China Pacific Insurance Grp Co. Ltd Announcement relating to Premium Income (8577Z)

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RNS Number : 8577Z

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   Year-on-year 
                                                                  2023         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   Year-on-year 
                                                 2023         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.

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January 16, 2024 04:37 ET (09:37 GMT)