China Life Insurance Group Company

In terms of senior leadership accountability, the responsibility for sustainability issues within China Life Insurance Group Company lies with the board of directors and the environmental, social and governance (ESG) Executive Committee. Furthermore, the insurance company identified and prioritised its impacts through a materiality assessment process which included feedback from external stakeholders.

No leading practices were identified for the financial institution in the respecting planetary boundaries measurement area.

China Life Insurance Group Company discloses the proportion of its total direct operations workforce for each employee category by age group, gender, and one additional indicator of diversity.

China Life Insurance Group Company could link the remuneration of its executive or management teams to sustainability performance criteria. Furthermore, no evidence was found that it is committed to gender equality and women’s empowerment. It has an opportunity to disclose the proportion of women in senior leadership roles as well as how it addresses any gender pay gaps. In terms of female representation in leadership positions, women are underrepresented on the board of directors where only one out of five board members are women. Although the insurance company discloses ESG engagement with investees at the subsidiary level and how the latter is applied in practice, it has an opportunity to disclose an ESG engagement framework at the group level and to publish case studies of successful and unsuccessful engagement.

China Life Insurance Group Company has an opportunity to disclose a target to reach net-zero financed emissions by 2050 and the key sectors it has identified as priorities to engage with on climate change, specifically on the alignment with the Paris Agreement. Although the insurance company publishes the aggregate amount of finance it devotes to green investments, it has an opportunity to disclose what the latter entails. Furthermore, it has an opportunity to disclose time-bound targets related to its climate solutions as well as a commitment to minimising its negative impacts on biodiversity. Moreover, it could disclose its approach to fossil fuels that spans across the fossil fuel value chain, such as the amount or share of finance it directs towards fuels or its stance on financing companies with new fossil fuel projects.

China Life Insurance Group Company could disclose publicly available policy statements committing it to respect human rights and the health and safety of workers. Furthermore, it has an opportunity to describe a comprehensive process for identifying its human rights risks and impacts across all its activities, especially its financing activities. To provide transparency on financial inclusivity China Life Insurance Group Company has an opportunity to disclose the amount of finance directed towards, for example, women-owned businesses, small- and medium-sized enterprises (SMEs), or low-income developing countries. To conclude, the insurance company can establish a grievance mechanism accessible to all workers, external individuals and communities to raise human rights complaints or concerns.