CMU Life

The brand history of 'Renhe Insurance' is long-standing and closely tied to the development of China Merchants Group. After the establishment of China Merchants Steamship Company in 1872, a pioneer of Chinese national industry and commerce, Western powers, leveraging their insurance monopoly, either refused to underwrite or extorted premiums for the ships and cargo of China Merchants, attempting to stifle it in its infancy. To strengthen and save itself, China Merchants Steamship Company founded China's earliest national insurance company in 1875—the Insurance Merchants Steamship Company—and established Renhe Insurance the following year. The Insurance Merchants Steamship Company was later merged into Renhe Insurance. From 1875, which marked the beginning of China's modern national financial insurance industry, through its integration into the financial insurance sector of New China in the 1950s, over 70 years, Renhe Insurance experienced several rises and falls amidst the great turmoil and transformation of Chinese society. Nevertheless, in the annals of China's modern national financial insurance industry, its historical role and contributions as a pioneer, witness, and promoter are indelible. It was a trailblazer of its time in using financial capital to support industrial development, exploring new systems and mechanisms under the model of government-supervised merchant operation, and venturing into international operations. On December 1, 2016, with the approval of the former China Insurance Regulatory Commission, China Merchants Union Life officially began preparatory work, and on June 30, 2017, it received approval to commence operations. China Merchants Union Life was born at an opportune moment, declaring the successful revival of 'Renhe Insurance,' and thereby advancing the history of China's national insurance industry by more than half a century. The registered capital of China Merchants Union Life is RMB 6.599 billion, jointly initiated by three central state-owned enterprises—China Merchants Group, China Mobile, and TravelSky—along with several other enterprises. As an insurance company controlled by central state-owned enterprises, China Merchants Union Life will follow the development laws of the financial insurance industry and the principle of 'insurance for protection,' pursuing an innovation-driven development path that is market-oriented, professional, and differentiated, and continuously implementing the four key strategies of 'value leadership, innovation drive, technology empowerment, and risk control assurance.' Adhering to the concept of balanced development of quality, efficiency, and scale, it treats value management as the primary guide for the company's development. It continuously promotes innovation-driven growth in five aspects: product innovation, service innovation, business model innovation, industrial chain innovation, and organizational process reengineering, to meet customers' expectations for better products, warmer services, faster claims, and more stable returns. With new technologies such as mobile internet as the driving force, and supported by the five pillars of customers, products, channels, technology, and governance, it fosters the core competitiveness of smart insurance business and pioneers a new platform economy model featuring three-dimensional social interaction, integrated finance, one-stop services, and an industrial ecosystem. Treating risk control as the company's most crucial safeguard system, it continuously improves the risk management system covering all businesses and processes to ensure the company's healthy and orderly development. In the future, China Merchants Union Life will fully leverage the advantages of its shareholders and late-mover status, striving to build itself into a premium insurance service provider with innovative characteristics.