Today, this company operates in three different sectors of the business world. For instance, the China Life Insurance Company has the sector for individual life insurance, accident and health insurance, and group life insurance. Just one year ago, the company was holding more than 100 million insurance policies for individuals and groups, as well as policies for long-term health and annuity contracts.
Interestingly, the China Life Insurance Company currently controls approximately 50% of the country’s life insurance market. With a great reputation, numerous policy options, and affordable rates, it is easy to see why. To keep the customers happy and continue to bring in new business, this particular life insurance company employees 640,000 agents. These agents work throughout China at the 15,000 locations.
In addition to the vast number of agents working for the China Life Insurance Company, the company also has a strong sales force for direct selling. This group of professionals is responsible for marking the various group policies. Keep in mind that while the China Life Insurance Company is a powerhouse, it does have competitors. For instance, Ping An Insurance, China Pacific Insurance, and PICC Property are also vying for customer’s business in insurance.
For instance, Ping An Insurance is the second largest life insurance company in China, which also sells different policy types. This company has insurance for marine cargo, accident, fire, marine, and home. Along with providing excellent insurance coverage, this China insurance company also provides services for stock trading, property leasing, asset management, equity investment funds and bonds, and more.
Another competitor of the China Life Insurance Company is the China Pacific Insurance Group. This company is both an insurance and investment holding company that has over 5,000 branches all over China to serve customers. In addition to the large number of locations in China, the China Pacific Insurance Group also works out of the United States, Hong Kong, and London.