Announcement relating to Premium Income

China Pacific Insurance Grp Co. Ltd

16 January 2024

 

16 January 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 2023 and 31 December 2023, the accumulated primary insurance premiums of China Pacific Life Insurance Co., Ltd.("CPIC Life"), a subsidiary of the Company, amounted to RMB233.141 billion, representing a year-on-year increase of 4.9% and the accumulated primary insurance premiums of China Pacific Property Insurance Co., Ltd.("CPIC P/C"), a subsidiary of the Company, amounted to RMB190.327 billion, representing a year-on-year increase of 11.4%. The details are set out below:

Unit: in RMB million
CPIC Life		January to December 2023	Year-on-year change
Individual customers		221,122	6.0%
Agency channel		179,319	3.1%
New policies		29,602	29.0%
Regular premium business		26,689	35.0%
Renewed policies		149,717	-0.8%
Other channels		41,803	20.5%
Group clients		12,019	-12.7%
Accumulated primary insurance premiums		233,141	4.9%

CPIC P/C	January to December 2023	Year-on-year change
Automobile insurance	103,514	5.6%
Non-automobile insurance	86,813	19.2%
Accumulated primary insurance premiums	190,327	11.4%

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

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

Notes:

1. The primary insurance premiums were 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 insurance premiums of China Pacific Property Insurance Co., Ltd.

are 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.

KONG Qingwei

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.

 

END