1. State-owned enterprises refer to operating institutions invested by the state or the government. Only five insurance companies belong to state-owned enterprises, namely China Life Insurance Company, China People's Insurance Company, China Taiping Insurance Company, China Reinsurance (Group) Co., Ltd. and China Export Credit Insurance Company.
2. A private enterprise is a legal person economic entity with private investment, private operation, private enjoyment of investment income and private undertaking of business risks. For example, China Ping An Insurance, Xinhua Life Insurance, Taikang Life Insurance and Sino Life Insurance are all private enterprises.