 History
China Pacific Insurance (Group) Co., Ltd. ("CPIC") was re-registered from China Pacific Insurance Co., Ltd. established on 13 May 1991 with its headquarter in Shanghai.
In 1991, China Pacific Insurance Co., Ltd. established
In 1994, China Pacific Insurance Co., (H.K.) Limited established
In 2001, China Pacific Insurance Co., Ltd. restructured and China Pacific Insurance (Group) Co., Ltd. established, holding China Pacific Life Insurance Co., Ltd. and China Pacific Property Insurance Co., Ltd.
In 2006, Pacific Asset Management Co., Ltd. established
In 2007, CPIC A share IPO (CPIC, SH601601)
In 2009, Changjiang Pension Insurance Co., Ltd. held by CPIC
Operation
During 1H2011, CPIC recorded GWP of RMB86,875 million with a market share of 10.8%. Net Profit reached RMB5,816 million. Combined Ratio for P & C business was 91.1% and life new business value grew by 18.3% compared to thesame period last year. As at 30 June 2011, the total assets, net assets and investments of CPIC reached RMB537.2 billion, RMB79.8 billion and RMB490,513 million respectively. CPIC also has adequate solvency and a leading position in China insurance market in terms of various indicators.
As at 31 December 2010, CPIC, together with its subsidiaries specializing in P & C insurance, life insurance, asset management and pension insurance, had established a nationwide sales network and a diversified service platform. With its 5,700+ business outlets, 74,000+ employees and 300,000+ life and P & C agents, CPIC is able to provide full-scale risk protection solutions, investment and wealth management and asset management services to more than 56 million individual customers and 3.3 million institutional customers across the country. CPIC's national customer service call center 95500 is able to provide services covering insurance consulting, record checking, claim filing and settlement, appointment arrangement, emergency aid and complaint handling.
CPIC will continue to promote and realize its business philosophy of sustainable value-enhancing growth, seeking balanced growth between P & C business and life business and between asset management and insurance business. CPIC Life will focus on the sales channel and regular premiumbusiness to continuously enhance one-year new business value. CPIC Property will seek to maintain its industry leading position in terms ofcombined ratio while consolidating and increasing its market share. CPIC Asset Management will strengthen its asset and liability management and work hard to realize its goal of continuously achieving investment yields exceeding the cost of liabilities.
Corporate Governance
CPICmakes continuous efforts to improve its governance structure in accordance with the requirements under applicable laws and regulations issued by the regulatory authorities and based on its state of affairs. CPIC has established a relatively sound corporate governance system with appropriate checks and balances by streamlining its group management structure and consolidating its internal resources. The general meeting, the Board of Directors, the Board of Supervisors and the senior management fulfill their functions independently, exercised their rights and performed their duties respectively in accordance with the Articles ofAssociation.
With members of relatively younger ages and with internationalprofessional background,CPIC's current Board of Directors consists of 15 directors, including 2 executive directors,5 independent non-executive directorsand 8 non-executive directors. The Board of Directors established the Strategic and Investment Decision-Making Committee, the Audit Committee, the Nominations and Remuneration Committee and the Risk Management Committee, which support the Board strongly in decision-making process. CPIC's current Board of Supervisors consists of 5 supervisors, including 3 shareholder representative supervisors and 2 staff representative supervisors.
CPIC is equipped with a senior management team with sufficient experiencein domestic and international insurance industry and relevant areas, which has laid a solid foundation for the company to better adapt to rapidly changing market environment and to achieve even more outstanding operational results.
Corporate Culture
CPIC assumes the mission of being "a responsible insurance company"with its core value of "business integrity, prudence and sustainability, and pursuit of performance excellence". CPIC also promotes and implements development strategies to achieve sustainable value-enhancing growth, seeking to continuously creating value for its customers, shareholders, employees, the society and other stakeholders and to contribute to social harmony.
Social Responsibility
As a "responsible insurance company", CPIC has been committed to fulfilling the social responsibility of a corporate citizen and participating in various social welfare activities apart from striving for sustainable business growth. Since its establishment, CPIC has actively participated in social welfare activities to support orphans and the handicapped people, made donations to fund education and support the poor and disaster reliefs. It has donated over RMB30 million in aggregate for building more than 60 schools for the Hope Project. Its contribution in the fighting against substantial flooding, the SARS, the snow storm in southern provinces, 5•12 earthquake, the draught disaster in Yunnan Province, the earthquake in Yushu region of Qinghai Province and the Zhouqu mud-rock flow disaster amounted to more than RMB100 million in aggregate.
Corporate Vision
Looking forward, CPIC will implement customerdemand orientedstrategic transformation and work hard to become an internationally competitive financial service group concentrating on insurance as the core business with sustainable value-enhancing growth.
Honors
2011
CPIC ranked 467th on the list of Fortune 500 (mainly based on annual operational income), and 289th on the list of Financial Times 500 (mainly based onmarket capitalization), 289th on the list of Forbes 500 (mainly based on comprehensive evaluation of sales volume, profit, asset and market capitalization).
2010
CPIC was among the 10 listed companies which received the "Board of Directors Award in 2010" issued by the Shanghai Stock Exchange.
CPIC received the "2010 Hong Kong Corporate Governance Excellence Award" jointly issued by the Chamber of Hong Kong Listed Companies and Hong Kong Baptist University.
CPIC was included in the "2010 Corporate Social Responsibility Ranking List" by First Financial" and received the "Excellent Enterprise Award".
CPIC was honored as "The Best Corporate Citizen in China" in an election organized by 21st Century Business Herald and 21st Century Business Review for 4 times in a row.
The publicity activity named "Music over the World" was awarded "The Best Brand Management Case" in the 6th election of its type, co-initiated by 21st Century Economy Report and Interbrand.
CPIC ranked the 10th on the brand value list of Forbes (Chinese version) and showed up on China Brand Value 500 list of World Brand Laboratory for 6 times in a row.
CPIC Life was named one of the "Best Life Insurance Companies in Asia in 2010" by "Asia Insurance Review" and became the first life insurance company in China to receive this award.
CPIC Life ranked 5th in terms of integrated strength in Asian insurance industry and ranked 3rd in terms of domestic competitiveness in China, as cited in "Research Paper on the Ranking of Competitiveness of Asian Insurance Companies" issued by 21st Century Business Herald.
In the "Asian Insurance Industry Competitiveness Ranking" issued by the "21st Century Economic Report", CPIC Property was ranked 3rd and 2nd respectively in comprehensive competitiveness of non-life insurance business in Asia and China, and was named one of the "2010 Best Non-life Insurance Steady Operation Companies".
CPIC Property won the award of "Advanced Financial Enterprise" in the anonymous visits organized by the China Association for Quality Promotion, ranked 1st for 9 consecutive years in the Quality Counter Service of the Insurance (Property and Casualty) Industry.
2009-2010
CPIC won "Golden Bull Award of the Top 100 publicly listed companies in the PRC for 2009, 2010" , awarded by China Securities.
2009
CPIC was among the 10 listed companies which received the "Information Disclosure Award in 2009" issued by the Shanghai Stock Exchange.
2008
CPIC won the award of "The Best Corporate Governance of Publicly-listed Companies in China", "The Best Board of Directors of Publicly-listed Companies in China" and "The Best Investor Relations of Publicly-listed Companies" in the finance industry.
CPIC's customer service center 95500 was honored to be "The Best Customer Service Center in finance industry" in the 1st Call Center Evaluation of China finance industry held by Financial News.
2007-2008
CPIC was granted "People's Social Responsibility Award" by the Network Center of People's Daily in two consecutive years. |
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