清华金融评论·2025-03-27 11:04Core Viewpoint - The insurance industry is shifting from scale expansion to value creation, with China Pacific Insurance (Group) Co., Ltd. undergoing significant management changes and reforms, raising concerns about its effectiveness and future prospects [1][3]. Financial Performance - In 2024, China Pacific Insurance achieved total revenue of 404.09 billion yuan, a year-on-year increase of 24.7%, with net profit attributable to shareholders reaching 44.96 billion yuan, up 64.9% [1][3]. - The group's investment return rate was 5.6%, reflecting a strategic focus on long-term macro trends and disciplined asset allocation [4][11]. Business Segments - For life insurance, the embedded value reached 421.84 billion yuan, a 4.9% increase year-on-year, with new business value growing by 20.9% to 13.26 billion yuan [3][4]. - In property insurance, the combined ratio was 98.6%, up 0.9 percentage points, attributed to increased natural disasters and significant claims [4][3]. Management Changes - The company has experienced frequent changes in its core management team, with new leadership emphasizing long-term development and strategic priorities focused on customer value [14][15]. - The new management team aims to implement a three-year high-quality development plan, prioritizing customer-centric strategies [3][15]. Strategic Initiatives - China Pacific Insurance plans to deepen its transformation through three main strategies: "Great Health," "Artificial Intelligence +," and "Internationalization," focusing on comprehensive health management and enhancing technological capabilities [15][3].