China Pacific Life Insurance Co.,Ltd.

China Pacific Life Insurance Co., Ltd

China Pacific Insurance (Group) Co., Ltd. is an insurance group company established on the basis of China Pacific Insurance Company established on May 13, 1991. It is headquartered in Shanghai and has a registered capital of 7.7 billion yuan. It is the first national joint-stock commercial insurance company in China.

On November 19, 2019, China Pacific Life Insurance Co., Ltd. won the "2019 Asia excellent life insurance company" award.

Historical evolution

China Pacific Insurance (Group) Co., Ltd. (hereinafter referred to as "China Pacific Insurance") is an insurance group company established on the basis of China Pacific Insurance Company established on May 13, 1991, with its headquarters in Shanghai. In 1991, China Pacific Insurance Company was established. In 1994, China Pacific Insurance (Hong Kong) Co., Ltd. was established. In 2001, China Pacific Insurance Company implemented system reform, and China Pacific Insurance (Group) Co., Ltd. was established. China Pacific Property Insurance Co., Ltd. and China Pacific Life Insurance Co., Ltd. were established by holding shares Pingyang Asset Management Co., Ltd. was established in 2007, China Pacific Insurance A-share was listed (China Pacific Insurance, sh601) in 2009, holding Changjiang Endowment Insurance Co., Ltd. in 2009, China Pacific Insurance H-share was listed (China Pacific Insurance, hk02601) in 2010, China Pacific Insurance Investment Management (Hong Kong) Co., Ltd. was established

company size

Listed on Shanghai Stock Exchange on December 25, 2007, stock abbreviation: China Taibao (Code: 601601), is the first insurance company in China to enter the A-share market in the form of group as a whole. Subsequently, the company was listed on the stock exchange of Hong Kong on December 23, 2009, with the stock abbreviation of China Pacific Insurance (Code: 02601).

Company composition

Pacific Insurance has China Pacific Property Insurance Co., Ltd., China Pacific Life Insurance Co., Ltd., Pacific Asset Management Co., Ltd. and China Pacific Insurance (Hong Kong) Co., Ltd. the company invests in the United States and has China Pacific (USA) service company, and has representative offices in London and New York. In 1998, Pacific Antai Life Insurance Co., Ltd., a joint venture established by the company and the Netherlands International Group, is the first Sino foreign joint venture insurance company in China. By the end of 2008, the total assets were 319.39 billion yuan and the net assets were 48.74 billion yuan. In 2008, the insurance business income reached 94.02 billion yuan, an increase of 26.6% over the same period of last year. In terms of market share, Pacific Property Insurance is the second largest property insurance company in China, and Pacific Life Insurance is the third largest life insurance company in China. as a responsible insurance company, China Pacific Insurance Company takes "integrity, steadiness and excellence" as its core value, adheres to steady operation, takes benefit as the center, actively promotes sustainable value growth, continuously creates value for customers, shareholders, employees, society and stakeholders, and provides risk guarantee for social harmony, stability and economic development.

marketing network

China Pacific Insurance has established a nationwide marketing network and diversified service platform, with more than 5400 branches, more than 64000 employees and more than 220000 salesmen, providing comprehensive risk protection solutions, investment and financial management and asset management services including life insurance and property insurance for more than 36 million individual customers and 2.2 million institutional customers.

social influence

While actively pursuing sustainable value development, China Pacific Insurance is committed to all kinds of public welfare activities and fulfilling the responsibilities of corporate citizenship. Since its establishment, the total investment has exceeded 30 million yuan, and donations have been actively made during the period of catastrophic floods, SARS, southern snow disaster and May 12 earthquake relief, with a total amount of more than 80 million yuan. facing the future, China Pacific Insurance has established the strategic goal of "a first-class financial service group with international competitiveness and insurance industry as the main industry", striving to become a first-class financial service group with outstanding reputation, outstanding brand, stable finance and excellent benefits.

Listing

Securities code 601601 securities abbreviation: China Pacific Insurance (Group) Co., Ltd, Ltd establishment date 1991-5-13 listing date 2007-12-25 listed market Shanghai stock exchange industry finance and insurance industry registered capital (10000 yuan) 770000 legal representative Gao Guofu chairman Gao Guofu general manager Huo Lianhong Secretary of the board of directors Chen Wei securities representative Yang Jihong registered address: South Building, Bank of communications Financial Building, 190 Yincheng Middle Road, Pudong New Area, Shanghai 200120

Business Overview

management idea

China Pacific Insurance adheres to the business philosophy of "promoting and realizing sustainable value growth", and strives to achieve the coordinated development of property insurance business and life insurance business, insurance business and asset management. The life insurance business will focus on marketing, focus on time payment, and continue to improve the value of new business for one year; the property insurance business will maintain the leading comprehensive cost rate in the industry, and the market share will rise steadily; the asset management business will strengthen the asset liability management, and strive to realize the continuous surpassing of investment income over debt cost.

Capital strength

In the first half of 2011, China Pacific Insurance achieved an insurance business income of 86.875 billion yuan, accounting for 10.8% of the market; realized a net profit of 5.816 billion yuan; the comprehensive cost rate of property insurance was 91.1%; and the value growth rate of new life insurance business reached 18.3% on a year-on-year basis. By the end of the first half of 2011, the total assets of China Pacific Insurance Co., Ltd. had exceeded 537.2 billion yuan, the net assets had reached 79.8 billion yuan, the investment assets had reached 490.513 billion yuan, the solvency was sufficient, and all indicators were in the forefront of China's insurance market.

Business scale

By the end of 2010, China Pacific Insurance had specialized subsidiaries in property insurance, life insurance, asset management and endowment insurance, and established a nationwide marketing network and diversified service platform. It had more than 5700 branches, more than 74000 employees and more than 300000 property and life insurance marketers, making it one of the top 5 insurance companies in China, Six million individual customers and 3.3 million institutional customers provide a full range of risk protection solutions, investment and financial management and asset management services. China Pacific Insurance's national customer service hotline 95500 covers insurance consultation, inquiry, claim reporting, service appointment, emergency rescue, complaint acceptance and other services.

Premium scale

The premium development of Pacific Insurance from 2005 to 2012 is as follows: the top ten premium income of insurance companies in 2012 are as follows:

corporate governance

China Pacific Insurance Company strictly abides by the laws and regulations as well as the requirements issued by the regulatory authorities, and constantly improves the corporate governance structure in combination with the actual situation of the company. By continuously optimizing the structure of group management and fully integrating internal resources, the company has formed a relatively perfect, balanced and coordinated corporate governance system. The general meeting of shareholders, the board of directors, the board of supervisors and the senior management shall operate independently according to the law and perform their respective rights and obligations in accordance with the duties conferred by the articles of association. the current board of directors of China Pacific Insurance is composed of 15 directors, including 2 executive directors, 5 independent non-executive directors and 8 shareholder directors, with the characteristics of youth, specialization and internationalization. The board of directors has a strategic and investment decision-making committee, an audit committee, a nomination and compensation committee and a risk management committee to provide strong support for the board's decision-making. The current board of supervisors consists of 5 supervisors, including 3 shareholders' representative supervisors and 2 employees' representative supervisors. China Pacific Insurance has a senior management team with rich experience in domestic and international insurance and related industries, which lays a foundation for the company to better adapt to the rapidly changing market environment and achieve better business performance.

corporate culture

Core values

With the mission of "being a responsible insurance company", the core values of China Pacific Insurance Company are "integrity, stability, and pursuit of excellence", and the business philosophy of "promoting and realizing sustainable value growth", we continue to create value for customers, shareholders, employees, society and stakeholders, and make contributions to social harmony.

Corporate vision

Facing the future, China Pacific Insurance promotes the implementation of the strategic transformation of "customer demand orientation" and strives to build "a first-class insurance financial service group focusing on the main business of insurance, with continuous value growth and international competitiveness".

social responsibility

As a "responsible insurance company", China Pacific Insurance Company actively pursues sustainable value growth while consciously fulfilling its social responsibility as a corporate citizen. Committed to all kinds of public welfare activities, to fulfill the responsibilities of corporate citizens. Since its establishment, the company has actively carried out public welfare activities such as caring for the orphans and the disabled, donating money to help the poor and disaster relief. It has established more than 60 hope primary schools with a total investment of more than 30 million yuan. It has actively donated more than 100 million yuan during the catastrophic floods, SARS, southern snow disaster, May 12 earthquake relief, drought in Yunnan, qinghaiyushu earthquake and Zhouqu debris flow.

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