July 1 this year marks the 27th anniversary of Hong Kong's return to the motherland. Hong Kong has embarked on a new chapter of "governance and prosperity", with greater political stability, social harmony, more prosperity and more stable people's livelihood.
Chinese Life shares the same fate with Hong Kong, continuously enhances its comprehensive strength, and actively contributes to Hong Kong's prosperity and stability. Chinese Life Group's overseas subsidiaries have developed into leading Chinese insurance companies and Chinese institutional investors in Hong Kong, covering life insurance, investment and MPF. As of the end of 2023, the company has consolidated total assets of HK$476.7 billion and an investment scale of HK$381.5 billion, making value investments in a wide range of fields in nearly 50 countries and regions around the world.
In order to keep up with market trends and serve customer needs, Chinese Life Overseas has launched a number of savings and critical illness insurance products, and in 2024, the Hong Kong branch will have an annualized premium income of HK$4.19 billion from new policies in the first quarter, ranking among the top three in the Hong Kong market. As a leading Chinese-funded insurance company in Hong Kong, Chinese Life Overseas adheres to its main business of insurance and provides customers with comprehensive protection products such as medical, critical illness, life, savings and retirement planning. On the other hand, we carefully develop financial products that match the needs of local and domestic residents to meet the diverse and personalized needs of customers. Since its launch in December 2020, the "MediPlus Medical Welfare Membership Program" has integrated more than 650 clinic outlets and more than 1,300 professional doctors in the Greater Bay Area, including Hong Kong, and built an aggregated payment platform to support the payment process of the Greater Bay Area payment platform, further meeting the diverse needs of customers in the Greater Bay Area.
As the first insurance company in Hong Kong to electronically connect with banks throughout the process, Chinese Life Overseas leads industry innovation and launches Hong Kong's first integrated financing and insurance platform to provide customers with more convenient and efficient insurance services. The company continues to improve service efficiency, innovate and optimize online and offline claim services, and its claim settlement time is in the leading position in the industry, from the beginning of the claim processing to the customer's bank account, the fastest time is only 15.7 minutes, and the upper limit of Hong Kong insurance claim settlement speed continues to be refreshed.
Starting from "a blank piece of paper" four years ago, the Hong Kong Branch of China Guangfa Bank, a member unit of Chinese Life Group, has drawn a brilliant and colorful picture scroll with firm belief as the pen and unremitting efforts as the ink, and has taken the "steering wheel" to ensure the smooth operation of the business in the spirit of "opening up the wilderness", and the branch has turned losses into profits in the second year of its operation.
In April 2024, the bank-enterprise direct linkage system of the Hong Kong branch has successfully covered all claims projects of Chinese Life Overseas Company, greatly improving the efficiency of premium collection and customer satisfaction of insurance institutional partners, and winning unanimous praise in the industry. Since its establishment, the branch has cooperated with more than 30 branches in the system in cross-border linkage business such as agency payment, forfaiting, domestic guarantee foreign loan, wind ginseng direct loan, foreign exchange settlement and other cross-border linkage business, with a cumulative cooperation amount of more than HK$40 billion. As one of the first batch of pilot banks to support CIPS full remittance service, the branch adopts the innovative method of "import interbank" payment to provide enterprises with low-cost foreign currency funds abroad, directly help enterprises pay for goods abroad, and improve the efficiency of customer capital use by simplifying the process.
Backed by the great motherland and the active struggle of all Hong Kong people, the wheels of the new era train "Hong Kong" are rolling forward. The Hong Kong spirit of "loving the country and Hong Kong, striving for self-improvement, striving for progress and being flexible" is the key to the "Pearl of the Orient" always shining brightly, and it is also the inexhaustible driving force for Chinese Life to continue to promote high-quality development in Hong Kong. Chinese Life is deeply involved in the construction of the Guangdong-Hong Kong-Macao Greater Bay Area and fully implements the work arrangements of the Guangdong-Hong Kong-Macao Greater Bay Area, which is not only a witness and participant in Hong Kong's financial development, but also a defender and promoter of Hong Kong's prosperity and stability and overall social progress.