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. 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 adhered to high-quality development, vigorously pursued transformation and delivered steady growth of business results. It was listed on the Fortune Global 500 for the 9th consecutive year, ranking 199th. In 2019, its operating revenues increased by 8.8% from 2018 to RMB385.489 billion; Group net profits amounted to RMB27.741 billion, an increase of 54.0%; Group total assets grew by 14.4% on an annual compound basis in the past 3 years, amounting to RMB1,528.333 billion. The Company continuously enhanced its operational and service capabilities and provided services to 139 million customers, projecting a image of being 鈥渞esponsible, smart and caring鈥? CPIC Life and CPIC P/C won the top AA rating for the 3rd successive year in the regulatory evaluation of customer service.
CPIC pro-actively adapted to changes and innovated the development model. The new model of 鈥減roducts + services鈥?helped to drive the development of individual customer business of CPIC Life. 鈥淐PIC Home鈥?high-end retirement communities were gaining traction, with locations in Chengdu, Hangzhou, Shanghai and Nanjing. 鈥淐PIC Blue Passport鈥? a program at the core of its health management service system, was improving continuously. Property and casualty business, while delivering sustained improvement in the combined ratio, enhanced capabilities in customer acquisition and retention for automobile business. Emerging business lines such as agricultural insurance, guarantee insurance and liability insurance maintained rapid development, with the share of non-auto business increasing considerably to 30.7%. Based on profiles of liabilities, asset management continuously optimized asset allocation, seized market opportunities and reported solid investment performance. The Company signed agreements with 77 strategic clients, while entering into strategic partnerships with 63.8% of China鈥檚 provinces, municipalities and autonomous regions, capable of providing one-stop integrated services; Changjiang Pension successfully qualified as manager of occupational annuity of all the 30 provinces/municipalities which started the bidding. Digital empowerment improved responsiveness, with the establishment of a technological support system underpinned by 鈥? centers in 2 locations鈥? The cloud-based core business systems supported response to up to hundreds of millions of customers. 鈥淐PIC App鈥?was upgraded in an all-around way, binding over 30 million users.
CPIC lived up to its commitments to serve national strategies and people鈥檚 well-being. It signed a strategic cooperation agreement with the Ministry of Industry and Information Technology to serve the high-end manufacturing industry; offered insurance coverage to the Belt and Road Initiative, with overseas business spanning over 120 countries, and provided a total of over RMB500 billion in sum assured of comprehensive insurance coverage for the 2nd CIIE; supported the national initiatives such as 鈥淚ntegration of the Yangtze River Delta Region鈥?, 鈥淣ew Area of Shanghai Free Trade Zone鈥? 鈥淚nvigoration of Rural Areas鈥?and 鈥淗ealthy China鈥? Company employees donated over RMB20 million for the afforestation effort in Sanjiangyuan, the origin of China鈥檚 main rivers. In the face of the coronavirus outbreak, it provided insurance solutions covering coronavirus to people at the front line of the combat against the epidemic, such as medical professionals, police, and grass-root government officials; protection of RMB500 million in sum assured to help 45 key manufacturers of supplies resume business, which in turn, would help thousands of firms across the country in resumption of business.
CPIC deepened long-term mechanism for targeted poverty reduction. Its poverty reduction programs covered around 5.133 million impoverished people on the dossier and provided RMB2.32 trillion in sum assured to the poverty-stricken areas. Its 鈥淔ang Pin Bao鈥?anti-poverty program provided a total of RMB2.77 trillion in protection to vulnerable people in 160 counties of 16 provinces, and won the Award in Organizational Innovations of the 2019 National Poverty Alleviation Awards, the top prize of its kind, being the only insurance company winning the award.
CPIC will unswervingly follow the path of high-quality development, stabilizing the fundamentals on the one hand and seeking new progress of transformation in key areas on the other. It will work even harder towards the objective of being the 鈥渂est in customer experience, business quality and risk control capabilities鈥?and the vision of 鈥渋ndustry leadership for healthy and steady development鈥?