China Pacific Insurance (Group) Co. Ltd. (hereinafter referred to as CPIC, or the Company) is an insurance holding company incorporated on the basis of China Pacific Insurance Company, which was established on May 13, 1991. Headquartered in Shanghai, it is a leading insurance group in China, and the first insurance company simultaneously listed in Shanghai, Hong Kong and London Stock Exchanges.
CPIC stays focused on the core business of insurance, persists in the long-term, pursues high-quality development, with a steady growth of business results. It was listed on the Fortune Global 500 for the 10th consecutive year, ranking 193rd; ranked 5th among the World’s Most Valuable 100 Insurance Brands by Brand Finance. In 2020, Group operating income increased by 9.5% from 2019 to RMB422.182 billion; Group OPAT amounted to RMB31.140 billion, an increase of 11.7%; Group AuM grew by 19.2% from the end of 2019 to RMB2,436.080 billion. The Company continuously enhanced its operational and service capabilities and provided services to 147 million customers, projecting an image of “responsibility, intelligence and care”. CPIC Life and CPIC P/C won the top AA rating for the 3rd successive year in the regulatory evaluation of customer service.
The Company is results-driven and continuously enhances its capabilities in business operation. It stepped up on-line and off-line integration, enhanced the “role-model” effect of high-performing agents, pushed for the integration of products and health management, elderly care and wealth management services to drive the development of life insurance business; pro-actively responded to the challenges of the pandemic and the comprehensive reform of automobile insurance, and successfully fostered renewal business as the key growth driver of automobile insurance; vigorously supported China’s effort to resume work and business, focused on emerging business lines of non-auto insurance, with agricultural insurance maintaining rapid growth; accelerating system-building for a Group-integrated investment middle platform, enhanced investment management capabilities, and delivered sound investment results for the year; completed the 1st phase of 10bn-yuan deployment in retirement properties, with 8 projects up and running in cities such as Chengdu, Dali and Hangzhou, and a full spectrum of product and service offerings for different age groups.
CPIC pursues change, continuously improves its transformation strategies and corporate governance. In 2020, the issuance of GDRs on the LSE was another step taken to optimize ownership structure and business strategies, contributing to a more professional, market-oriented and international board; deepened participation in the Healthy China Initiative, formulated the development program of health business, jointly established Guangci CPIC On-line Hospital with Ruijin Hospital, marking an important step towards a full life-cycle health management model closely linked with insurance business; continued to optimize the technological governance structure, launched CPIC Fintech, formed strategic partnerships with leading technology firms and institutions of higher learning, and set up innovation labs; launched the Evergreen Plan on a trial basis in life and P/C operations, focusing on key positions, top-performing employees and front-line units to enhance long-term incentive for top talent. Promoted cultivation of younger generation employees, used multiple ways to help them grow, which will stimulate organizational vitality and ensure sustainable development of the Company.
CPIC is committed to social responsibility and integrates ESG into its daily business operation. It served national strategies, promoted regional coordinated development centering on the Coordinated Development of the Beijing-Tianjin- Hebei Region, the Integration of the Yangtze River Delta Region and the Greater Bay Area of Guangdong, Hong Kong and Macao; provided insurance protection for China International Import Expo (CIIE) for 3 years on end, and signed co-operation agreement with the organizer of the 2022 Hangzhou Asian Games, becoming its official insurance partner. In 2020, its poverty-reduction programs covered a total of 7.62 million people of documented impoverished households, and provided a total of RMB3.08 trillion in sum assured to poverty-stricken areas, doing its share in China’s fight against poverty; launched the CPIC Blue charitable foundation and a series of public good programs for the elderly people with cognitive impairment; CPIC employees donated over RMB19 million for the planting of about 67 hectares of trees in the Sanjiangyuan (origin of 3 rivers) of Qinghai Province.
The year 2021 marks the 30th anniversary of CPIC, an opportune moment for it to embark on a new stretch of the journey and another 30 years of success. The Company will persist in the long-term commitment, continue to pursue high-quality development, focus on key levers, improve governance, and move firmly towards the vision of “best in customer experience, business quality and risk control capabilities, and industry leadership for healthy and steady development”.