China Life Insurance (Group) Co., Ltd. is a state-owned super-large financial insurance enterprise, headquartered in Beijing, one of the top 500 enterprises in the world and one of the top 500 Chinese brands, belonging to the central financial enterprise.
The company's predecessor was the former China People's Insurance Company, which was established in 1949. In 1996, it was divided into PICC Life Insurance Co., Ltd., and changed its name to China Life Insurance Company in 1999.
In 2003, with the consent of the State Council and the approval of the China Insurance Regulatory Commission, the former China Life Insurance Company was reorganized into China Life Insurance (Group) Company, with its business scope covering life insurance, property insurance, pension insurance (enterprise annuity), asset management, alternative investment, overseas business, e-commerce and other fields, and it also participated in many other financial and non-financial institutions such as banks and securities companies through capital operation.
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The Development Course of China Life
As one of the oldest insurance companies in New China, China Life has always been the explorer, pioneer and leader of the insurance industry in China. The 60-year journey has opened up the road of scientific development with the characteristics of China Life Insurance, and it is also a microcosm of the 60-year development and reform of the insurance industry in New China.
1, start a business
The history of China Life Insurance can be traced back to the life insurance business handled by the former People's Insurance Company of China, which was established on June 20th. 1949. Just 20 days after the founding of New China, with the approval of the Central People's Government, China People's Insurance Company, a unified national insurance institution, was established, with a life insurance department.
There are two kinds of personal insurance in the early days of the People's Republic of China: compulsory insurance mainly includes accidental injury insurance for railway, ship and air passengers, and voluntary insurance is divided into employee group personal insurance and simple personal insurance.
By 1958, * * * realized life insurance premium income of 1.4 1 100 million yuan, 3 million people participated in employee group life insurance and 1.8 million people participated in simple life insurance, which played a positive role in stabilizing people's lives.
1958 10 The Xi 'an Finance and Trade Work Conference held in the State Council proposed: "After the People's Commune, the role of insurance work has disappeared, and domestic insurance business should be stopped immediately." From 65438 to 0959, life insurance business and other domestic insurance businesses entered a state of complete suspension.
2. Resume development
After the Third Plenary Session of the Eleventh Central Committee,1April, 1979, the State Council approved the minutes of the governor's meeting of the People's Bank of China, and made a major decision of "gradually restoring domestic insurance business". In June 165438+ 10, the National Insurance Work Conference was held in Beijing, officially announcing the resumption of domestic insurance business after a 20-year interruption, and the insurance industry in China ushered in a brand-new development period.
1982 resumed life insurance business on the basis of the first recovery of property insurance business. The great practice of China's reform and opening up and the establishment of a perfect socialist market economic system have provided a strong impetus for the development of the insurance industry. From 1982 to 1995 13 years, life insurance business grew at an average annual rate of 40%.
3. Professional management
1995, the first insurance law of China was born. 1996, according to the requirements of the Insurance Law on the separate operation of property insurance and life insurance, on the basis of inheriting all the life insurance business of the former People's Insurance Company of China, 17 local life insurance company was reorganized and PICC Life Insurance Co., Ltd. was established, which entered the era of specialized operation.
The introduction and full implementation of personal marketing system has promoted the rapid development of the company. From 1996 to 1998, the marketing team has grown from more than 40,000 to 200,000, and the premium income has increased from 654.38+09.2 billion yuan to 54 billion yuan, making it the largest insurance company in China.
Step 4 reorganize
1March, 1999, PICC Life Insurance Co., Ltd. was renamed as China Life Insurance Company, and became a first-class legal person wholly owned by the state, directly under the State Council. At this point, China Life officially entered the financial and insurance market in China independently, providing various life insurances for hundreds of millions of people in China, and shouldering the important functions of serving economic development and maintaining social stability.
In order to actively respond to the challenges brought by China's entry into WTO, in 2000, China Life made a major decision to reform the shareholding system and established the development direction of establishing a modern enterprise system.
In 2002, China Life put forward the goal of "realizing the premium of 654.38+000 billion, ranking among the top 500 in the world", and realized the premium income of 654.38+028.7 billion yuan that year, and was selected into the Fortune 500 for the first time.
The year 2003 is an important milestone in the history of China's life development. In June this year, China Life Insurance Company was reorganized into China Life Insurance (Group) Company, and China Life Insurance Co., Ltd. was established exclusively.
65438+February 17 and 18, China Life Insurance Co., Ltd. successfully listed in new york and Hongkong respectively, creating the largest IPO in the world that year. The success of reorganization and listing indicates that China Life has entered a new era with more brilliant prospects.
5. Group development
China Life Insurance (Group) Company, since its reorganization in 2003, has embarked on a journey of collectivization in order to adapt to the development trend of comprehensive financial management.
In 2003, China Life Asset Management Co., Ltd. was established by a joint venture between a group company and a life insurance company.
In 2006, the new leadership of China Life studied and formulated the group development strategy of "strengthening the main business and diversifying moderately". At the end of 2006, property insurance companies and pension insurance companies were established one after another.
At the same time, the reforms of overseas companies, China Life Investment Company and Insurance College have basically been completed, and the largest insurance group in China, which integrates life insurance, property insurance, enterprise annuity, asset management, industrial investment and insurance education, has begun to take shape.
On June 9, 2007, 65438+, life insurance companies successfully returned to A shares in Shanghai. Since then, China Life has become the first financial and insurance enterprise in China to be listed in three places at home and abroad.
With the "King's Wind" of A-share return, under the development strategy of "strengthening the main business and moderately diversifying", China Life has set the goal of building a top international financial and insurance group, defined the scientific development path with the characteristics of China Life, and put forward the strategic requirements for comprehensively improving its comprehensive management ability. China Life's road to sound and rapid development, becoming bigger, stronger and better is getting wider and wider.
6. Contained in a tube
20111The news that the four major insurance groups are listed as "middle management" (middle management) and all of them have been upgraded to deputy ministerial-level central enterprises is basically confirmed. ? [ 16]?
20 1 1 At the end of the year, the personnel rights of the above four insurance group companies have been transferred to the Central Organization Department. Some insurance companies have learned that Li Yuanchao, Minister of the Central Organization Department, officially announced this decision on March 16, indicating that the new team adjustment and re-ranking of members of the four major state-owned insurance companies have been completed.
This means that the organizational relationship and personnel rights of China Life Insurance Group (hereinafter referred to as "China Life Insurance"), China People's Insurance Group (hereinafter referred to as "China PICC"), China Taiping Insurance Group (hereinafter referred to as "China Taiping") and China Export Credit Insurance Corporation (hereinafter referred to as "CITIC Insurance") have been transferred to the Central Organization Department, and all of them have been upgraded to central enterprises at the deputy ministerial level.
The senior executives of the four major insurance groups are also "by going up one flight of stairs". Yang Mingsheng, vice chairman of the China Insurance Regulatory Commission, will be in charge of China Life Insurance as the deputy department level; Ethan, chairman of China Life Insurance, will be transferred to vice president of CDB.
7. Increase the holding of Guangfa Bank
On March 1 March, 2065438, China Life announced that it had signed relevant acquisition agreements with Citigroup and IBM Credit, and planned to acquire 3.648 billion shares of Guangfa Bank held by the latter at a price of 6.39 yuan per share, with a total consideration of about 23.30.10.20 billion yuan. After the transaction is completed, the company will hold about 6.729 billion shares of Guangfa Bank, and its shareholding ratio will increase from 20% to 43.686%, making it the single largest shareholder.
Baidu Encyclopedia-China Life Insurance (Group) Company