China Pacific Insurance (Group) Co. (CPIC) posted “solid performance” around its core businesses for the year ended December 31, 2020.
In a statement, the insurance group announced that its operating income exceeded RMB 400 billion (around US$61 billion), with “rapid growth of net operating profit net after tax (OPAT) and embedded value (EV), and [a] steady increase in assets under management.”
Net operating profits of CPIC’s life insurance business increased by 16.7% year-over-year to RMB 25.875 billion (around US$4 billion), with the residual margin growing by 6.5% to RMB 351.077 billion (around US$53 billion) from the end of 2019.
Meanwhile, the group’s property and casualty (P&C) business saw gross written premiums (GWP) amounting to RMB 149.722 billion (around US$23 billion) at the end of 2020, a year-on-year increase of 11.2%. Of this, non-auto business grew by 29.9% and accounted for 35.9% of total P&C GWPs, up by 5.2 points.
“The core business segments maintained healthy momentum of growth,” CPIC said in a statement. “On the life insurance side, in the face of COVID-19, we accelerated on-line and off-line integration, enhanced the ‘role-model’ effect of high-performing agents, pushed for the integration of products and health management, elderly care, and wealth management services. As for property and casualty insurance, the company pro-actively responded to the challenges of the pandemic and the comprehensive reform of automobile insurance, and successfully fostered renewal business as its key growth driver.”
Moving forward, CPIC said it aspires to be "a long-race runner" of the insurance industry over the next 30 years – a goal it says calls for a “long-term view in our business strategies, long-term commitments in customer services, and long-term effort in reform and transformation.”