2020-03-22 16:00Risk Protection and Support During Pandemic - China Pacific Insurance provided over 500 million RMB in risk protection for 45 key material enterprises during the pandemic[2]. - The company launched targeted insurance products to support businesses resuming operations, completing insurance connections for 24 enterprises within 48 hours[6]. - China Pacific Insurance established a rapid claims process, achieving a claim agreement of 5.98 million RMB within 48 hours for a drought-affected pharmaceutical company[9]. - The company processed over 70,000 travel insurance claims with a settlement rate exceeding 99% during the pandemic[10]. - China Pacific Insurance's "Video Doctor" service provided over 100,000 online medical consultations to clients[12]. - The company has opened a green channel for claims, processing 251 claims related to confirmed COVID-19 cases, including 35 fatalities[10]. - China Pacific Insurance has actively expanded its insurance coverage to include COVID-19 in seven product lines, enhancing risk protection for clients[6]. - The company provided 500,000 RMB in emergency relief to the family of a public health worker who died in the line of duty[9]. - China Pacific Insurance's subsidiaries in over 30 regions have offered professional risk protection plans to frontline medical staff[6]. - The company has implemented various innovative insurance products and upgraded online services to support pandemic prevention and control efforts[2]. - During the pandemic, China Pacific Insurance provided 356 million remote consultations and processed over 614 million mobile service requests[13]. - The "Mutual Trust Compensation" service allowed for claims to be processed in under 10 minutes, with a total of 1233 RMB paid out to clients[13]. - China Pacific Insurance launched a nationwide free video doctor service, with over 100,000 consultations conducted during the pandemic[13]. - The company provided 2 billion RMB in risk coverage for 100 key enterprises in Hainan to support their resumption of work[15]. - In Ningbo, the company issued its first policy under a special insurance project for small and micro enterprises, offering compensation of 3500 RMB per day for business interruptions due to infectious diseases[15]. - China Pacific Insurance extended COVID-19 coverage to employer liability insurance for key small and micro enterprises during the pandemic[16]. - The company provided 76 million RMB in personal accident insurance to 1834 clients in severely affected regions, totaling 13.94 billion RMB in insurance coverage[17]. - The company facilitated over 1.1 million RMB in loans for small business owners to ensure operational continuity during the pandemic[16]. - China Pacific Insurance implemented a one-month premium waiver for personal guarantee insurance for small business owners unable to make payments due to the pandemic[17]. Financial Performance and Growth - The group achieved total revenue of RMB 385.49 billion in 2019, with insurance business revenue growing by 8.0% to RMB 347.52 billion[37]. - The net profit for the group reached RMB 27.74 billion, representing a year-on-year increase of 54.0%[37]. - The group's operating profit was RMB 27.88 billion, up 13.1% compared to the previous year[36]. - The new business value for life insurance was RMB 24.60 billion, a decrease of 9.3% year-on-year, with a new business value rate of 43.3%[38]. - The property insurance business saw a revenue increase of 12.9%, reaching RMB 132.98 billion, with non-auto insurance revenue growing by 32.6%[39]. - The group’s investment asset net value growth rate was 7.3%, an increase of 2.2 percentage points from the previous year[36]. - The total number of customers reached 138.56 million, an increase of 12.14 million from the previous year[36]. - The agricultural insurance sector reported premium income of RMB 56.78 billion, with a rapidly increasing market share[39]. - The comprehensive solvency adequacy ratio for the group was 295%, a decrease of 6 percentage points[36]. - The company distributed a cash dividend of RMB 1.20 per share, totaling RMB 10.87 billion, pending shareholder approval[33]. - Fixed income investments accounted for 80.4%, a decrease of 2.7 percentage points from the end of last year; equity investments accounted for 15.7%, an increase of 3.2 percentage points, with core equity accounting for 8.3%, up 2.7 percentage points[40]. - Net asset growth rate reached 7.3%, an increase of 2.2 percentage points year-on-year; total investment return rate was 5.4%, up 0.8 percentage points year-on-year; net investment return rate remained stable at 4.9%[40]. - Total managed assets reached CNY 2,043.078 billion, an increase of 22.7% from the end of last year; third-party managed assets reached CNY 623.815 billion, an increase of 44.3%[40]. - China Pacific Insurance ranked 199th in the Fortune Global 500, improving by 21 places from the previous year[41]. - The brand value of China Pacific Insurance surpassed USD 10 billion, ranking 6th in the Brand Finance "Top 100 Most Valuable Insurance Brands" list[41]. - The company received the highest A rating in operational evaluation for four consecutive years and the highest AA rating in service evaluation for three consecutive years[41]. - The "Anti-Poverty Insurance" product won the "National Poverty Alleviation Award for Organizational Innovation" from the State Council's Leading Group for Poverty Alleviation[41]. - The "Taibao Home" elderly community project won the "2019 Annual Insurance Health and Elderly Care Integration Innovation Model Award" at the 14th China Insurance Innovation Awards[41]. - Taibao Asset won the "2019 Gold Medal Insurance Asset Management Company Ark Award" and "2019 Gold Medal Insurance Investment Team Ark Award" at the China Insurance Asset Liability Management Conference[41]. - The group's insurance business revenue increased from RMB 234.018 billion in 2016 to RMB 347.517 billion in 2019, with a growth rate higher than the industry average[44]. - The net profit of the group reached RMB 27.741 billion, a year-on-year increase of 54.0%, doubling compared to three years ago[44]. - The total assets of the group grew at a compound annual growth rate of 14.4% over three years, reaching RMB 1,528.333 billion[44]. - The group's embedded value increased to RMB 395.987 billion, with per share embedded value rising from RMB 27.14 to RMB 43.70 over three years[44]. - The comprehensive solvency adequacy ratio of the group reached 295%, maintaining a good level[44]. - The total number of customers increased to 139 million, with a continuous addition of new customers for four consecutive years[44]. - The proportion of non-auto insurance business revenue significantly increased to 30.7%[44]. Investment and Asset Management - The group’s investment assets net value growth rate was 7.3%, an increase of 2.2 percentage points year-on-year[67]. - The total investment return rate improved to 5.4%, up 0.8 percentage points from the previous year, while the net investment return rate remained stable at 4.9%[68]. - The long-term health insurance liability reserve increased by 64.2% to RMB 72.35 billion, driven by business growth[58]. - The deferred tax liabilities rose by 149.2% to RMB 2.91 billion, attributed to the increase in the fair value of investment assets[58]. - The group's embedded value increased to RMB 395,987 million, a 17.8% rise from RMB 336,141 million in 2018[69]. - The effective business value rose to RMB 187,585 million, reflecting a 12.5% increase compared to RMB 166,816 million in the previous year[69]. - The group's net assets reached RMB 178,427 million, up 19.3% from RMB 149,576 million in 2018[69]. - Insurance business revenue totaled RMB 347,517 million, marking an 8.0% growth from RMB 321,895 million in 2018[69]. - The number of group customers increased by 9.6% to 138,558 thousand from 126,419 thousand in the previous year[69]. - The new business value for life insurance decreased by 9.3% to RMB 24,597 million, down from RMB 27,120 million in 2018[69]. - The total investment return rate improved to 5.4%, up from 4.6% in the previous year, representing a 0.8 percentage point increase[69]. - The net profit attributable to shareholders rose by 54.0% to RMB 27,741 million, compared to RMB 18,019 million in 2018[69]. - The average monthly insurance agents decreased to 790 thousand, a decline of 6.7% from 847 thousand in the previous year[78]. - The group achieved a 14.3% increase in group customer business revenue, reaching RMB 79,930 million compared to the previous year[79]. - The total insurance business revenue for 2019 reached RMB 212.51 billion, a year-on-year increase of 5.0% compared to RMB 202.41 billion in 2018[84]. - The company achieved a net profit of RMB 20.53 billion in 2019, representing a significant year-on-year growth of 46.7% from RMB 13.99 billion in 2018[90]. - Investment income for the year amounted to RMB 59.88 billion, up 36.5% from RMB 43.85 billion in 2018, primarily due to increased bond interest income and capital market recovery[87]. - The company reported total claims expenses of RMB 57.77 billion, a 37.0% increase from RMB 42.18 billion in 2018, driven by growth in existing business[88]. - The company’s health insurance segment saw a revenue increase of 71.9%, reaching RMB 4.72 billion, marking its first profitable year since inception[90]. - The company’s commission and fee expenses decreased by 12.1% to RMB 28.89 billion, primarily due to a decline in new insurance business[89]. - The total premium earned for the year was RMB 204.34 billion, reflecting a 3.3% increase from RMB 197.90 billion in 2018[86]. - The company’s operating income for 2019 was RMB 266.61 billion, an increase of 8.9% compared to RMB 244.74 billion in 2018[86]. - The company achieved insurance revenue of RMB 132.98 billion in 2019, a year-on-year increase of 12.9%[95]. - The comprehensive cost ratio was 98.3%, a decrease of 0.1 percentage points compared to the previous year, with a claims ratio of 60.2%, up by 4.0 percentage points[93]. - The vehicle insurance segment generated RMB 93.22 billion in revenue, a growth of 6.0% compared to 2018, with a claims ratio of 60.8%[98]. - Non-vehicle insurance revenue reached RMB 39.76 billion, marking a significant increase of 33.3% year-on-year[99]. - Agricultural insurance revenue grew by 40.8% to RMB 5.98 billion, driven by innovation and improved service capabilities[101]. - The company’s investment income was RMB 5.63 billion, up 2.8% from the previous year, attributed to increased investment assets[102]. - The company reduced its commission expenses by 22.8%, with the ratio of commission expenses to insurance revenue decreasing from 19.9% to 13.6%[104]. - The company plans to enhance customer management and risk selection capabilities while accelerating innovation and technology integration[98]. - The comprehensive cost ratio for liability insurance was 90.7%, maintaining good business quality with a revenue increase of 15.3% to RMB 6.10 billion[101]. - The company achieved a net profit of RMB 5.91 billion in 2019, representing a year-on-year growth of 69.6%[105]. - Total assets of the company reached RMB 122.5 billion as of December 31, 2019, with net assets of RMB 5.57 billion[107]. - The company’s total managed assets increased by 22.7% year-on-year to RMB 2,043.08 billion, with investment assets growing by 15.1% to RMB 1,419.26 billion[110]. - Third-party managed assets surged by 44.3% year-on-year to RMB 623.82 billion, with third-party management fee income rising by 40.7% to RMB 1.625 billion[110]. - The company’s insurance business revenue for 2019 was RMB 1.431 billion, reflecting a year-on-year increase of 14.6%[106]. - The comprehensive cost ratio for the company increased by 5.6 percentage points to 99.8% due to external factors such as typhoons and disease outbreaks[106]. - The company’s equity investment proportion rose to 15.7%, an increase of 3.2 percentage points from the previous year[116]. - The company’s bond investments accounted for 42.6% of total investment assets, a decrease of 3.7 percentage points year-on-year[116]. - The company’s investment in non-public market financing tools reached RMB 297.215 billion, representing 20.9% of total investment assets[116]. - The company’s business and management expenses grew by 18.2% year-on-year to RMB 26.876 billion, accounting for 20.2% of insurance business income[105]. - The company's net asset growth rate reached 7.3%, an increase of 2.2 percentage points year-on-year, primarily due to changes in equity investment asset gains[121]. - Total investment income for 2019 was 66.978 billion RMB, a year-on-year increase of 31.1%, driven by growth in fixed income investment interest income and gains from equity markets[126]. - The net investment income for 2019 was 61.275 billion RMB, reflecting a year-on-year growth of 13.3%[123]. - The total investment return rate improved to 5.4%, up 0.8 percentage points from the previous year, while the net investment return rate remained stable at 4.9%[127]. - The third-party asset management scale of Taiping Asset reached 1947.66 billion RMB, a growth of 9.5% year-on-year[128]. - Longjiang Pension's third-party entrusted management assets grew by 63.5% to 1484.42 billion RMB, while third-party investment management assets increased by 68.9% to 3952.77 billion RMB[129]. - The company registered 28 alternative investment products in 2019, with a total registered amount of 487.6 billion RMB, maintaining a leading position in the industry[128]. - The average investment return rate for infrastructure was 5.7%, while the average investment return for non-bank financials was 5.2%[122]. - The company reported a significant increase in securities trading gains, amounting to 6.174 billion RMB, compared to a loss of 770 million RMB in the previous year[123]. - The company has increased its allocation to high-credit-rated infrastructure projects, successfully listing a 4 billion RMB investment in the Beijing-Shanghai High-Speed Railway equity project[128]. Corporate Social Responsibility and Community Engagement - The company provided risk protection with a total insurance amount of CNY 2.32 trillion for approximately 5.133 million registered poor households in poverty alleviation projects[197]. - The company invested CNY 26.555 million in special funds for poverty alleviation in 2019[197]. - The "Prevent Poverty Insurance" program has been implemented in 16 provinces and 160 counties, providing protection against falling back into poverty[197]. - The company achieved a cumulative helping amount of over CNY 23 million through the "Rainbow" precision poverty alleviation public welfare platform, with over CNY 18 million in 2019 alone[197]. - The company’s environmental initiatives include energy-saving measures that have saved approximately CNY 180 million in printing and delivery costs through the implementation of electronic invoicing[195]. - The company has established a diversified entrusted investment management structure, utilizing both internal and external investment managers to mitigate risks[194]. - The company has actively engaged in green finance, focusing on projects in environmental protection and clean energy sectors[195]. - The company has invested a total of 21.75 million yuan in poverty alleviation efforts, benefiting nearly 80,000 registered impoverished individuals in supported areas such as Qinghai, Xinjiang, and Tibet[198]. - A total of 14.5 million yuan has been allocated to support two towns and three villages in Inner Mongolia and Yunnan, helping them achieve early poverty alleviation[198]. - The company has implemented 45 health poverty alleviation projects across 10 provinces, providing approximately 1.12 billion yuan in compensation to 5.4 million registered impoverished individuals[198]. - The "Rainbow" platform has launched 115 agricultural products across 17 provinces, directly reaching 23,400 registered impoverished households[199]. - The company has deployed 255 outstanding cadres in 180 designated villages across 27 provinces for on-the-ground support, with 50 serving as first secretaries[199]. - The company has introduced 124 exclusive poverty alleviation insurance products, with 18.5% of these targeting deeply impoverished areas in six provinces and regions[198]. - The company has established three vocational training bases in collaboration with local technical colleges to enhance skills and educational support for impoverished areas[200]. Governance and Compliance - The company has not disclosed any penalties or rectification matters during the reporting period[188]. - Daily related transactions were conducted at market prices, with a summary of financial product transactions provided for the year[190]. - The company conducted 3 major related transactions in 2019, all of which were approved by the board or shareholders after review by the related transaction control committee[192]. - The company’s related transactions in 2019 did not exceed the amounts approved by the board or shareholders, ensuring compliance with regulatory requirements[192]. - The company has a comprehensive related transaction management system in place, ensuring proper identification, review, and disclosure of related transactions[192]. - The company engaged PwC and RSM for auditing services, with total audit fees amounting to RMB 21.1835 million for the 2019 fiscal year[183]. - The company has not implemented capital reserve transfers to increase share capital in the past three years, maintaining a consistent dividend policy[177]. - The company’s profit distribution policy emphasizes reasonable returns to investors, with a commitment to maintain continuity and stability in dividend payments[179]. - No significant litigation or arbitration matters were disclosed during the reporting period[188].