know about this CPIC’s insurance business revenue growth in the first half of 2022 hit a new three-year high
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Operating Income Attributable to the Parent Company Increased 9.9% YoY
HONG KONG, August 29, 2022 /PRNewswire/ — CPIC (601601.SH 2601.HK CPIC.LSE) released its 2022 interim results today.
In the first half of 2022, faced with various challenges, CPIC took the initiative to overcome difficulties, adhered to the path of high-quality development, deepened the transformation of business models, promoted the diversified development of pipelines, and accelerated the ecological El healthcare design, with unremitting efforts and struggles, had achieved steady and progressive business results.
In the first half of 2022, CPIC Group’s insurance business revenue increased steadily to RMB242.5 billion, presenting an increase of 8.0% year-on-year, the growth rate reached a new maximum in the last three years; the group’s operating profit attributable to the parent increased by 9.9% year-on-year, and the implicit value of the group increased by 2.2% compared to the end of the previous year. Represents the basis of long-term stable operation was further consolidated. Steady progress was made in transforming CPIC Life, effectively upgrading the core human capacity of agents, and accelerating the value of bancassurance business, driving insurance business revenue to RMB149.1 billion and showing a year-on-year increase of 5.4%. CPIC Property seized the opportunity to upgrade the domestic industrial structure and kept the momentum of rapid development, achieving an insurance business income of 91.6 billion yuan, presenting a year-on-year increase of 12.3%, with a sustained increase in market share and continuous optimization of the business structure. The investment segment actively responded to the adverse effects of market fluctuations and falling interest rates, continued to improve the asset and liability management system, and strengthened the building of professional investment and research capabilities. The assets under management of the Group increased to 2.741 billion RMBfurther improving its competitiveness in the market.
CPIC Life’s new insurance has achieved rapid growth. Revenue from the life insurance business was approximately 149.05 billion RMB, presenting a year-on-year increase of 5.4%, and the growth rate of new insurance activity was 25.8%. CPIC Life’s operating profit was approximately 15.16 billion yuanpresenting an interannual increase of 6.0%; the remaining marginal balance was approximately 345.64 billion yuanshowing a decrease of 0.8% compared to the end of the previous year.
CPIC’s real estate business comprehensive index improved compared to the previous year, and premium income achieved rapid growth.. Compared to the same period of the previous year, the integral expenses index was 97.2%, presenting a decrease of 2.1 percentage points; among them, the integral expenses index was 27.5%, presenting a decrease of 1.7 percentage points; and the comprehensive loss ratio was 69.7%, showing a decrease of 0.4 percentage points year over year. Income from the insurance business was approximately 92.91 billion yuan, showing a year-on-year increase of 12.3%; among which, non-automotive insurance business revenues increased 17.3% year-on-year, accounting for 48.1%, an increase of 2.0 percentage points. Auto insurance strengthened the building of customer management capabilities, and customer stickiness continued to increase; the quality of the non-auto insurance business improved, while emerging areas such as health insurance, agricultural insurance and liability insurance maintained rapid growth.
Following the asset allocation based on the characteristics of insurance liabilities and crossing the macroeconomic cycle, the overall performance of the investment side remained stable. The annualized growth rate of the Group’s investment assets was 3.3%, down 1.5 percentage points year over year; annualized gross investment return was 3.9%, down 1.1 percentage points year over year; annualized net return on investment was 3.9%, down 0.2 percentage point from a year earlier; the 10-year average net investment rate of return, the total investment rate of return, and the net worth growth rate exceeded the embodied value’s long-term investment 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 on the base of China Pacific Insurance Company, which was established on May 13, 1991. It is a leading insurance group headquartered in Carry offwhich is the first insurance group listed simultaneously in Carry off, Hong Kong and the London stock exchanges. CPIC is a leading group in comprehensive insurance; The company offers a wide range of risk solutions, financial planning and asset management services to more than 100 million clients through its national distribution network and diversified service platforms.
This press release is distributed by Wonderful Heaven Financial Group by China Pacific Insurance (Group) Co. Ltd.
Source: China Pacific Insurance (Group) Co., Ltd.