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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

      In 2013, CPIC delivered sustained value growth, as measured by a host of key value metrics. Group embedded value reached RMB144.378 billion, representing a YoY increase of 6.7%. Value of in-force business amounted to RMB62.422 billion, up 27.3%. Group net assets stood at RMB98.968 billion, representing a YoY increase of 2.9%. Group net income hit RMB9.261 billion, representing a YoY increase of 82.4%. The new business value of life insurance increased 6.2% YoY to RMB7.499 billion. The combined ratio of property and casualty insurance rose to 99.5%. The growth rate of investments’ net asset value of the Group was 4.3%. CPIC realized gross written premiums of RMB176.923 billion, representing a YoY increase of 8.4%. Gross written premiums from life insurance business amounted to RMB95.101 billion, up 1.8%. In particular, premiums from new insurance policies amounted to RMB33.939 billion, while premiums from renewed policies amounted to RMB61.162 billion. Gross written premiums from property and casualty insurance businesses amounted to RMB81.822 billion, representing a YoY increase of 17.3%. In particular, gross written premiums from automobile insurance amounted to RMB63.849 billion,up 17.5%, while gross written premiums from non-automobile insurance amounted to RMB17.895 billion,up 16.5%. As of the end of 2013,, assets under management of the   Group amounted to RMB746.639 billion, representing a YoY increase of 9.9%.
       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 nearly 80 million customers throughout the country. As of the end of 2013, CPIC has almost 90,000 employees and over  300,000 insurance agents.With the objective of “concentrating on the core business of insurance and pursuing sustainable value growth”,CPIC has further promoted the “customer demand-oriented” transformation initiatives.. On the life side, 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.

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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