China Life's Cai Xiliang: The "14th Five-Year Plan" Outline Mentions Insurance 27 Times, Signaling Major Opportunities for the Insurance Industry

Question AI · Why does the 14th Five-Year Plan frequently emphasize the insurance industry?

Beijing Business News (Reporter Hu Yongxin) On March 26, at the 2025 annual performance release of China Life Insurance Co., Ltd. (hereinafter referred to as “China Life”), Chairman Cai Xiliang stated: “We believe that the next five years will still be a golden strategic opportunity period for the company, containing four major dividends. First is the economic environment dividend. The foundation of China’s economy is stable, advantages are numerous, resilience is strong, and potential is great; the long-term supportive conditions and basic trends remain unchanged, which will lay the most solid foundation for the industry’s development. Second is the policy dividend. The 14th Five-Year Plan outlines 27 mentions of insurance, clearly stating that the role of commercial health insurance as a supplementary security should be fully utilized, vigorously develop commercial pension insurance, and implement long-term care insurance, among other deployments, marking significant opportunities for the insurance industry. At the same time, risk prevention, strengthened regulation, and promotion of high-quality development have become the main line of industry development. With the continuous deepening of regulatory policies such as integrated reporting and operations, dynamic adjustment mechanisms for predetermined interest rates, and new regulations on health insurance, the order of industry development is continuously improving, which will increasingly benefit market entities that operate in a standardized and stable manner. Third is the demand dividend. The insurance depth and density in our country is only about 60% of the global average, and the total assets of the insurance industry account for less than 10% of the total assets of the financial industry. The development of the third pillar is still in its early stages, with both scale share and substitution rate being relatively low compared to developed markets. The proportion of commercial health insurance claims in total healthcare expenditures also has significant room for improvement. The public’s demand for high-quality health, pension, and wealth management is becoming more urgent, providing broad space for industry development. Fourth is the technology dividend. Digital technologies represented by artificial intelligence will deeply empower various aspects of insurance operations, significantly improve industry production efficiency, greatly expand the customer base and insurance boundaries, and deeply reshape the organizational operation model.”