2021年11月27日

The characteristic governance system of CPIC has unleashed new momentum for “Transformation 2.0”

(reporter to fang) on October 29, at a regular press conference at the 262th banking insurance, China Pacific President Fu Fan said the benefit from the good corporate governance mechanism, China Pacific has formed a “dedicated, steady, dynamic, responsibility” business style, to improve corporate governance, China Pacific bound 2.0 “transformation” sprint to release new kinetic energy, inject new vitality for the long-term development for the company.

Founded in 1991, CPIC was listed on the Shanghai Stock Exchange in 2007 and the SSE in 2009. In June 2020, CPIC issued Global Depositary Receipts (GDRs) on the London Stock Exchange, becoming the first domestic insurance company to be listed in Shanghai, Hong Kong and London.

In recent years, China Pacific through restructuring, optimizing the equity structure, establishing sustained capital supplement mechanism, and pay attention to the introduction of capital strength, rich management experience, and focus on long term development strategy of domestic and overseas shareholders and long-term institutional investors, more than 90% of the state-owned holding company from 2006 years ago, and gradually transformed into domestic and foreign complementary advantages and risk-sharing, mutual constraints, the diversity of ownership structure, company’s main shareholders basically stable, clear hierarchy is easy penetration, no actual controllers. At present, the proportion of foreign shareholders has reached 35%.

In the 9th board of directors of China Pacific Insurance Company, the proportion of outside directors is as high as 87%, the highest in the listed industry, which forms the effective checks and balances and supervision of the board of directors on the management. Women account for 27% of directors, a record high in the company’s history; Shareholders and directors are mainly from state-owned enterprises, state-owned enterprises in Shanghai and long-term investment institutions at home and abroad. They have a deep understanding and unique views on the development law of insurance industry. Independent directors are all publicly selected and appointed through social intermediaries. They are highly professional in investment, audit, law, science and technology and other fields, providing strong support for the scientific decision-making of the board of directors and the protection of the interests of minority shareholders. Give full play to the professional committee of the board of professional role, can assign to react to technology transformation and “Pacific” service brand construction requirements, set a new session of the board of directors of the innovation of science and technology and consumer rights and interests protection committee, has also become the industry’s first at board level arrangement of plan as a whole to guide scientific and technological innovation in the work of public institutions.

From 2017 to 2019, the insurance business income of China Pacific Insurance Group continued to grow at a compound annual growth rate of 11.1%, reaching 347.517 billion yuan. Net profit attributable to shareholders of the parent company increased to 27.741 billion yuan in 2019, double that of three years ago; Group’s embedded value increased from 286.169 billion yuan to 395.987 billion yuan, with a compound annual growth rate of 17.6%; By the end of 2019, the group’s assets under management have broken through the two trillion mark; The total number of customers of the Group has climbed to 139 million, with the number of new customers exceeding 10 million for four consecutive years.

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