China Life Insurance
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China Life Insurance Company Limited operates through direct sales representatives, exclusive agents and, dedicated and non-dedicated agents throughout mainland China. It is listed in Hong Kong (SEHK: 2628), Shanghai (SSE: 601628) and New York (NYSE: LFC) stock exchanges.
Brief history
China Life Insurance Company Limited became a public listed company on December 18, 2003. This company is regarded as China’s biggest life insurance company and caters to both individuals and groups. China Life Insurance is a prominent player in accident and health insurance market. Short term health insurance policies are also sold.
Products and services
China Life Insurance sells life insurance, accident insurance, group life insurance and health insurance products to consumers in People’s Republic of China. It is adjudged biggest life insurance company in mainland China. China Life Insurance also has an enviable lead in providing health insurance and accident insurance. Approximately 70 million policies (individual and group) were sold until 2005. Short term health insurance is also provided. Apart from insurance, China Life Insurance is largest insurance asset management company in China. It is one of the largest institutional investors in mainland China.
Financials
Total sales of China Life Insurance amounted to $26.255 billion (2007). Profits generated were $5.323 billion. Assets of China Life Insurance were calculated to be $140.549 billion. This company currently has a total employee count of around 95,700.
Awards and recognition
China Life Insurance Company Limited was voted as insurance company with highest public confidence from China’s Best Insurance Enterprises in 2008. It is ranked #154 in 2008 Forbes Global 2000 list. It has consistently won enviable leadership awards as judged by market research institutes including Horizon Research Consultancy Group.
Current financial crisis
China Life Insurance Company Limited has suffered financial setbacks during financial crisis of 2008. This company lost 8.76 percent of its total assets due to successive stock market downturns.
