HONG KONG, July 5, 2022 /PRNewswire/ — Hong Kong marked the significant 25th anniversary of its return to the motherland on 1 July. With 25 years’ efforts to step up integration and development with mainland China, Hong Kong has made remarkable achievements in different sectors including economy, culture and technology, and been full of vitality. Benefiting from the further development of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), this cosmopolitan city is ushering in unprecedented historical development opportunities.
It is a major strategic deployment China has carried out to push the GBA development. Since the release and implementation of the Outline of the Plan for the Development of the Guangdong-Hong Kong-Macao Greater Bay Area three year ago, the software and hardware of the area have been interlinked to accelerate the construction of a new mechanism for coordinated regional development, and the capital, talent, technology and information of the three cities are also being deeply integrated. Among them, China Pacific Insurance (Group) Co., Ltd. ("CPIC" or the "Company"; Stock Code: 2601.HK, 601601.SH, CPIC.LSE), a firm follower of our national policies, has been committed to contributing to the quality construction and development of the GBA.
Favourable support of national strategies with innovative insurance to contribute to high quality advancement of GBA
As a Chinese insurance company listed in Hong Kong, CPIC is committed to serving the national strategy to the best of its ability. To this end, the Company has formulated a Special Three-Year Action Plan For the Construction of the Guangdong-Hong Kong-Macao Greater Bay Area (2021-2023), established a special institution to coordinate internal resources in all segments, and made much efforts to forge ahead the Company’s GBA strategy and key tasks, aiming to improve the Company’s competitiveness among the GBA market.
In the process of boosting the construction of GBA, CPIC has made outstanding achievements in innovative development in many aspects. At present, the number of strategic customers in the GBA of the CPIC has increased significantly, and the strategic cooperation with the Guangdong provincial government, relevant departments and key enterprises has been further deepened. CPIC actively contributed to the economic and social development of GBA and initiated the establishment of projects such as the Pacific Hengqin Science City Debt Investment Plan. By the end of June, CPIC had invested more than RMB100 billion in GBA. In addition, the BBE model in the GBA of the CPIC has been effectively promoted, and the "Better Together" innovative project integrating the property and life insurance products has also been launched as a pilot. "Poverty prevention and social security", "Benefiting the people and social security", IDI and other policy-oriented insurance business have been improved in quality and coverage, making due contributions to economic and social development and people’s livelihood security.
In the construction of key projects in the GBA, CPIC has achieved initial results. In terms of business, the Company strengthened the linkage between capital and liabilities, deepened the cooperation with well-known medical institutions in the region, researched and developed customized "insurance products & medical services", and the business in the liability side of the GBA has a good momentum of development. At the same time, the Company actively responds to the market demand and promotes product service and technological innovation. The GBA Science and Technology Innovation Center has made a strong start, and the data mart laid the foundation for business expansion. It is worth mentioning that the special fund for innovation and development in the GBA of CPIC has been officially set up, and the project filing has been started. The first batch of supporting projects will be confirmed by the end of June. With the implementation of this fund, the GBA institutions will be empowered with differentiated competitiveness to continuously promote high-quality business development in the GBA.
With the acceleration of the integration process in the GBA, individual exchanges and enterprise cooperation among Guangdong, Hong Kong and Macao will become closer, which will create a large number of market demand for supporting insurance products and services. CPIC will continue to implement the GBA strategy, seize the historical opportunity of the construction in the area, speed up its innovation and creation in the area, give full play to the leading effect of key projects, and steadily enhance its market competitiveness, building the GBA into a new high ground for innovation and development and a demonstration zone for high-quality symbiotic development.
Continuously improving the business layout to serve the social development of Hong Kong
As the first insurance company listed in Shanghai, Hong Kong and London, CPIC has always been committed to promoting economic prosperity and development in Hong Kong and gradually improving its business layout in Hong Kong.
China Pacific Insurance Co., (H.K.) Limited ("CPIC HK") was established through acquiring and renaming a Hong Kong property insurance company in 1994. After more than 20 years of development, it now has all general insurance business licenses except credit insurance, including the primary and assumed reinsurance business of property insurance, liability insurance, auto insurance, marine insurance, aviation insurance, accident insurance and others. It is one of the few insurance companies in the Hong Kong market that can underwrite aviation insurance, and occupies a leading position in the field of business aircraft insurance in Hong Kong.
Within the two years since the officially launch of its asset management business in 2020, the scale of assets under management of HK Investment Management has increased to nearly HK$3 billion. In addition, HK Investment Management has actively developed third-party customers. At present, the third-party asset management accounts for 25% of the total scale of assets under management, exceeding the average proportion of peers that have been in operation for more than 10 years.
In 2021, China Pacific Life Insurance (Hong Kong) Company Limited ("CPIC Life Hong Kong") officially landed in Hong Kong to carry out long-term life insurance and long-term health insurance business in Hong Kong, opening a new chapter in the overseas life insurance business of CPIC. In the first half of this year, CPIC Life Hong Kong has launched two qualified deferred annuity plans and one whole life insurance plan. In the future, CPIC Life Hong Kong will actively participate in the construction of the GBA, accelerate its own healthy and high-quality development, and bring customers "responsible, intelligent and warm" products and services to help customers carry out insurance planning for different life stages.
On the upcoming 25th anniversary of Hong Kong’s return to China, CPIC will make full use of its own advantages, grasp the new opportunities in the GBA, coordinate resources of mainland China and Hong Kong, innovate and upgrade products and services, strive to study and explore effective ways to promote mutual benefit and win-win results in the insurance markets of the two places, and build the GBA into a new growth pole for the Company’s high-quality development.
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About China Pacific Insurance (Group) Co., Ltd
China Pacific Insurance (Group) Co. Ltd. (hereinafter referred to as "CPIC", or the "Company"; Stock Code: 2601.HK, 601601.SH, CPIC.LSE) is an insurance holding company incorporated on the basis of China Pacific Insurance Company, which was established on May 13, 1991. It is a leading insurance group headquartered in Shanghai, which is the first insurance group simultaneously listed on Shanghai, Hong Kong and London Stock Exchanges. CPIC is a leading comprehensive insurance group; the Company provides a broad range of risk solutions, financial planning and asset management services to over 100 million customers via its nationwide network of distribution and diversified services platforms.
This press release is distributed by Wonderful Sky Financial Group for China Pacific Insurance (Group) Co. Ltd.