According to the china life report network, by the end of 2024, the china life insurance corporation had provided risk security for strategic and emerging industries at a level of rmb 63. 87 trillion. In addition, in 2024, there were cumulative additions to the chinese life groupInsuranceThe amount is over $70 trillion, and investment in the economic stock of the entity directly served by insurance funds is about $5 trillion。
Insurance is not only a part of economic activity, but also an important tool for social governance and livelihood security. China has been working hard to perform the functions of an insurance economy-resilient and social stabilizer, to serve the main forces of the real economy and to maintain financial stability, and to help build economic safety netsSocial securityNetworks and disaster prevention and control networks better serve socio-economic development, social governance and livelihood security。
China has fully realized the advantages of long-term insurance finance and patient capital. It has continuously increased its financial support for strategic new and emerging industries and for future industries, thus complementing the momentum for enterprise development. For example, the company launched the china life-home 1 equity investment programme, which invests about 11. 8 billion yuan, and explores ways of matching insurance funds with government funds in industrial development through s-share investment, which strongly supports strategic and new industrial development。Science and technology innovationRisks are everywhere on the road. In addition to financial investment, start-ups need insurance to perform professional functions and provide firm backstopping for sti in enterprises by decentralizing and transferring risks. China's life spans closely around the entire chain of technology-based enterprises and the need for financial insurance throughout the life cycle. It continuously enriches the supply of first-stage, first-class and second-tier technology-based insurance products. It has achieved full coverage of r & d, conversion of results and extension of technology. Financial insurance companies under the umbrella of the group have developed more than 200 technology-based insurance owners and additional risk products。
In implementing the national strategy for healthy china and responding to the ageing of the population, the population's demand for healthy old age, medical care and support has been increasing, and demand for diversified insurance is accelerating. Chinese life is actively involved in the construction of a multi-level social security system and a comprehensive layoutAgeingInsurance “three pillars”。
With regard to the first pillar, the chinese life group's pension insurance company was selected as the home-based securities management agency for the first basic pension insurance fund, providing investment management services to nearly $65 billion of the basic pension insurance fund, ranking high on the size and performance of a given portfolio, and adding value to its preservation. In the second pillar, the pension insurance company's corporate annuities and occupational annuities are cumulatively equal to 1. 9 trillion yuan, of which more than 39,000 enterprises nationwide are provided with fiduciary and investment management services and serve as principal trustees in 29 occupational annuities. With regard to the third pillar, the chinese life and life insurance corporation cumulatively served the country's 36 individual pension start-up regions, with nearly 200,000 clients participating in individual pension operations, maintaining industry leadership; group member organizations with about 3. 2 million individual pension start-ups, with a steady increase in the number and size of contributions; and pension insurance companies continued to issue 10 commercial pension products。
In addition to maintaining the “money bag” of old age for the people, the chinese people have launched a series of products dedicated to older persons that are designed to meet multiple needs for protection, such as accidents, disease, medical care and care. In 2024, life insurance companies added 130 million new coverages to the old age group. At the same time, active participation in the pilot national long-term care insurance programme, which has covered 44 million people, covered nearly 360 million urban and rural residents, and participated in hundreds of municipal customized commercial health insurance projects, effectively reducing the burden of medical expenses on the population. In addition, with regard to the need for old-age pensions at multiple levels, life in china has accelerated the development of old-age programmes in 26 priority cities throughout the country, providing over 10,000 places for old-age beds and meeting the individual needs of older persons of all ages. In 2024, the number of residents in the group's old-age communities increased by 71. 46 per cent compared to the beginning of the year, and the overall satisfaction of the community with the elderly was over 90 per cent。
In 2024, china's rapid response to natural disasters, including landslides on the guangdong-mei highway and typhoon bejabe, was over 150, fully utilizing the insurance economy and social stabilizers。
In order to explore effective safety models for dealing with disasters such as typhoons, earthquakes and floods, china's life expectancy has accelerated innovation in such important areas as the pricing of disaster insurance products, the spread of risks and disaster prevention and mitigation, steadily expanding the coverage of disaster insurance and strengthening economic compensation for damage to public property. At present, the participation of the china life insurance corporation in local catastrophe insurance projects has increased from 8 in 2021 to 35 in 2024, providing insurance coverage for disasters of 50,873 million yuan。
In addition, life in china explores ways to improve risk reduction management models, expand “insurance + technology + services”, actively apply advanced technologies, strengthen pre-existing risk prevention and risk intervention, and mitigate risks from the source. In 2024, the china life insurance corporation cumulatively helped enterprises to complete nearly 10,000 disaster hazard mapping exercises, nearly 300 disaster drills, about 400 public education campaigns on disaster prevention and mitigation, over 22 million disaster warning messages from the “safe” risk reduction platform and 160,000 reports of sudden-onset major disasters。
Chinese life has always been characterized by the modernization of chinese-style development services of high quality, and efforts have been made to become the most trustworthy power of the party centre in the area of financial insurance. “the company will effectively position its insurance economy as a shock-maker and social stabilizer, striving to become an important service provider of the multi-level social security system, an important participant in the national governance system, and an important contributor to the construction of the modern industrial system.” according to china's life-related officials, china's social security system has been set up。
