INTRODUCTION TO GCL

Founded in 2002 as a joint venture between Assicurazioni Generali S.p.A. (hereinafter referred to as Generali) and China National Petroleum Corporation (hereinafter referred to as CNPC), Generali China Life Insurance Co., Ltd (hereinafter referred to as GCL) was the first Sino-foreign joint-ventured insurer approved by the Chinese Government for operation after China joined the World Trade Organization (WTO). Now, with a registered capital of RMB 3.7 billion and a total of RMB 50 billion in assets, GCL is one of the largest joint-ventured life insurers in China.

The Generali Group is an Italian Group, independent since 1831, with a strong international presence. It is among the world’s leading insurers, with total premium income exceeding €74 billion in 2015. With above 76,000 workers in the world, present in over 60 Countries, the Group has a leading position in Western European Countries and an ever more significant presence in the markets of Central and Eastern Europe and in Asia. In 2015, Generali was the sole insurance company included among the 50 smartest companies of the world by the MIT Technology Review.

In September 2016, the Chinese shareholder China National Petroleum Corporation (“CNPC”) transferred its 50% equity interest in Generali China Life Insurance Co., Ltd. (“GCL”) to CNPC Capital Company Limited for free.

CNPC Capital Company Limited specializes in financial business management, and serves as CNPC’s platform for financial business integration, financial equity investment, financial asset management and supervision, and financial business risk control. It has invested in Bank of Kunlun Co., Ltd., GCL and other eight financial enterprises by (majority) shareholding, managed these enterprises with a standard and sound corporate governance to improve industry-finance coordination, cooperation between various financial sources and achieve resources sharing.

Leveraging internationally advanced insurance knowledge and experience and targeted at the Chinese market, GCL provides diverse tailor-made insurance products that meet different needs of the clients, including life insurance, accident insurance, health insurance, investment-oriented insurance and employee benefits program. These products provide wide protections and all-round benefits with flexible premium options and free combinations,which have generated strong characteristics and innovative advantages.

GCL sticks to the "customer-oriented" service philosophy and is dedicated to providing all-round, professional and high-quality services for clients. The quality and efficiency of claim service of GCL has long been leading the insurance industry. Meanwhile, GCL advocates differentiated services and keeps making innovation on service contents. It has developed new types of services as global emergency assistance and direct-billing medical service, which enables customers to enjoy privileged and superior customer attention.

Headquartered in Beijing, GCL now has 14 branches and 99 offices spread across Beijing, Shanghai, Guangdong, Jiangsu, Shenzhen, Liaoning, Sichuan, Shaanxi, Shandong, Heilongjiang, Hubei, Henan, Zhejiang, Fujian, with more in the pipelines.

Over the years, GCL has maintained a solid development, with its sales channels expanding healthily, rapidly and sustainably. The Knowledge Agency Channel, well known for its efforts in building a knowledgeable and professional team of individual agents, develops prosperously and wins the recognition from the clients. The Bancassurance Channel has maintained close and sound cooperation with major banks in China. The Group Business Channel serves plenty of global top 500 enterprises in China as well as many well-known Chinese enterprises and institutions. Its business scale and quality has long been No. 1 among foreign and joint-ventured insurance companies. The General Agency Channel, relying on its strong support platforms and advanced service concepts, has established good cooperation with many agents of large-scale group companies and has seen its business developed rapidly. With innovative products and through professional telemarketing, the Direct Marketing Channel is providing convenient and reliable insurance services for its clients. The Online Marketing Channel builds e-commerce platform to promote the cross-sales between online marketing and traditional channels and service model innovation, forming an online marketing model with its own characteristics. In addition, in order to provide better service for its Chinese shareholder, GCL established CNPC Captive Business Channel with a dedicated team to provide exclusive insurance services for CNPC's employees and retirees. The services provided for affiliated companies of CNPC mainly include underwriting and handling claims of various group insurance programs as well as some follow-up services.

Backed by Generali's experience in insurance business and the strength of CNPC and Generali, GCL is committed to building itself into a first-class insurance company in China. Based on its business philosophy of "honesty, customer-first, professionalism and innovation", with "learning, harmony, professionalism, ambition and solidity" as its corporate values, GCL is devoted to create maximum value for its clients, shareholders, sales agents, employees and the society.