2021-03-28 16:00GDR Issuance and Internationalization - China Pacific Insurance successfully issued Global Depositary Receipts (GDR) amounting to $1.965 billion, marking a significant milestone in its internationalization efforts[11]. - The GDR issuance was oversubscribed with a book-building ratio of approximately 3 times, excluding cornerstone investors[8]. - Swiss Re acted as a cornerstone investor, purchasing 28,883,409 GDRs, which represents 25.87% of the total issuance, with a three-year lock-up period[8]. - The GDR listing on the London Stock Exchange made China Pacific Insurance the first insurance company to be listed in Shanghai, Hong Kong, and London[8]. - The issuance of GDRs is expected to improve the company's governance structure and enhance its international influence[14]. - The company aims to leverage the GDR platform to enrich its shareholder composition and further integrate into the global market[14]. - The successful GDR issuance is seen as a foundation for the company's next thirty years of growth and development[10]. Corporate Governance and Structure - China Pacific Insurance (Group) Co., Ltd. has established a new board of directors with 15 members, of which only 2 are executive directors, resulting in a non-executive director ratio of 87%, the highest among listed peers[17]. - The company has achieved a comprehensive insurance license covering life, property, pension, health, agricultural insurance, and asset management, providing a full range of risk protection solutions[63]. - The company has developed a comprehensive corporate governance structure that includes a shareholders' meeting, board of directors, supervisory board, and senior management, ensuring checks and balances among these entities[199]. Technology and Innovation - The company is advancing its technology commercialization process to enhance operational efficiency and market competitiveness[4]. - The newly formed Technology Innovation and Consumer Rights Protection Committee is the first of its kind among listed companies in the industry, aimed at guiding technology innovation[20]. - The establishment of the fintech company marks a significant step in building a market-oriented mechanism for technology innovation, with a focus on enhancing service quality and operational efficiency[21]. - The launch of three innovation laboratories in collaboration with leading universities and technology firms is part of the company's strategy to enhance its technological capabilities[21]. - The company emphasizes that technology is a core competitive advantage in modern finance, supporting product innovation and customer service[22]. - The company initiated a technology governance framework and established three innovation laboratories in collaboration with leading tech firms and universities[93]. Health Industry Development - The company implemented a long-term incentive mechanism called the "Evergreen Plan" in both property and life insurance sectors[4]. - CPIC initiated its "Great Health" strategy in 2020, aiming to become a leading comprehensive health service provider by 2025[23]. - The company established a professional committee for Great Health development to implement health service platform strategies and explore new growth areas[23]. - CPIC launched the "Guangci Taibao Internet Hospital" in collaboration with Ruijin Hospital, integrating insurance services with a full lifecycle health management model[27]. - The company is focusing on investments in the health industry, including gene testing, innovative drugs, and medical devices, through partnerships like the one with Sequoia Capital China[24][26]. - CPIC's health industry fund aims to leverage long-term insurance capital to invest in biomedicine, medical devices, and digital healthcare, enhancing collaboration in the health sector[26]. - The "1+N" specialized disease product system was introduced at the China International Import Expo, marking a significant step in CPIC's health service offerings[27]. - The company emphasizes the integration of commercial insurance and medical insurance to create a seamless connection between medical services and insurance products[27]. Financial Performance and Growth - The group achieved an operating profit of RMB 422,182 million in 2020, reflecting a growth of 9.5% compared to 2019[71]. - The total revenue for the group reached RMB 385,489 million in 2019, up from RMB 354,363 million in 2018, indicating a year-on-year growth of 8.8%[71]. - The group's operating revenue for 2020 was RMB 422,182 million, representing a growth of 9.5% compared to the previous year[78]. - The operating profit attributable to the parent company's shareholders was RMB 31,140 million, an increase of 11.7% year-on-year[78]. - The embedded value of the group reached RMB 459,320 million, reflecting a growth of 16.0%[78]. - The total investment return rate for the group was 5.9%, up by 0.5 percentage points from the previous year[78]. - The net profit for 2020 was RMB 24,584 million, a decrease of 11.4% from RMB 27,741 million in 2019[101]. - The total assets at the end of 2020 reached RMB 1,771,004 million, reflecting a growth of 15.9% from RMB 1,528,333 million at the end of 2019[101]. Customer Growth and Engagement - The number of group customers increased to 147,473 thousand by the end of 2019, representing a growth of 6.4% from 2018[70]. - The number of customers reached 147.47 million, an increase of 6.4% year-on-year, with an average of 2.09 policies per customer, up 7.2%[120]. - The company established a digital monitoring platform for customer experience, collecting 1.47 million customer feedback entries in 2020[181]. - The number of individual customers holding two or more insurance policies increased to 31.66 million, a growth of 23.3% compared to the previous year[179]. ESG and Sustainable Development - China Pacific Insurance aims to integrate ESG principles into its operations, with a commitment to enhancing its governance structure and improving ESG ratings[19]. - The company plans to increase its investment in green finance, including green bonds and equity funds, to align with China's carbon neutrality goals by 2060[19]. - The company is committed to sustainable development, integrating ESG principles into its operations to achieve high-quality growth[94]. - The company aims to align its operations with the United Nations Sustainable Development Goals (SDGs) by identifying connections between its business and sustainability initiatives[188]. - The company provided over 14.6 billion CNY in climate change loss protection to more than 53,000 farmers through its meteorological index insurance project[194]. - The company signed a green insurance strategic cooperation agreement with local governments, establishing ecological and environmental funds to support green industry transformation[196]. Elderly Care Initiatives - The company completed a significant investment in elderly care real estate, with a total construction area of 510,000 square meters and 6,300 beds under construction across seven projects in six cities[92]. - The "Taibao Home" project has completed 510,000 square meters of construction and has 6,300 beds under construction, with a total bed reserve of 11,000, ranking second in the insurance industry[35]. - The company plans to launch 6-7 high-end elderly care community projects in the next three years, continuing to expand its national layout[35]. - The "Taibao Home" project is designed to create a comprehensive elderly care ecosystem, integrating various service offerings[35]. - The company emphasizes a comprehensive elderly care solution combining insurance products, community services, and professional care[40]. Investment and Asset Management - The company's net investment income for 2020 reached RMB 67.16 billion, a year-on-year increase of 9.6%[170]. - The total investment yield improved to 5.9%, an increase of 0.5 percentage points from the previous year[172]. - The group's managed assets reached RMB 2,436,080 million, an increase of 19.2% compared to the end of the previous year[161]. - The company's bond investments accounted for 39.3% of total investment assets, a decrease of 3.3 percentage points from the previous year[165]. - The third-party asset management scale of Taiping Asset reached RMB 253.23 billion, growing by 30.0% year-on-year[173].