China Pacific Insurance (CPIC) has released its annual results for 2021, reporting an operating income of CNY440.64bn – a year-on-year increase of 4.4% – despite the uncertainties of the market.
Its embedded value was CNY498.3m, up 8.5% from the previous year.
CPIC also reported assets under management valued at CNY2.6trn – 6.8% more than the previous year – and over 168 million customers, a 13% increase from the end of the previous year.
While operating income grew, income from CPIC’s life insurance business decreased by 0.1%. The value of new business for 2021 experienced a year-on-year decrease of 24.8% to CNY13.41bn, while the new business value rate was 23.5%, reflecting a year-on-year decrease of 15.4%.
Life insurance operating profit was CNY28.265bn, a year-on-year increase of 9.2%.
The year also saw a ‘basically stable’ comprehensive ratio of CPIC’s property insurance business, with notable growth in its non-auto insurance business. Revenues from non-auto insurance increased by 16.8% year-on-year. The proportion of its non-auto insurance business also increased by 4.7% to 40.6%.
Emerging health insurance, liability insurance, agricultural insurance, and other emerging insurance business areas “maintained rapid growth,” CPIC reported.
Looking ahead into 2022, CPIC predicted an international environment “fraught with even greater uncertainties,” with technological innovation changing the traditional risk landscape.
The group expected people's needs for a healthier and better life to continue to grow, and customers to expect more personalised insurance service.
