COMPANY PROFILE -China Life Insurance
Business Sector :Insurance and financial services
Operating Geography :China
About China Life Insurance :
China Life Insurance Company provides life insurance and annuity products. It is headquartered in Beijing, China. In 1949, PICC, China Life’s predecessor was founded and the PICC (Life) Co., Ltd was set up in 1996 after its separation from the former PICC. China Life Insurance Co., Ltd. Offers life, health, annuity, and accident insurance products to individuals and groups, covering survival, pension, medical care, illness, death, disability and other insurance coverage, fully satisfying customers’ insurance in the field of life insurance Guarantee and investment financial needs. In 2021, the company aims to improve its political judgement and political execution as the basis for performing duties, further tightening the party's political discipline and rules, to maintain a high-pressure anti-corruption situation, launch the anti-corruption risk prevention and management project, promote party committees, discipline inspection committees, party work departments, party basic-level organizations and party members to form a combined supervision force.
China Life Insurance's Unique Selling Proposition or USP lies in it being listed among “The Fortune Global 500” for 18 consecutive years, ranking 45th in 2020 and also being included on the “World’s 500 Most Influential Brands” list for 13 consecutive years. China Life Insurance's mission statement reads, " To create value for our clients, shareholders, agents, employees and the society".
China Life Insurance Revenue :
$96.782 billion- FY ending September 30, 2020 (y-o-y decline 23.99%)
$105.555 billion- FY ending September 30, 2020 (y-o-y growth 11.34%)
Competitive Analysis of China Life Insurance
The SWOT analysis for China Life Insurance is presented below in a matrix followed by the detailed analysis report
Strengths | Weaknesses |
1. Strong ownership by government
2. High revenue generation throughout
3. Good presence throughout the country
4. Diversifying in insurance businesses
| 1. Tarnished image due to past corruption
2. Reduced efficiency in executing public policies
3. More investment to be done in existing technologies
|
Opportunities | Threats |
1. Expansion to new regions for poverty alleviation
2. Greater influence in making public policies
3. Equity diversification in airline and tech businesses
4. Greater market share by competing better
| 1. Increased competition with existing insurance companies
2. Fluctuating revenues over the years
|
China Life Insurance SWOT and PESTLE Analysis PDF Report is a custom report and will be delivered to your email inbox within 2 business days from purchase.
Detailed SWOT Analysis of China Life Insurance
Strength
This section is available only in the 'Complete Report' on purchase.
Weakness
Tarnished image due to past corruption:
In 2011, there was a corruption scandal that happened for China Life that happened due to falsifying assets in the balance sheets of the company that led to a scandal of a whopping 3 billion yuan. This refects that due to over exertion of the government’s policies the company is lacking good leadership as a whole. Although in the past couple of years (until 2020), the revenue of the company is in good shape, but the growth seems to be fluctuating every year due to multiple factors. For potential investors thinking to invest in Chinese public companies, it might not be a good idea because they will lack confidence in the government and its communist policies. Also, the Chinese authorities have shown their lack of credibility in managing public assets.
The remaining section of “Weakness” is available only in the 'Complete Report' on purchase.
Opportunity
This section is available only in the 'Complete Report' on purchase.
Threats
This section is available only in the 'Complete Report' on purchase.
The PESTLE analysis for China Life Insurance is presented below in a table followed by the detailed analysis report
Political | Economical |
1. Backed by the Chinese government with majority ownership | 1. Poverty alleviation schemes implemented
2. Strategic schemes implemented by Chinese government
|
Social | Technological |
1. Cattle insurance provided to farmers
2. Implementing bancassurance schemes for farmers
| 1. Collaboration with new technological firms
2. Villages equipped with better infrastructure from China Life
|
Legal | Environmental |
1. Past corruption by Chinese authorities | 1. Investing in green resources |
China Life Insurance SWOT and PESTLE Analysis PDF Report is a custom report and will be delivered to your email inbox within 2 business days from purchase.
Detailed Pestle Analysis of China Life Insurance
Political
This section is available only in the 'Complete Report' on purchase.
Economic
This section is available only in the 'Complete Report' on purchase.
Social
This section is available only in the 'Complete Report' on purchase.
Technological
Collaboration with new technological firms:
As the size of the company demands more diversification and implementation of new technologies to enable modern infrastructure services to the Chinese people, there are steps that have been taken by the higher authorities in this regard. Technologies such as fintech have been emphasized upon for better future. With the rise of private wealth, insurance companies have played an important role in catering to that segment of the Chinese society. They have been instrumental in implementation of new government projects related to smart cities and enabling technological infrastructure to provide easy access to loans for better economic purposes. In addition to these services, a new strategy has been implemented to put insurance, banks, and customers in the same platform through the infrastructure that is provided by China Life.
The remaining section of “Technological” is available only in the 'Complete Report' on purchase.
Legal
This section is available only in the 'Complete Report' on purchase.
Environmental
This section is available only in the 'Complete Report' on purchase.
Major Competitors :
- Ping An Insurance (Group) of China Ltd.
- China Pacific Insurance (Group) Company Ltd.
- People's Insurance Company of China Group
- New China Life Insurance
Major Brands :
- Health insurance
- Accident Insurance
- Life Insurance
China Life Insurance SWOT and PESTLE Analysis PDF Report is a custom report and will be delivered to your email inbox within 2 business days from purchase.
TABLE OF CONTENTS
DELIVERY AND FORMAT
WHY CHOOSE US?
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Check Out Analysis of Other Relevant Companies
References used in China Life Insurance SWOT & PESTLE Analysis Report
1. 2020 China Insurance Outlook - https://assets.ey.com/content/dam/ey-sites/ey-com/en_gl/topics/insurance/insurance-outlook-pdfs/ey-global-insurance-outlook-china.pdf
2. Trends, issues, and outlook of China’s life insurance industry - https://www.mckinsey.com/~/media/mckinsey/industries/financial%20services/our%20insights/winning%20strategies%20for%20chinas%20financial%20services%20sector/growth_under_uncertainty.ashx
3. Up to 16.5% premium discount on the first year’s premium - https://www.chinalife.com.hk/
4. One-stop Membership Platform of Medical Reduce Your Burdens on Medical Consultation - https://www.chinalife.com.hk/
5 Free coverage against "novel coronavirus vaccination side effects" - https://www.chinalife.com.hk/
The detailed complete set of references are available on request in the 'Complete report' on purchase.
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China Life Insurance SWOT and PESTLE analysis has been conducted by Parthajyoti Baishya and reviewed by senior analysts from Barakaat Consulting.
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