CPIC’s Insurance Business Revenue Growth in 1H 2022 hit a New High in The Past Three Years

Functioning Earnings Attributable to the Mum or dad Organization Enhanced by 9.9% YOY

HONG KONG, Aug. 29, 2022 /PRNewswire/ — CPIC(601601.SH 2601.HK CPIC.LSE)released its 2022 interim benefits today.

In the 1st 50 percent of 2022, in the facial area of a variety of difficulties, CPIC took the initiative to get over the problems, adhered to the higher-excellent development path, deepened the transformation of company products, promoted the diversified growth of pipelines, and accelerated the ecological structure of overall health care, with unremitting endeavours and struggles, had realized steady and progressive small business effects.

In 1H 2022, CPIC Group’s insurance policies company earnings elevated steadily to RMB 242.5 billion, presenting an increase of 8.% 12 months-on-12 months, the progress amount reached a new higher in the earlier a few years the group’s functioning earnings attributable to the parent corporation amplified by 9.9% calendar year-on-year, and the group’s embedded worth amplified by 2.2% from the conclude of the prior yr. It signifies the basis of extended-term secure procedure was additional consolidated. Continual progress was created in the transformation of CPIC Lifestyle, the main human capacity of brokers was properly improved, and the worth bancassurance business accelerated, driving coverage company revenue to RMB 149.1 billion and showing a yr-on-calendar year increase of 5.4%. CPIC Residence seized the chance of domestic industrial framework up grade and managed the momentum of rapid enhancement, attaining an insurance policies organization earnings of 91.6 billion yuan, presenting a calendar year-on-yr maximize of 12.3%, with a regular raise in market place share and constant optimization of business framework. The financial investment section actively responded to the adverse consequences of market place fluctuations and slipping fascination fees, ongoing to make improvements to the asset and legal responsibility administration process, and strengthened the developing of professional expenditure and investigation abilities. The Group’s property under administration amplified to RMB 2,741 billion, more boosting its market competitiveness.

CPIC Life’s new insurance plan has attained fast expansion. The cash flow of lifetime coverage organization was somewhere around RMB 149.05 billion, presenting a 12 months-on-12 months increase of 5.4%, and the expansion price of new insurance plan business was 25.8%. The working gain of CPIC Lifestyle was approximately 15.16 billion yuan, presenting a 12 months-on-calendar year increase of 6.%The remaining marginal balance was approximately 345.64 billion yuan, displaying a minimize of .8% from the close of the previous year.

The thorough ratio of CPIC House company enhanced as opposed to the former yr, and the premium cash flow obtained a rapid expansion. As opposed with the exact period of time of past 12 months, the in depth expense ratio was 97.2%, presenting a lower of 2.1 proportion factors among the them, the in depth expenditure ratio was 27.5%, presenting a decrease of 1.7 percentage details and the in depth decline ratio was 69.7%, exhibiting a lower of .4 percentage points 12 months-on-yr. Insurance policies small business money was approximately 92.91 billion yuan, displaying a 12 months-on-year improve of 12.3% between which, non-automobile insurance business profits elevated by 17.3% year-on-calendar year, accounting for 48.1%, an enhance of 2. proportion factors. Auto insurance plan strengthened the making of client management abilities, and customer viscosity ongoing to boost the high-quality of non-auto insurance policies business enterprise enhanced, though emerging places such as health and fitness insurance coverage, agricultural insurance plan, and liability insurance taken care of a swift advancement.

Adhering to the asset allocation dependent on the qualities of insurance policy liabilities and crossing the macroeconomic cycle, the over-all overall performance of the expenditure aspect was steady. The annualized advancement amount of the Group’s expenditure assets was 3.3%, decreased 1.5 share details yr-on-12 months the annualized gross expense generate was 3.9%, dropped 1.1 percentage points 12 months-on-year the annualized net financial investment yield was 3.9%, down .2 proportion points 12 months-on-12 months the 10-calendar year ordinary web expense charge of return, overall financial investment price of return and web benefit expansion level all exceeded the embedded worth long-term financial investment return assumption.

About China Pacific Insurance coverage (Group) Co., Ltd

China Pacific Insurance policy (Group) Co. Ltd. (hereinafter referred to as “CPIC”, or the “Company” Stock Code: 2601.HK, 601601.SH, CPIC.LSE) is an insurance coverage holding organization integrated on the foundation of China Pacific Insurance policy Firm, which was founded on May well 13, 1991. It is a top insurance policies group headquartered in Shanghai, which is the 1st insurance coverage group simultaneously listed on Shanghai, Hong Kong and London Inventory Exchanges. CPIC is a leading detailed insurance policies group the Enterprise delivers a broad assortment of chance options, money planning and asset management services to about 100 million consumers through its nationwide community of distribution and diversified services platforms.

This push release is dispersed by Fantastic Sky Financial Team for China Pacific Insurance policies (Group) Co. Ltd.

Source China Pacific Insurance policies (Group) Co., Ltd.

Christopher Lewis

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