China Life Insurance(中国人寿)

Fast facts

Year Founded
1949
HQ Location
Beijing, China
Publicly Traded?
Yes
Overseas Operations
Yes
US Sanctions
No
Military Affiliation in China
No

Revenue

USD 104.8 B

Valuation

USD 105.4 B
*Valuation is reported as market capitalization. It was last updated on June 26, 2022 13:49:34.

Employees

180,401

The direct predecessor of China Life Insurance (Group) Company was the People’s Insurance Company of China, founded in 1949 as China’s only insurer at the time. In 1996, the People’s Insurance Company of China was divided up with China Life Insurance Co., Ltd. as a new entity, restructured and renamed as China Life Insurance (Group) Company (CLIC) in 2003. That same year, CLIC had a dual listing both on the Hong Kong and New York Stock Exchanges, and in 2007 it listed on the Shanghai Stock Exchange, making it the first company to be triple-listed on these exchanges. With a current market capitalization of USD 128.7 B, CLIC is the largest insurance company in China, offering services primarily in health, life, and accident insurance. China Life, which is 70% state-owned, is coming off a few rocky years. According to Morningstar, 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%.

State-owned Assets Supervision and Administration Commission of the State Council (SASAC) holds 100% stake in China Life Insurance (Group) Co. HKSCC Nominees Ltd. is the common nominee for shares held in the Hong Kong Central Clearing and Settlement System. Central Huijin Investment, Ltd. is a wholly-owned subsidiary of China Investment Corporation, China’s Sovereign Wealth Fund, for equity investment in Chinese companies as a means of exercising control in designated state-owned enterprises. The owners' information is about China Life Insurance Group's main subsidiary, China Life Insurance Company Limited (中国人寿保险股份有限公司).

  • Board of Directors Wang Bin (王滨) - Chairman Su Hengxuan (苏恒轩) - Executive Director Li Mingguang (利明光) - Executive Director Liu Huimin (刘慧敏) - Non-Executive Director Yin Zhaojun (尹兆君) - Non-Executive Director Wang Junhui (王軍輝) - Non-Executive Director Yuan Changqing (袁长清) - Non-Executive Director Chang Tsotung (Stephen) (张祖同) - Independent Non-Executive Director Robinson Drake Pike - Independent Non-Executive Director Tang Xin (汤欣) - Independent Non-Executive Director Leung Oi-Sie (Elsie) (梁爱诗) - Independent Non-Executive Director Senior Management Su Hengxuan (苏恒轩) - Chief Executive Officer & President Li Mingguang (利明光) - Vice President, Chief Actuary, and Board Secretary Huang Xiumei (黄秀美) - Chief Financial Officer & Vice President Ruan Qi (阮琦) - Vice President Zhan Zhong (詹忠) - Vice President Yang Hong (杨红) - Vice President Zhao Guodong(赵国栋) - Assistant to the President Xu Chongmiao (徐崇淼) - Compliance Officer & General Manager (Legal) Yang Chuanyong (杨传涌) - Chief Audit Officer Heng Hawei (Victor) (邢家维) - Secretary

CLIC overseas operations still represent a very small, if not negligible, portion of the overall business. China Life (Overseas) has branches in Hong Kong and Macau, as well as subsidiaries in Singapore and Indonesia.

China Life Insurance Sanctions

While at this time it appears that this company is not the subject of any U.S. or other global sanctions, it is important to note that Chinese companies tend to have more opaque organizational structures than their Western peers. Chinese companies' affiliated brands, operating units, and overseas subsidiaries are not always obvious or even identifiable. Given this, a Chinese company may not be the subject of sanctions, but one of its subsidiaries may be, thus making it difficult to accurately ascertain a company's full sanctions status.

China Life Insurance Reputational Disclosures

1. February 2021 – Investigation initiated by CBIRC-Heilongjiang into CLIC-Nenjiang for alleged fraud by former branch manager Sun Xiaogang.
2. October 2019 – Taiwan issues two official reprimands against CLIC after finding that CLIC had a deficiency in its computer system that led to underassessment of consumer risks as well as a deficiency in anti-money laundering due diligence vis-à-vis high risk customers.
3. July 2018 – CLIC fined RMB 700.0 K (USD 103.0 K) by PBOC for failing to keep customer identity information and transaction records from 2015-16 as well as failing to report large and suspicious transactions.
4. February 2011- Eight CLIC employees punished for false premium increases worth RMB 278.0 M (USD 41.7 M). CLIC announced it had taken steps to resolve the issue.

The latest news on China Life Insurance from SupChina

Society & Culture

How does healthcare in the U.S. compare with China’s?

Chinese visitors to the U.S. are often shocked by the exorbitant bills and long waits at healthcare facilities, but China has its own set of problems.

March 28, 2017 Source: SupChina

Business & Technology

Why would a Chinese insurance giant want to own a gas pipeline?

The sale of a 50 percent stake in a major Sinopec (China Petroleum and Chemical Corp.) project to China Life Insurance and a subsidiary of a state-backed investment platform shows that China’s economic rebalancing "is increasingly proving to be more about spreading risk within the vast network of state-backed enterprises, rather than taking it out altogether," writes Anjani Trivedi.

December 13, 2016 Source: SupChina