On November 27th, the Insurance Association of China released the 2019 operation evaluation results of the corporate entities of insurance companies, in accordance with the relevant provisions of insurance company operation evaluation index system (for trial implementation). The evaluation aims to assess the operation status of insurance companies comprehensively, strengthen insurance supervision and enable insurance companies to improve their operation management and change their developing mode. China Post Life Insurance Co., Ltd. (hereinafter referred to as China Post Insurance) has been rated A for two consecutive years, which reflects that China Post Insurance is compliant in operation and has achieved balanced development momentum in terms of the scale of development speed, the quality of development effect as well as social contribution.
The operation evaluation index system focuses on measuring the integral performance of insurance companies in three aspects: the scale of development speed, the quality of development effect and social contribution, and it is an important part of the three-pronged regulation and evaluation system of insurance companies. The operation evaluation index system, the service evaluation index system and the classification supervision system evaluate insurance companies in three respective aspects: operation effect, service level and risk status. 80 life insurance companies were evaluated for the year 2019, of which only 18 companies were rated A (only 9 companies were rated A for two consecutive years), 52 companies rated B, 9 companies rated C and 1 company rated D.
With its strategic aim to serve the national economic development and push forward the construction of societies and livelihoods, China Post Insurance, leveraging the postal network and resources, takes “serving the communities as well as agriculture, rural areas and farmers” as its own responsibility, and actively implements the original aspiration and the mission of “people’s post for the people”. As of the end of 2019, China Post Insurance has increased its total assets to 192.5 billion yuan (about 29.44 billion US dollars), with an accumulated premium of 290.3 billion yuan (about 44.40 billion US dollars) and a total of about 12 million customers. In 2019, the operating income of China Post Insurance increased by 19% and the profit increased by 207%, both on a year-on-year basis. The key operation indicators continued to maintain an excellent level in the industry and the core risk prevention and control was effective. The overall development made new achievements and the value transformation was on a new level. China Post Insurance was awarded “Value Management Insurance Company of the Year” and “Brand Appeal Insurance Company of the Year”.
At the same time, China Post Insurance has actively integrated into the national strategy of targeted poverty alleviation project and rural revitalization, as well as public welfare. It continuously improves the quality and level of service for “agriculture, rural areas and farmers”, and ensures the “last mile” of insurance service. China Post Insurance contributes to promoting the balanced development of urban and rural areas as well as common progress, and building a moderately prosperous society in all respects.