China Life plans to boost services for mainland clients: report

Mainland customers drove new business premiums growth year-to-date.

China Life Insurance (Overseas) Co., the international division of China Life Insurance (Group) Co., plans to enhance services for mainland clients, according to a report by Bloomberg.

This move comes in response to the significant contribution made by these agents, who played a key role in achieving a remarkable 136% surge in new-business premiums during the initial four months.

Mainland customers' contribution to new business premiums experienced significant growth this year, increasing from 4% in January to 15% by 23 May. 

This information was shared by Lu Fangbing, deputy head of the strategic planning department at China Life Insurance (Overseas) Co. 

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In comparison, the industry average during the last quarter of the previous year, impacted by the pandemic, stood at 4.7%.

The overseas division of China Life Insurance is actively seeking to enlarge its agent force to attract mainland customers. 

Although specific details were not provided, the company aims to leverage this expansion to capture the potential of this market. 

Currently, bancassurance serves as the primary distribution channel, contributing approximately 70% of sales. Additionally, the company is preparing to introduce more convenient services once regulatory trials commence in the Greater Bay Area. 

According to Lu, these preparations align with the potential for Hong Kong-based insurers to directly transfer claim payments to clients' mainland bank accounts, as reported by the Shanghai Securities News in March, citing an executive from AIA International Ltd.

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