China Life Pension Company Limited

china life pension company limited

China Life Endowment Insurance Co., Ltd. is jointly established by China Life Insurance (Group) Co., Ltd., China Life Insurance Co., Ltd. and China Life Asset Management Co., Ltd. It has the qualification of enterprise annuity fund trustee, account manager and investment manager approved by the Ministry of labor and social security. It is a professional endowment insurance company engaged in enterprise annuity management China Life Insurance Co., Ltd. is the world's largest life insurance company with market value listed in New York, Hong Kong and Shanghai. It has more than 15000 branches and business outlets, nearly 900000 sales personnel of various types, and annual premium income reaches 300 billion yuan.

Company profile

Company composition

China Life Pension Company Limited is jointly established by China Life Insurance (Group) Co., Ltd., China Life Insurance Co., Ltd. and China Life Asset Management Co., Ltd. It is headquartered in Beijing with a registered capital of 2.5 billion yuan.

corporate assets

China Life Insurance (Group) Corporation is the largest insurance group in China. By the end of 2009, its total assets reached 1.55 trillion, accounting for 37% of the total assets in the industry. It has been listed in Fortune Global 500 for eight consecutive years, ranked 118th in 2010, and also listed in "brand value" Global 500. It is the only insurance brand selected in China. China Life Insurance Co., Ltd. is the world's largest life insurance company listed in New York, Hong Kong and Shanghai, with more than 15000 branches and business outlets, nearly 900000 sales personnel of various types, and an annual premium income of 300 billion yuan. China Life Asset Management Co., Ltd. is the largest institutional investor in the domestic capital market, with total assets under management of more than 1.4 trillion yuan. In August 2005, the first batch of enterprise annuity fund investment managers were approved by the Ministry of labor and social security.

Contact address

Address: No.12, Financial Street, Xicheng District, Beijing. Postal Code: 100033.

Development History

Pre IPO

1. At the beginning of 2004, the group company decided to set up an endowment insurance company. 2. In April 2004, the Party committee of the group company approved the establishment of the preparatory group for the endowment insurance company, with Comrade Zhuang Zuojin as the group leader and Comrade Lin Dairen as the Deputy group leader. 3. On September 30, 2004, the group company formally submitted its application for establishing an endowment insurance company to the CIRC. 4. On November 11, 2005, the CIRC officially approved the preparation for the establishment of China Life Endowment Insurance Co., Ltd. 5. On November 25, 2005, the Party committee of the group company decided to set up an endowment insurance company jointly sponsored by the group company, life insurance company and asset management company. 6. In December 2005, the Party committee of the group company decided that Comrade Lin Dairen was responsible for the preparatory work of the endowment insurance company. 7. In February 2006, the name of "China Life Endowment Insurance Co., Ltd." was approved by the State Council after being transferred to the State Council by CIRC. 8. On March 6, 2006, the preparatory group of the endowment insurance company handled the name pre-approval with the State Administration for Industry and commerce. 9. On March 21, 2006, the group company, life insurance company and asset management company jointly signed the sponsor agreement. 10. On April 21, 2006, the group company, life insurance joint stock company and asset management company all had 600 million yuan of capital in place, of which 150 million yuan was contributed by the group company, accounting for 25%, 330 million yuan was contributed by the life insurance joint stock company, accounting for 55%, and 120 million yuan was contributed by the asset management company, accounting for 20%. On June 2, certified public accountants of China audit accounting firm issued a capital verification report. 11. On May 18, 2006, the preparatory group of the endowment insurance company moved to Beijing Zhongbao building for centralized office. 12. On May 30, 2006, Comrade Yang Chao and Comrade Wu Yan visited the preparatory group of the endowment insurance company and gave important instructions on how to do a good job in the preparatory work of the endowment insurance company. They required that the preparatory work should achieve "three ones": the construction of the company should be in place in one step; the opening acceptance should be passed at one time; and entering the market should start with one shot. 13. On November 11, 2006, the founding meeting and the first general meeting of shareholders of the pension insurance company were held. The meeting deliberated and passed the report on the preparatory work of China Life Endowment Insurance Co., Ltd., the proposal on the establishment of China Life Endowment Insurance Co., Ltd., the articles of association of China Life Endowment Insurance Co., Ltd. (Draft), and the report on the establishment expenses of China Life Endowment Insurance Co., Ltd.; elected Wu Yan and Lin Dairen Wang Sidong, Liu Yingqi and Wang Yijia were directors of the first board of directors of China Life Endowment Insurance Co., Ltd., and Jia yuzeng and Zhang Linguang were elected supervisors of the first board of supervisors of China Life Endowment Insurance Co., Ltd. 14. On November 11, 2006, the first meeting of the first board of directors of the pension insurance company was held. The meeting elected Wu Yan as the chairman of the first board of directors of China Life Pension Insurance Co., Ltd.; appointed Lin Dairen as the president of China Life Pension Insurance Co., Ltd., Wang Wei as the vice president, and Yang Fan as the assistant to the president; decided to set up the audit and risk control Committee and the nomination and Compensation Committee; and agreed to the organizational structure of the company. 15. On November 11, 2006, the Party committee of the group company announced the decision on establishing the Party committee of the endowment insurance company approved by the Party committee of CIRC, with Comrade Wu Yan as the Secretary of the Party committee, Comrade Lin Dairen as the Deputy Secretary of the Party committee, and Comrade Wang Wei and Yang Fan as members. Comrade Yang Chao and Comrade Wu Yan made important speeches at the meeting respectively, and put forward requirements and hopes for the preparation and development of endowment insurance companies. 16. On November 14, 2006, the group company applied to the CIRC for the acceptance of the opening of endowment insurance companies. 17. On December 1, 2006, the acceptance team of CIRC went to the site of endowment insurance company for acceptance. 18. On December 15, 2006, the CIRC approved the opening of endowment insurance companies and issued the license for legal person of insurance companies of the people's Republic of China. 19. On December 23, 2006, the Party committee of the group company announced Zhang Huimin's appointment decision. Zhang Huimin was appointed as a member of the Party committee and Secretary of the Discipline Inspection Commission of the Endowment Insurance Co., Ltd. 20. On December 25, 2006, the first board of directors of the pension insurance company held the second meeting and invited PricewaterhouseCoopers as the company's external audit institution. 21. On December 26, 2006, the first board of directors of the pension insurance company held its third meeting and decided to call the first extraordinary general meeting of shareholders in 2006 to elect additional supervisors. 22. On December 31, 2006, the pension insurance company held the first extraordinary general meeting of shareholders in 2006 and elected Mr. Zhang Huimin as the supervisor of the company. 23. On January 15, 2007, the endowment insurance company obtained the business license of enterprise legal person issued by the State Administration for Industry and commerce. 24. On January 29, 2007, the endowment insurance company obtained the "organization code certificate of the people's Republic of China" issued by the General Administration of quality supervision, inspection and Quarantine of the people's Republic of China. 25. On February 12, 2007, the endowment insurance company obtained the tax registration certificate. 26. On February 14, 2007, the first board of directors of the endowment insurance company held its fourth meeting. The meeting agreed that Comrade Wu Yan resigned from the position of chairman and director, and recommended Comrade Lin Dairen to preside over the daily work of the board of directors. The report on the financial performance of China life Endowment Insurance Co., Ltd. in 2006 and the report on the financial performance of China Life Endowment Insurance Co., Ltd. in 2007 were deliberated and approved The report on the financial budget plan, the proposal on adjusting the organizational structure of the company, the salary management plan and the performance management measures for senior executives of China Life Endowment Insurance Co., Ltd. and the rules of procedure of the board of directors of China Life Endowment Insurance Co., Ltd. 27. On February 26, 2007, the first meeting of the first board of supervisors of the pension insurance company was held and Comrade Zhang Huimin was elected as the chairman of the first board of supervisors. 28. On April 11, 2007, the first board of directors of the pension insurance company held its fifth meeting to examine and approve the capital investment plan of China Life Pension Insurance Co., Ltd. in 2007. 29. On April 11, 2007, the first board of directors of pension insurance companies held its sixth meeting. In accordance with the relevant provisions of the CIRC, it decided to use part of the capital for stock investment and select investment managers and asset custodians for professional management. 30. On April 30, 2007, the endowment insurance company and the asset management company signed the "agreement on entrusted investment management of insurance funds" to entrust the asset management company to manage the investment of insurance funds. 31. On May 14, 2007, the first board of supervisors of the endowment insurance company held its second meeting to examine and approve the rules of procedure of the board of supervisors of China Life Endowment Insurance Co., Ltd. 32. On June 6, 2007, the endowment insurance company signed the entrusted asset custody contract with the Bank of communications, and entrusted the Bank of communications as the asset trustee in the investment operation. At the same time, we signed the tripartite agreement on entrusted investment with asset management company and Bank of communications. On June 26, 2007, the first board of directors of the pension insurance company held its seventh meeting