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

China Pacific Insurance CoAnnouncement

16/01/2025 09:30

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RNS Number : 5980T  China Pacific Insurance Grp Co. Ltd  16 January 2025

16 January 2025

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 31 December 2024,
the accumulated primary premium income of China Pacific Life Insurance Co.,
Ltd. ("CPIC Life"), a subsidiary of the Company, amounted to RMB238.823
billion, representing a year-on-year increase of 2.4% and the accumulated
primary premium income of China Pacific Property Insurance Co., Ltd. ("CPIC
P/C"), a subsidiary of the Company, amounted to RMB203.249 billion,
representing a year-on-year increase of 6.8%. The details are set out below:

 

Unit: in RMB million

 

 CPIC Life                           January to December 2024  Year-on-year change
 Accumulated primary premium income  238,823                   2.4%
 Agency channel                      184,117                   1.7%
 New policies                        31,623                    9.1%
 Regular premium business            28,727                    9.8%
 Renewed policies                    152,494                   0.3%
 Bancassurance channel               39,805                    9.8%
 New policies                        27,020                    -14.2%
 Renewed policies                    12,785                    168.3%
 Group channel                       13,121                    -10.4%
 New policies                        11,324                    -18.2%
 Renewed policies                    1,797                     123.2%
 Other channels                      1,780                     51.6%

 

Unit: in RMB million

 

 CPIC P/C                            January to December 2024  Year-on-year change
 Accumulated primary premium income  203,249                   6.8%
 Automobile insurance                107,302                   3.7%
 Non-automobile insurance            95,947                    10.5%

 

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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