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  • We engage with stakeholders through multiple channels to timely receive feedbacks from each type of stakeholders, then adjust relevant management actions accordingly or provide needed information to benefit such good engagement relationship.

    Adopting a systematic process for stakeholder identification, China Life referenced AA 1000 Shareholder Engagement Standards to identify relations with stakeholders, using five major indicators responsibility, influence, tension, diverse perspectives, and dependency – for evaluation. After compiling comments from department heads and analysis, we selected 10 types of major stakeholders for China Life, including the competent authority, channel partners, public institutions and industry associations, shareholders and investors, policyholders, employees, media, suppliers and contractors, invested companies, and charity organizations and NGOs.


    Competent Authority

    What Stakeholder Mean to China Life

    Engage in ethical management of life insurance business and comply with all rules and regulations.

     
    Issues of Concern
    • Anti-money laundering and combating the financing of terrorism
    • Sustainability strategies
    • Corporate governance and ethical management
    • Compliance
    • Information security and personal information protection
     
    Issue Content
    • Comprehensive AML/CFT analysis
    • AML/CFT implementation
    • Sustainability strategies implementation
    • Power use reduction, energy savings planning, and carbon emissions reduction implementation
    • Ethical regulation and management status
    • Compliance status
    • Compliance with the financial information security action plan
    • Information security and defense measures for websites and applications
    • Information security defenses and mobile app security
     
    Contact

    Compliance Dept.

    China Life's Response

    • Results of AML/CFT analysis show that we adhere to our risk appetite and risk limits
    • Based on the requests of the Competent Authority, each quarter we report our AML/CFT implementations and improvements
    • Inject resources to promote digitalization and innovation, in support of the Competent Authority’s sustainable development strategies
    • Fulfill CSR in compliance with government laws and regulations
    • In coordination with the FSC’s financial information security action plan, plan and implement relevant measures. Review implementation results every -> six months, starting in 2021
    • Build management mechanisms for information security management system as well as WAF, IPS, and APT defense solutions
    • Continue to introduce and obtain ISO 14064-1:2018 GHG emission certification
    • Establish, announce, and implement internal information security standards for applications and programs, in line with self-regulation revisions

    Engagement Approach

    • Provide Competent Authority with reports or descriptions of relevantbusiness matters
    • Participate in government meetings and events, and offer recommendations
    • Participate in conferences and seminars
    • Disclose data to the Competent Authority to assist with oversight and inspections, or provide official letters on case progress
    • Routine communication via telephone, e-mail, documents (letters), and meetings

    2020 Engagement Performance

    • Participated in a FSC “insurance industry corporate governance seminar” to discuss corporate governance, ESG, and responsible investing
    • Submitted a report on the operations of invested companies in China to the FSC’s Insurance Bureau
    • Joined a seminar on internal audits for the insurance industry
    • Worked in collaboration with the FSC’s Insurance Bureau to hold four discussion forums on “identity authentication procedures for mobile insurance pilot”
    • Participated in an “insurance industry corporate governance seminar” and used key points from the seminar as reference points for strengthening the Company’s corporate governance and responsible investing
    • Participated in an “insurance industry information security explanatory meeting” to understand the supervisory approach of the Competent Authority and their policy direction. These insights were valuable references when the Company formulated information security development strategies

    Channel Partners

    What Stakeholder Mean to China Life

    Cultivate close relations with all cooperative channels and provide excellent products that create win-win situations.

     
    Issues of Concern
    • Information security and personal information protection
    • Operational performance
    • Treating customers fairly
    • Corporate image and reputation
    • Risk management
    • Anti-money laundering and combating the financing of terrorism
     
    Issue Content
    • Product information
    • Mobile insurance information
    • Information protection and security status
     
    Contact

    Marketing Planning Dept.

    China Life's Response

    • Maintain positive and effective communication with channel partners, and provide them with needed information on products and mobile insurance
    • Provide channel partners with excellent products and maintain good business relationships

    Engagement Approach

    • Agent and other digital consultation hotlines
    • Broker agent consultation hotlines
    • Maintain communication with channels partner over e-mail, telephone, face-to-face discussions, meetings, as well as education and training sessions

    2020 Engagement Performance

    • Channel partners included 126 insurance brokers, 28 banks, and 15 securities firms
    • Established mobile insurance projects with 22 banks and insurance brokers
    • Total annual business from our bancassurance channels reached NT$54.118 billion, including a record NT$10.656 billion from regular pay insurance products, accounting for 19.69% of the total, and raising the Company’s embedded value
    • Cooperated with three banks to provide online insurance purchases, and offered interest sensitive annuity on the banks’ e-commerce platforms
    • Channel partners signed contracts committing to AML/CFT regulations. When responding to legal or regulatory requests, we notify our channel partners in writing or in person

    Public institutions / Industry associations

    What Stakeholder Mean to China Life

    Participate in insurance-related research conducted by public institutions and industry associations; adhere to association regulations.

     
    Issues of Concern
    • Compliance
    • Risk management
    • Information security and personal information protection
    • Anti-money laundering and combating the financing of terrorism
    • Inclusive financing
     
    Issue Content
    • Compliance status
    • Risk management implementation and Task Force on Climate-related Financial Disclosures (TCFD) evaluation
    • Policy research assistance
    • Opinions towards legal amendments relevant to AML/CFT laws as well as practical responses
    • Guaranteeing rights to purchase insurance for the disabled
     
    Contact

    Product Development Dept.

    China Life's Response

    • To aid insurance industry innovation and progress, we shared the Company’s experience ratio and other statistic data with the Life Insurance Association of the ROC (LIA-ROC). Also made recommendations for improving supervisory and accounting systems from the Company’s perspective
    • Joined the LIA-ROC in researching modifications to the “underwriting principles for people with disabilities” as well as “underwriting evaluation procedures for people with disabilities”
    • Provide policy asset inquiries of the deceased in coordination with National Taxation Bureau policies to make financial inheritance more convenient
    • Attend meetings convened by LIA-ROC

    Engagement Approach

    • Participate in LIA-ROC meeting, discussions, and seminars
    • Provide requested information to LIA-ROC
    • Use telephone, e-mail, documents (letters), and meetings to engage in routine communications

    2020 Engagement Performance

    • Participated in the Taiwan Insurance Guaranty Fund seminar on “2020 emerging risk trends and the corresponding environment, challenges, and opportunities for the insurance industry”
    • Participated in three meetings of the insurance industry risk management regulatory task force
    • Participated in two meetings on enterprise risk management (ERM) with Taiwan Insurance Guaranty Fund, Non-Life Insurance Association, and LIA-ROC
    • Participated in Actuarial Institute of Chinese Taipei seminars on “enterprise risk management, emerging risk, and business continuity management” as well as “ORSA stress testing practices and review”
    • Responded to LIA-ROC questionnaires on “TCFD investigation and research into Taiwan life insurance industry,” “difficulties in introduction TCFD,” and “TCFD research report and guidelines feedback”
    • Participated in the LIA-ROC “TCFD research report and guidelines” interim and end-of-term meetings
    • Participated in fund allocation meetings, as described in Article 146 of the Insurance Act
    • Participated in LIA-ROC anti-money laundering promotions, education and training
    • Provided the Company’s annual progress in AML/CFT education and training to the LIA-ROC

    Shareholders/Investors

    What Stakeholder Mean to China Life

    Pursue stable operational growth and strict risk management to maximize value for shareholders.

     
    Issues of Concern
    • Operational performance
    • Risk management
    • Information security and personal information protection
    • Corporate governance and ethical management
    • Compliance
    • Responsible investment
     
    Issue Content
    • Earnings capacity
    • Dividend policy
    • Financial performance and long-term value creation
    • Asset and liability management
    • Capital standard maintenance
    • Interest rate and exchange rate risk management
    • Timeliness and transparency of information disclosures
     
    Contact

    Corporate Sustainable Development Department.

    China Life's Response

    • Publish semiannual / annual financial reports and shareholders’ meeting information before the regulatory deadline; conform to standards in other advanced nations to ensure that domestic and foreign investors can obtain abundant information in a timely manner
    • Continue to communicate operational strategies and performance at various investor meetings
    • Demonstrate stable asset, liability and risk management capabilities as well as maintain long-term positive spread
    • Maintain robust capital standards

    Engagement Approach

    • The Investor Relations Department, which serves as the primary unit responsible for communicating with investors, replies to investor and analyst inquiries by telephone or e-mail
    • Hold annual and extraordinary shareholders’ meetings
    • Hold investor meetings
    • Attend domestic and overseas investor conferences and roadshows
    • Publish important announcements and information in Chinese and English on the bilingual investor relations page of the corporate website
    • Publish Chinese and English financial reports, general shareholders’ meeting agenda handbooks, supplementary information, and annual reports on the corporate website and the Market Observation Post System

    2020 Engagement Performance

    • In 2020, net profit was NT$15.548 billion, an increase of 14% compared to 2019, and earnings per share were NT$3.29
    • Held one annual shareholders’ meeting. The attendance rate and voting rates in favor of proposals from foreign shareholders both surpassed 70%
    • Held one annual investor meeting
    • Participated in three online investor meetings and roadshows
    • PPublished semiannual financial reports 10 days before the regulatory reporting deadline, a first in the life insurance industry
    • Published annual financial reports one month before the regulatory reporting deadline and within two months after the end of the fiscal year
    • Published the annual general shareholders’ meeting agenda handbook, supplementary information, and annual report seven to nine days before the regulatory deadline

    Policyholders

    What Stakeholder Mean to China Life

    Offer a wide range of high-quality insurance products with helpful after-sales service to satisfy the needs of various policyholders.

     
    Issues of Concern
    • Treating customers fairly
    • Information security and personal information protection
    • Corporate image and reputation
    • Operational performance
    • Sustainability strategies
     
    Issue Content
    • Treating customers fairly status and related practices
    • Information and implementation relating to latest product services, exclusive discounts for policyholders, and after-sales value-added services
    • Timeliness and service channels for customers
    • Personal information protection for policyholders
    • Corporate sustainability and green finance implementation
    • FinTech innovations
     
    Contact

    Customer Complaint Dept.

    China Life's Response

    • Satisfy the needs of different groups of policyholders by offering diverse service channels, including online and offline communication options; provide added services that meet policyholder needs, such as policy reviews
    • Effectively improve customer services by upgrading customer service systems from the original computer telephony integration (CTI) system to an e-Voice system
    • Share exclusive discounts for members and information on special activities for policyholders
    • Use “love and care” as the basis for ongoing innovation, provide specialized products for people with disabilities, such as materials with Braille to treat customers fairly
    • Focusing on user experiences, we pioneer the use of facial recognition in insurance applications. These FinTech innovations provide greater convenience for policyholders while protecting the environment and reducing carbon production
    • Continue to monitor the market environment changes, adjusting investment portfolios when needed to generate long-term stable investment income and maintain steady operational development
    • Continue to win domestic and international praises and awards for our strict risk management, corporate governance, and sustainable operations. Stay committed to corporate social responsibility and dedicate to environmental protection, green procurement, green finance, and other sustainable practices
    • Care for the elderly and disadvantaged with proactive support, including home calls for claims applications, filling out policy change applications, and collecting documents
    • Customer service staff members are dedicated to obtaining relevant certifications, such as life insurance sales agents or life insurance manager certificates, in order to strengthen their professional service capabilities
    • Obtain BS 10012 Personal Information Management System certification
    • Establish a dedicated department to handle policyholder complaints, including case allocation and registration, building comprehensive complaint settlement procedures that ensure proper handling and quality. When a disabled person makes a complaint, appropriate communication methods are used (telephone, face-to-face interviews, written interviews, messages, email, documents, or tape recordings) to uphold the rights and interests of all policyholders

    Engagement Approach

    • Sales service staffs
    • Local customer service counters
    • Designated customer complaints channels for daily communications
    • Free customer service hotline: 0800-098-889
    • Overseas inquiry hotline: +886-4-36083600
    • Overseas emergency hotline: +886-2-25360077
    • “Peace of Mind” phone insurance application service hotline: 0809-001-005
    • Customer service and complaints channels through regular mail and fax
    • Automatic delivery of policyholder notifications
    • Corporate website: Consultation messages, policyholder section, online policy purchase section, stakeholder section, free e-newsletter subscriptions
    • Social media platforms: Facebook, Instagram, Line
    • News reports

    2020 Engagement Performance

    • Visitors to the corporate website reached 1.8 million, with total views of over 3.19 million and 5,128 comments. Visitors to the online policy purchase section reached 850,000, with total views of over 2.53 million
    • Linked the Company’s social media platforms to the corporate website, forwarded related news, and posted 89 messages, accumulating over 1.8 million views
    • Sent 28 eDMs to members
    • Sent 12 policyholder newsletters with a total of 78 articles
    • Average response time to notifications from customer inquiry through 0800 calls was 0.8 days, demonstrating fast and timely service
    • Optimized the “China Life e-Secretary” function on our corporate website’s policyholder member center by simplifying the registration procedures to improve operational efficiency
    • Cooperated with 6,180 commissioned institutions
    • Gathered policyholder feedbacks and opinions as part of our customer satisfaction surveys. Achieved satisfaction rate of 4 or above (out of 5) in 99.16% of cases. Overall satisfaction rates were gradually improving each year
    • To improve service quality, we hold a “service ambassador” selection every 6 months. In 2020, ten “Top 5 service ambassadors” were further selected from 26 service ambassadors, with four ceremonies being held
    • Cooperated with Duofu Care & Service and Duofu Holidays. Besides offering discounts to policyholders who make appointments for Duofu services, we co-hosted a special activity day for people with disabilities

    Employees

    What Stakeholder Mean to China Life

    Employees are the Company’s most important asset. To cultivate good employees, we provide training plans as well as competitive pay and benefit packages.

     
    Issues of Concern
    • Employee pay and benefits
    • Operational performance
    • Workplace health and safety
    • Corporate governance and ethical management
    • Employee attraction, cultivation, and retention
     
    Issue Content
    • Employee pay and benefits status
    • Disease prevention implementation
     
    Contact

    Human Resources Dept.

    China Life's Response

    • Maintain positive two-way communication channels with employees in order to uphold harmony between labor and management
    • Quarterly labor-management meetings
    • Publish monthly internal materials that target Company employees as the main subjects
    • Reach out to employees on Line, which has the highest user rate of all chat apps in Taiwan, and provide information updates that keep employees posted on big and small news of the Company

    Engagement Approach

    • Quarterly labor-management meetings
    • Diverse education and training programs
    • E-learning platform for employees on the corporate website
    • Publish the internal Employee Corner magazine
    • Online communication channels: i-Agent digital consultation hotline, digital interactive platform Top Force Network, the i-Link app, hiBox e-mail, internal and external Line group “China Life e-Family Line@ account,” and digital bulletin boards
    • List complaint channels and related information on the Company’s internal website, and handle employee complaints in accordance with the Labor Inspection Act

    2020 Engagement Performance

    • Held four labor-management meetings to report on and discuss labor trends, business status, and labor-related issues
    • Published 12 issues of Employee Corner magazines
    • China Life e-Family Line account posted 237 messages
    • Published 159 breaking news updates
    • Two home office labor conditions were inspected: holiday overtime pay reimbursement and regulations governing application for pregnancy leave. After the Company provided relevant information to the labor authorities, no legal violations were detected

    Media

    What Stakeholder Mean to China Life

    Maintain good media relations and issue press releases to strengthen our brand image.

     
    Issues of Concern
    • Inclusive finance
    • Operational performance
    • Corporate image and reputation
    • Information security and personal information protection
    • Labor-management relations
     
    Issue Content
    • Provision of inclusive finance products and services
    • Financial performance and long-term value creation
    • Emergency disaster assistance
     
    Contact

    Public Relations Dept.

    • Name: Julia Chen
    • Position: Senior Manager
    • Tel: 02-2719-6678 ext. 1050
    • E-mail: pr@chinalife.com.tw

    China Life's Response

    • Regularly and proactively issue press releases on topics of concern to the media. When there is an emergency, disaster, or other critical issue, the Company relevant information and issues press releases.
    • Publish news reports on the corporate website to promote social risk management awareness as a professional life insurer. Adhere to our core corporate spirit of “love and care” while carrying out digital innovations and transformations that bring greater recognition to the quality of our service. Provide information on awards, sustainability actions, and other positive messages to boost our corporate brand and image

    Engagement Approach

    • Establish a designated media unit
    • Issue monthly press releases and produce special news reports
    • Hold news conferences
    • Note current trends and key points in press releases to encourage quotation by the media
    • Social media networks: Facebook, Instagram
    • Disclose information on the “Latest News” section of the corporate website
    • Hold media banquets

    2020 Engagement Performance

    • The Public Relations Department, our chief media communication unit, regularly communicated with the media over e-mail, phone, and messaging apps
    • Issued 85 press releases. Proactive publishing or provision of press releases and information or arranging interviews with spokespeople contributed to 2,258 media reports and 100% positive coverage
    • Achieved 7,688 mentions across print media, magazines, and online media
    • Posted 457 posts on Facebook and Instagram to raise our social media profile and strengthen brand awareness. Total reach was 9.17 million people

    Suppliers/Contractors

    What Stakeholder Mean to China Life

    Actively manage our suppliers and make joint promises with them to implement corporate responsibilities.

     
    Issues of Concern
    • Sustainable management of supply chain
    • Information security and personal information protection
    • Corporate governance and ethical management
    • Operational performance
    • Corporate image and reputation
     
    Issue Content
    • Supplier evaluations
    • Supplier management complaint mechanisms
    • Procurement policies
     
    Contact

    Facility Service Dept.

    General Affairs Dept.

    China Life's Response

    • Supply chain management policies follow the Company’s procurement standards. Suppliers are selected using fair, equitable, and transparent methods, with priority given for excellent CSR performance. Negotiations, contract signings, progress updates, inspection and acceptance, and contract fulfillment management are transparent to better control the quality, delivery time, and price of delivered goods
    • Evaluate suppliers using the “Rules governing vendor corporate social responsibility,” focusing on labor rights and human rights, worker health and safety, environmental protection, and CSR. We also continue to publicize the Supplier CSR Section on our corporate website so that we can work with suppliers to support compliance with our CSR pledges
    • Suppliers and contractors can access the feedback sections on the CSR and stakeholder sections of our corporate website to file relevant complaints
    • Formulated the “Rules Governing Construction and Repair Work Management,” which include anti-conflict of interest clauses and other risk control mechanisms to ensure fair treatment of all contractors

    Engagement Approach

    • Disclose information on the “Supplier CSR Section” of the corporate website
    • Urge suppliers to sign the “Supplier CSR Commitment”
    • Convene annual selection meetings to update the list of qualified construction and repair contractors
    • Supplier evaluations

    2020 Engagement Performance

    • Green procurement amounted to NT$32.94 million. For the fifth consecutive year, the Taipei Department of Environmental Protection honored us for excellence in green procurement
    • 100% of general suppliers and construction and repair suppliers signed the “Supplier CSR Commitment”
    • Completed sustainability audits for 12 of our key suppliers

    Invested companies

    What Stakeholder Mean to China Life

    Fulfill the duties of an institutional investor by continuing to closely follow-up and communicate with invested companies, thus raising long-term investment benefits.

     
    Issues of Concern
    • Corporate governance and ethical management
    • Sustainability strategies
    • Compliance
    • Operational performance
    • Risk management
     
    Issue Content
    • Corporate governance and ethical management performance
    • Sustainability strategies development
    • Compliance and risk management status
     
    Contact

    Investment Management Dept.

    China Life's Response

    • Conduct annual inquiries into the status of invested companies to fulfill our responsibilities towards the use and management of policyholder funds. Continue to monitor and visit invested companies to inquire about their financial status and CSR performance. Results are recorded in research reports and delivered to senior management
    • Formulate responsible investment policies

    Engagement Approach

    • Attend investor meetings and shareholders’ meetings, and visit invested companies
    • Directly communicate with invested companies to understand their status. When relatively large performance abnormalities occur, meet with representatives of the affected company to understand the situation

    2020 Engagement Performance

    • Issued monthly investment reports that reviewed the performance of invested companies and followed up on their operational status, then delivered the reports to senior management for review. The scope covered 100% of invested companies
    • Participated in the shareholders’ meetings of public and OTC listed invested companies to the fullest extent the Authority allowed. Our participation rate was 100%

    Charity organizations / NGOs

    What Stakeholder Mean to China Life

    Use corporate resources to sponsor social activities held in conjunction with charity organizations to give back to society

     
    Issues of Concern
    • Employee diversity, human rights, and equality
    • Social participation
    • Inclusive finance
    • Workplace health and safety
    • Treating customers fairly
     
    Issue Content
    • Charity project promotion
    • Dementia prevention and advocating for a dementia-friendly society
     
    Contact

    Public Relations Dept.

    • Name: Ivy Deng
    • Position: Senior Manager
    • Tel: 02-2719-6678 ext. 1053
    • E-mail: pr@chinalife.com.tw

    China Life's Response

    • In the post-pandemic period, we inject corporate and community resources into online and offline charity activities to expand the number of beneficiaries and our influence
    • Since 2019, the Company has sponsored two major annual events held by the Taiwan Alzheimer Disease Association: World Alzheimer’s Month and the Cherished Memories Concert. Employees become Alzheimer’s care ambassadors, volunteering at the events and arrange for accessible vehicles to transport association staffs and Alzheimer’s patients to and from the event venues. This support eliminates barriers that would otherwise prevent patients from leaving their homes and interacting with the outside world

    Engagement Approach

    • Establish a designated unit
    • Hold online and offline social participation activities
    • Sponsor or donate to disadvantaged groups
    • Cooperate with charity organizations and rural schools to hold charity activities and conduct related education and training
    • Social media networks: Facebook, Instagram, Line

    2020 Engagement Performance

    • Organized 134 charity activities in cooperation with 82 philanthropic organizations, benefiting a total of 68,106 people
    • Reached NT$53.04 million in charitable contributions and 19,559 in volunteering hours
    • Cooperated with the Taiwan Alzheimer Disease Association to become the first life insurance company to be named a “dementia friendly organization.” 2,200 of our staff members completed a series of online classes on how to support customers with dementia