Since the 18th National Congress of the CPC, by leveraging the advantage of group-wide management, ICBC-AXA Assurance Co., Ltd. (ICBC-AXA) controlled by ICBC has deepened insurance product and service enhancement, ranking first in size of premium among joint venture and bank insurance companies. Over the past five years, it provided over 3.37 million individual and group customers with RMB one trillion worth of risk security, with premium income increased by 64% annually on average. The assets grew from RMB 5 billion shortly after its foundation to RM 124 billion in the first half of 2017, up by around 24 times.

On July 19, 2012, ICBC-AXA Assurance Co., Ltd. was officially incorporated in Shanghai, symbolizing the official entry of ICBC into the insurance market. As one of the pilot companies approved by the State Council for equity participation in insurance by commercial banks, ICBC-AXA adopted differentiated management strategies, tapped into the advantage in product innovation and explored diversified sales channels in the past five years. Focusing on four key areas urging for financial security and wealth planning including child education, retirement planning, family security and wealth management, it provided customers with tailor-made insurance solutions and services to meet increasingly diversified demand. This not only enriched life insurance products and services in China, but also realized leap in its own business.

Firstly, the management scale and security ability of ICBC-AXA realized substantial growth. For instance, its premium income grew from RMB 4.75 billion in 2012 to RMB 34.27 billion in 2016 by over six times. The assets exceeded RMB 100 billion, making it one of the frontrunners in the industry. The investable assets grew from RMB 2.9 billion shortly after its foundation to RMB 98.5 billion in the mid-2017 by 33 times. The Company set up subsidiaries in 75 cities across 18 provinces, municipalities and autonomous regions in China. Over the past five years, it handled over 1.56 million claim cases and paid a total of over RMB 1.7 billion insurance compensations, providing reassuring security for over one million customers at key moments.

Secondly, the Company drove reform and innovation by focusing on customer demand and formed an integrated sales platform covering bank insurance, group insurance and personal insurance both offline and online. Over the past five years, it has endeavored to explore the new mode of regular payment management at bank outlets and ascended among the top in bank insurance companies. It has developed Internet insurance, with various online channels such as online sales, telephone sales, official WeChat account and ICBC Internet financial platform robustly developing and varied online services such as hospital appointment, self-service claim and health management launched one after another. In non-standard areas, it accumulated valuable experience in project selection, risk evaluation and post-investment management, becoming a leading non-standard investor and project supplier in the industry.

Thirdly, ICBC-AXA made efforts to improve information-based insurance business and put into use an independently developed core business system. In the past five years, the Company successfully developed and used the new-generation core business system, realizing shift to independently developed core business system. It also developed and launched major systems such as group insurance, investment, actuarial sector, financial and office work and implemented the new model of bank insurance management. It IT safety ascended among the top in the industry, as electronic seals and important information on policy became available at ICBC self-service terminals to replace paper documents.

According to an official with ICBC-AXA, the Company will continue to practice the philosophy of delivering better services to customers, creating greater return to shareholders and realizing employees’ self-fulfillment. By leveraging the strategic synergy with shareholders, it will explore innovative development as a bank insurance company, and provide customers with quality insurance services.