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CITIC-Prudential Life is a joint venture established by CITIC and Prudential Corporation Holdings, offering life, health and accident insurance services.

In 2024, operating under capital constraints and guided by risk preferences, CITIC-Prudential Life focused on optimising its business structure. Centred around customers’ healthcare, retirement and personal wealth management needs, the company developed diversified products offering comprising health insurance, life insurance, pension insurance and annuities. By continuing to optimise its business structure and balancing profit sources, the company achieved qualitative and quantitative growth in company value.
“AI + Elderly Care”: CITIC-Prudential Life partners to create an “Artificial Intelligence Health and Wellness Lab”


Business highlights

Strengthening channel development and focusing on value to drive business transformation. CITIC-Prudential Life maintained industry-leading quality in its marketing channel operations, launching key projects such as the “Cross-Border Leadership” recruitment brand and breakthroughs in the Yangtze River Delta, continuously fuelling business growth. The product structure of the bancassurance channel was optimised and the 2023 regulatory guidance on expense control was implemented. The company strengthened cooperation with key channels, collaborating with CITIC Bank to promote the establishment of “bancassurance synergy demonstration branches”. The group insurance channel fully exceeded its annual targets, leveraging the ”hundred-group battle”1 initiative to drive the “B+C” business model, achieving growth in both scale and value. The company focused on longer premium payment-term and higher margin products, achieving double-digit year-on-year growth in new business value on a comparable basis. It realised gross premium income of nearly RMB30 billion, of which RMB23.426 billion was achieved from life insurance products and RMB6.540 billion was from health and accident insurance products. By distribution channel, premium income of RMB13.482 billion was from agency, while RMB14.564 billion was from bancassurance and RMB1.920 billion was from others. It focused on providing the comprehensive pension solutions for elderly customers.

Enhancing digital intelligence initiatives and achieving new breakthroughs in digital marketing. CITIC-Prudential Life launched the “E-Partner” agent application, which introduces multiple technological innovations aimed at improving user experience, research and development efficiency and system design. This initiative comprehensively empowered business expansion, customer retention and team management. Additionally, the company introduced an AI customer service assistant that reduced the average response time for professional enquiries to under five seconds. Its AI underwriting assistant considerably improved the efficiency of customer consultations for non-health insurance policies, reducing response time from within hours to seconds. Furthermore, the company implemented the Intelligent Dual-Recording System, increasing operational efficiency by over 50%.

Strengthening brand and marketing activities to promote efficient business development. CITIC-Prudential Life actively pursued cross-industry collaborations, partnering with the app “Dedao” to promote the insurance company’s brand awareness, talent recruitment programme and lifelong learning-based eldercare services. The company co-hosted the “Trust the Future, Trust Pension” conference with People’s Daily and released a comprehensive eldercare financial service plan. The company collaborated with partners such as Huawei to establish an “AI Health and Wellness Laboratory”. The company also worked with domestic and international non-profit organisations like Roots & Shoots to fulfil its corporate social responsibility and support the development of green finance.

Investment of insurance funds

CITIC-Prudential Life focuses on mitigating interest rate risk on the liability side while optimising asset allocation on the asset side. It adjusted its strategic asset allocation plan, extended asset duration and effectively improved asset-liability matching. As a result, the company’s scale of asset management continued to grow and investment returns significantly increased. It implemented an industry-leading asset-liability management system to enhance governance structure and standardise management practices. By the end of 2024, assets managed by CITIC-Prudential Asset Management Company Limited, wholly owned by CITIC-Prudential Life, exceeded RMB300 billion, with a non-linked comprehensive investment return rate of 7.74%, an increase of 5.04 percentage points year on year.

Capital management

On 2 February 2024, the National Financial Regulatory Administration approved CITIC and Prudential plc to increase their capital contributions in CITIC-Prudential Life by RMB1.25 billion each. The company’s registered capital increased from RMB2.36 billion to RMB4.86 billion, further strengthening its capital position. By the end of 2024, the comprehensive solvency adequacy ratio of CITIC-Prudential Life was 245.64%, with a core solvency adequacy ratio of 144.81%.



Notes:

1
“Hundred-group battle” is an important strategy of CITIC-Prudential Life to develop new clients on corporate side, set up marketing opportunities, and drive up the business value of retail side. “Hundred-group” refers to the completion of the first phase of integrated B+C business landing for 100 new corporate clients.