China Post Life
China Post Life Insurance Corporation Limited (China Post Life) is a state-owned national life insurance company founded by China Post Group and its subsidiaries in 20 provinces (autonomous regions and municipalities) including Hebei, Heilongjiang and Shanghai on August 18, 2009, starting its business on September 9 and headquartered in Beijing. By fully relying on the existing postal network and resources and persisting in the principle of paying equal attention to specialty and characteristic as well as the development strategy of low input, wide coverage and high output, China Post Life commits itself to serving the grass-root communities and serving the agriculture, countryside and peasants, starts with small-amount insurance business and focuses on promoting the balanced development of insurance business in urban and rural areas, so as to become a new efficient commercial insurance company featuring modern system, public service, standardized management, and high recognition from the government, regulatory departments and the public.
In September, 2009, China Post Life registered its first batch of products ("Fufuyu" No. 1 Participating Mixed Insurance, "Mianmianshou" No.1 Annuity and "Lulutong" No.3 Unforeseen Injury Insurance) in China Insurance Regulator Commission. On October 11, an accident insurance policy was issued from the Jianguomen Outlet. On December 10, the two district-level post office, Dongqu Post Office and Changping Post office, launched insurance business. As of the date of December 31, the two post offices processed 329 insurance business transactions in just 22 days, generating a premium income of RMB5.107 million yuan, with the business launch and revenue generation in the same year. On December 15, 2009, China Post Life Sichuan Branch was founded at the approval of China Insurance Regulatory Commission. The Jiangxi Branch and Shaanxi Branch were approved subsequently on December 28 and December 30. Currently, all of the above branches have launched business.
China Post Life has been actively exploring opportunities of cooperation with the sectors of postal service, express logistics and postal finance since its foundation, so as to integrate the insurance business into the postal platform and resources. The bronze award for the 2009 Postcard Lottery was the free-premium "China Post Life Lulutong Insurance", which was accidental injury insurance for traffic accidents in legal holidays specially designed by China Post Life. The award indicated the friendly cooperation between China Post Life and postal service sector.Besides, China Post Life and China Postal Savings Bank entered into a strategic partnership agreement, conducting cooperation in the fields of insurance business development, joint risk control and customer resource sharing. Currently, China Post Life has been working together with China Postal Savings Bank to develop the small-amount insurance products, "Daidaixi No.1 Insurance" and "Daidaixi No.2 Insurance", slated to be officially launched in 2010.