China Life Insurance Company
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| Public | |
| Traded as | : LFC : : 2628 |
| Industry | Financial services |
| Founded | 1949 (as PICC) |
| Headquarters | Beijing, China |
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Area served
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People's Republic of China |
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Key people
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Dairen Lin (CEO), Chairman: Yang Mingsheng |
| Products | Life & Health insurance |
| Total assets | $362.1 billion (2015) |
| Owner |
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| Parent | China Life Insurance Group |
| Website | chinalife.com.cn |
China Life Insurance Company Limited (short China Life, Chinese: 中国人寿保险; pinyin: Zhōngguó rénshòu bǎoxiǎn) is a Beijing-based China-incorporated company that provides life insurance and annuity products. China Life is ranked No. 94 on Fortune 2015 Global 500 Company list. China Life, which is 70% state-owned, is the biggest life insurer in China, but is coming off a few rocky years. China's insurance market attracted dozens of new competitors after the Chinese government liberalized it, and China Life's market share has fallen by almost half since 2007, from 50% to around 26%, according to Morningstar. The company is completing a major restructuring, and the government assigned it a new CEO in 2014. A new sales push early this year (fueled by an army of newly hired agents) led to a big bump in net income in the first quarter of 2015. China Life is also ranked on Fortune China: 2015 Top 500 Chinese Enterprises at No.13.
China Life has more than 600,000 agents nationwide, making its cost of acquiring new customers relatively low. China Life has a substantial share of China's group life and health insurance business, and its government ties give it an inroad to help it build that business among state-owned enterprises.
In 2015 China's government allowed Chinese insurance companies to invest in foreign real estate; China Life subsequently made its first such investment, in a Boston waterfront project.
Key Dates: 1919: American Asiatic Underwriters (later AIG) is founded in Shanghai.
1929: Tai Ping Insurance Company is founded in Shanghai.
1931: China Insurance Company is founded in Shanghai.
1949: The Chinese government takes over all insurance operations on the mainland, establishing People's Insurance Company of China (PICC).
1959: Insurance operations are abolished, except for foreign (marine and aviation) insurance needs, and PICC becomes a department of the central bank.
1979: Following the launch of economic reforms, PICC begins issuing non-life insurance policies.
1980: A joint venture is formed with AIG.
1982: PICC begins offering life insurance policies.
1988: The Chinese government licenses the first competing insurance companies.
1996: PICC is restructured as PICC Group, as a holding company for its life, reinsurance, and property operations.
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Wikipedia