China Life posts big increases in green investment

China Life Insurance (Group) Co has increased its green investment by 30.6 billion yuan ($4.73 billion) as of the end of 2020, according to its latest corporate social responsibility report released on Tuesday.

The report, the sixth annual of its kind, reviews the results of China Life Group in social responsibility management and practice in 2020.

China Life Insurance continued to introduce funds into ecological and environmentally friendly industries in order to promote the harmonious development of business and the ecosystem. The report showed by the end of 2020, it provided 966.6 billion yuan ($149.44 billion) in property risk protection for more than 13,000 enterprises in green industries. The balance of green credit was over 30 billion yuan ($4.64 billion).

According to the report, China Life Group maintained a steady development in market value in 2020, with 997.7 billion yuan on combined operating income and over 5 trillion yuan on total assets, reaching record highs. China Life served more than 793 million customers. Its stock investment on national major strategies has reached 1.2 trillion yuan, with over 2.8 trillion yuan of direct investment stock serving the real economy.

Wang Bin, chairman of China Life Group, said China Life Group has always adhered to the Party's leadership over State-owned enterprises, and the group will continue to shoulder its social responsibility of promoting economic development and safeguarding people's livelihoods.

Wang Hao contributed to this story.