Announcement relating to Premium Income

China Pacific Insurance Grp Co. Ltd
16 July 2024
 

16 July 2024

CHINA PACIFIC INSURANCE (GROUP) CO., LTD.

(A joint stock company incorporated in the People's Republic of China with limited liability)

Announcement relating to Premium Income

 

China Pacific Insurance (Group) Co., Ltd. (the "Company" or "CPIC") today announces that, for the period between 1 January 2024 and 30 June 2024, the accumulated primary premium income of China Pacific Life Insurance Co., Ltd. ("CPIC Life"), a subsidiary of the Company, amounted to RMB153.159 billion, representing a year-on-year decrease of 1.2% and the accumulated primary premium income of China Pacific Property Insurance Co., Ltd. ("CPIC P/C"), a subsidiary of the Company, amounted to RMB113.028 billion, representing a year-on-year increase of 7.7%. The details are set out below:

 

Unit: RMB million 

CPIC Life

January to

June 2024

Year-on-year

change

Accumulated primary premium income

153,159

-1.2%

Agency channel

121,822

-0.4%

New policies

19,727

3.4%

Regular premium business

18,194

4.0%

Renewed policies

102,095

-1.1%

Bancassurance channel

21,226

1.3%

New policies

13,294

-29.7%

Renewed policies

7,932

288.3%

Group channel

9,929

-14.4%

New policies

8,757

-21.1%

Renewed policies

1,172

133.3%

Other channels

182

14.4%

 

Unit: RMB million

CPIC P/C

January to

June 2024

Year-on-year

change

Accumulated primary premium income

7.7%

Automobile insurance

52,167

2.8%

Non-automobile insurance

60,861

12.3%

 

Note: Due to rounding, there may be slight differences between item aggregates and the totals.

 

The accumulated primary premium income referred to above is unaudited. Investors are advised to take note. Announcement is hereby given.

 

 

Notes:

 

1. The primary premium income was prepared in accordance with the PRC Accounting Standards for Business Enterprises No. 25 - Original Insurance Contracts (Cai Kuai [2006] No.3) and the Regulations regarding the Accounting Treatment of Insurance Contracts (Cai Kuai [2009] No. 15) of the Ministry of Finance of the People's Republic of China.

 

2. The accumulated primary premium income of China Pacific Property Insurance Co., Ltd.is the consolidated data including that of Pacific Anxin Agricultural Insurance Co., Ltd., its subsidiary.

 

 

 

By Order of the Board of Directors

China Pacific Insurance (Group) Co., Ltd.

FU Fan

Chairman

 

 

About CPIC

CPIC is a joint stock company established under the laws of the People's Republic of China with limited liability.

CPIC's registered office is located at 1 South Zhongshan Road, Huangpu District, Shanghai, the People's Republic of China.

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