- CPIC’s operating revenue rose by 6.5% in 1H 2023 compared to the same period in 2022.
- Substantial progress has been observed in both Property/Casualty (P/C) and life insurance sectors of the business.
- CPIC unveiled the “352” Health Care Road-map aimed at delivering integrated services to customers throughout their life cycle.
- Innovations in digitalization and AI mark the future of CPIC’s business strategy.
China Pacific Insurance (Group) Co. Ltd., commonly known as CPIC, is a pioneering insurance group headquartered in Shanghai. Established on May 13, 1991, the company has carved a niche for itself in risk solutions, financial planning, and asset management services. Boasting a diversified service platform and a vast network of distribution, CPIC has grown into an insurance behemoth that serves over 100 million customers globally.
Navigating Through Financial Waves: The Performance in 1H 2023
Financial Upliftment Amidst Uncertainty
In an era marked by economic volatility, CPIC’s operating revenue for the first half of 2023 reached RMB 175.539 billion, reflecting a 6.5% year-on-year increase. The Group’s Operating Profit After Tax (OPAT) attributable to shareholders also grew by 2.5%, standing at RMB 21.537 billion.
“In the first half of 2023, CPIC delivered a solid set of business results in an environment of great uncertainty, which further cemented the foundation of high-quality development,” stated the company report.
Asset Management: Balancing the Scales
CPIC has also successfully managed assets totalling RMB 2.84 trillion as of June 2023, marking a 6.9% growth since the end of 2022. This resilience in the face of market shifts shows the company’s expertise in optimizing Asset and Liability Management (ALM) mechanisms.
Bridging Gaps with Breakthroughs: Business Segments
Property/Casualty (P/C) Business
In a market facing cyclical shifts, CPIC’s P/C business achieved a record in primary insurance premiums, surpassing RMB 100 billion. This was accompanied by a consistent rise in market share and healthy levels of underwriting profitability.
Life Insurance Business
During the same reporting period, CPIC Life recorded a New Business Value (NBV) growth of 31.5%, showcasing robust performance in life insurance.
Charting the Roadmap: The “352” Health Care Plan
CPIC has embarked on an ambitious journey to redefine health and retirement services with its “352” Health Care Roadmap. This new initiative aims to create a comprehensive health care and retirement system for various demographic groups, including those with prior conditions, those in rehab, and the elderly.
Digital Transformation: The Path Ahead
AI and Digital Employees
In a significant milestone, the first CPIC Digital Employee has been operationalized in internal audit. “CPIC proceeded steadily with innovations of mechanisms for key regional integration,” stated the press release, highlighting the company’s dedication to leveraging technology for business transformation.
Green Initiatives and ESG
CPIC has seized opportunities arising from the “dual-carbon” strategy, demonstrating its commitment to Environmental, Social, and Governance (ESG) objectives. Initiatives include green finance supply and a focus on low-carbon operational models.
CPIC’s robust performance in 1H 2023 sets a compelling narrative for what an insurance company can achieve with the right blend of strategy, innovation, and customer-centric services. Its resilience during economic uncertainties, along with strategic transformation, has positioned CPIC as a trailblazer in the insurance industry. This heralds not just growth, but a transformation that could redefine the landscape of insurance and financial services in China and beyond.