Property and life insurance driving together, CPIC's revenue exceeded 194.6 billion in the first half of the year, with net profit increasing by over 37%
China Pacific Insurance (Group) Co., Ltd. released its 2024 interim report, showing that the total operating income for the first half of the year was RMB 1946.34 billion, a year-on-year increase of 10.9%; net profit was RMB 251.32 billion, a year-on-year increase of 37.1%. Insurance service income exceeded RMB 137 billion, with life insurance income at RMB 41.835 billion and property insurance income at RMB 93.076 billion. The number of customers reached 181 million, with embedded value of RMB 5687.66 billion. The new business value of life insurance was RMB 9.037 billion, a year-on-year increase of 22.8%. The comprehensive investment yield was 3.0%, a year-on-year increase of 0.9 percentage points
On the evening of August 29th, China Pacific Insurance (Group) Co., Ltd. (referred to as CPIC) disclosed its 2024 interim report.
The report shows that in the first half of 2024, CPIC achieved a total operating income of RMB 194.634 billion, a year-on-year increase of 10.9%, and a net profit of RMB 25.132 billion, a year-on-year increase of 37.1%;
During the reporting period, the group's insurance service income exceeded RMB 137 billion, a year-on-year increase of 2.2%. CPIC Life Insurance achieved an income of RMB 41.835 billion in the first half of the year, while CPIC Property Insurance achieved an income of RMB 93.076 billion.
Additionally, CPIC's net profit also achieved a significant year-on-year increase, reaching RMB 25.132 billion, a year-on-year increase of 37.1%; operating profit reached RMB 19.738 billion, a year-on-year increase of 3.3%.
The interim report also shows that by the end of the period, CPIC's customer base reached 181 million, with embedded value of RMB 5687.66 billion, an increase of 7.4% from the end of the previous year.
During the reporting period, the new business value of life insurance business reached RMB 9.037 billion, a year-on-year increase of 22.8%. The new business value rate was 18.7%, an increase of 5.3 percentage points year-on-year. The comprehensive cost ratio of property insurance business underwriting was 97.1%, a decrease of 0.8 percentage points year-on-year.
In the first half of the year, CPIC's comprehensive investment yield on investment assets was 3.0%, an increase of 0.9 percentage points year-on-year