Profile: China Life Insurance Co Ltd (LFC)
23 May 2017
China Life Insurance Company Limited, incorporated on June 30, 2003, is a life insurance company. The Company provides a range of insurance products, including individual and group life insurance, health insurance and accident insurance products. It operates through four segments: life insurance, health insurance, accident insurance and other. Its life insurance segment offers participating and non-participating life insurance and annuities to individuals and groups. Its health insurance segment offers short-term and long-term health insurance to individuals and groups. Its accident insurance segment offers short-term and long-term accident insurance to individuals and groups. Its other segment reports the results of the insurance policy management services that it provides to China Life Insurance (Group) Company (CLIC), and the sales agency services that it provides to China Life Property and Casualty Insurance Company Limited (CLPCIC), as well as the results of its associates, joint ventures and subsidiaries. The Company has approximately 220 million individual and group life insurance policies, annuity contracts, health insurance and accident insurance policies in force.
The Company offers life insurance and annuity products to individuals and groups. It offers group life insurance and annuity products to the employees of companies and institutions through direct sales representatives, as well as insurance agencies and insurance brokerage companies. Its individual life insurance and annuity products consist of whole life and term life insurance, endowment insurance, annuities and universal life insurance. It also offers group annuity products and group whole life and term life insurance products to enterprises and institutions. It also markets each group product as an independent product. It offers both non-participating and participating products. There are approximately 156.9 million non-participating policies and approximately 59.5 million participating policies. It offers non-participating whole life and term life insurance products and participating whole life insurance products. It offers non-participating endowment products and participating endowment products. It offers non-participating group annuities and participating group annuities. Its universal life products are life insurance policies with flexible premium and benefit amounts.
The Company offers a range of health insurance products and services to both individuals and groups, including disease-specific insurance, medical expense insurance and defined benefit insurance. It offers health insurance products to both individuals and groups. It classifies health insurance products as short-term products, having policy terms of one year, and long-term products, having policy terms over one year. It offers both short-term and long-term defined health benefit plans, medical expense reimbursement plans and disease-specific plans to individuals and groups. It offers defined health benefit plans, which provide a fixed payment based on the number of days of hospitalization for specific diseases or surgical operation. Its medical expense reimbursement plans provide for the reimbursement of a portion of the participant's outpatient or hospitalization treatment fees and expenses. Its disease-specific plans provide a fixed payment benefit for various diseases.
The Company offers a range of accident insurance products to both individuals and groups. Individual accident insurance products provide a benefit in the event of death or disability of the insured as a result of an accident, or a reimbursement of medical expenses to the insured in connection with an accident. It offers a range of group accident insurance products and services to businesses, government agencies and other organizations of various sizes. It also offers group accident products targeted at specific industry groups, such as construction worker related accident insurance to construction companies, and law enforcement personnel accident insurance to various law enforcement agencies.
The Company competes with Ping An Life Insurance Company of China, Ltd., New China Life Insurance Co. Ltd., Tai Kang Life Insurance Co. Ltd. and China Pacific Life Insurance Co. Ltd.
China Life Insurance Co Ltd
Financial Street, Xicheng Distri
BEIJING BEJ 100033