In the first half of 2021, the Company’s net investment income was RMB89,764 million, an increase of RMB12,373 million from the corresponding period of 2020, rising by 16.0% year on year. Since the Company consistently increased its allocation in bonds with long durations in recent years and continued to diversify the type of fixed income products, net investment yield was 4.33% for the first half of 2021, up by 4 basis points from the corresponding period of 2020, remaining relatively stable. The Company seized the market opportunities to flexibly adjust the pace of realizing gains from equity products, so as to achieve steady contribution to the profits. Gross investment income of the Company reached RMB117,638 million, an increase of RMB21,504 million from the corresponding period of 2020. The gross investment yield was 5.69%, up by 35 basis points from the corresponding period of 2020.
China Life Insurance Company Limited is the largest life insurer in the People’s Republic of China. The company offers individual life insurance, group life, accident insurance, and health insurance policies. China Life commands 45 percent of that market, and holds the number one position in 29 of the country’s 31 major markets–only Shanghai and Beijing, where the company nonetheless is number two, escape its dominance. The company’s nearly 67,000 employees are complemented by a network of 650,000 exclusive independent sales agents. The company also operates a “one-stop” 24-hour telephone sales and service hotline.
China Life Insurance (CILJF) Stock Forecast, Price & News
Further information regarding these risks, uncertainties and other factors is included in the Company’s Annual Report on Form 20-F for the fiscal year ended 31 December 2020 filed with the U.S. Securities and Exchange Commission, or SEC, on 29 April 2021; and in the Company’s other filings with the SEC. Unless otherwise stated, all information provided in this press release is as of the date of this press release, and the Company undertakes no duty to update such information, except as required under applicable law. China Life Insurance Company Limited granted a 0.00% dividend yield in the last twelve months.
At first the PICC monopoly continued to operate its various insurance services, integrating the assets of the former independent insurance sector. By 1952, PICC represented a national network of 1,300 branches and 3,000 agency outlets. Yet the Chinese government, in its effort to develop its regime, determined that insurance was superfluous in a state where the government was meant to provide for all social welfare for its citizens. PICC’s role was reduced to providing insurance covering the country’s foreign policy needs, such as for the marine and aviation sectors. Following the reform, PICC was converted into a department of the government’s central bank.
Information is provided ‘as-is’ and solely for informational purposes, not for trading purposes or advice, and is delayed. The increasingly competitive environment led to a need to change PICC’s structure. Its operations were then broken up into three subsidiaries, PICC Life, PICC Property, and PICC Reinsurance. PICC Group initially operated under the control of the People’s Bank of China. 12 employees have rated China Life Insurance Chief Executive Officer Yang Mingsheng on Glassdoor.com. This puts Yang Mingsheng in the bottom 25% of approval ratings compared to other CEOs of publicly-traded companies.
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Tai Ping in the meantime had been joined by a growing number of other Chinese-owned insurance companies. Among these were China Insurance Company, founded in 1931 in Shanghai, which opened a life insurance subsidiary, China Life Insurance Company in 1933. Later insurance market entries included Ming An https://investmentsanalysis.info/ Insurance Company, established in Hong Kong in 1949. By then, China boasted more than 240 insurance companies–some 180 of which were Chinese owned. In the first half of 2021, the external environment was complicated and challenging and the recovery of domestic economy remained unsteady and imbalanced.
In the early 1920s, however, Starr recognized the vast potential for life insurance among the country’s Chinese population. Starr set up a new company, Asia Life Insurance Company, which became the first to market life insurance products to the Chinese. The company’s head start allowed it to build quickly into a leading insurance provider not only across the Chinese mainland, but throughout much of the Asian region. In the first half of 2021, the Company fully complied with the new regulations of the China Banking and Insurance Regulatory Commission with respect to the Internet insurance business, and its Internet insurance business witnessed steady development. The Company consistently optimized the Internet insurance product system, stepped up its efforts in launching new products, satisfying demands from more online scenarios and diversified customer needs through continuous product segmentation, and it saw a rapid growth in premiums from the Internet insurance business.
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The Chinese government began a wider opening of the country’s insurance market in the early 1990s. By the end of the decade, the government had granted licenses to a total of 16 companies–including such returning groups as Tai Ping Insurance Company and China Insurance Company. Unless otherwise indicated, the Chinese insurance market information set forth in this press release is based on public information released by China Banking and Insurance Regulatory Commission. Certain statements contained in this press release may be viewed as “forward-looking statements” as defined by Section 27A of the U.S.
- The customer-centric sales deployment of “Yi Ti Duo Yuan” moved from an adjustment period to a period of coordinated advancement, and continued progress was made in transformation and upgrade.
- As at 30 June 2021, the Company had approximately 322 million long-term individual and group life insurance policies, annuity contracts, and long-term health insurance policies in force.
- China Life Insurance Company Limited granted a 0.00% dividend yield in the last twelve months.
- China Life commands 45 percent of that market, and holds the number one position in 29 of the country’s 31 major markets–only Shanghai and Beijing, where the company nonetheless is number two, escape its dominance.
- The company offers individual life insurance, group life, accident insurance, and health insurance policies.
The gross investment yield was 5.69%, rising by 35 basis points from the corresponding period of 2020. PICC officially retained its monopoly on the Chinese insurance market into the late 1980s. Licenses were granted to the company’s first competitors, including Ping An, which, established that year, grew into the country’s second largest life insurer, with a dominance in the important Beijing market. Other early domestic competitors included China Pacific, based in Shanghai, which also started business in 1988, and American Insurance Group, which, in 1992, became the first foreign company to be granted a license to operate a self-standing business on the mainland (i.e., not as part of a joint venture with a local partner).
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As at the end of the Reporting Period, the embedded value of the Company increased by 6.6% from the end of 2020 to RMB1,142,811 million, maintaining the leading market position. The number of long-term in-force policies was 322 million, an increase of 1.6% from the end of 2020. During the Reporting Period, surrender rate was 0.67%, rising by 0.06 percentage point year on year.
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Following the revolution, the Mao government set up the People’s Insurance Company of China (PICC), which took over all insurance interests on the mainland. Tai Ping’s leadership fled to Taiwan in 1950, reestablishing the company’s operations there. Other companies, especially those Day trading forex that had set up foreign branches in Hong Kong, Singapore, Taiwan, and elsewhere, withdrew from the mainland to rebuild their businesses around their foreign holdings. Foreign insurance companies were simply expelled outright, and their holdings regrouped under PICC as well.
The number of new debit cards and credit cards jointly issued by the Company and China Guangfa Bank Co., Ltd. (“CGB”) reached 596,000. The Company entrusted CGB to sell its bancassurance products, with the first-year regular premiums recording a relatively stable growth. The group insurance channel continued to deepen diversified development, reinforced the expansion of key business sectors, and achieved steady development in various business fields.
During the Reporting Period, gross written premiums from the channel were RMB16,690 million, an increase of 1.2% year on year. Short-term insurance premiums from the channel were RMB14,821 million, an increase of 3.0% year on year. As at the end of the Reporting Period, the number of direct sales representatives was 47,000, among which the number of high-performance personnels increased by 14.7% from the end of 2020. All good principles should adapt to changing time to remain relevant, so we should keep abreast of the new development trend of times.
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The Company is a leading provider of individual and group life insurance, annuity products and accident and health insurance in China. As at 30 June 2021, the Company had approximately 322 million long-term individual and group life insurance policies, annuity contracts, and long-term health insurance policies in force. We also provide both individual and group accident and short-term health insurance policies and services. China Life Inclusive Healthcare Service Platform continued to diversify its services while upgrading its system functions on an ongoing basis. As at the end of the Reporting Period, more than a hundred types of services were available on the platform, and the size of the accumulated registered users of the platform led the industry.
The Company also has controlling shareholding in China Life Pension Company Limited. During the Reporting Period, gross written premiums from the life insurance business of the Company amounted to RMB356,897 million, a year-on-year increase of 3.1%. Gross written premiums from the health insurance business amounted to RMB76,372 million, a year-on-year increase of 5.7%. Gross written premiums from the accident insurance business amounted to RMB9,030 million, a year-on-year increase of 0.7%. With a focus on the “China Life Revitalization” initiative, the Company consolidated the achievements of reforms under the “Dingxin Project” and advanced the optimization and implementation of new business models and operation mechanisms.
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