Actively Cultivating New Foundation of High-quality Development CPIC's Operating Revenue in 1H 2023 increased by 6.5% year-on-year
HONG KONG, Aug. 27, 2023 /PRNewswire/ -- China Pacific Insurance (Group) Co., Ltd. ("CPIC" or the "Group"; Stock code: 2601.HK, 601601.SH, CPIC.LSE) is pleased to announce the 2023 interim results of the Group. During the first half of the year, Group operating income under the New Accounting Standards amounted to RMB175.539 billion, a growth of 6.5% year-on-year; Group OPAT attributable to shareholders of the parent reached RMB21.537 billion, up by 2.5% from the same period of 2022; Group EV amounted to RMB537.114 billion, rising 3.4% from the end of 2022.
On the side of liabilities, in the face of cyclical shifts of the insurance market in recent years, CPIC coordinated transformation and development, with substantial progress in both P/C and life insurance business, and strong momentum in both volume and value, pointing to breakthroughs in transformation. During the reporting period, CPIC Life recorded an NBV growth of 31.5%, with NBV margin rising by 2.7pt year-on-year; CPIC P/C delivered a record primary insurance premiums, exceeding the mark of RMB100 billion, with sustained increase in market share and healthy levels of underwriting profitability.
As for asset management, CPIC stood the test of market volatility at different times, with AuM on steady increase. As of the end of June 2023, Group AuM totalled RMB2.84 trillion, a growth of 6.9% from the end of 2022, with credit risk under effective control. The Company optimised ALM mechanisms, maintained leadership in liability-driven SAA and professional investment expertise, and reported solid investment results, which underpinned the Group overall business performance. Given consistently sound operational performance over the years, CPIC obtained high scores for consecutive years in SARMRA assessment and regulatory corporate governance evaluation for insurance group companies, which also won recognition of the regulator.
In the first half of 2023, CPIC pressed ahead with transformation, increased the sense of urgency and responsibility for development, and continued to boost high-quality development in response to a confluence of new circumstances such as changing market environment, industry transitioning and higher requirements for corporate governance. With the concerted effort of all employees, CPIC delivered a solid set of business results in an environment of great uncertainty, which further cemented the foundation of high-quality development.
In the first half of 2023, the Company unveiled the "352" Health Care Road-map, which seeks to build an all-scenario health care and retirement system covering healthy people, people with prior conditions, those in rehab and the elderly, underpinned by insurance payment, service empowerment and value chain building, which would enable the Company to provide high-quality, integrated service to customers throughout their life cycle. CPIC focused on needs of niche customer segments, i.e., the elderly and the youth, and launched specialised care service; CPIC Home retirement communities have finished nation-wide deployment; the Company inaugurated the Shanghai Experience Pavilion of Youths and Teenagers Health Promotion Centre, and launched the service programme of CPIC Juvenile Health Promotion. CPIC Blue, a charitable fund, established a brick-and-mortar Cerebral Health & Cognitive Centre, the first such facility by a Chinese insurer, promoting public good via professional expertise. The building of top-notch service systems and capabilities significantly added to CPIC Service branding. It is well-known that CPIC is an official sponsor of Hangzhou Asian Games. CPIC P/C and CPIC Life both won the top ranking at the 2022 regulatory evaluation of consumer protection, which was well-received by the general public.
CPIC embraced innovation and change via transformation, leveraged new mechanisms, new technologies and new models to improve productivity and efficiency, fostered new drivers for high-quality development. CPIC Life rolled out Phase II of the Changhang Transformation, with marked improvement in agency force productivity and increased value contribution of bancassurance. CPIC P/C continued to step up study of risks of new technologies, innovated the specialised business model for new energy vehicles, enhanced risk reduction management, and served industrial upgrading. CPIC Group issued an updated version of DiTP planning, a blueprint of digitalisation in the next 3 years. The Company intensified the effort to explore application of large-scaled AI modelling, and the first CPIC Digital Employee went operational in internal audit, marking a milestone of labour digitalisation. CPIC proceeded steadily with innovations of mechanisms for key regional integration, establishing the sharing platform of technology and investment in the Greater Bay Area, with improvement in both business development and innovation capabilities. In ESG, CPIC focused on ESG management systems and capacity-building, incorporating ESG factors into business management of the Company. CPIC seized opportunities arising from the "dual-carbon" strategy, accelerated innovation in products and services for green industries and technologies, and enhanced the supply of green finance. The Company also initiated the measurement and management platform centring on carbon emissions, launched pilot programmes of Tan Puhui system (personal carbon account) for employees and customers, explored the low-carbon operational model for financial services firms, and contributed to the agenda of social green, low-carbon transitioning.
About China Pacific Insurance (Group) Co., Ltd
China Pacific Insurance (Group) Co. Ltd. (hereinafter referred to as "CPIC", or the "Group"; Stock Code: 2601.HK, 601601.SH, CPIC.LSE) is an insurance holding company incorporated on the basis of China Pacific Insurance Company, which was established on May 13, 1991. It is a leading insurance group headquartered in Shanghai, which is the first insurance group simultaneously listed on Shanghai, Hong Kong and London Stock Exchanges. CPIC is a leading comprehensive insurance group; the Company provides a broad range of risk solutions, financial planning and asset management services to over 100 million customers via its nationwide network of distribution and diversified services platforms.
This press release is distributed by Wonderful Sky Financial Group for China Pacific Insurance (Group) Co. Ltd.
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SOURCE China Pacific Insurance (Group) Co., Ltd
