China Life(601628) 搜狐财经·2025-04-01 09:15Core Viewpoint - China Life Insurance has improved its ESG rating to A, focusing on climate risk analysis and sustainable financial practices [1][2][3] Environmental Section - The environmental section emphasizes "green development and financial transformation," including the establishment of a climate risk scenario analysis framework and a green finance development strategy for 2023-2025 [1] - The company promotes green insurance and investment, achieving a paperless insurance rate of 99.9% for individual long-term insurance [1] Social Section - The social section highlights "finance for good and leading sustainable development," focusing on inclusive finance for new citizens and new business formats [2] - China Life has invested 103.7 billion in rural revitalization and contributed 31 million in consumer assistance and 21 million in public donations [2] - The company has nearly 160 million registered users on its life insurance app, enhancing digital service efficiency [2] Governance Section - The governance section is themed "compliance-based and solid operational foundation," with a focus on board independence and diversity, including 27% female board members [2] - The company has maintained an A-class risk rating for 26 consecutive quarters and established a comprehensive risk management system [2] - 92% of suppliers have signed a supplier declaration, and there have been zero major penalties for risk events [2] Innovations - In 2024, China Life initiated climate risk scenario analysis and stress testing, utilizing international climate scenarios and optimizing them for national conditions [3] - The analysis assesses the impact of climate risks on investment, operations, and liabilities over short (2030), medium (2050), and long-term (2080) horizons [3] Customer Complaints - Customer complaints surged by 119% in 2024, with a total of 298,063 complaints, indicating a significant increase from 135,730 in 2023 [4] - The complaint rate per 10,000 policies rose to 7.05 from 3.32, reflecting broader trends in the financial insurance sector [4] - Major issues include sales misrepresentation, policy cancellation disputes, and regulatory violations [4][5] Regulatory Issues - In 2024, China Life faced over 10 million in regulatory fines, with violations including misleading policyholders and financial misconduct [5] - The company is enhancing consumer protection processes and has increased the review of products and services by 48.34% year-on-year [5][6] Leadership and Compliance - Recent investigations into former executives highlight ongoing compliance challenges, with a former president under investigation for serious violations after 14 years of retirement [7][8] - The company emphasizes its commitment to ethical governance and anti-corruption measures, conducting over 2,100 integrity talks and addressing corruption-related crimes [8]