International attention to sustainable development issues and the subsequent actions are being carried out at unprecedented speed and force. ESG is a key issue in decision-making for the insurance industry. Apart from the guidance provided by the competent authority for sustainable governance, more and more institutional investors, credit rating agencies, and financial institutions are attaching greater importance to ESG when making investment, rating, and trading decisions. Sustainable development goes beyond social responsibility, and is the key to sustainability of the economy and society. Companies with exceptional performance in sustainable development may generate stable profits in the long-term. Insurance companies should maximize the effect of sustainable finance on the path to sustainable development, and drive the transition of companies towards sustainability through investment and financing policies.
China Life has provided insurance services for six decades with the vision of becoming the "the most recommended and trustworthy life insurance company." China Life strives to protect the interests and well-being of policyholders, and continues to expand its social stabilizing force through its business management and constant improvement of insurance services. In addition, China Life has established a comprehensive sustainable governance framework, in which the Board of Directors and Corporate Sustainability Development Committee integrate and supervise sustainable development-related operations of each department, and introduce international sustainability concepts and actions of other countries.
China Life and its parent company, China Development Financial Holding Corporation have jointly committed to net zero emissions, and China Life continues to improve measures for responsible investment, incorporating the impact of climate change into risk management and investment decisions. China Life periodically monitors the carbon emission of its investment portfolio, seeks green investment opportunities, and strengthens engagement with investees. China Life completed insurance service carbon footprint inventory and obtained the ISO 14067 verification for its own business operations based on insurance policy life cycles in 2022. Inventory data is used as the basis for optimizing processes and strengthening digital transformation to reduce carbon footprint.
To further inclusive finance, China Life launched the "One policy one love, passing on hope and sharing love" campaign in 2022, and invited policyholders to get involved in charity. For each traditional insurance product purchased through an insurance agent, China Life donates NT$100 to the Maria Social Welfare Foundation, with the Company’s employees also making donations, becoming the epitome of best interpretation of charity partnership. Furthermore, China Life collaborated with Chi Mei Medical Center, National Cheng Kung University Center for Research of E-life Digital Technology, Tokio Marine Newa Insurance, and World Gym in creating a cross-industry ecosystem that provides policyholders with better health management and financial services.
China Life has been repeatedly recognized by domestic and overseas authoritative institutions for managing climate change risks and seizing opportunities. China Life was jointly selected by Financial Times and Nikkei Asia as an "Asia-Pacific Climate leader" in 2022, and was the only insurance company in Greater China and Taiwan to be selected. China Life was recognized with Taiwan SIA for two consecutive years for implementing responsible investment. China Life's overall sustainability performance, as well as information disclosure and communication with stakeholders through different platforms, e.g. the Company’s Sustainability Report, has been recognized with the Taiwan Corporate Sustainability Awards (TCSA) for many consecutive years. China Life was recognized by the competent authority for excellent performance in the "Treating Customers Fairly Evaluation" four times for its protection of consumers' rights and interests, and optimization of financial services.
Sustainable development is key to economic and social sustainability. China Life strives to be a driving force for sustainable development, and encourages sustainability innovation and transition. China Life actively works with different parties and forms cross-industry alliances to create a sustainability ecosystem. Only by working together can we truly achieve sustainable development for society and future generations.
