China Life Reinsurance Company Ltd. (“the Company”) is the only specialized life reinsurance company in China approved by the State Council and China Insurance Regulatory Commission (CIRC) and founded in December 2003. The Company has a registered capital of RMB6.720 billion and it is a wholly-controlled main business subsidiary of China Reinsurance (Group) Corporation (“China Re Group”) . With its headquarters in Beijing, it has a branch in Shanghai and Shenzhen respectively.
The Company adheres to the principal of “integrity and prudence”, focuses on the creation of shareholders’ value, targets at market and clients’ needs and dedicates itself to building a sustainable, time-honored company.
The scope of business of the Company covers a wide range of insurance types, including life insurance, health insurance, accident insurance, and annuity insurance.
In 2014, in active response to the complicated external operating environment, the Company further implemented the balanced development strategy with the thought of “Improving Efficiency and Value”. As a result, it continued to maintain its leading market position and its market share in core areas stayed above 50%. The Company highly valued the multi-dimensional customer relation support system and strived to enhance customer service experience and customer satisfaction, thus gaining unique advantages in such areas as underwriting engine, e-claim settlement and brand training.
In 2014, the Company’s premium size, asset scale, after-tax profit and shareholder return set new records. Net reinsurance premium income of the Company reached RMB20,957 million and reinsurance premium totaled RMB22,839 million (including income from universal life insurance). Total assets exceeded RMB80 billion to reach RMB85,283 million. Pre-tax profit and net profit of the Company in 2014 was RMB1,671 million and RMB1,313 million, respectively. The solvency margin ratio of the Company stood at 267.17% as at December 31, 2014 according to such rules as the Rules for Preparation and Reporting of Solvency of Insurance Companies of CIRC, meeting the solvency adequacy standard for II companies. In 2014, in addition to maintaining its AM BEST “A (Excellent)” by Financial Strength Rating (FSR) and “a” by Issuer Credit Rating (ICR), it obtained “A+ (Stable Outlook)” from S&P for the first time, evidencing its strong financial strength.