CITIC Baocheng’s back office determines wages according to rank from low to high-level clerks, directors, and managers, with three grades for each level. For example, clerks are classified as junior clerks, intermediate clerks, and senior clerks. Back office salaries are strictly divided according to grades. Newly graduated students are all junior clerks. CITIC Prudential Life Insurance Co., Ltd. was established in 2000. It was jointly established by CITIC Group of China and Prudential Group of the United Kingdom, with each party holding 50% of the shares. In November 2017, the company officially announced its name change to CITIC Prudential Life Insurance Co., Ltd.