China Pacific Insurance (Group) Co., Ltd. (“CPIC”) is an insurance group basically constituted by China Pacific Insurance Company, a company established on 13 May 1991. The head office of CPIC is located in Shanghai.In 1991, China Pacific Insurance Co., Ltd. established
In 1994, China Pacific Insurance Co., (H.K.) Limited established
In 2001, China Pacific Insurance Company underwent restructuring. China Pacific Insurance (Group) Co., Ltd. was established and China Pacific Property Insurance Co., Ltd. and China Pacific Life Insurance Co., Ltd were established with China Pacific Insurance (Group) Co., Ltd. as the holding company.
In 2006, Pacific Asset Management Co., Ltd. established
In 2007, A Shares of CPIC were listed (中國太保, SH601601)
In 2009, CPIC became the holding company of Changjiang Pension Insurance Co., Ltd.
In 2009, H Shares of CPIC were listed (CPIC, HK02601)
In 2010, CPIC Investment Management (H.K.) Company Limited was established
In 2012, Pacific Insurance Online Services Technology Co., Ltd. was incorporated
In the first half of 2013, CPIC delivered sustained value growth, as measured by a host of key value metrics. Group embedded value reached RMB139.723 billion, representing an increase of 3.3% as compared to that as at the end of the previous year. Value of in-force business amounted to RMB55.467 billion, up 13.1% from the end of last year. Group net assets stood at RMB96.306 billion, representing an increase of 0.1% as compared to that as at the end of last year. Group net profit hit RMB5.464 billion, representing a YoY increase of 107.1%. The new business value of life insurance increased 4.8% YoY to RMB4.254 billion. The combined ratio of property and casualty insurance rose to 97.7%. The annualized growth rate of investments’ net asset value of the Group was 4.3%.
During the first three quarters of the year 2013, the Company realized gross written premiums of RMB138.450 billion, representing an increase of 9.0% as compared to the same period of the previous year. Gross written premiums from life insurance business amounted to RMB76.860 billion, representing an increase of 2.6% as compared to the same period of the previous year. In particular, premiums from new insurance policies amounted to RMB28.764 billion, while premiums from renewed policies amounted to RMB48.096 billion. Gross written premiums from property and casualty insurance businesses amounted to RMB61.529 billion, representing an increase of 18.2% as compared to the same period of the previous year. In particular, gross written premiums from automobile insurance amounted to RMB46.836 billion, representing an increase of 18.1% as compared to the same period of the previous year, while gross written premiums from non-automobile insurance amounted to RMB14.693 billion, representing an increase of 18.6% as compared to the same period of the previous year. As at 30 September 2013, assets under management of the Group amounted to RMB758.402 billion, representing an increase of 10.4% as compared to the end of the previous year. Among which, Group investment assets and third-party assets under management amounted to RMB682.128 billion and RMB76.274 billion, representing an increase of 8.7% and 27.4% as compared to those as at the end of the previous year, respectively.
With various subsidiaries engaging in life insurance, property and casualty insurance, asset management, pension insurance and online service, CPIC has developed a marketing network and a diversified service platform covering all regions in China. CPIC provided comprehensive risk solutions, investment and wealth management and asset management services to over 81 million customers throughout the country. As at the end of the first half of 2013, CPIC has almost 90,000 employees and around 300,000 insurance agents.
CPIC has adhered to its objective of sustainable value-enhancing growth, further promoted the “customer demand-oriented” transformation and continued to strengthen its capabilities in value creation. To deliver sustainable growth in life new business value, CPIC continued to focus on the agency channel and regular premium business. On the property and casualty insurance side, CPIC’s strategy was to pursue growth with underwriting profits. When it comes to asset management, CPIC achieved steady growth in investment yield. And the Company continued to push forward its “customer demand-oriented” initiative.
CPIC is in strict compliance with laws and regulations and all requirements promulgated by regulatory authorities and continues to improve the corporate governance structure based on the state of affairs of the Company. The Company has made continuous efforts to improve its governance structure and established a relatively sound corporate governance system with appropriate checks and balances by streamlining its group management structure, consolidating its internal resources and strengthening the research on and responsiveness towards the capital market.
The Board of Directors endeavors to improve the corporate governance structure and system of the Company in order to establish a relatively sound corporate governance system. By implementing various systems and specific measures, the Company has enhanced the communication between the Board of Directors and the management, facilitated the due diligence of directors and supervisors and kept them abreast of the state of affairs of the Company.
The general meeting, the Board of Directors, the Board of Supervisors and the senior management of the Company fulfill their functions independently, exercise their rights and perform their duties respectively in accordance with the Articles of Association.
CPIC adheres to its mission to “be a responsible insurance company” and its core corporate values of “business integrity, prudence and sustainability, pursuit of performance excellence”. It will promote and realize its objective of sustainable value-enhancing growth in order to create values for the customers, shareholders, employees and stake holders and contribute to the harmony of the society.
As a responsible insurance company, in addition to putting its efforts in achieving its sustainable growth, CPIC also strives to fulfill its corporate social responsibility and participates in various charity activities. Since its establishment, CPIC has proactively launched charity activities, such as holding activities to care for orphans and disabled, raising donations to support children education and participating in poverty alleviation and disaster relief work. CPIC has already invested RMB30 million to establish over 60 Hope Schools. It has also initiated fund raising and donation activities and donated over RMB100 million to provide support for the victims affected by catastrophic floods, SARS, snow storm in Southern China, 5.12 Earthquake, drought in Yunnan, earthquake in Yushu, Qinghai and debris flow disaster in Zhouqu.
Please refer to “[Major Media Awards of CPIC]”.