There are currently nearly a hundred insurance companies in China, all of which share the cake of the mainland insurance market.

Many friends’ first reaction to a company they have never heard of is, hey, this is a small company.

In fact, there are no small insurance companies. Once they join forces with their parents, they never lose.

The banking, securities and insurance industries are the three sons of the financial industry. They are related to the lifeblood of the country and must be controlled by the country.

Just as the banking industry has multiple banks controlled by the state, the insurance industry also has insurance companies controlled by the state.

For example, PICC Group, China Life Group, China Taiping, China Sinosure, and China Reinsurance Group.

Many of these companies are insurance giants listed in mainland China, Hong Kong and even New York.

1. People's Insurance Company: The eldest son of *** and the country. Many friends often refer to People's Insurance Company of China as life insurance. In fact, the abbreviation of People's Insurance Company of China is People's Insurance Company of China, which is PICC.

Generally, it refers to the entire PICC Group, just like Ping An refers to the entire Ping An Group.

PICC Group, with trillions of assets in hand, is one of the five giant insurance companies in mainland China, with more than 10 companies under its umbrella.

The PICC Group holds licenses for property and casualty insurance, life insurance, health insurance, pension insurance and reinsurance, and it is PICC Property and Casualty Insurance Company that gets the old brand name "People's Insurance Company of China".

PICC Life Insurance was established in 2005. Compared with the "old five" companies such as China Life and Taikang, it is considered a junior.

The popularity of PICC is far less than that of Ping An and China Life.

This may have something to do with not spending much on advertising.

According to statistics, Ping An, China Life, CPIC, and Xinhua spent 27 billion yuan on advertising in 2017, with an average of 74.07 million yuan spent every day.

PICC advertising expenses have not been among the top 4 in the past 4 years.

2. The second son, China Life: My father took all the losses in the business, China Life, or China Life for short, is the insurance endorsed by Yao Ming.

China Life is also a comprehensive financial insurance company and holds various insurance licenses.

According to information on China Life’s official website, the company was born out of China Life Insurance Co., Ltd.

In 2003, China Life Insurance Company was restructured and established China Life Group and China Life Insurance Company.

China Life Group took over the divested non-performing assets and made China National Joint Stock Company public.

The father of the Ministry of Finance subsidized a sum of money to help China Life absorb this bad debt.

China Life’s non-performing assets start with its high-yield insurance policies in the 1990s.

In 1997, affected by the financial crisis, the central bank lowered deposit interest rates seven times.

During this period, insurance companies sold a lot of high-yield insurance to ordinary people.

Later, the insurance company discovered that this was a loss-making transaction and suffered a huge "interest spread loss."

3. China Taiping: National Brand China Taiping Insurance Group, founded in the turbulent year of 1929, has a history of nearly 90 years and is the oldest local insurance brand in China.

China Taiping's management headquarters is in Hong Kong and currently has 24 subsidiaries with operating areas spanning half the world.

According to China Taiping’s official website, between 1956 and 1999, Taiping mainly did business overseas.

In 2001, China Taiping returned to mainland China to start a business.

Some friends may confuse Taiping Insurance and Pacific Insurance, but they are actually different companies.

4. China Export and Credit Insurance Corporation: Dad gave me a golden rice bowl China Export and Credit Insurance Corporation, born in 2001, engages in state-owned policy transactions, such as various export credit insurance, overseas investment insurance, domestic trade credit insurance, etc.

These insurance products of theirs are rarely exposed to ordinary people, so we won’t go into details here.

5. China Re: The No. 1 Reinsurance Company in China I once said that insurance companies also buy insurance.

Reinsurance companies are insurance companies that sell insurance to insurance companies and share risks with the insurance companies.

Insurance companies that are not that strong sell good products with high loss ratios. If you are afraid of losing money, you can buy insurance from a reinsurance company.

Relatively powerful domestic reinsurance companies include China Reinsurance Group.

This giant ranks first in Asia and eighth in the world in reinsurance scale and premiums.

China Re Group has a registered capital of 36.408 billion yuan. Its major shareholder’s father is Central Huijin Company and its godfather is the Ministry of Finance.

China Re Group has many subsidiaries at home and abroad, including China Re P&C, China Re Life, China Continent Insurance, etc.

In the insurance circle, China Life, China Pacific Insurance, Ping An, Taikang and Xinhua are known as the "old five".

Among them, China Life and Ping An have been competing for the top spot among domestic insurance companies, and they are indistinguishable.

Next, we tell their stories.

China Life has been introduced before, so I won’t go into details.

1. Ping An of China: A Little Expert in Making Riches Ping An, founded in 1988 in Shekou, Shenzhen, is engaged in comprehensive finance. Its main businesses include insurance, banking and investment.

In the eyes of shareholders, Ping An is undoubtedly a good company.

An army of one million insurance agents and stocks that are rising well have made a lot of money for shareholders.

Ping An’s network is huge and makes a lot of money.

In the first quarter of this year alone, Ping An earned 18.713 billion yuan, more than China Life.

In the insurance industry, Ping An is famous for its shrewdness.

However, this shrewd man has also had his share of struggles.