The accumulated primary insurance premium of China Pacific Property Insurance Co., Ltd. (CPIC P/C), a subsidiary of China Pacific Insurance Company (CPIC), amounted to RMB104.948 billion, representing a year-on-year increase of 14.3% in the January to June period.
In the CPIC P/C segment, automobile insurance amounted to RMB50.765 billion, representing a 5.4% increase year-on-year. While, non-automobile insurance rose 24.1% year-on-year to RMB54.183 billion.
The accumulated primary insurance premium of China Pacific Life Insurance Co., Ltd. (CPIC Life), a subsidiary of the company, amounted to RMB155.067 billion, representing a year-on-year increase of 4.0%.
The CPIC Life segment saw individual customers increase by 5.1% on a year-on-year basis to RMB144.801 billion. While group clients saw a decrease by 9% on a year-on-year basis to RMB10.266 billion.
Under individual customers, agency channel amounted to RMB121.232 billion, representing a year-on-year increase of 3%, while other channels saw an increase of 17.3% to RMB23.569 billion.
New policies saw a 31.9% rise, regular premium business posted a 38.8% increase, while renewed policies saw a 1.1% decline year-over-year.
In December 2021, CPIC Life (HK) had been authorised by the Hong Kong Insurance Authority to operate long term insurance business in Hong Kong. John Cai, General Manager (CEO) of China Pacific Life Insurance Co., Ltd. (CPIC Life), explained that CPIC Life (HK) will play an important role in CPIC Life’s Greater Bay Area (GBA) strategy, while also serving as a springboard for internationalisation.
