The annual working conference of insurance companies has become an important window for the market to observe their strategic trends, especially for industry flagship such as China Life Insurance Company Limited(601628) and The People'S Insurance Company (Group) Of China Limited(601319) .
At present, China Life Insurance Company Limited(601628) , The People'S Insurance Company (Group) Of China Limited(601319) have successively held the 2022 annual work conference, which new signals have been transmitted? The general idea of the work in 2022 is "to strengthen the study and judgment of the situation, recognize the time and trend, analyze the dangers and opportunities, and run the company well in a down-to-earth manner. In 2022, China Life Insurance Company Limited(601628) We should adhere to the principle of making progress while maintaining stability, adhere to returning to the source, focus on the main business, adhere to forward-looking planning and systematic thinking, stabilize growth and position, control costs and risks, strive to improve the leading ability of Party construction, value creation ability, collaborative development ability, digital operation ability and product service innovation ability, and unswervingly promote high-quality development. "
The People'S Insurance Company (Group) Of China Limited(601319) has completed the organizational reform of the group headquarters, implemented the classified management of subsidiaries, revised the performance management system, promoted the construction of the core system of human resource management, straightened out the science and technology management system and improved the ability of science and technology.
Scientific and technological innovation and digital construction have become high-frequency words
Scientific and technological innovation and digital construction are obviously put on a more important agenda by large insurance companies.
On February 7, China Life Insurance Company Limited(601628) group Party Secretary Bai Tao and his party went to China Life Insurance Company Limited(601628) science and technology park to carry out special research. This is the first stop after the China Life Insurance Company Limited(601628) group's research. Technology has become the key word.
On January 14, China Life Insurance Company Limited(601628) group held a cadre meeting and announced that Bai Tao was appointed secretary of the Party committee of China Life Insurance Company Limited(601628) group. Bai Tao joined Industrial And Commercial Bank Of China Limited(601398) in 1984 and served as deputy general manager of the project credit department of the head office, vice president of Jilin Branch, President of Hunan Branch, general manager of the asset risk management department of the head office and director of the internal audit bureau. From May 2014 to August 2016, he served as vice president of Guoshou group. From July 2018 to January 2020, he served as executive director, vice chairman and President of PICC group. In January 2020, Bai Tao was transferred to the post of chairman and party secretary of China Development and Investment Group Co., Ltd.
On January 26, at the China Life Insurance Company Limited(601628) 2022 work conference, Bai Tao pointed out that improving the digital operation ability is to promote the digitization of the whole process of operation and management, comprehensively strengthen the leading and driving role of scientific and technological innovation, and create conditions for promoting the transformation of the group's operation efficiency.
When the 2022 working conference held by The People'S Insurance Company (Group) Of China Limited(601319) group deployed the six key tasks of steadily promoting the excellent insurance strategy, science and technology is regarded as the basic productivity and core competitiveness.
Specifically, the first is to promote the six strategic services, adhere to the promotion at all levels, strengthen customer orientation and pay attention to typical guidance. Second, consolidate the foundation of strategic development, improve project management, accelerate project promotion and strengthen project innovation. Third, promote product technology innovation and build a comprehensive risk management operation platform in accordance with the "five new" requirements of "new strategy, new logic, new technology, new operation and new products". Fourth, speed up the construction of information technology and take science and technology as the basic productivity and core competitiveness of PICC. Fifth, improve the investment service ability, and strive to improve the group's investment control ability, allocation ability and professional ability. Sixth, improve modern corporate governance, ensure the leadership of the Party committee of state-owned enterprises, optimize the enterprise management and control mode, and improve the ability of risk prevention from the source.
The guidance on the digital transformation of banking and insurance industry issued by the China Banking and Insurance Regulatory Commission clearly stipulates that the digital transformation of banking and insurance industry will achieve remarkable results by 2025. Digital financial products and services have been widely popularized. Financial innovation based on data assets and digital technology has been carried out in an orderly manner. The development ability of personalized, differentiated and customized products and services has been significantly enhanced, and the quality and efficiency of financial services have been significantly improved. The digital operation and management system has been basically completed, data governance has been improved, scientific and technological capacity has been greatly improved, and the level of network security, data security and risk management has been comprehensively improved.
The opinions pointed out that the board of directors of banking and insurance institutions should strengthen top-level design and overall planning, scientifically formulate and implement the digital transformation strategy around the goal of serving the real economy and major national strategic deployment, incorporate it into the overall strategic planning of the institution, clarify the phased implementation objectives, and make long-term investment and continuous promotion. The senior management is responsible for the overall digital transformation work, establishing a digital strategy committee or leading group, defining the full-time or leading department, carrying out the overall structure and mechanism design, establishing and improving the digital transformation management evaluation and assessment system, cultivating a good digital culture, and ensuring that all business lines promote the transformation work in coordination.
The insurance sector should strengthen market benchmarking
It is worth mentioning that the China Life Insurance Company Limited(601628) 2022 work conference has become an important window for the market to observe its strategic trend.
At the China Life Insurance Company Limited(601628) 2022 work conference, Bai Tao said that steady growth is to maintain steady growth in operating revenue and profitability; Stabilizing the position is to ensure the stability of market share and market leading advantage. Cost control is to reduce costs, increase efficiency, live within our means and continuously improve our core competitiveness; Risk control is to coordinate development and security, and firmly hold the bottom line of no systemic risk.
Bai Tao pointed out that to improve the leading ability of Party building is to unswervingly follow the road of financial development with Chinese characteristics, resolutely implement the decision-making and deployment of the Party Central Committee, consciously plan, deploy, promote and assess the party building and the central work, and ensure high-quality development under the guidance of high-quality party building; To improve the ability of value creation, we should pay equal attention to economic value and social value, strengthen the guidance of maximizing the overall value of the group, and promote each sector to form a development pattern with excellent structure, good efficiency and strong business; To improve the ability of coordinated development is to continuously strengthen the group's awareness of "one game of chess" and transform the advantage of comprehensive financial resources into the victory of market competition; To improve the digital operation ability is to promote the digitization of the whole process of operation and management, comprehensively strengthen the leading and driving role of scientific and technological innovation, and create conditions for promoting the transformation of the group's operation efficiency; To improve the innovation ability of products and services is to deepen the supply side structural reform, build a high-quality product and service supply system, and cultivate China Life Insurance Company Limited(601628) new driving forces for development.
Further, Bai Tao requires that the insurance sector should strengthen market benchmarking and lead the industry in returning to the source of guarantee; The investment sector should focus on improving investment returns, strengthen capacity-building and vigorously develop third-party asset management business. In the banking sector, Guangdong Development Bank should focus on improving market competitiveness, promote the strategy of "light capital and light assets", and actively build a large retail pattern; Other sectors should focus on the main service industry and extend the main industry, continuously enhance the ability of sustainable development, and contribute to improving the overall value of the group.
China Life Insurance Company Limited(601628) in 2021, the consolidated operating revenue of the group exceeded 1 trillion yuan, the consolidated total assets exceeded 5.7 trillion yuan, and the consolidated third-party assets under management exceeded 2 trillion yuan (the above data do not include Guangdong Development Bank).
As the main body of the China Life Insurance Company Limited(601628) group, Su hengxuan, member of the Party committee and vice president of the China Life Insurance Company Limited(601628) group, Secretary of the Party committee and President of the life insurance company, said that life insurance companies strive to maintain the double leader of scale and quality. Ensure the leading position of the market, continuously improve the quality of development, strengthen coordinated development and improve the efficiency of resource allocation.
In addition, Su hengxuan pointed out that we should vigorously promote the transformation and upgrading of the sales force. Adhere to the sales team's steady solid quantity and steady efficiency, strengthen system operation, strengthen education and training, and consolidate basic management; We will continue to deepen reform and innovation. Pay close attention to major reform projects, key reform fields, digital innovation breakthroughs, and market-oriented incentive and restraint mechanisms; Strengthen the improvement of operation and service capacity. Refine and refine the customer experience, promote digital intensification from point to area, and further strengthen the protection of consumers' rights and interests; Build a safety net for risk prevention and control. Continuously improve the risk management system, strengthen risk governance in key areas, and constantly innovate risk prevention and control methods.
China Life Insurance Company Limited(601628) the original insurance premium income of life insurance companies in 2021 was 620 billion yuan, a year-on-year increase of 1.16%. In the first three quarters, the company achieved a premium income of 553.437 billion yuan, a year-on-year increase of 1.8%. Among them, the renewal premium was 392.201 billion yuan, a year-on-year increase of 6.4%. The short-term insurance premium was 67.945 billion yuan, a year-on-year increase of 1.6%. The growth of new single premium continues to be under pressure, but the decline is narrower than that in the first half of 2021. The first-year premium is 91.517 billion yuan, of which the first-year premium of 10 years and above is 36.899 billion yuan. In the first three quarters, the value of new business decreased by 19.6% year-on-year. The surrender rate was 0.93%, which remained basically stable compared with the same period in 2020.
