China Life Insurance Singapore and Air China Limited Asia Pacific Head Office Sign Memorandum of Understanding

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SINGAPORE, 8 December 2023 - China Life Insurance (Singapore) Pte. Ltd. ("CLIS") and Air China Limited Asia-Pacific Head Office (“ACL”) have signed Memorandum of Understanding (“MOU”). The MOU aims to establish a long-term partnership in various areas, including customer referrals, preferential policies, knowledge exchange, and consulting services. Both parties will collaborate to enhance market presence in the "Insurance + Aviation" ecosystem, while jointly strive to promote the development in Singapore.

Air China is the only civilian aviation enterprise in China with the national flag on its flights. It is also a member of the world's largest aviation alliance, the Star Alliance. In 2022, its brand value reached 213.659 billion Chinese Yuan, ranking first among Chinese civil aviation enterprises. Air China is committed to providing passengers with the "4 Cs" service: Credibility, Convenience, Comfort and Choice. Founded in 1985, Air China pioneered its presence in Singapore by establishing the first office and launching the inaugural China-Singapore air route. With 38 years of safe operations, Air China has played a pivotal role in enhancing economic ties, facilitating personnel exchanges, fostering cultural engagement, and streamlining cargo transportation between China and Singapore. The Asia-Pacific Head Office of Air China efficiently manages routes across Australia, Southeast Asia, South Asia, the Middle East, and North Asian countries, covering eight time zones and overseeing markets that collectively account for around 30% of the global population.

Presently, CLIS is placing a strong emphasis on addressing the protection needs of its customers while actively exploring collaborations with relevant industries. Through its “Insurance+” ecosystem, it aims to establish connections to a wider range of sectors, including finance, technology, healthcare, education, retirement, taxation, investment, legal services, and daily living. The objective is to create a more comprehensive and higher-quality “Insurance+” ecosystem by consistently developing integrated solutions that offer exceptional products and services. CLIS is committed to providing outstanding, star-rated services that span the entire value chain and deliver utmost value to its diverse customer base.

Mr. Lin Xiangyang, Chief Executive of CLIS, and Mr. Xue Jun, Regional General Manager of ACL, signed the MOU. The signing was witnessed by Ms. Zong Ming, General Manager of Agency Department, Ms. Judy Du, Senior Manager of General Management Department, along with Mr. Wang Xu, Sales Director of ACL, and Mr. Liu Yi, HR & Admin Manager of ACL.

Mr. Lin Xiangyang expressed that the signing of the MOU marks the start of a new chapter. CLIS is set to pursue a "dual pioneering" strategy for advancing the integration of "insurance + aviation." The first strategy focuses on innovating exclusive products and services tailored for aviation customers, leveraging the collaboration with Air China. The second strategy entails the collaborative establishment of a new service demand platform for "Insurance+ Aviation" through strategic alignment, innovative cooperation, model replication, and operational synergy. This platform aims to jointly explore and harness resources in partnership with aviation industry.