Operating profit attributable to the parent company in 2023 is 35.518 billion yuan. China Pacific Insurance’s comprehensive strength is making steady progress amid transformation and reform.

Operating profit attributable to the parent company in 2023 is 35.518 billion yuan. China Pacific Insurance’s comprehensive strength is making steady progress amid transformation and reform.

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  today,China Pacific Insurance(601601.SH 2601.HK CPIC.LSE) announced2023performance.

  In 2023, facing various uncertainties in the internal and external environment, China Pacific Insurance has always firmly adhered to the concept of high-quality development and unswervingly deepened transformation. The group’s overall operating performance has remained stable, its market position has steadily improved, and its value creation and The ability to make breakthroughs in key areas has made steady progress, and the foundation for sustainable development continues to be consolidated.

  In 2023, China Pacific Insurance Group achieved annual operating income of 323.945 billion yuan, of which insurance service income was 266.167 billion yuan, a year-on-year increase of 6.6%; operating profit attributable to the parent company was 35.518 billion yuan, remaining stable. As of the end of 2023, the group’s embedded value was 529.493 billion yuan, an increase of 1.9% from the end of the previous year; the group’s assets under management were 2.922308 billion yuan, an increase of 10.1% from the end of the previous year; the number of group customers was 179.869 million, an increase of 9.342 million from the end of the previous year.  

  Value-oriented, core indicators are steadily improving in high-quality development

   China Pacific Insurance Life Insurance Co., Ltd.“Long-term voyage” transformation, multiple channels helped achieve good growth in new business value, achieving new business value of 10.962 billion yuan throughout the year, a year-on-year increase of 19.1%; the quality of the agent team continued to be optimized, and core human resources productivity and income steadily increased; promoting empowerment Transformation of corporate headquarters and operating organizations, and accelerating the construction of a value-creating organization that is customer-centric and has strong endogenous power. China Pacific Property & Casualty Insurance Company is committed to high-quality development, accelerating the promotion of sustainable development strategies, and achieving comprehensive improvements in operation and management capabilities. The annual insurance service income increased by 11.8% year-on-year; the comprehensive underwriting ratio was 97.7%, and the average ratio of auto insurance, non-auto insurance, and agricultural insurance was Maintain a good underwriting profit level and further consolidate the trend of efficient, sustainable and high-quality development. Asset management further improved the asset and liability management system across cycles, strengthened investment research capabilities and compliance risk control capabilities, and the investment performance showed strong resilience. Under the pressure of the shock and weakening of the capital market, the comprehensive investment return rate of the group’s investment assets was 2.7%. A year-on-year increase of 0.4 percentage points.

  Treating both the symptoms and root causes, governance capabilities have steadily improved in a complex environment

  In 2023, China Pacific InsuranceWe continue to improve our professional capabilities in risk management, actively respond to new risk issues arising from the application of new technologies, the exploration of new models, and the expansion of new fields, strengthen the forward-looking prediction, identification and control of risk management, and steadily improve our risk control capabilities.SARMRA assessment ranks among the best. ESG capacity building was accelerated, and the Group’s first “Report on Addressing Climate Change” was released to promote green development. Continuously optimize the integrated model of corporate governance, enrich the practice of investor relations activities, strictly implement and continuously improve the transparency of information disclosure, and have won the highest rating for annual information disclosure work of the Shanghai Stock Exchange for ten consecutive years, and was rated as the “Best Practice of the Board of Directors of Listed Companies of the China Shanghai Association for 2023″ Case”, the corporate governance regulatory rating ranks among the top in the industry; in the business evaluation of industry associations, China Pacific Insurance Property and Casualty Insurance and China Pacific Insurance Life Insurance have received the highest ratings in the industry for many consecutive years.

  Integration and innovation, scientific and technological collaboration seek innovation while maintaining stability in co-construction and sharing.

  China Pacific InsuranceWith the vision of building industry-leading digital intelligence capabilities, we will accelerate the advancement of digital technology-enabled innovation. The digital employees released and launched based on large model technology were officially implemented in the audit center and became the equivalent labor force in daily audit work.

  China Pacific Insurance Property & Casualty Insurance deepens With the application of RPA technology, the “Black Light Factory” replaces more than 400 manpower per month, improving the efficiency of intensive operations. China Pacific Insurance Life Insurance Co., Ltd. launched the lightweight remote video interaction technology “Core Dual Recording” to enable “cloud meetings” between sales and service personnel and customers to enhance customers’ insurance experience. China Pacific Insurance released the “China Pacific Insurance Personal Customer Report” for the first time, demonstrating the intelligent driving force of big data on customer operations; it created the “Pujiang Living Room” strategic customer interaction platform to create an open and win-win collaborative development ecosystem. Closely following the Asian Games events and deepening the “insurance + sports + health + service” marketing model, the “Pacific Blue Team” interactive experience promotion was rated as the best marketing case by the Asian Games Organizing Committee.

   At the end of 2023, China Pacific Insurance started a smooth transition of the board of directors and operating management. 2024 is also an important year in the development history of China Pacific Insurance for “carrying forward the past and opening up the future”. Looking forward to 2024, global economic opportunities and risks coexist, and domestic economic recovery momentum and pressures coexist.

   The new board of directors of China Pacific Insurance will strengthen their confidence, face challenges head-on, adhere to the customer-centered business philosophy, forge ahead with greater vitality and tenacity, deepen transformation and reform, seize new development opportunities, and build a domestically-owned enterprise with global influence. With the goal of becoming a leading insurance financial services group, we will continue to create a new situation for the high-quality development of the insurance industry in the new era, and make new and greater contributions in the great journey of building a financial power!

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