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Group Structure



History

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

Operation Overview

   CPIC is a leading integrated insurance group in the PRC, providing, through our nationwide marketing network and diversified service platform, a broad range of risk and protection solutions, investment and wealth management and asset management services to about 80 million customers throughout the country.

We persisted in the pursuit of sustainable value growth, focusing on the core business of insurance and in the meantime pressing ahead with the customer-oriented initiatives, and as a result delivered overall value growth.

As at June 30, 2014, Group embedded value stood at RMB153.891 billion, an increase of 6.6% from the end of 2013. Of this, Group value of in-force business reached RMB68.843 billion, up 10.3% from the end of 2013. For 1H2014, our life business delivered RMB5.230 billion in new business value, up 22.9%. NBV margin stood at 21.0%, up 3.0pt. The combined ratio of our property and casualty business reached 99.5%, up 1.9pt and the growth rate of Group investments’ net asset value was 5.3% on an annualized basis, up 1.0pt.

Sustainable growth in NBV on the life side. NBV from the agency channel was RMB4.412 billion, accounting for 84.4% of the total and up 4.1pt. First year premiums from the channel amounted to RMB10.241 billion, a growth of 27.3%. Monthly average number of agents reached 301,000, up 6.7%. First year premiums per agent per month reached RMB5,656, up 19.0%.Regular premiums represented 51.9% of the total FYPs and the share was 43.9% in the first half of 2013. In bancassurance, high-margin regular premium business garnered RMB1.168 billion, up 23.2%.

Steady property and casualty top-line growth with higher combined ratio.Our property and casualty insurance business reported GWPs of RMB48.208 billion, up 13.7%.CPIC Property achieved GWPs of RMB36.524 billion from its auto business, up 14.7%, and RMB11.641 billion from its non-auto lines, up 10.7%.CPIC Property recorded RMB4.304 billion in GWPs from major corporate clients, up 10.0%, with the number of domestic Top 500 clients increasing by 64 and much progress in business from sectors such as urban rail transit and nuclear power.

Sustainable growth of third-party fee income with increasing AuM. Group AuM amounted to RMB865.239 billion, an increase of 15.9% from the end of 2013. Of this, Group in-house AuM reached RMB756.454 billion, up 13.4% from the end of 2013. Third-party AuM totalled RMB108.785 billion, rising 36.3% from the end of 2013, generating a fee income of RMB150 million, up 47.1%. For the reporting period, CPIC AMC issued 11 debt investment plans linked to infrastructure and real estate, raising a total of RMB14.640 billion. It issued 20 asset management products.Total AuM from the issuance of alternative investment plans and asset management products over the years exceeded RMB100 billion. Changjiang Pension’s AuM from enterprise annuities reached RMB42.433 billion, rising 18.5% from the end of 2013. Assets under custody from enterprise annuities amounted to RMB39.537 billion, rising 7.5% from the end of last year, with enterprise annuities contribution amounting to RMB2.173 billion, up 12.6%.

Corporate Governance

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.

Corporate Culture

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.

Social Responsibility

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.

Honors

Please refer to “[Major Media Awards of CPIC]”.

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