake more than 300 entrusted health insurance management projects, covering more than 100 million people; in 17 provinces and cities Undertook more than 60 long-term care insurance projects, covering nearly 26 million people; undertook more than 170 supplementary medical insurance projects in 26 provinces and cities, covering more than 58 million people; to meet the diverse insurance protection needs of the elderly population, the group insurance channel underwritten more than 4,000 10,000 elderly people, providing a protection amount of about 2.09 trillion yuan; enriching new citizen insurance services, providing a total of 12 new citizen insurance products.

At the same time, China Life Insurance Company has leveraged its unique advantages of long-term stability of insurance funds. As of June 30, 2022, the scale of investment in serving the real economy has reached 3.3 trillion yuan.

  Serving dual carbon goals and boosting green finance.

China Life Insurance Company continued to practice the ESG investment philosophy, and explored investment opportunities in areas such as energy conservation and environmental protection, infrastructure green upgrades, and green services.

As of June 30, 2022, the scale of green investment stock exceeded 400 billion yuan; intensified efforts to expand green industry corporate customers, continuously broadened the scope of insurance coverage, and enriched insurance coverage responsibilities; continued to promote full-link green operations, and paperless notification services The rate increased by 24.5 percentage points year-on-year, and the preservation of online services saved 791 tons of paper.

  Committed to public welfare and charity, practice responsibility.

In the first half of 2022, China Life Insurance Company donated insurance protection with a total insured amount of about 277 billion yuan to medical staff and staff on the front line of the new crown pneumonia epidemic prevention and control; Provide medical assistance to minors in families with difficulties due to illness. As of June 30, 2022, nearly 300,000 children have been provided with about 4 billion yuan in insurance coverage; vigorously support rural children's aesthetic education, and continue to carry out the "Art Back to the Mountain" public welfare project , benefiting more than ten provinces and dozens of rural primary schools.

  Consolidate the achievements of poverty alleviation and effectively link rural revitalization.

In the first half of 2022, China Life Life Insurance Company will strengthen its responsibility, coordinate various support forces, comprehensively upgrade the "poor alleviation insurance" project, innovate support methods, expand the fields of support, improve the effectiveness of support, and dispatch 995 villagers to help. Cadres, fully undertake the work of 1138 assistance points.

The company actively implements the policy of preferential treatment for people in need of critical illness insurance, and paid more than 700 million yuan for more than 750,000 people in need in the first half of the year; further enriched the series of exclusive products for rural revitalization, and improved the coverage of products and services, and related products have been promoted and implemented in 28 provinces, autonomous regions and municipalities. .

In the first half of 2022, the company invested 6.37 million yuan in various assistance funds, the rural revitalization-related insurance business covered more than 21 million rural people, and the cumulative investment in rural revitalization was nearly 80 billion yuan.

  China Life Insurance Company said that the recovery development of the macro economy, the continuous promotion of the Healthy China strategy, and the implementation of the national strategy to actively respond to population aging will bring new development opportunities to the life insurance industry.

As the industry leader, China Life will adhere to the general principle of seeking progress while maintaining stability in the second half of the year, stick to the origin of insurance, continue to deepen supply-side reforms, better play the role of insurance protection, and strive to achieve stable business development.

At the same time, we will unswervingly deepen reform and transformation, comprehensively strengthen the protection of consumers' rights and interests, improve value creation capabilities, digital operation capabilities, product service innovation capabilities, and risk prevention and control capabilities, and continue to promote the company's high-quality development.