China 2015: BRAND PROFILE | 12. China Life
COMPANY China Life Insurance Company, Ltd.
BRAND VALUE US$ 10.1 Billion
YEAR-ON-YEAR CHANGE -20%
YEAR FORMED 2003
To navigate the heightened competition of the financial services industry, China Life focused on optimizing its existing life business in several ways, including adding more agents and improving their effectiveness. China Life ended the first half of 2014 with 640,000 agents. In addition, the brand:
- Expanded its group insurance channel.
- Strengthened the bancassurance channel, which has about 67,000 outlets.
- China Life is part of China Life Insurance (Group) Company, a state-owned firm that was spun off in 1996 from its predecessor, People’s Insurance Company of China (PICC), which was founded in 1949. China Life was listed on the New York and Hong Kong Stock Exchanges in 2003. In 2007, China Life was listed on the Shanghai Stock Exchange. China Life ranks 81 in the BrandZTM Top 100 Most Valuable Global Brands 2014.
Net income increased 130 percent to $4.0 billion for the full year 2013, on 15 percent revenue hike to $67.9 billion. For the first half of 2014, net income increased 14 percent to $3.1 billion on a small revenue decline to $39.1 billion.