HONG KONG, July 6, 2022 /PRNewswire/ — 1 July 2022 marked the 25th anniversary of Hong Kong’s return to China. Over the past 25 years, Hong Kong has been deeply integrated into the overall development of the motherland, creating a prosperous era and playing the strongest voice of the times. At present, marked by the determination of the construction of Guangdong-Hong Kong-Macao Greater Bay Area ("GBA") as a major national development strategy, Hong Kong is writing a new chapter of "relying on the motherland and facing the world". In the era of the construction of GBA, relying on forward-looking insight, China Pacific Insurance (Group) Co., Ltd. ("CPIC" or the "Company"; Stock Code: 2601.HK, 601601.SH, CPIC.LSE) started its business in Hong Kong earlier, expanded its territory with a brave posture, and led the times at the top of the industry.
As an iconic "financial card" of Shanghai, since its establishment in 1991, CPIC has been based in Shanghai and radiated across the Yangtze River Delta, covering the whole country and the world. CPIC has a full range of insurance licenses, including life insurance, property insurance, pension insurance, health insurance, agricultural insurance and asset management, and provides customers with comprehensive risk prevention solutions, wealth planning and asset management services. In June 2020, the Global Depositary Receipts (GDR) under the Shanghai-London Stock Connect Mechanism of CPIC were listed on the Shanghai-London Stock Connect of the London Stock Exchange, becoming the first Chinese insurance group listed in Shanghai, Hong Kong and London.
Asset management scale in Hong Kong has developed steadily, and the brand effect in overseas markets has been significantly enhanced
CPIC Investment Management (HK) Company Limited ("CPIC Investment Management") formally launched its asset management business in 2020, with multiple core departments including fixed income investment department, equity investment department, business development department and legal compliance department, as well as multiple business lines including fixed income investment, equity investment and alternative investment, aiming to build a professional asset management platform of CPIC.
Within these two years, the assets under management of CPIC Investment Management have increased by nearly RMB3 billion. The types and number of third-party customers have also increased significantly, and the scale of third-party asset management accounted for 25% of the total scale. In addition, CPIC Investment Management has been closely following the GBA strategy of CPIC, and focused on the construction of investment and research system in overseas markets, taking advantage of the bridgehead role of Hong Kong market to expand the brand influence of CPIC in overseas markets.
The National "14th Five-Year Plan" and the construction of GBA have endowed Hong Kong with an important role, which has also brought strong impetus to the development of CPIC Investment Management. In the future, relying on the brand of CPIC, CPIC Investment Management will follow the trend, make full use of Hong Kong’s local internationalization advantages, make effective use of regional human resources advantages, gradually integrate into the local and international market competition environment, and strive to be the pacesetter in the internationalization development of CPIC.
CPIC Life expands presence in HK to provide excellent services
Since its inception in December 2021, China Pacific Life Insurance (Hong Kong) Company Limited (hereinafter referred as "CPIC Life Hong Kong") has bored in mind the vision to "become a life insurer delivering the best customer experience in Hong Kong". With triple roles as "key player of GBA development, innovator in products and services and producer for international talents", CPIC Life Hong Kong has expanded its businesses and widened access to build a global talent base for its sound and sustainable development.
CPIC Life Hong Kong has launched the Live Better Deferred Annuity Plan (歲稅Fun享延期年金計劃) and the Aging with Grace Deferred Annuity Plan (頤養天年延期年金計劃) in the first half of the year, following its Golden Triangle product concept so far including health protection, wealth management and retirement. It also adopted large-scale billboards at Victoria Harbour to promote "Love Passes On" Lifetime Life Insurance Plan (「40•130」愛相傳終身人壽保險計劃), a long-lasting solution targeted for the age of longevity, and increase brand awareness. In the second half of the year, CPIC Life Hong Kong will continue its plan to roll out some product offerings that embody the concept of the Golden Triangle, so as to bring customers responsible, intelligent and warm products and services.
As the first-ever outbound subsidiary of CPIC Life, CPIC Life Hong Kong is a major strategic arrangement for CPIC to improve the layout of the Bay Area and a major strategic initiative to implement the "One Belt, One Road" national strategy and build the GBA. In the future, CPIC Life Hong Kong will further draw lessons from advanced experience, in line with the principle of "service collaboration, channel collaboration and customer collaboration", to devote actively to GBA construction and expedite a wholesome and high-quality development.
Diversified development modes drive CPIC HK to discover a new growth pole
China Pacific Insurance (Hong Kong) Company Limited (hereinafter referred as "CPIC Hong Kong"), was formerly known as Mandarin Insurance Company Limited established in 1976. It holds general insurance licenses in all kinds except for credit insurance, and is one of the few aviation insurance providers in Hong Kong, always dominating the field of business aviation insurance in Hong Kong.
In recent years, CPIC Hong Kong has been exploring a diversified development model in which direct insurance and reinsurance, local and overseas business, and traditional and innovative business are paired. Domestically, CPIC Hong Kong’s focus is on bringing in a top-notch team among the sector; at abroad, CPIC Hong Kong built a professional underwriting team and successfully applied for a reinsurance licence in Colombia, responsibly assuming the role of the Hong Kong company as a platform for overseas business. In the past five years (2017-2021), CPIC Hong Kong has witnessed an average annual review growth rate of 21.36%, 15 percentage points higher than the market growth rate.
With the acceleration of the integration process in GBA, individual exchanges and enterprise cooperation among Guangdong, Hong Kong and Macao will become closer. Under the guidance of the Three-Year Action Plan for CPIC’s dedicated work in the GBA, CPIC Hong Kong will establish a long-term mechanism in exchange of talents between Hong Kong and mainland China to improve technological and technical standards that make it possible for breakthrough and leapfrog development.
Over 20 years ago, China knocked on the door of WTO, blazing a trail to economic globalization where competition and cooperation co-exist. As a pioneer in the opening- up of the financial sector, market dynamics has been stimulated in insurance industry on a ongoing basis. In the future, under the guidance of the National "14th Five-Year" Plan and the 2035 Vision, CPIC will uphold an open attitude as vast ocean to embrace streams to its tides, link up with the mainland China, Hong Kong and the overseas to create CPIC services for "global sharing".
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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.