Xu Chongmiao of China Life Insurance: The foothold of sustainable development should return to the needs and growth of "people"

Theme: 2025 Sustainable Global Leaders Conference & The First Green Industry and Sustainable Consumption Expo
The 2025 Sustainable Global Leaders Conference will be held from October 16 to 18 at the Expo Park in Huangpu District, Shanghai City. Xu Chongmiao, Chief Compliance Officerof China LifeInsurance Company, attended the conference and delivered a speech with the theme of "ESG Leading a New Pattern of Sustainable Development of the Insurance Industry."
Xu Chongmiao made it clear that the foothold of sustainable development should return to the needs and growth of "people." It is precisely this core that China Life Insurance focuses on building a solid foundation for development by adhering to customer-centered, optimizing service experience, and ensuring employee well-being. Empowering partners to build a win-win ecosystem, gathering internal and external consensus, and creating an open ecosystem of value creation, risk sharing, and achievement sharing.
He mentioned that China Life has always transformed the corporate culture of "becoming oneself and becoming oneself, adults fulfilling oneself" into solid actions to serve the society and lead the industry. Especially in the field of inclusive insurance, it focuses on the elderly, new citizens, and new business operators. With the protection needs of key groups such as farmers, low-income people, and special occupational groups, in 2024, it has achieved 140 million new insurance coverage for the elderly, and 34.47 million people have benefited from the "two new" groups. Rural population life insurance increased by 2.700 million people and 15.8 billion yuan were paid to 4.63 million people, using inclusive insurance to effectively help common prosperity; participating in the undertaking of more than 200 serious illness insurance projects, 80 long-term care insurance projects and more than 130 urban customized commercial medical insurance projects, a total of 17 institutional pension projects were deployed in 14 cities.
It is my honor to participate in the "2025 Sustainable Global Leaders Conference" and discuss with you the new pattern of ESG leading the sustainable development of the insurance industry.
We hope that our practice can provide a model for the entire industry to learn from and jointly assist the comprehensive transformation of economic and social development.
ESG provides a concrete and operable framework for the grand vision, transforming environmental and social risks that were difficult to quantify in the past into assessable and comparable non-financial indicators, guiding capital to bid farewell to the old model of only financial returns, and mainly to green industries, inclusive projects and companies with good governance. At the same time, promote responsible consumption and inject upward impetus into the market. At a time when sustainable development has become a core issue, China Life has always followed the five principles of policy orientation, customer first, financial goodness, long-term doctrine, and bottom-line thinking, and promoted growth and win-win development through value improvement, building consensus for action, adhering to integrity and innovation. path.
China Life continues to integrate ESG concepts into its overall business to achieve a true and lasting foundation.In 2021, we proposed the ESG strategic goal of building a world-class and responsible life insurance company. A complete model covering three dimensions and seven related aspects provides a clear top-level design for the implementation of the strategy.
Making simultaneous efforts in dimensions such as green transformation, inclusive finance, pension security and social security, we firmly believe that this responsibility-driven growth model can drive the insurance industry to build a better industry ecosystem.
China Life has always believed that serving the national green development strategy and being a responsible investment practitioner is the mission entrusted by the times.
We have joined the China Climate Joint Participation Platform, demonstrating our firm determination to serve the country's "double carbon" goals. We have completed strategic investment in standard projects such as Huajian New Energy Group, which is a powerful example of driving the high-quality development of the country's new energy industry.
Maintain integrity and innovate, coordinate ESG risk prevention and control and opportunity development. Integrity and innovation are the core wisdom of enterprises to achieve sustainable development, requiring enterprises to adhere to the bottom line of compliance and ensure compliance. Innovation is the engine. Enterprises need to gradually transform ESG requirements into development opportunities and actively explore growth points such as green technology, responsible supply chains, and inclusive business models. At present, climate risk management has become the most urgent and necessary hot topic in the field of ESG risk. China Life has positioned itself as an active participant in building a climate-resilient society and systematically participated in relevant work.
Secondly, on the debt side, we continue to innovate the insurance service system to provide solid protection for renewable resources, environmental protection technology, green infrastructure and other fields.In the first half of 2025, green premiums have exceeded 400 million yuan, building a solid risk barrier for the green economy.
On the investment side, we have accurately directed capital to the core areas of building a climate-resilient society, focusing on allocating green bonds and stocks, and funded and supported green transportation projects such as Changsha Metro Line 3. This not only reduces carbon emissions and improves urban environmental quality, but also directly supports the construction of sustainable cities and livable environments with financial power, reflecting the key role of insurance funds in serving the country's "double carbon" goals.
Put people first and jointly build a sustainable ecological circle of friends. We always believe that the foothold of sustainable development should return to people's needs and growth. By adhering to customer-centered, optimizing service experience, and ensuring employee well-being to build a solid foundation for development, and empowering partners to build a win-win ecosystem, we can build internal and external consensus and build an open ecosystem of value creation, risk sharing, and achievement sharing. Ecology.
China Life has transformed the core of its corporate culture of "becoming oneself and becoming oneself, and adults fulfilling oneself" into solid actions to serve society and lead the industry, and is committed to building a sustainable ecosystem.
We provide multiple guarantees for key groups such as the elderly, new citizens, new business practitioners, farmers, low-income people, and special occupational groups. In 2024, 140 million new elderly people will be insured, 34.47 million people will benefit from the "two new" people, and 270 million new people will be insured by personal insurance for rural people.
In terms of service experience, we empower us with technology to create a simple, high-quality and warm "National Life Service", serving 3.26 billion customers in 2024.In terms of ecological construction, we empower employees to grow and build a four-in-one training system that benefits nearly 100,000 employees; we work together with more than 40,000 suppliers to build a green supply chain and lead the development of industry talents and upgrade cooperation models.
China Life provides a sustainable path for the high-quality development of the insurance industry.
Dear colleagues and friends, sustainable development is the common mission entrusted to us by the times, and ESG practice is the key bridge to the future. We hope to join hands with our peers to jointly explore new driving forces for the sustainable development of the insurance industry, use our own high-quality development to help build a new ecosystem of green finance, and jointly write a new chapter in the times!