Ping An Insurance Company Life Insurance Business Development Strategy

Ping An Insurance (Group) Company of China, Ltd. is China's first share holding insurance company, as well as the first nation-wide insurance company to receive strategic investment from overseas companies. Ever since its establishment in 1988, the group has miraculously developed from a local insurance company in Shenzhen to the second largest insurance company in China. Furthermore, the group has started its process of internationalization much earlier than others, made full preparations for entering the WTO, and has been considered to be the most internationalized insurance company in China.Life insurance industry has become the main field where there is keen competition between insurance companies at home and abroad after China has entered the WTO. The author made an attempt by using Michael E. Porter's competitiveness strategy and the approaches of the Five Forces model , Value Chain analysis and SWOT, to analyze the competition in China's insurance industry, as well as the internal resources and competitive abilities in Ping An Life Insurance Company, which is a major subsidiary of Ping An Insurance (Group) Company. The author also suggested some strategy and countermeasures for the development of Ping An Life Insurance Company under the new circumstances.Through analyses, it is found that there is a prospective future for life insurance in China, including Ping An Life Insurance Company, which has obvious internal advantages despite its problem emerged in its rapid development.Life insurance industry in China is undergoing rapid development and severe competition will occur between China's and international insurance companies. In this perspective, there will be enormous benefits in researching the development of Ping An Life Insurance Company and it is the author's hope that this study will make some contributions to the development of life insurance industry in China.