Operating Profit With Parent Company Increased by 9.9% YOY
HONG KONG, Oga. 29, 2022 /PRNewswire/ — CPIC(601601.SH 2601.HK CPIC.LSE) released its interim results for 2022 today.
In the first half of 2022, in the face of various challenges, CPIC took steps to overcome the challenges, follow a high-level development strategy, expand business transformation, promote the growth of various pipelines, and accelerate the environment. Health care design, with constant effort and challenges, has achieved sustainable and progressive business results.
In 1H 2022, CPIC Group’s insurance business revenue rose steadily to RMB 242.5 billion, showing a year-on-year increase of 8.0%, the interest rate reached a new high in the last three years; The group’s profit from the parent company increased by 9.9% year-on-year, and the consolidated value of the group increased by 2.2% from the end of last year. It represents the basis of long-term sustainable work was also included. Gradual progress was made in the reform of CPIC Life, the main force of the support people was successfully expanded, and the bancassurance business increased, making the insurance business reach. RMB 149.1 billion and shows a year-on-year increase of 5.4%. CPIC Property took advantage of the opportunity to promote domestic industries and maintain rapid development, and to obtain investment for the insurance business. 91.6 billion yuan, showing a year-on-year increase of 12.3%, with a continuous increase in market share and continuous optimization of the business. The financial sector responded quickly to the adverse effects of market volatility and low interest rates, continued to improve asset and liability management, and encouraged the development of professional financial and research skills. The assets of the supervised Group increased up to RMB 2,741 billionimproving its competitiveness in the market.
The new CPIC Life Insurance has grown rapidly. The cost of the life insurance business was approx RMB 149.05 billion, showing a year-on-year increase of 5.4%, and the growth of new insurance business was 25.8%. CPIC Life’s operating profit was approx 15.16 billion yuanshowing a year-on-year increase of 6.0%; 345.64 billion yuanshowing a decrease of 0.8% from the end of last year.
CPIC Property’s overall business performance improved compared to the previous year, and revenue grew rapidly.. Compared to the same period last year, the ratio of total income was 97.2%, which shows a decrease of 2.1 percent; among them, the ratio of total income was 27.5%, which shows a decrease of 1.7%; and the average loss rate was 69.7%, showing a decrease of 0.4 percentage points per year. Insurance business income was approx 92.91 billion yuan, showing a year-on-year increase of 12.3%; among them, the non-motor insurance business income increased by 17.3% year-on-year, accounting for 48.1%, an increase of 2.0 percentage points. Car insurance strengthened the construction of customer management skills, and customer loyalty continued to increase; The quality of the non-auto insurance business improved, while emerging areas such as health insurance, agricultural insurance, and property insurance grew rapidly.
By following the distribution of assets based on the nature of insurance loans and crossing the financial crisis, the entire activity of the investment side was stabilized. The Group’s annual economic growth was 3.3%, down 1.5% year-on-year; annual gross domestic product was 3.9%, down 1.1% year-on-year; annual investment yield was 3.9%, down 0.2 percent year-on-year; the 10-year interest rate, total return and net asset value growth exceeded existing long-term expectations.
Company Overview China Pacific Insurance (Group) Co., Ltd
China Pacific Insurance (Group) Co. Ltd. (now called “CPIC”, or “Company”; Stock Code: 2601.HK, 601601.SH, CPIC.LSE) is an insurance company incorporated on the basis of China Pacific Insurance Company, which was established on May 13, 1991. It is a leading insurance group based in its headquarters Shanghaiwhich is the first group of insurance at the same time Shanghai, Hong Kong and the London Stock Exchange. CPIC is a leading insurance group; The company provides a range of solutions, financial planning and asset management to more than 100 million customers through a global network of distribution and service platforms.
This article is published by Opinions of the company Wonderful Sky Financial Group about Company Overview China Pacific Insurance (Group) Co., Ltd.
Company Overview China Pacific Insurance (Group) Co., Ltd.