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 | 113,028 | 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.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.