The Asia Responsible Enterprise Awards (AREA) 2023 is pleased to honor 78 outstanding business leaders and enterprises for championing sustainable and responsible business practices. Presented by leading regional NGO Enterprise Asia, the AREA is the most reputable award recognition program recognizing organizational efforts in creating a culture of compassion, integrity, and in being socially responsible corporate citizens. The AREA serves as a badge of excellence to spur further innovation and best-practice for sharing about the organization and the world at large.
China Life Insurance Co., Ltd (China Life) was among the recipients who were conferred with the Green Leadership Award. Established in 1963, China Life is a subsidiary of China Development Financial and one of Taiwan’s top five life insurance companies. With a focus on asset-liability management, the company consistently delivers solid operational performance. China Life is committed to embedding sustainability in its core business and implementing a low-carbon transition.
China Life is on a Mission to become the most trusted life insurance company, spearheading the industry’s transition to green finance. With a comprehensive climate governance framework in place, it seamlessly integrates carbon reduction and responsible financial principles into its operations.
China Life’s climate governance involves key stakeholders, including the Board of Directors, the Corporate Sustainability and Risk Management Committees, and the senior management. It proactively monitors global climate trends and effectively integrates climate issues into its core business practices.
Its investment management adheres to the esteemed Responsible Investment Principles, bolstered by a robust “Responsible Investment Policy” and “Sustainable Finance Commitment”. China Life also actively supports alternative energy industries and is committed to divesting from coal, unconventional oil, and gas investments by 2040.
Notably, China Life holds the prestigious ISO 14097 and ISO 14067 certifications, demonstrating its commitment to reducing carbon emissions, investing in renewable energy, and assessing its carbon footprint. The company serves as a benchmark for low-carbon operations, setting an example for the entire industry. China Life has redefined the landscape of life insurance, leading the charge toward a sustainable future.
With the Vision to become the most reliable life insurance company, China Life has committed to being a leader in green finance. China Life strives to demonstrate the sustainable value of the life insurance industry as an important force for social stability. The company is ahead of its peers in establishing a comprehensive climate governance framework and actively integrating carbon reduction and responsible financial principles into its investment and operational activities.
China Life reviews the progress of its climate risk management achievements every quarter and reports them to the Sustainable Committee and the Board of Directors. As of the end of 2022, key achievements include a 44% reduction in the carbon footprint of China Life’s investment portfolio compared to 2020, and the proportion of high-carbon emitting industries in the investment portfolio has decreased to 18%. The headquarters building has been certified with ISO 50001 and a business continuity management mechanism has been established, which has been verified through the ISO 22301 certification.
Moving forward, China Life continues to promote process digitalization, including electronic policies, mobile insurance applications, and various online services. It is the first company in Taiwan to launch a remote facial recognition insurance application process, which successfully enabled business promotion and protection services to continue during the Covid-19 period and received international recognition with several awards. At the same time, through the integration of AI and big data databases, China Life continues to enhance AI intelligent coaches to train and support newly recruited agents, enabling them to learn and serve policyholders more efficiently.
About Enterprise Asia
Enterprise Asia is a non-governmental organization in pursuit of creating an Asia that is rich in entrepreneurship as an engine toward sustainable and progressive economic and social development within a world of economic equality. Its two pillars of existence are investment in people and responsible entrepreneurship. Enterprise Asia works with governments, NGOs and other organizations to promote competitiveness and entrepreneurial development, in uplifting the economic status of people across Asia and in ensuring a legacy of hope, innovation and courage for the future generation. Please visit https://www.enterpriseasia.org/ for more information.
About Asia Responsible Enterprise Awards (AREA) The Asia Responsible Enterprise Awards program recognizes and honors Asian businesses for championing sustainable and responsible entrepreneurship in the categories of Green Leadership, Investment in People, Health Promotion, Social Empowerment, Corporate Governance, Circular Economy Leadership, Corporate Sustainability Reporting, and Responsible Business Leadership. For more information, visit: https://enterpriseasia.org/area/.