China Pacific
Insurance (Group) Company Limited (hereinafter referred to as “ the Company” or
“we”) was formed on the basis of China Pacific Insurance Co. Ltd., which was
set up on May 13, 1991. Headquartered in Shanghai, the Company is one of
China’s leading insurance groups listed in both Shanghai and Hong Kong.
The Company’s
vision is to become a first-class insurance-centred financial services group
which “accompanies you throughout your life’s journey”. We are committed to the
development philosophy of “focusing on customer’s needs, the core business of
insurance while driving sustainable value growth”. We uphold protection as the
basic value proposition of insurance, which has been further entrenched in the
Company over the years. We are now one of the leading domestic insurance groups
with strong capital positions, strong capabilities in value creation and risk
management and a high level of professionalism.
The Company
delivered sustained value growth and improvement in its comprehensive strength.
We were ranked among Fortune Global 500 for the 6th consecutive year, occupying
251st place in 2016, and for the first time among the top 300. In 2016, our
Group operating revenues amounted to RMB267.014 billion, of which, gross
written premiums (GWPs) reached RMB234.018 billion, with net profits of
RMB12.057 billion. Group total assets stood at RMB1.02 trillion, exceeding the
mark of 1 trillion for the first time in our history. The number of valid
customers reached 104 million. We boasted strong capital positions, with the
Group comprehensive solvency margin ratio at 294% under C-ROSS (China
Risk-oriented Solvency System).
We stay focused on
insurance while expanding our business portfolio along the insurance value
chain. We now boast a full range of insurance-related licenses spanning life
insurance, property and casualty insurance, pension, health insurance,
agricultural insurance and asset management, with increased collaboration and
synergy. We give priority to customers’ needs and launched the
customer-oriented transformation initiative. With the roll-out of 18 projects,
the values and methodology underpinning the initiative have been embedded in
the Company’s DNA. We are committed to value growth, focusing on high quality
new business value growth for life business, underwriting profitability for
property and casualty business, and an investment yield consistently higher
than the cost of liabilities for asset management.
The Company made
continuous efforts to improve its Group-level governance, which helped to
optimise allocation of resources. We are committed to communication with the
capital market, and have put in place a sound governance structure with checks
and balances. The Company’s Board of Directors commits itself to continued
improvement in governance mechanisms including, among others, those of its
subsidiaries within the Group centralised management framework.
With a mission of
“being a responsible insurance company” and the corporate values of “integrity,
prudence and excellence”, the Company strives to incorporate CSR into its
development model in an all-around way, in a bid to deliver value to all its
stake-holders such as customers, shareholders, employees, industry, society and
the environment. It was ranked for the 7th consecutive year on the list of
China’s Outstanding Companies in Corporate Social Responsibility.
The year 2017
marks the beginning of the Company’s new 3-year development program. We will
start the implementation of the digitalization strategy, work hard to translate
into realities the mission of “innovating digital experience, improving digital
supply, and sharing the digital eco-system”, and continue to drive value growth
so as to give back even more to our shareholders, customers and the society.
