In October 2021, Chinese Life Insurance Company issued the Implementation Opinions on Serving the National Regional Development Strategy. In order to strengthen the research and service support of the insurance market in the Guangdong-Hong Kong-Macao Greater Bay Area, Chinese Life Insurance Guangdong Branch has actively innovated to help the development and construction of the Greater Bay Area with high-quality insurance protection services.
Strengthen market research and service innovation
Enhance the capacity and level of insurance services in the Greater Bay Area
Chinese Life Insurance Company's "Implementation Opinions on Serving the National Regional Development Strategy" proposes that in terms of helping to support the construction of the Guangdong-Hong Kong-Macao Greater Bay Area, focusing on the construction of a world-class bay area and a world-class city cluster, combined with the characteristics of the construction of the Greater Bay Area, serving the interconnection of infrastructure construction in the Greater Bay Area, actively improving and integrating into the coordinated development of cross-border financial business, striving to promote the development of cross-border medical insurance and serious illness insurance, and supporting the construction of the Hengqin Guangdong-Macao In-depth Cooperation Zone and the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone.
Chinese Life Insurance Guangdong Branch set up the Greater Bay Area Innovation Department to coordinate the development policies, product promotion and service innovation related work in the Greater Bay Area, further strengthen the research and service innovation of the insurance market in the Greater Bay Area, and enhance the market competitiveness of the company's products and services.
Give full play to comprehensive advantages and do a good job in financial support
Support the construction of the Guangdong-Hong Kong-Macao Greater Bay Area with an investment scale of about 150 billion yuan
Chinese life insurance companies give full play to their comprehensive financial advantages, rely on strong financial strength, accurate entry, multi-point, multi-faceted and three-dimensional combination to support the development of the Guangdong-Hong Kong-Macao Greater Bay Area. Actively promote the "insurance capital into Guangdong" and gradually accelerate the layout to the Greater Bay Area, by the end of 2021, Chinese life insurance companies will support the construction of the Guangdong-Hong Kong-Macao Greater Bay Area with an investment scale of about 150 billion yuan, and the new investment scale will exceed 50 billion yuan during the year.
Support major infrastructure construction. In recent years, the company has invested 12.5 billion yuan to Guangzhou National Life Insurance City Development Industry Investment Enterprise (Limited Partnership), about 3.7 billion yuan to the Guanglian Expressway Project through the Beijing National Life CCCC Urban Development Investment Fund, and about 2 billion yuan to the Zhaoqing National Highway 321 Project.
Support the construction of strategic industries. In June 2021, Chinese Life Insurance Company invested in China Life (Shenzhen) Science and Technology Innovation Private Equity Investment Fund Partnership (Limited Partnership), with a subscription of 4 billion yuan and a total fund size of 5 billion yuan. With the "digital economy" as the main line of investment, focus on new energy, TMT, advanced manufacturing and other scientific and technological innovation industries for investment layout.
Support the development of green industries. Chinese life insurance companies focus on the strategic goal of "double carbon", give full play to the advantages of insurance funds, and provide long-term and stable financial support for the green industry. In 2019, the Company provided financial support of RMB 5 billion for three offshore wind power projects under CGNPC, namely the Yangjiang Nanpengdao Offshore Wind Power Project, the CGN Rudonghai Wind Farm Project, and the Pingtan Dalian Offshore Wind Farm by investing in CGNPC's infrastructure debt projects.
Participate in social management and focus on people's livelihood security
The insurance coverage for major illnesses covered 22.84 million people
Always adhere to the path of high-quality development, Chinese life insurance companies firmly fulfill the responsibility mission of state-controlled financial and insurance enterprises, and contribute to the strength of state-owned enterprises in serving the social and people's livelihood. Actively participate in social governance and serve the transformation of government functions. The company actively undertakes the major illness insurance business of urban and rural residents, and has underwritten a total of 6 major illness insurance projects in Guangzhou, Foshan, Jiangmen, Zhuhai, Dongguan and Zhaoqing in the Greater Bay Area, covering 60 counties and districts, with 17.6 million insured people. The company also actively participates in the pilot of long-term care insurance projects and health insurance entrusted management projects. Guangzhou long-term care insurance entrusted to handle service projects, providing appraisal and treatment handling services for 3.83 million insured persons; a total of 25 health security entrusted management projects in 7 prefectures and cities such as Guangzhou, Shenzhen, Foshan, Zhuhai, Jiangmen, Zhongshan and Zhaoqing; joint government departments, innovative exploration and participation in social security supplementary medical insurance, underwriting supplementary medical insurance projects such as Guangzhou "Sui Shi Kang", Zhuhai "Great Love Without Frontiers", Huizhou "Huimin Insurance", Jiangmen "Yikang Bao", Zhongshan "BoAikang" and so on.
Innovative products and services to help interconnection
Committed to building an insurance ecosystem in the Bay Area
The Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area proposes to support Guangdong, Hong Kong and Macao insurance institutions to cooperate in the development of innovative cross-border motor vehicle insurance and cross-border medical insurance products under the premise of complying with laws, regulations and regulatory requirements, and provide convenient underwriting, surveying, claim settlement and other services for cross-border insurance customers. The Guangdong Banking and Insurance Regulatory Bureau continued to promote the active integration of the insurance industry into the national development strategy of serving the construction of the Guangdong-Hong Kong-Macao Greater Bay Area, and guided financial institutions under its jurisdiction to accelerate the construction of a special insurance product system in the Greater Bay Area by increasing the innovation of various financial products.
Chinese Life Insurance Company actively responds to national policies and market demand, accelerates the construction of a special product system in the Bay Area, explores the construction of a cross-border insurance service platform, and is committed to creating a Bay Area insurance ecosystem for residents of the three places in the Guangdong-Hong Kong-Macao Greater Bay Area.
Build a featured product system. Chinese life insurance companies have effectively enhanced their product innovation and competitiveness in the Greater Bay Area, developed exclusive products for the Greater Bay Area, and accelerated the construction of a special product system in the Bay Area. In 2020, the company launched China Life's first cross-border medical insurance, "China Life Guangdong-Hong Kong-Macao Greater Bay Area Medical Insurance". After the release of the "Guangdong-Hong Kong-Macao Greater Bay Area Product Exclusive" severe illness table, Chinese Life Insurance Company has continuously improved the accuracy and pertinence of product supply, and launched two guangdong-Hong Kong-Macao Greater Bay Area exclusive products to further reflect regional characteristics and protection characteristics to meet the health protection needs of the people in the Bay Area. In the past year, Chinese Life Insurance Company's three exclusive products in the Greater Bay Area have provided risk protection for more than 5,500 people with a total of about 1.8 billion yuan.
Build a cross-border insurance service platform. Chinese life insurance companies have stepped up service innovation, promoted interconnection and sharing in the Greater Bay Area, and provided convenient services for cross-border insurance customers. In the past two years, the company has provided 67.7 billion yuan of risk protection for 140,000 Hong Kong and Macao customers.
In Guangdong for many years, Chinese Life Insurance Guangdong Branch has jurisdiction over 20 prefectural and municipal branches, 1145 county branches and below branches, 107 service counters, and 5800 employees. At the same time, the company also has 120,000 professional sales and service personnel, continue to provide customers with professional, efficient and warm services.
The construction of the Guangdong-Hong Kong-Macao Greater Bay Area is a major national Supporting the construction of the Guangdong-Hong Kong-Macao Greater Bay Area is not only a major political responsibility of Chinese life insurance companies, but also a strategic fulcrum for Chinese life insurance companies to lay a solid foundation for development. In the future, Chinese Life Insurance Guangdong Branch will base itself on the new development stage, implement the new development concept, further integrate into the overall situation of national development from a high position, and contribute to the construction and development of the Guangdong-Hong Kong-Macao Greater Bay Area.
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