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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 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 2011, CPIC realized an income of RMB154.958 billion from insurance businesses, a YOY increase of 11.0% and a market share of 10.8%. The value of one year’s sales of life insurance amounted to RMB6.714 billion, a YOY increase of 10.1%. Profits in property and casualty insurance amounted to RMB3.224 billion, a YOY increase of 46.5%. As at the end of 2011, the total assets of CPIC amounted to RMB570,600 million and its solvency margins were sufficient. All indicators of CPIC ranked top in the PRC insurance market.
CPIC has established various subsidiaries engaging in property insurance, life insurance, asset management and pension insurance and has developed a marketing network and a diversified service platform covering all regions in China. As at the end of 2011, CPIC provided comprehensive insurance solutions, investment and wealth management and asset management services to 70 million customers through over 6,000 branches with over 82,000 employees and over 32,000 life and property insurance agents. The 95500 customer service hotline provided a wide range of services, including insurance enquiry, insurance claim, service appointment, emergency enquiry and complaint handling.
CPIC continues to improve its core competitiveness by creating value for customers, focusing on its major insurance business and satisfying the demand of all customers. All lines of business have maintained sound development. Life insurance business of CPIC has proactively faced market challenges by adopting strategies focusing on development of sales channels and regular premium business which has proved to be successful. Property business improved its sustainability by strengthening its professional management. CPIC asset management business has enhanced its investment team and improved risk management to maintain the stability and sustainability of investment return. Pension business scale has grown steadily through organic growth.
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]”.
