REG - China Pacific Insur. - Announcement relating to Premium Income

China Pacific Insurance CoAnnouncement

16/07/2024 10:45

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RNS Number : 6011W  China Pacific Insurance Grp Co. Ltd  16 July 2024

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  Year-on-year

                                     June 2024   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  Year-on-year

                                     June 2024   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.

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