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Buildingagreatlife

insuranceindustryin

ChinaCIRCChinalifeinsurancesummitNovember11,2023ShenzhenCONFIDENTIALANDPROPRIETARYAnyuseofthismaterialwithoutspecificpermissionofMcKinsey&Companyisstrictlyprohibited202320232023Firsteditionpromotestheimportance

ofavibrantLifeindustryinChina1202320232023Secondeditionpressreleasearguesfor

sustainablelong-termindustrydevelopment2202320232023Lastyear’ssummithighlightsPotentialoflifeproductstoincreasepeaceofmind,lowersavingsrates,andstimulateGDPLeverspromotingLTSPpenetrationConsumereducationTaxincentivesNextgenerationbancassuranceProductchannelinnovationQualityagencyforce3202320232023SummarizeimportanceoflifeinsurancetoChinaReflectonwhereLifeIndustry

isinitsjourneyOfferideasonroleofindustry,regulator,andgovernment

inacceleratinggrowth4202320232023SummarizeimportanceoflifeinsurancetoChinaReflectonwhereLifeIndustry

isinitsjourneyOfferideasonroleofindustry,regulator,andgovernment

inacceleratinggrowth51.ImportanceoflifeindustrytoChinaPromotepeaceofmindandsocialharmonywhilegovernmentbuildssocialsafetynetPromotefinancialstrengthofemergingmassaffluentmarketAcceleratedevelopmentofhealth

andretirementmarketsascountryagesContributetolowersavingsrateandhigherconsumptiontostimulateGDPgrowthGeneratelong-termcapitaltofundinfrastructure6202320232023SummarizeimportanceoflifeinsurancetoChinaReflectonwhereLifeIndustry

isinitsjourneyOfferideasonroleofindustry,regulator,andgovernment

inacceleratinggrowth72.WhereisChinalifeindustryinitsjourney?IndustryProductsChannelsEconomic

focusCustomer

focus813GDPpercapita$1,000China(2023)JapanLifeinsurancepenetration,2023PremiumpercentageinGDP，%SingaporeHKKoreaTaiwanIndonesiaPhilippineThailandMalaysiaIndiaChinaIndustrySOURCE:SwissReinsurance,Sigma:

WorldInsurance

2023;teamanalysis

Futurerapidmarketgrowthincoming5-10years“Semi-mature”

market“Mature”

market“Start-up”

market9Stage3Stage2Stage1Basicprotection(life,accident)Basicsavings–fixedincomeIndemnityhealthMassmarketProducts

10Stage3Stage2Stage1Products

Sophisticatedlifeproducts–UL,endowment,secondtodieSavingsproductswithvariablecomponentsCorporatelife,pensionandhealthBasicretirementproductsMassandmass-affluentproducts11Stage3Stage2Stage1Products

SophisticatedfixedandvariableannuitiesMedicalreimbursementIndividualandgroupdisabilityWiderangeofinvestmentvehicles

andguaranteesforcorporatepensionsLong-termcare12Stage3Stage2Stage1Channels

Agency/BrokerLarge,mass,high-churn,sellfamilyandfriends13Stage3Stage2Stage1ChannelsAgency/BrokerDisciplinedbest-practicesmodelwithfocusedcentralizedservicingandtechnicalsupport

14Stage3Stage2Stage1ChannelsAgency/BrokerTopagentsexittocreatebrokerandfinancialadvisorfirmsPracticemodelsformassaffluentofferingfinancialplanning,assetmanagement

15Stage3Stage2Stage1Channels

BancassuranceLow-value-addedcommodityproducts16Stage3Stage2Stage1ChannelsBancassuranceInsurerprovidesvalue-addedsalesandmarketing

17Stage3Stage2Stage1Channels

BancassuranceFinancialpartnershipandbundledproducts18OtherchannelsCorporateAffinityInternetChannels

19Stage1VolumeEconomiccontributionEconomicFocus

20Stage2VolumeEconomiccontributionEconomicFocus

21Stage3VolumeEconomiccontributionEconomicFocus

22Stage3Stage2Stage1AllaboutthepolicyCustomerFocus

23Stage3Stage2Stage1Moreexplicitmanagement

ofrenewalsfrequentlyleveragingcentralizedsupportCustomerFocus

24Stage3Stage2Stage1Integratedcustomermanagementleveragingcustomerdatabases,productinitiativesoverlifestages,cross-sellingCustomerFocus

252.WhereisChinalifeindustryinitsjourney?IndustryProductsChannelsEconomic

focusCustomer

focus26202320232023SummarizeimportanceoflifeinsurancetoChinaReflectonwhereLifeIndustry

isinitsjourneyOfferideasonroleofindustry,regulator,andgovernment

inacceleratinggrowth273. Acceleratingindustrydevelopment–companiesStrengthenfoundationalpillarsFinancialdisciplinesPerformancemanagementTalentChannelsMoredisciplinedvalue-addedmodelsBroadenandexperimentDifferentiatedgeographicandcustomersegmentmodelsProductmanagementdisciplines–

design,pricing,risk,economicsCorporatestrategy–focusresourcesoncore283. Acceleratingindustrydevelopment–regulatorProtectsolvency–trust-basedbusinessEncourageinnovationinproductsandchannelsContinuetobroadeninvestmentoptions

withcontrolsRaiseproducerqualitystandardsformore

sophisticatedproductsEncourage/rewardforeignersforinnovativemodelsIncentsaleforLTSPEncouragemarketresearchonconsumerattitudes

andbehaviors293. Acceleratingindustrydevelopment–marketresearchinitiativeMajormarketresearchefforttodevelopfact-basedunderstandingofDriversofconsumersavingsbehaviorCustomerinsurancepurchasetriggers

andexperienceCustomerattitudestowardrisks,advisors,

andfinancialinstitutionsLinkagesbetweeninsuranceandsavingsApproachIn-depthqualitativeinterviewstounderstandattitudesandbehaviorsSurveyofapproximately4,000consumersUnderstanddifferencesbysocioeconomic

andgeographicsegmentsSynthesistodeterminekeydriversofinsurancepurchaseandindustryimplications303. Acceleratingindustrydevelopment–governmentBuildawarene

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