Operating profit attributable to the parent company increased by 9.9% year-on-year
HONG KONG, August 29, 2022 /PRNewswire/ — CPIC (601601.SH 2601.HK CPIC.LSE) today released its 2022 interim results.
In the first half of 2022, in the face of various challenges, CPIC took the initiative to overcome difficulties, adhere to the path of quality development, deepen the transformation of business models, promote diversified pipeline development, and accelerate ecology. health care plan, with unceasing effort and effort, had achieved steady and progressive business results.
In the first half of 2022, CPIC Group’s insurance business revenue grew steadily to 242.5 billion RMB, showing an increase of 8.0% year-on-year, the growth rate reached a new high level in the last three years; the group’s operating profit attributable to the parent company increased by 9.9% year-on-year and the integrated value of the group increased by 2.2% from the end of last year. It represents the foundation of long-term sustainable operation and was further consolidated. Steady progress was made in the transformation of CPIC Life, the core human capacity of agents was effectively increased and the value of the bancassurance business accelerated, driving the insurance business income to RMB 149.1 billion and showing a year-on-year increase of 5.4%. CPIC Property took advantage of the improvement of the domestic industrial structure and maintained the momentum of rapid development, achieving income from the insurance business of 91.6 billion yuan, showing a year-on-year growth of 12.3%, with a steady increase in market share and continuous optimization of the business structure. The investment segment actively responded to the negative effects of market fluctuations and falling interest rates, continued to improve the asset and liability management system, and strengthened professional investment and research capacity building. The Group’s assets under management increased to 2.741 billion RMBfurther increasing its competitiveness in the market.
New CPIC Life Insurance has achieved rapid growth. The income of the life insurance business was approx 149.05 billion RMB, showing year-over-year growth of 5.4%, and the growth rate of new insurance business was 25.8%. CPIC Life’s operating profit was approx 15.16 billion yuanshowing an increase of 6.0% year-on-year; The remaining marginal balance was approx 345.64 billion yuanmarking a decrease of 0.8% from the end of the previous year.
CPIC Property comprehensive business report improved compared to last year and premium income achieved rapid growth. Compared to the same period last year, the ratio of comprehensive expenses was 97.2%, representing a decrease of 2.1 percentage points; among them, the ratio of comprehensive expenses was 27.5%, showing a decrease of 1.7 percentage points; and the comprehensive loss ratio was 69.7%, down 0.4 percentage points year over year. Income from the insurance business was approx 92.91 billion yuan, showing a year-on-year increase of 12.3%; among which, revenues from non-auto insurance business increased by 17.3% year-on-year, accounting for 48.1%, an increase of 2.0 percentage points. Auto insurance strengthened the construction of customer management capabilities, and customer viscosity continued to increase; the quality of non-motor insurance business improved, while emerging areas such as health insurance, agricultural insurance and liability insurance maintained rapid growth.
Adhering to the distribution of assets based on the characteristics of insurance liabilities and passing the macroeconomic cycle, the overall performance of the investment direction has been stable. The annual growth rate of the Group’s investment assets was 3.3%, down 1.5 percentage points from year to year; the annual gross investment yield was 3.9%, a decrease of 1.1 percentage points year-on-year; annual net investment yield was 3.9%, a decrease of 0.2 percentage points year-on-year; The average 10-year net investment rate of return, total investment rate of return, and net worth growth rate all exceeded the long-term built-in value return assumption.
About China Pacific Insurance (Group) Co., Ltd
China Pacific Insurance (Group) Co. Ltd. (hereinafter referred to as “CPIC”, or the “Company”; Stock Code: 2601.HK, 601601.SH, CPIC.LSE) is an insurance holding company incorporated under China Pacific Insurance Company, which was established on May 13, 1991. It is a leading insurance group headquartered in shanghaiwhich is the first insurance group listed simultaneously in shanghai, Hong Kong and the London Stock Exchange. 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 clients through its nationwide distribution network and diversified service platforms.
This press release is distributed by The wonderful Sky Financial Group ABOUT China Pacific Insurance (Group) Co. Ltd.
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