• Sustainability
  • SustainableManagementENG
  • SustainabilityDevelopmentStrategyENG
  • The insurance industry is an industry which reflects the current issues and expectations of society. For example, issues such as an aging population, wealth gap and climate change might have a direct impact on the environment, society, as well as the daily lives and health of the public. All of these factors may impact business operations. China Life upholds its “We Share We Link” core value in seeking sustainable development. Relying on our professional expertise and resources, we generate positive influence on society, maximizing long-term interests for our customers, shareholders, employees and society.

    China Life established the “Corporate Social Responsibility Committee” in 2014, and has promoted and fulfilled its corporate social responsibilities. In alignment with domestic and international sustainability trends and taking into consideration the impact of material issues, China Life incorporates ESG mechanisms in achieving sustainable development.

    Sustainable development strategies and goals

    Referencing the 17 UN Sustainable Development Goals (SDGs) and Taiwan’s sustainable development objectives, China Life stipulated four sustainable development themes of “Integrity and governance,” “Professional development,” “Value co-creation,“ and “Green services” in response to the global sustainable development needs, making the world a better place.

    Sustainability Topic Management

    To ensure that disclosed information meets the expectations of stakeholders, China Life regularly and systematically identifies sustainability issues, then carries out risk analysis on the material items. By negotiating with stakeholders based on material topic analysis procedures, we referenced the opinions of stakeholders and senior management, and with final approval from the CSR Committee and the Board of Directors, we identified 12 material topics: corporate governance and ethical management, risk management, information security and personal information protection, sustainability strategies, compliance, treating customers fairly principles, operational performance, corporate image and reputation, anti-money laundering and combating the financing of terrorism, FinTech and innovation, talent attraction, cultivation and retention, and responsible investment. In the interest of completeness, information relating to other sustainability issues are disclosed throughout the Report.

    Material Topic Analysis Procedure

    Step1 Sustainability Topic Updates China Life refers to past material topics analysis, global indicators and standards, the special characteristics of finance and insurance industries, and global sustainability trends to regularly update our annual list of sustainability topics, which focuses on ESG issues.
    Step2 Material Topic Identification Based on the identified stakeholders list, China Life distributed and recovered 153 questionaires to internal and external stakeholders. Responses provided valuable insight into stakeholders’ level of concern towards sustainability topics.
    Senior management evaluated the impacts on operations and economy, environment and society. Findings provided valuable insight into the degree of impact of each sustainability topic.
    Step3 Material Topic Confirmation Based on the degree of concern stakeholders showed towards each topic as well as the predicted impacts on operation, economy, environment, and society, we established the material topics matrix for 2020 and the 12 material topics. The CSR Committee and Company Chairperson were responsible for the final confirmation.
    Step4 Corresponding Themes and Management Approach China Life established management approach for all identified material topics,in line with GRI Standards, in order to ensure effective implementation of related actions.

    2020 Material Topics Matrix

    Material Topics

    Sustainability Aspect Material Topic Material Topics’ Meaning for China Life Material Risk Assessment and Performance Indicators
    Governance Sustainability Strategies Our pursuit of corporate sustainability is based on forward-looking ESG strategies and planning together with actions to implement CSR. Regular analysis of material issues to understand ESG-related sustainability risks. We formulate short-, mid- and long-term goals to strengthen management.
    Corporate Governance and Ethical Management We are committed to ethical management, developing a strong corporate governance system, and implementing robust disclosure and transparency policies to meet the expectations of internal and external stakeholders. The Ethical Management Committee regularly monitors risks and set a goal of making 100% of our employees aware of ethical management.
    Operational Performance Stability and growth are basic promises we make to shareholders and policyholders. Diverse products, prudent investments, and strict risk management contribute to robust annual profits that leads to innovations and advancement. We deeply value policyholder and stakeholder rights and interests, developing diverse products to satisfy customer needs, and expanding our diverse range of services to ensure the Company’s long-term operational advantage.
    Risk Management To guarantee asset security, improve service quality, and increase value for shareholders, we built a prudent risk management system. Comprehensive control measures include identifying, measuring, monitoring, responding to, and reporting on risk. Formulate comprehensive risk management policies and organization. Use operational risk dashboard to regularly evaluate and revise our risk indicators and standards.
    Information Security and Personal Information Protection Build an information security management system as well as a PIMS. Our rigorous approach to information security and personal information protection ensures that private information is secure, so customers’ minds are at ease. Establish the Information Security Committee and the Personal Information Protection Management Committee to monitor implementation and feasibility of our information protection mechanisms. These measures ensured there were no major information security and personal information incidents in 2020.
    Compliance We act in accordance with the policies and laws of the Competent Authority. In daily operations, all departments adhere to government rules, and offer full disclosure of displinary action received for environmental, economic, and social issues. Comprehensive risk assessment mechanisms ensure compliance. Annual compliance risk assessment improves monitoring, and respond to stricter financial supervision trends.
    Anti-Money Laundering and combating the financing of terrorism Implement AML/CFT policies to guarantee the rights and interests of policyholders, maintain financial stability, and strengthen prevention against financial crimes. Build a risk management framework based on corporate governance, system design, controls and procedures, risk management, and independent auditing.
    Corporate Image and Reputation While conducting internal operations and external marketing of products and services, we maintain our excellent reputation by adhering to the brand spirit of “We Share, We Link”. Internally, we promote the Company’s vision and build a corporate culture that all employees shall implement in their daily work.
    Responsible Investment For potential investments, we weigh the ESG implications before making decisions. For invested companies, we assess their CSR achievements and engage in active negotiations. Besides issuing monthly investment reports that review the financial status and CSR performance of invested companies, we track their operational status and report to senior management for review.
    Sustainability Aspect Material Topic Material Topics’ Meaning for China Life Material Risk Assessment and Performance Indicators
    Social Talent Attraction, Cultivation, and Retention Employees are the Company’s most important asset. To cultivate innovative thinkers with professional skills, we offer comprehensive education, training, and review system that helps our employees grow together with the Company. Put talent development within the human resources management chain of “selection, cultivation, utilization, and retention,” while developing talents with the skills needed to prosper in the digital finance age.
    Treating Customers Fairly Principles China Life is committed to providing policyholders with top quality service and thoughtful care. From product sales and after-sales service to complaint management, we work meticulously to protect customers’ rights and interests. Establish the Treating Customers Fairly Committee, which regularly compiles related measures and reports to the Board for review.
    FinTech and Innovation Responding to the approach of the digital age, we integrate innovative digital applications into our operations with policyholders’ needs in mind. Our goal is to improve service quality and provide customers with a brand new experience. Develop a digital finance blueprint that promotes digital transformation from the perspectives of people, technology, and procedures, consolidating the Company’s competitiveness as FinTech continues to be the modern trend.