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China Life Insurance Industry Indepth Research and Investment Strategy Planning Report, 2013-2017

China Life Insurance Industry Indepth Research and Investment Strategy Planning Report, 2013-2017

China Life Insurance Industry Indepth Research and Investment Strategy Planning Report, 2013-2017

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  • Table of Contents

  • Content Summary

China Life Insurance Industry Indepth Research and Investment Strategy Planning Report, 2013-2017

Chapter 1: Overview of China Life Insurance Industry

1.1 Concepts Related to Life Insurance

1.1.1 Definition of Life Insurance Industry

1.1.2 Features of Life Insurance Industry

1.1.3 Segmentation of Life Insurance Industry

1.1.4 Commonly Used Regulations for Life Insurance

1.1.5 Life Insurance Position’s Role in Insurance Industry

1.1.6 Influence of New Accounting Standards on Life Insurance Profits

1.2 Influencing Factors to Life Insurance Profits

1.2.1 Analysis of Death Difference Influencing Factor

1.2.2 Analysis of Fee Difference Influencing Factor

1.2.3 Analysis of Profit Influencing Factor

1.3 Salary and Welfare Analysis of Life Insurance Industry

1.3.1 Salary and Welfare Analysis of Life Insurance Industry

1.3.2 Dimission Analysis of Staff in Life Insurance Industry

1.4 Overview of Report Research Institutions and Methods

1.4.1 Introduction to Research Institutions

1.4.2 Introduction to Research Methods

1.4.3 Introduction to Forecasting Tools

Chapter 2: Environment Analysis of China Life Insurance Industry

2.1 Policy Environment Analysis of China Life Insurance Industry

2.1.1 Analysis of “Twelfth Five-year” Development Plan on Life Insurance Industry

2.1.2 Analysis of Central Monetary Policies’ Influence on Life Insurance Industry

2.1.3 Interim Provisions on the Administration of Insurance Assets Management Companies

2.1.4 Regulations on Supervision of Insurance Agency Business ofFinancial Institutions Entrusted by Insurance Companies

2.1.5 Regulatory guidelines of the Insurance Agency Business of Commercial Banks

2.1.6 Variable Annuity Insurance Management Interim Measures

2.2 Economic Environment Analysis of Life Insurance Industry

2.2.1 China Economic Growth

2.2.2 Comparison Analysis of Growth Between Life Insurance and GDP

2.2.3 Analysis of China Resident’s Income and Savings

2.2.4 Resident Consumption Structure’s Influence on Life Insurance Demand

2.2.5 Analysis of China Financial Market

2.3 Social Environment Analysis of Life Insurance Industry

2.3.1 Analysis of Population Structure

2.3.2 Analysis of Family Miniaturization

2.3.3 Trend of Accelerating Urbanization

2.3.4 Analysis of Feature of Demographic Window

2.3.5 Population Structure Forecast, 2012-2050

2.4 Operational Environment Analysis of

2.4.1 Analysis of Enterprise Annuity Market Size

2.4.2 Operation Analysis of Corporate Trustee Institutions

2.4.3 Operation Analysis of Investment Management Institutions

2.5 Analysis of System Reform of Life Insurance Industry

2.5.1 Reform of Endowment System

2.5.2 Reform of Educational Reform

2.5.3 Reform of Medical Reform

2.6 Influencing Analysis of Life Insurance Industry Based on PEST Mode

2.6.1 Correlation with Life Insurance Industry

(1) Analysis of Life Insurance Market Depth and Density

(2) Insurance Rate Analysis of Life Insurance Market

2.6.2 Influence on Life Insurance Enterprises

(1) Influence on Business Structure of Life Insurance Enterprises

(2) Influence on Marketing Channels of Life Insurance Enterprises

(3) Influence on Sales Profits of Life Insurance Enterprises

Chapter 3: Development Comparison of Global Life Insurance Industries

3.1 Development Analysis of Global Life Insurance Industry

3.1.1 Global Life Insurance Market

(1) Development Overview of Global Life Insurance Industry

(2) Depth and Density Comparison of Global Life Insurance Market

(3) Competitive Landscape Analysis of Global Life Insurance Market

3.1.2 Asian Life Insurance Market

(1) Development Overview of Asian Life Insurance Industry

(2) Depth and Density Comparison of Asian Life Insurance Market

(3) Competitive Landscape Analysis of Asian Life Insurance Market

3.2 Comparison Analysis of China and Japan Life Insurance Industries

3.2.1 Development Overview of China and Japan Life Insurance Industries

3.2.2 China and Japan’s Macro-economic Environment

3.2.3 Development Progress Comparison of China and Japan’s Life Insurance

3.2.4 Competitive Landscape Analysis of China and Japan Life Insurance Markets

3.2.5 System Reform Analysis of China and Japan’s Salesmen

3.3 Comparison Analysis of China and USA Life Insurance Industries

3.3.1 Development Overview of USA Life Insurance Industry

3.3.2 Analysis of USA Life Insurance Sales Channels

3.3.3 Analysis of USA Agent Sales Channels

3.4 Comparison Analysis of China and Korea Life Insurance Industries

3.4.1 Development Overview of Korea Life Insurance Industry

3.4.2 Analysis of Korea Life Insurance Sales Channels

3.4.3 Management Analysis of Korea Life Insurance Industry

Chapter 4: Analysis of Development Status of China Life Insurance Industry

4.1 Product Structure Analysis of Life Insurance Industry

4.1.1 Overview of Life Insurance Product Structure

4.1.2 Analysis of Traditional Life Insurance Products

4.1.3 Analysis of New-type Life Insurance Products

(1) Analysis of Participating Life Insurance Products

(2) Analysis of Universal Life Insurance Products

(3) Analysis of Investment Connection Insurance Products

4.1.4 Analysis of Variable Annuity Insurance Products

4.1.5 Analysis of Group Life Insurance Products

4.2 Analysis of Annuity Business of Life Insurance Enterprises

4.2.1 Analysis of Operational Status of Commercial Endowment Insurance Market

4.2.2 Analysis of Problems in Commercial Endowment Insurance Market

4.2.3 Enterprise Annuity Business Scale of Endowment Insurance Enterprises

4.2.4 Competitive Landscape Analysis of Endowment Insurance Enterprises

4.2.5 Development Future-Oriented Forwarding for Commercial Endowment Insurance Market

4.3 Analysis of Management Status of Life Insurance Industry

4.3.1 Analysis of Enterprise Quantity

4.3.2 Analysis of Asset Size

4.3.3 Analysis of Premium Size

4.3.4 Analysis of Compensation Expense

4.3.5 Analysis of Operational Benefits

4.4 Analysis of Regional Distribution of Life Insurance Industry

4.4.1 Analysis of Regional Distribution of Life Insurance Enterprises

4.4.2 Regional Distribution of Life Insurance Premium Income

4.4.3 Regional Distribution of Life Insurance Compensation Expense

4.5 Competitive Landscape Analysis of Life Insurance Industry

4.5.1 Analysis of Premium Income Concentration

4.5.2 Analysis of Employee Staff Concentration

4.5.3 Analysis of Enterprise Regional Concentration

4.5.4 Analysis of Investment Merger and Reconstructing of Life Insurance Industry

4.6 Competitive Trend Analysis of Life Insurance Industry Under Porter's Five Force Model

4.6.1 Analysis of Bancassurance Channel Bargaining Power

4.6.2 Analysis of Potential New Entrants Threats

4.6.3 Analysis of Other Substitute Threats

4.6.4 Analysis of Market Demand Bargaining Power

4.6.5 Analysis of Competitor’s Competitive Capability in Industry

Chapter 5: Analysis of Sales Channels of China Life Insurance Industry

5.1 Analysis of Sales Channels Structure of Life Insurance Industry

5.1.1 Analysis of Distribution of Life Insurance Premium Channels

5.1.2 Challenges Life Insurance Sales Channels Facing

5.1.3 Comparison Analysis of Channels Between Bancassurance and Agent

5.2 Analysis of Agents Sales Channels in Life Insurance Industry

5.2.1 Development Status Overview of Life Insurance Agents

(1) Labor Cost Analysis of Agent Channels

(2) Development Size Analysis of Agent Channels

(3) Analysis of Premium Income of Agent Channels

5.2.2 Analysis of Development Status of Life Insurance Agents Marketing Team

(1) Analysis of Commission Income of Life Insurance Salesmen

(2) Analysis of Per Capital Capacity of Life Insurance Salesmen

(3) Analysis Per Capital Customer Volume of Life Insurance Salesmen

5.2.3 Analysis of Marketing Channel’s Influencing Factors to Life Insurance Agents

5.2.4 Premium Income Forecast for Life Agents Sales Channels

5.3 Analysis of Postal Sales by Banks Channel in Life Insurance Industry

5.3.1 Development Status Overview of Postal Life Insurance Sales by Banks

(1) Cost Analysis of Postal Life Insurance Sales by Banks

(2) Development Size Analysis of Postal Life Insurance Sales by Banks

(3) Premium Income Analysis of Postal Life Insurance Sales by Banks

5.3.2 Profit Contribution Analysis of Postal Life Insurance Sales by Banks

5.3.3 Influencing Factors Analysis of Postal Life Insurance Sales by Banks

5.3.4 Premium Income Forecast for Postal Life Insurance Sales by Banks

5.3.5 Development Analysis of Other Agent Institutions Channels

5.4 Analysis of Life Insurance Professional Intermediary Companies

5.4.1 Development Status Overview of Specialized Intermediary Companies Channel

(1) Cost Analysis of Specialized Intermediary Companies Channel

(2) Development Size Analysis of Specialized Intermediary Companies Channel

(3) Premium Income Analysis of Specialized Intermediary Companies Channel

5.4.2 Analysis of Influencing Factors to Specialized Intermediary Companies

5.4.3 Premium Income Forecast for Specialized Intermediary Companies

5.5 Analysis of Network Marketing Channels of Life Insurance Industry

5.5.1 Development Status of Networking Marketing Channels

(1) Network Popularizing Rate, 2005-2011

(2) Development Size Analysis of Life Insurance Network Marketing Channels

(3) Premium Income Analysis of Life Insurance Network Marketing Channels

5.5.2 Influencing Factors Analysis of Life Insurance Network Marketing Channels

5.5.3 Premium Income Forecast for Life Insurance Network Marketing Channels

5.6 Other New-type Sales Channels Analysis of Life Insurance Industry

5.6.1 Telemarketing

5.6.2 Direct Mail Marketing

5.6.3 Public Media Marketing

5.6.4 Insurance Retail Store Marketing

5.6.5 Interselling Channel

5.7 Analysis of Marketing Strategies for Life Insurance Industry

5.7.1 Marketing Selection Strategies for Target Market in Life Insurance Industry

(1) Market Segments of Life Insurance

(2) Target Market Strategies for Life Insurance

(3) Market Positioning of Life Insurance

5.7.2 Marketing Combined Strategies

(1) Insurance Products Strategy

(2) Insurance Price Strategy

(3) Insurance Distribution Strategy

(4) Insurance Promotion Strategy

Reporting core values

The most distinctive characteristics of this report is forward-looking and timeliness. Through analyzing forward-looking characteristic of abundant first-hand market data, we deeply and objectively dissect China life insurance industry and key regional market potentials.

Main Contents of report

Looking back to 2011, life insurance industry met many challenges in the aspects of interest rate, capital market, marketing channels, salesmen, and alternative products. The whole industry enters a low tide after several years of rapid development. Subject to the macro-economic situation and policies adjustment, the life insurance income grows weakly.

In terms of domestic macroeconomic situation: firstly, the return rate of part of life insurance products is lower than bank’s interest rate, so the attractiveness lowers down; secondly, the depression of market and the increase of market interest rate lead to the decrease of companies’ investment interest rate, thus the dept paying ability adequacy of part of insurance companies will be greatly affected; thirdly, the inflation pressure increases; the liquidity increasingly strengthens; the capital market keeps vibrating; the earnings of debt market are still in a low position; and the matching difficulty of asset increases. In terms of policy adjustment, the supervision departments increase efforts to supervise and monitor the bank and insurance products, as well as introduce a new accounting standard.

In recent years, the regulators rather presciently conduct a series of drastic structural adjustment, while the life insurance industry has formed a tendency of “focusing on investment, neglecting guarantee”. Finally, the external and internal attack to life insurance industry in 2011 led to the bitter fruit. That is the life insurance premium income seemed to be “shabby” in 2011. According to statistics from China Insurance Regulatory Commission (CIRC), from Jan.-Nov. 2011, the insurance companies, which mainly operate the life insurance, achieved the insurance income of 893.683 billion Yuan, down by 8.7% comparing to the insurance income of 978.824 billion Yuan in 2010, which shows a negative growth at the first time, among which subjected to Regulatory Guidelines for Insurance Agency Business of Commercial Banks (a new policy), the life insurance premium income of bank insurance marketing channels decreased by a year on-year rate of -9.87%. Neither

CBRC (China Banking Regulatory Commission), nor CIRC can thinks a “90 Document” (namely, A Notice on Further Strengthening the Compliance Sales and Risk Management of Commercial Banking Insurance Business) and a “regulatory guideline” slides into a valley.

In terms of enterprises, the top 3 insurance income ranking life insurance companies in November 2011 are still China Life, Ping An Life Insurance Company of China, New China Life. Affected by the downtown of market, the life insurance premium income declines and even the top

three “leading insurance companies” can not escape from the fate. The insurance premium incomes of these top three companies are 301.214 billion Yuan, 110.032 billion Yuan and 88.768 billion Yuan respectively during the first 11 months. Compared with that of during the first 11 months in 2010, the insurance premium income of China Life decreased by the year on year rate of 3.47%; the insurance premium income of Ping

An Life Insurance Company of China decreased by the year-on-year decrease of 25.43%, and the New China Life almost kept the original income, up by a year-on-year increase of 0.64% (the main reason for the year-on-year decrease of insurance premium income was the implementation of new accounting standard).

In terms of regions, compared with Jan.-Nov. 2010, among the insurance premium income in the first 11 months of 2011, Guangdong province and Jiangsu province still occupy the first and the second positions; the rank of Beijing and Shanghai has no prominent changes, but both of them are forced out the top 5. The 3 other regions of top 5 are: Henan, Shandong and Sichuan. Among the top 5 regions, only Henan can realize

the growth. The accumulative insurance premium income of to 5 regions account for 36.7% of the national insurance premium income, which is almost the same comparing that of 2010.

Looking ahead to 2010, the life insurance industry still faces both operating pressure and growth pressure, as well as the problems, such as the lowering product competitiveness in the industry, the marketing channels waiting for improvement, the narrowing channels for adding capital, and weak strengths of capital management capability, the social image needing to be improved, and so on. Combined with the general view of market, the life insurance industry in 2012 will face huger challenges. Whether the insurance capital investment business is good or bad will directly affect the debt paying ability of life insurance companies. Seeking new financing ways is a key road to get out of difficulties. Fortunately, the market has made some adjustments for these changes. Furthermore, with the main theme of macroeconomic regulation, “seeking the steady growth in the advancement”, the weakening of inflation pressure, and the weakening of tightening liquidity, it’s predicted the industry will revive growth in 2012, and the growth rate will reach around 9%.

In addition, in the process of shifting from “demographic dividend” to “population debt”, the old-age insurance situation generates the huge development opportunities for life insurance business. According to the sixth national census data dissemination on April 28th 2011: the dissemination shows, the population of 0-14 year-old takes up 16.60% of the total population, with a decrease of 6.29% over the year of 2000; the population of more than 60 year-old (including 60 year-old) takes up 13.26%, with an increase of 2.93% over the year of 2000, among which the population of more than 65 year-old takes up 8.87%, with an increase of 1.91% over the year of 2000. Due to the acceleration of populating aging, it’s predicted the old-aging population will generally increase by 3.5% in the next 10 years, and the ratio of old-age population will grow from 13.26% in 2010 to 18% in 2020. Before China enters the sever population aging period, the 20 years which priors to 2030 will be a gold 20-year for the development of China life insurance.

Based on national authorized data, Qianzhan Business Information and Information Database as well as research results, With Forward’s long-term tracking and collecting market data of life insurance industry, we roundly and accurately analyze the industry structure system for you from the view of mastering the whole industry. Since the life insurance market was severely disrupted in 2011, thus this report will conduct deeply analysis according to actual situation in the industry, such as inadequate product competitiveness, the bottleneck of marketing channels, the narrowing channels for adding capital, the weak of capital management capability, so as to find a proper development routine for life insurance in the first year –2012- of transformation. Forward mainly adopts the SCP model, Porter Five Forces Model and BCG Matrix to analyze the life insurance industry’s status; adopts some prediction model, such as time series analysis and linear regression to analyze the development opportunities and prospects in the future 10-20 years.

The most distinctive characteristics of this report is forward-looking and timeliness. Through analyzing forward-looking characteristic of abundant first-hand market data, we deeply and objectively dissect China life insurance industry and key regional market potentials. This report helps domestic life insurance companies to precisely grasp current latest developments of the industry. Afterwards, they can make wise operating decisions and define enterprises’ development directions.

Here, we would like to express our sincere gratitude to CIRC, State Information Center, Bureau of Statistics of China, International Information Research Institute, Chinese Academy of International Trade and Economic Cooperation, Tsinghua University Library, Development Research Center of the State Council and Beijing Essence Forward Research Center, for their great support when we conduct this report!

Notice: All the market data, especially corporations' ranking data in the report, only for business reference. Please do not take the data for enterprise publicity. Thank you! Or Forward shall not take any responsibility for any consequences!

Qianzhan Business Information Co., Ltd.

Industry Research Center Research Team of Life Insurance Industry

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