Operating Profit Attributable to the Parent Company Increased by 9.9% YOY
HONG KONG, Aug. 29, 2022 /PRNewswire/ -- CPIC（601601.SH 2601.HK CPIC.LSE）released its 2022 interim results today.
In the first half of 2022, in the face of various challenges, CPIC took the initiative to overcome the difficulties, adhered to the high-quality development path, deepened the transformation of business models, promoted the diversified development of pipelines, and accelerated the ecological layout of health care, with unremitting efforts and struggles, had achieved steady and progressive business results.
In 1H 2022, CPIC Group's insurance business revenue increased steadily to RMB 242.5 billion, presenting an increase of 8.0% year-on-year, the growth rate reached a new high in the past three years; the group's operating profit attributable to the parent company increased by 9.9% year-on-year, and the group's embedded value increased by 2.2% from the end of the previous year. It represents the foundation of long-term stable operation was further consolidated. Steady progress was made in the transformation of CPIC Life, the core human capacity of agents was effectively enhanced, and the value bancassurance business accelerated, driving insurance business income to RMB 149.1 billion and showing a year-on-year increase of 5.4%. CPIC Property seized the opportunity of domestic industrial structure upgrade and maintained the momentum of rapid development, achieving an insurance business income of 91.6 billion yuan, presenting a year-on-year increase of 12.3%, with a steady increase in market share and continuous optimization of business structure. The investment segment actively responded to the adverse effects of market fluctuations and falling interest rates, continued to improve the asset and liability management system, and strengthened the building of professional investment and research capabilities. The Group's assets under management increased to RMB 2,741 billion, further enhancing its market competitiveness.
CPIC Life's new insurance has achieved rapid growth. The income of life insurance business was approximately RMB 149.05 billion, presenting a year-on-year increase of 5.4%, and the growth rate of new insurance business was 25.8%. The operating profit of CPIC Life was approximately 15.16 billion yuan, presenting a year-on-year increase of 6.0%;The remaining marginal balance was approximately 345.64 billion yuan, showing a decrease of 0.8% from the end of the previous year.
The comprehensive ratio of CPIC Property business improved compared to the previous year, and the premium income achieved a rapid growth. Compared with the same period of last year, the comprehensive expense ratio was 97.2%, presenting a decrease of 2.1 percentage points; among them, the comprehensive expense ratio was 27.5%, presenting a decrease of 1.7 percentage points; and the comprehensive loss ratio was 69.7%, showing a decrease of 0.4 percentage points year-on-year. Insurance business income was approximately 92.91 billion yuan, showing a year-on-year increase of 12.3%; among which, non-auto insurance business income increased by 17.3% year-on-year, accounting for 48.1%, an increase of 2.0 percentage points. Auto insurance strengthened the building of customer management capabilities, and customer viscosity continued to increase; the quality of non-auto insurance business improved, while emerging areas such as health insurance, agricultural insurance, and liability insurance maintained a rapid growth.
Adhering to the asset allocation based on the characteristics of insurance liabilities and crossing the macroeconomic cycle, the overall performance of the investment side was stable. The annualized growth rate of the Group's investment assets was 3.3%, decreased 1.5 percentage points year-on-year; the annualized gross investment yield was 3.9%, dropped 1.1 percentage points year-on-year; the annualized net investment yield was 3.9%, down 0.2 percentage points year-on-year; the 10-year average net investment rate of return, total investment rate of return and net value growth rate all exceeded the embedded value long-term investment return assumption.
About China Pacific Insurance (Group) Co., Ltd
China Pacific Insurance (Group) Co. Ltd. (hereinafter referred to as "CPIC", or the "Company"; Stock Code: 2601.HK, 601601.SH, CPIC.LSE) is an insurance holding company incorporated on the basis of China Pacific Insurance Company, which was established on May 13, 1991. It is a leading insurance group headquartered in Shanghai, which is the first insurance group simultaneously listed on Shanghai, Hong Kong and London Stock Exchanges. CPIC is a leading comprehensive insurance group; the Company provides a broad range of risk solutions, financial planning and asset management services to over 100 million customers via its nationwide network of distribution and diversified services platforms.
This press release is distributed by Wonderful Sky Financial Group for China Pacific Insurance (Group) Co. Ltd.