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 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.
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]”.