How the big insurance companies will make deployment in the market in 2018 attracts attention from the market. Year-end performance reviews or New Year’s speech made by leaders of insurance companies may disclose their work focus for 2018.
At present, some insurer leaders such as Ping An Insurance (Group) Company Of China, Ltd. (601318.SH), China Pacific Insurance (Group) Co., Ltd. (601601.SH), AnchorNew China Life Insurance Company Ltd. (601336.SH) and Taikang Insurance Company all connect corporate development with development of the whole society. To vigorously serve the real economy and promote poverty relief becomes one of work focuses in 2018. Health care and elderly care sectors are the key fields to have deployment.
Catch opportunity in new era
New Year’s speech of Ma Mingzhe, chairman of Ping An Insurance Group, is always attracting attention from people from insurance and non-insurance industry as the speech basically reflects the development trend of Ping An Insurance. Ma talked about technology, innovation, service and other aspects in his New Year’s speeches over past years.
Poverty relief, the words mentioned for 11 times in Ma’s 2018 New Year’s speech titled as Remember Original Intention and Walk with You, has become work focus of Ping An Insurance. He proposed to start the project of developing officials, doctors and teachers in rural regions with 10 billion yuan investment so as to alleviate poverty there.
Kong Qingwei, chairman of China Pacific Insurance, and Wan Feng, chairman and CEO of New China Life Insurance, happened to use the key words “new era” in their speeches.
Kong made detailed demonstration on understanding and commanding importance of new era at the 2018 work conference of China Pacific Insurance. He said one of the major reasons for the achievement made by the company over past five years is that the company succeeded in taking advantage of change in social development, market competition and customers’ demand and timely optimized structure of channel and innovated product service. In terms of the company’s future development, it also needs to exactly seize the new era and comprehend connotation of new thoughts. “The approach of new era will surely offer new motivation for development of insurance industry.”
The new board of directors of China Pacific Insurance put forward strategic vision and development goal of becoming a healthy and stable leader of the industry at the end of 2017.
Wan Feng stated in his New Year’s speech that the mission of life insurance is to seek benefits for people and solve problems for people. Life insurance industry is more in accordance with the great career of the Party and the country than any other period in history.
Chen Dongsheng, chairman of Taikang Insurance remarked in his 2018 New Year’s speech that Taikang Insurance provides healthy and abundant products and services in order to cater to people’s increasing demand for better life.
Deploy health care and elderly care sectors
As the importance of meeting people's livelihood needs and serving the real economy shows, large insurance companies could not ignore opportunities brought by the new era.
According to Kong Qingwei, it is necessary to continue to focus on new technologies, making Internet, big data, artificial intelligence and other innovative technologies a powerful engine for a new round of economic growth.
From sectors, Kong Qingwei said that the aging population, the rise of the middle class and the release of policy-oriented businesses are the major growth points in the next five to ten years. Companies should seize the opportunities in health and elderly care services, forming an insurance ecosystem with health care as a carrier.
Wan Feng pointed out in his New Year’s speech that from 2018 to 2020, New China Life Insurance will fully form a renewal-driven development model, focus on the development of long-term payment business and increase business structure adjustment.
Chen Dongsheng said Taikang will continue to push forward the "pension reform" as a response to "precise poverty alleviation", comprehensively promote the "Yicai public welfare plan" to donate thousands of nursing homes in the country.
In fact, in recent years, with the continuous and rapid development of the insurance industry, its capability to serving the real economy has risen significantly. Data shows that as of the end of June 2017, insurance funds directly invested a total amount of more than 4 trillion yuan in major national infrastructure projects, retirement communities and shantytowns and other livelihood projects via debt plans and equity program.
Translated by Vanessa Chen & Coral Zhong