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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
In 2014, CPIC Allianz Health Insurance Co., Ltd. was established.

 

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.

Steady growth in Group value. As at the end of 2014, Group embedded value stood at RMB171.294 billion, an increase of 18.6% from the end of 2013. Of this, Group value of in-force businessnote 1 reached RMB74.064 billion, up 18.6% from the end of 2013. Our life insurance business delivered RMB8.725 billion in one-year new business value, up 16.3%.

Sound financial results.  For the reporting period, we recorded an operating revenuenote 2 of RMB219.778 billion, up 13.8%, of which GWPs amounted to RMB191.805 billion, up 8.4%. Net profitnote 3 reached RMB11.049 billion, with earnings per sharenote 3 reaching RMB1.22, both increased by 19.3%. Net assetsnote 3 totaled RMB117.131 billion, a growth of 18.4% from the end of 2013 and the weighted average return on equitynote 3 stood at 10.3%, 0.8 percentage point higher than in 2013.

Solid increase in AuM. As of the end of 2014, our total AuMnote 5 increased by 21.6% to RMB910.542 billion, of which, in-house AuM stood at RMB761.886 billion, rising 14.3% from the end of 2013, and third-party AuMnote 5 RMB148.656 billion, an increase of 80.7% versus the end of 2013.

Sustained growth in NBV for life

The NBV of our life business grew by 16.3% and reached RMB8.725 billion while the NBV marginnote 4, at 24.5%, increased by 3.8 percentage points.

The NBV from the individual business was RMB8.069 billion, accounting for 92.5% of the total, with its share rising by 4.7 percentage points. First year premiums from the individual business amounted RMB17.281 billion, a growth of 20.2%. 

Monthly average number of agentsnote 5 stood at 344,000, up 14.3%. First year premiums per agent per month note 5 reached RMB4,097, up 5.9%.

Underwriting losses for property casualty business

Our property casualty insurance businessnote 6 reported GWPs of RMB93.113 billion, up 13.8%, with a combined ratio of 103.8%, rising by 4.3 percentage points.

CPIC P/C achieved GWPs of RMB73.175 billion from its automobile business, up 14.6 %, with a combined ratio of 102.0%, an increase of 2.2 percentage points. It reported RMB19.851 billion from its non-automobile segment, up 10.9%, with a combined ratio of 112.6%, rising by 14.2 percentage points.

CPIC P/C recorded RMB19.659 billion in GWPs from telemarketing, internet sales and cross-selling, up 17.9%, which represented 21.1% of the total GWPs of CPIC P/C, with the share increasing by 0.7 percentage point.

Rapid growth of investment income for asset management business

Group in-house AuM generated a total investment income of RMB41.973 billion, an increase of 32.9%. Total investment yield reached 6.1%, up 1.1 percentage points, the highest in 5 years. Net investment income amounted to RMB36.718 billion, an increase of 16.9%, with the net investment yield standing at 5.3%, rising by 0.3 percentage point. The growth rate of investments’ net asset value was 8.8%, an increase of 4.5 percentage points. 

Third-party AuM totaled around RMB150 billion, generating a fee income of RMB396 million, up 77.6%.

In 2014, CPIC AMC issued in total 26 debt investment plans linked to infrastructure and real estate, raising a total of RMB32.319 billion.

Changjiang Pension’s assets under investment managementnote 5 reached RMB58.815 billion, rising by 53.9% from the end of 2013. 


Notes:

1. Based on Group’s share of life’s value of in-force business after solvency.

2. Based on PRC GAAP.

3. Attributable to equity holders of the parent.

4. NBV margin = NBV/annualized first year premiums.

5. Figures for 2013 have been restated.

6. This includes both CPIC P/C and CPIC HK.

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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