China Pacific Insurance (Group) Company Limited (hereinafter referred to as “ the Company” or “we”) was formed on the basis of China Pacific Insurance Co. Ltd., which was set up on May 13, 1991. Headquartered in Shanghai, the Company is one of China’s leading insurance groups listed in both Shanghai and Hong Kong.
The Company’s vision is to become a first-class insurance-centred financial services group which “accompanies you throughout your life’s journey”. We are committed to the development philosophy of “focusing on customer’s needs, the core business of insurance while driving sustainable value growth”. We uphold protection as the basic value proposition of insurance, which has been further entrenched in the Company over the years. We are now one of the leading domestic insurance groups with strong capital positions, strong capabilities in value creation and risk management and a high level of professionalism.
The Company delivered sustained value growth and improvement in its comprehensive strength. We were ranked among Fortune Global 500 for the 6th consecutive year, occupying 251st place in 2016, and for the first time among the top 300. In 2016, our Group operating revenues amounted to RMB267.014 billion, of which, gross written premiums (GWPs) reached RMB234.018 billion, with net profits of RMB12.057 billion. Group total assets stood at RMB1.02 trillion, exceeding the mark of 1 trillion for the first time in our history. The number of valid customers reached 104 million. We boasted strong capital positions, with the Group comprehensive solvency margin ratio at 294% under C-ROSS (China Risk-oriented Solvency System).
We stay focused on insurance while expanding our business portfolio along the insurance value chain. We now boast a full range of insurance-related licenses spanning life insurance, property and casualty insurance, pension, health insurance, agricultural insurance and asset management, with increased collaboration and synergy. We give priority to customers’ needs and launched the customer-oriented transformation initiative. With the roll-out of 18 projects, the values and methodology underpinning the initiative have been embedded in the Company’s DNA. We are committed to value growth, focusing on high quality new business value growth for life business, underwriting profitability for property and casualty business, and an investment yield consistently higher than the cost of liabilities for asset management.
The Company made continuous efforts to improve its Group-level governance, which helped to optimise allocation of resources. We are committed to communication with the capital market, and have put in place a sound governance structure with checks and balances. The Company’s Board of Directors commits itself to continued improvement in governance mechanisms including, among others, those of its subsidiaries within the Group centralised management framework.
With a mission of “being a responsible insurance company” and the corporate values of “integrity, prudence and excellence”, the Company strives to incorporate CSR into its development model in an all-around way, in a bid to deliver value to all its stake-holders such as customers, shareholders, employees, industry, society and the environment. It was ranked for the 7th consecutive year on the list of China’s Outstanding Companies in Corporate Social Responsibility.
The year 2017 marks the beginning of the Company’s new 3-year development program. We will start the implementation of the digitalization strategy, work hard to translate into realities the mission of “innovating digital experience, improving digital supply, and sharing the digital eco-system”, and continue to drive value growth so as to give back even more to our shareholders, customers and the society.