China Life Insurance Co. Ltd.
China Life Insurance is the largest insurance company in China. It was listed on the Hong Kong stock exchange in 2003 and on the Shanghai Stock Exchange in 2007. In 2014, the company commanded a domestic market share of 26% and ranked second in terms of market capitalization among life insurance companies in China. The Chinese government holds a 68% stake in the insurer.
The state-run insurance company enjoys a high degree of creditworthiness and broad name recognition. The company touts its vast nationwide sales network comprising 740,000 people selling individual insurance products, 19,000 for group insurance products, and 71,000 in charge of sales at bank counters, catering to a total of nearly 200 million customers. The Chinese insurance market has been expanding rapidly on the back of an increase in personal income, and the size of the market is expected to become even larger, reflecting the country's graying society.
China Life Insurance also handles non-life insurance products. Taking advantage of its position as a state-owned insurer, the company forged a tie-up with the Ministry of Public Security in July 2015 to offer accident insurance policies to 1.8 million public safety employees across the country. U.S. credit rating agency Moody's Investors Service has assigned an Aa3 rating to the life insurer, the same rating as the Chinese government.