NEW CHINA LIFE INSURANCE COMPANY LTD. Corporate Social Responsibility Report 2019
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Stock name: NCI A Share Code: 601336 H Share Code: 01336 NEW CHINA LIFE INSURANCE COMPANY LTD. Corporate Social Responsibility Report 2019 About This Report Reporting Scope New China Life Insurance Company Ltd. has been preparing Corporate Social Responsibility (hereinafter "CSR") Report for consecutive 10 years since 2010. Unless otherwise stated, the reporting scope of the Report covers New China Life Insurance Company Ltd. (hereinafter "NCI", the "Company" or "We") and its subsidiaries. Reporting period: unless otherwise stated, the reporting period is from January 1, 2019 to December 31, 2019. Releasing frequency: annually. Reporting Framework The Report is prepared with reference to Standards for the Contents and Formats of Information Disclosure by Companies Offering Securities to the Public No.2 – Contents and Formats of Annual Reports (2017 Revision) issued by China Securities Regulatory Commission ("CSRC"), Notice on Strengthening Listed Companies' Assumption of Social Responsibility and the Issuance of <Guidelines on Listed Companies' Environmental Information Disclosure>, Guidelines on Listed Companies' Environmental Information Disclosure and Guidelines on Preparation of Report on Company's Fulfilment of Social Responsibilities (Appendix 2 to Memorandum on the Annual Reports of Listed Companies in 2009, No.1) issued by Shanghai Stock Exchange ("SSE"), Guiding Opinions on the Insurance Sector's Implementation of Social Responsibility, China Academy of Social Sciences – Guideline to the Compilation of China Corporate Social Responsibility Report (CASS-CSR4.0) issued by Former China Insurance Regulatory Commission ("CIRC"), now the China Banking and Insurance Regulatory Commission ("CBIRC"), Environmental, Social and Governance Reporting Guide ("ESG Reporting Guide")(Appendix 27 to Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited) issued by Stock Exchange of Hong Kong Limited ("SEHK"). Disclaimer The Report is prepared in three languages: simplified Chinese, traditional Chinese and English. In the case of discrepancy, the simplified Chinese version shall prevail. Electronic version of this report is available for access and download from official websites of NCI, SSE and SEHK. Contact Us Please feel free to contact NCI through the following method for any suggestions on the report. Department: Administrative Management Department of NCI Tel: +86 10 85210590 Email: [email protected] Address: A12 Jianguomenwai Avenue, Chaoyang District, Beijing IV.Steady and Compliance Operation 13 i. Strengthening Risk Control Management 14 Table of Content ii. Promoting Integrity 14 iii. Preventing Money Laundering Risks 17 I. CHAIRMAN'S STATEMENT 4 iv. Standardizing Procurement Management 19 II. CEO'S STATEMENT 6 v. Protecting Consumer Rights and Interests 20 III. About Us 10 vi. Protection of Intellectual Property Rights 22 V. Returning to the Essence of Insurance 23 i. Carrying out Insurance Protection Solidly 24 ii. Optimizing Service Quality 28 iii. Standardising Marketing Promotion 36 iv. Safeguarding Information Security 37 v. Promoting Technology Empowerment 39 2 New China Life Insurance Company Ltd. Corporate Social Responsibility Report 2019 VIII. Building a Harmonious Society 57 Topic: Large-scale Public Welfare Action --Caring for Sanitation Workers across the Country 58 VI. Helping Employees' Growth 43 i. Implementing Targeted Poverty Alleviation 59 i. Guaranteeing Employees' Legal Rights and Interests 44 ii. Enthusiastic Voluntary Services 60 ii. Attaching Importance to Employee Health and Safety 46 iii. Devoting Ourselves to the Undertaking of 62 iii. Building a Talent Training System 47 "Insurance + Public Welfare" iv. Supporting National Strategies 63 VII. Implementing Green Operation 51 i. Low-carbon and Environmentally-friendly Office Space 52 IX. Special Topics: NCI Fought against with 64 ii. Mobile Business Development Services 54 COVID-19 iii. Green Data Center 55 X. Honours of the Company 66 iv. Promotion of Ecological Civilization 56 XI. Appendices 67 3 CHAIRMAN'S STATEMENT Dear shareholders: characteristics, featuring the enterprising spirit which makes the Company face the market competition without fear and maintain The year 2019 marks the 23rd anniversary of the founding of New strong development willingness. In 2020, the Company will follow China Life. This year witnessed steady economic operation and the rule of enterprise development and stay committed to the a more expanded supply-side structural reform in the financial market-oriented mechanism to forge a corporate governance industry in China. This year also saw smooth transition in term mechanism with clear responsibilities and coordinated operation of office of the board of directors of the Company (the "Board"), as well as build a corporate operation mechanism with effective and hard-won business performance under the joint efforts of the incentive and strong restriction to further unleash its development Board, senior management and all staff. momentum and vitality. As China's economy is shifting from high-speed growth to Keeping the bottom line of risk control and building a solid high-quality development, the imbalance and maladjustment foundation for the Company. Effective risk control is a guarantee between financial supply and demand are becoming increasingly and a foundation for sustained development. In 2020, the Company prominent. The insurance industry is facing multiple challenges in will continue to adopt a prudent and sound operation philosophy development. Standing at the new historical position, the Company to constantly improve comprehensive risk management system and will rise to the challenges, seize opportunities and strive to achieve enhance risk management capability. The Company will strengthen the high-quality development goals. awareness of risk control and compliance to forestall major risk events. Staying committed to the essence of insurance and maintaining At the beginning of 2020, the sudden outbreak of COVID-19 disrupted strategic focus. The Company has established the development the development pace of China's economy and insurance industry. philosophy of making life insurance as the core business, sticking Every NCI staff has done his/her part in the fight against COVID-19. to the protection function of insurance, returning to the essence of However, the short-term adverse effects will not change the positive insurance and focusing on core business since its listing. For years, NCI long-term trend of China's economy. The public will have personal has remained true to its development vision and strived to forge an experience of the importance of health and protection with greater outstanding financial service group in China devoted to all-round life awareness of insurance products after the fierce battle with the virus. insurance services. The strategic direction remained unchanged. In The Company will seize the development opportunity, conform to the 2020, the Company will accelerate business innovation, enrich product industry trend, meet the customers' demands, blaze a trail for high- supply and improve service quality, empower traditional business quality development with its own characteristics, contribute value to through fintech and continuously optimize customers' experience to shareholders and fulfill its social responsibilities. meet the diversified insurance needs of different groups. Sticking to the market-oriented mechanism and deepening Chairman mechanism reform. During the course of over twenty-year LIU Haoling development, NCI has fostered a corporate culture with its own 25 March 2020 4 New China Life Insurance Company Ltd. Corporate Social Responsibility Report 2019 5 CEO'S STATEMENT Dear shareholders, of thousands of dedicated agents, the Company still faces a series of issues. Business growth is lower than that of peers, team size fails The year 2020 is destined to be an extraordinary year. to expand for years, resources allocation deviates from the market At the beginning of the year, COVID-19 unexpectedly swept across the and internal management coordination is insufficient, etc. The country with rapid pace and strong momentum. The life insurance intensifying market competition highlights these problems, resulting industry also underwent huge short-term impacts. I kept thinking in the performance which seems to be somewhat "unable to run". about the following questions during the pandemic. What must NCI It is not NCI's feature to ignore issues and situation. The pandemic do now and in the future? What is NCI's responsibility? And whether brings us crisis as well as breeds opportunities and hopes. The legacy could NCI do better? NCI has relentlessly contributed efforts during issues that the Company faces could also be transformed into a source this challenging period, including proactively protecting staff from of power to run again should NCI take a more holistic and broader view the pandemic, immediately donating insurance to frontline medical on future development with commitments. personnel in the first place, expanding the coverage of insurance products, simplifying operational process and procedures to provide I. Review 2019 more convenient services to customers, etc. However, this is far 2019 is a year to identify issues. from enough in battling against such an emergency. Life insurance, related to birth, aging, illness and death, shall improve people's This year has seen intensifying market competition and NCI was resilience to disasters