China Life (Insurance) Group Corporation: Exploring the Integrated Pension System

Social pension system has increasingly become a significant factor for China’s economic and social transformation. In   August 2014, State Council issued Opinions on Accelerating the Development of the Modern Insurance Service Industry(the Opinions), which clearly showed that insurance industry plays an important role in social security system.
China Life (Insurance) Group Corporation (China Life), as China’s biggest life-insurance company, has been focusing on the layout of aging industry and overall health market for long time.
In April 23^rd, 2015, Guoshou Community Health Pension Management Company, together with People's Government of Futian District in Shenzhen，signed a strategic cooperation agreement featuring integrated pension system of “Nursing +health care + insurance”.
With respect to the needs of life insurance and investment and financing, China Life has its own traditional and core advantages. Take the cooperation mentioned above as an example, linking with insurance, health care, finance and government to explore pension and health care for old people has become China Life’s prospected pension industry layout, as well as its important issue to perform social responsibility as a state-owned company.
Three-city cooperation to boost the long-term pension system
China Life has made full use of the strategic layout of “overall health and pension and health care” and insurance owners’ health management advantages, making health pension industry an effective stretch for insurance service, and realizing its own core advantages in differentiation competitive strategy.
By Integrating qualified resources like famous hospitals, medical service organizations, medical equipment manufacturing enterprises, pension service management organizations, and core areas for elderly care, and taking the opportunity  of the Opinions , China Life has provided for its customers all-round, one-stop, high-quality and high-effect insurance and health care service.
Last November, invested and operated by Guoshou Investment Company, China’s biggest elderly health care experience center started its business in Daxing District, Beijing. At the same time, Yangcheng Lake Project Joint-managed Company was established. Besides, a new pension product by Tianjin Airport project will be soon brought out. At present, projects in Hainan province, Guizhou province and Beijing are being accelerated. The development layout of “Three-ciy cooperation to boost the long-term pension system” takes initial shape.
Exploring the industrial chain for pension and health care
In addition, China Life has been actively exploring industrial chain service including pension financing, well-being service and health care service, making financial management of pensions cohered orderly with elderly health care service. China Life, cooperated with stakeholders and organizations, has built a demonstrational project for elderly health care , promoted the development of health care and pension industry, and established an integrated pension system of “nursing+ health care + insurance.”
In health care service, China Life has conducted wide cooperation with top hospitals at home and abroad, health care service organizations and medical-related financing organizations. At the same time, China Life has become a shareholder of Town Health International Medical Group Limited, a listed company in Hong Kang. Besides, China Life has cooperated with local community in pension industry. Guoshou community will make full use of its advantages in risk management, investment and financing, and social services to make innovative exploration, and release its brand project in pension and health care. China Life will continue to support and invest in pension industry in pilot project areas to support the construction of pension industry in local community.
Guoshou community will conduct research and experiments in rehabilitation model pension patterns, and exert its advantages and professional techniques in insurance to establish  an integrated pension system of “nursing＋health care + insurance” jointly invested by government, social security and insurance.