About the company_中国太平洋保险（集团）股份有限公司

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

In 2012, the Group realized gross written premiums of RMB163.228 billion, representing a YOY increase of 5.3%. The embedded value of the Group amounted to RMB135.280 billion, representing an increase of 19.1% as compared with the end of the previous year. Net assets of the Group amounted to RMB96.177 billion, representing an increase of 25.2% as compared with the end of the previous year. The solvency ratio of the Group amounted to 312%, representing an increase of 28pt as compared with the end of the previous year. The new business value of life insurance amounted to RMB7.060 billion, representing a YOY increase of 5.2%. The combined ratio of property and casualty insurance was 95.8%, representing a YOY increase of 2.7pt. The growth rate of investments’ net asset value was 5.5%, representing a YOY increase of 4.3pt.

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 76 million customers throughout the country. As at the end of 2012, CPIC has more than 85,000 employees and 295,000 life insurance agents.

CPIC always focuses on the capacity of value creation by: (I) achieving a continuous growth in the new business value by adopting strategies focusing on the development of agency channels and regular premium businesses for life insurance; (II) improving underwriting profitability by focusing on the development quality of property and casualty insurance; and (III) emphasizing the growth in net investment assets in strict compliance with the principles of asset and liability management.

CPIC also implemented strategic measures to promote the development of major insurance business by: (I) pushing forward the “customer demand-oriented” transformation and developed innovative commercial operating mode for customers; (II) resolving to set up a health insurance company to enhance its specialised operation capability in health insurance business; and (III) significantly improving capital strength by the successful completion of H share placing.

According to the 2013 First Quarter Report announced recently by the Company, as at 31 March 2013, net assets of the Group amounted to RMB99.482 billion, representing an increase of 3.4% as compared with the end of the first quarter of 2012. During the first quarter of 2013, the Company realized gross written premiums of RMB51.421 billion, representing an increase of 4.1% compared with the same period of the previous year. Gross written premiums from life insurance business amounted to RMB30.636 billion, representing a decrease of 4.5% compared with the same period of the previous year. Gross written premiums from property and casualty insurance businesses amounted to RMB20.768 billion, representing an increase of 20.1% compared with the same period of the previous year.

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]”.

Founded in November 2001, China Pacific Life Insurance Co., Ltd. (“CPIC Life”) is an affiliate specializing in life insurance under China Pacific Insurance (Group) Co., Ltd. (“CIPC”). Based in Shanghai, CPIC Life boasted a registered capital of RMB 7.6 billion in September 2010.

In 2012, the new business value registered by the company hit RMB 7.060 billion, recording a year-on-year increase of 5.2% topping the listed peers. The premium income reached RMB 93.461 billion, a year-on-year increase of 0.3%; the net profits and total assets respectively hit RMB 2.495 billion and RMB 554.982 billion, with the latter registering a year-on-year increase of 21.3%. The solvency margin ratio reached 211%, higher than the regulatory requirement for Category II company. Major performance indicators of the company continued taking the lead in the life insurance market in China. By the end of the first quarter of 2013, the company achieved a premium income of RMB 30.636 billion, a year-on-year decline of 4.5%, of which: the new insurance business income of RMB 11.501 billion, the renewal premium income of RMB 19.135 billion.

Sticking to the customer demands-oriented concept, CPIC Life is committed to providing the full life cycle of professional care and integrated solutions. The company meets various demands of customers through sustained innovation in products and services. Currently, it provides more than 200 types of insurance products, covering a number of fields such as life insurance, annuity insurance, health insurance, and accident injury insurance. In terms of product strategy, CPIC Life exerts great efforts in developing the protection-oriented and long-term saving leading products and develops customized products based on data analysis and customer’s insight. In terms of customer strategy, the company is committed to improving the customer service system and creating the brand-new customer experience centering on “in-home service, intelligent navigation, convenience and transparency”. The company undertakes its insurance responsibilities with conscientiousness, and earnestly protects the interests of consumers, strengthens integrity building, and taking measures to make underwriting and settlement of claims transparent, and constantly improves the experience of 95500 nationwide customer service hotline and high-end customer value-added service. In terms of operation system construction, the company proactively explores and practices the model innovation and processes reengineering based on the application of new technologies, combines the intelligent mobile terminal, 3G wireless network, third-party real-time payment, insurance intelligence engine in an effective way, and establishes and launches “Shen Xing Tai Bao”, an intelligent mobile insurance ecological system in the industry, therefore driving the transformation and upgrading of sales and service models.

By the end of 2012, the company has set up over 3,200 branches all over China, with 42,000 employees and 295,000 sales agents in total. It has also established sound business partnership with numerous professional and by-business agencies, providing all-round insurance protection services for 60.81 million individual customers and 620,000 institutional customers nationwide.

In the future, CPIC Life will earnestly follow the work requirement of “stabilizing growth, stressing value, promoting transformation and improving efficiency”, actively drive the customer demands-oriented strategic transformation, seek improvement in stability, carry out innovation drive, accelerate transformation project and actively cope with the challenges during the adjustment period of the industry. With the goal of “focusing on customer demands, improving customer interfaces, and enhancing customer experience”, the company will also dig deep to explore the transformation and upgrading of new insurance sales and service models, discover the needs of customers constantly during service and try all the best to fulfill the insurance needs of the general public.

China Pacific Property Insurance Co., Ltd. (CPIC Property) is a property and casualty insurer based in Shanghai, a subsidiary of China Pacific Insurance (Group), Co., Ltd. (CPIC Group) with a registered capital of RMB 9.5 billion.

CPIC Property offers a variety of property insurance, short-term health insurance and accident insurance. It underwrites business of varied industries, including aviation & aerospace, electric power, petrochemical, infrastructure, finance and trade, marine and automobile, machinery, telecommunications, logistics, textile and tobacco, technological innovation and etc.

CPIC Property has 40 branches, more than 2100 grass-roots offices and a direct sales team of 10,000-odd sales agents.

Committed to the core values of “business integrity, steady growth and pursuit of excellence”, CPIC Property carries out the transition by implementing the strategy of “Customer Demand Orientation,” and unremittingly strives to achieve sustained value growth. Moving ahead and implementing innovations, it takes initiatives to provide quality risk management services for its clients. In2012, the company’s total asset and net asset was RMB 88.926 billion and RMB 24.107 billion respectively and its premium income reached RMB 69.697 billion, an 13% growth year on year, with a 12.58% market share and a RMB 2.659 billion net profit, and thus maintained its market leadership as a P&C insurer in China. The company was rated A1 by Moody’s with a “stable outlook”. During the first quarter of 2013, gross written premiums from property and casualty insurance businesses amounted to RMB20.768 billion, representing an increase of 20.1% compared with the same period of the previous year. In particular, gross written premiums from automobile insurance amounted to RMB15.238 billion, representing an increase of 21.2% compared with the same period of the previous year, while gross written premiums from non-automobile insurance amounted to RMB5.530 billion, representing an increase of 17.2% compared with the same period of the previous year.

CPIC Group was listed on Dec. 25, 2007 on Shanghai Stock Exchange and Dec. 23, 2009 on Hong Kong Exchanges respectively. In 2012, the Group was in the list of Top 500 enterprises of Fortune, Forbes of America, and Financial Times of Britain. Looking ahead, China Pacific Insurance implements customer-oriented strategy, cultivates innovation-driven and differentiated business growth, tries hard to advance comprehensive competitiveness, and pursues sustained value growth. It has presented the vision of “building a top-notch insurance and financial services group with global competitive edge, focusing on insurance and sustained value growth.”

Company Address: No.190 Yincheng Road(M), Shanghai, China

Company Website: www.cpic.com.cn

CPIC On-line auto Insurance: 10108888

National Customer Service Hotline: 95500