2021 is destined to go down in history.
A hundred years ago, from Shikumen in Shanghai to Nanhu in Jiaxing, a red ship led the Chinese nation to write a magnificent epic of saving the nation from subjugation and survival. One hundred years later, the goals of the “two centenaries” intersected in history, and a new journey of building a modern socialist country in an all-round way began. Facing the epidemic and the noisy world, China’s melody is clear and loud.
As the world’s second largest economy with a population of 1.4 billion, China is as big as a big country. On the basis of building a well-off society in an all-round way, let everyone live a better life is not only the hope of the people, but also the direction of governance.
With its unique advantages of economic “shock absorber” and social “stabilizer”, the insurance industry plays an important role in serving the national strategy and improving people’s livelihood security. By the end of November 2021, the insurance industry had 238 legal entities, with an insurance amount of 10629.9 trillion yuan. It has maintained its position as the second largest insurance market in the world for four consecutive years. From January to November 2021, the compensation expenditure of the whole industry was 1.43 trillion yuan.
At the same time, the insurance industry has experienced more than 40 years of reform and opening up, and the industry reform has entered a critical period: the extensive high growth stage has passed, the new value chain is difficult to reshape, and the insurance industry is facing the new requirements of high-quality development.
For China Pacific Insurance (Group) Co.Ltd(601601) , as an important “business card” of Shanghai’s foreign finance and a large comprehensive insurance group, 2021 is not only a key year to stand in the thirties and connect the preceding and the following, but also a year to end the five-year transformation. Under the background of complex and changeable external environment, China Pacific Insurance (Group) Co.Ltd(601601) focused on key areas and key links, unswervingly deepened transformation and took the road of high-quality development, realizing overall stable business results.
Escorting the Expo, launching the long voyage action, listing the Internet hospital, opening the Taibao home, and the service officer system came into being. Taibao blue public welfare fund, Taibao private equity fund and Life Insurance Hong Kong company were established one after another… Taibao people stand in series with facts and pictures. In 2021, Taibao resonates with the times, escorting the heavy weapons of a big country with the strength of Taibao.
All boats compete for the current, and those who work hard first. 2022 has set sail, and the world is experiencing changes that have not been seen in a century. Standing at the crossroads of history, how can the Taibao start a new journey in the next 30 years?
At the China Pacific Insurance (Group) Co.Ltd(601601) 2022 annual work conference held on January 11, China Pacific Insurance (Group) Co.Ltd(601601) chairman Kong Qingwei said that starting from the new 30 years, CPIC will adhere to the enterprise values of “integrity in the world, a stable life, the pursuit of excellence and win-win innovation”, take the road of examination in the new era and strive to create a new highland for high-quality development of the industry, Accelerate the construction of a world-class financial and insurance service group with global competitiveness and make new and greater contributions to the second century journey of building a modern socialist power.
Fu fan, President of China Pacific Insurance (Group) Co.Ltd(601601) , said, “2022 is the key year to further promote the 14th five year plan and the starting year for the new 30-year development of CPIC.” those who are tough will do well, and those who are tough will go far. “CPIC will give full play to the group’s comprehensive advantages, tap the growth potential, prevent and resolve risks, and respond to the uncertainty of the external environment with the certainty of orderly promotion of all work and implementation of measures We will make steady progress in transformation, create a new highland of high-quality development and achieve quality growth. “
five year transformation and test drive: old Bureau orientation machine
The layout is intended to be long-term.
More than four years ago, a series of regulatory punches to promote “insurance surname insurance” opened the curtain of profound transformation of the insurance industry. In the next few years, the insurance industry experienced huge earthquakes one after another: interest rates continued to decline, demographic dividends subsided, it was difficult for agents to increase staff, the epidemic suddenly attacked the traditional marketing model, and the growth of new life insurance orders was under pressure
Spring River warm duck prophet. As early as 2017, China Pacific Insurance (Group) Co.Ltd(601601) has been keenly aware of the necessity of deepening reform and consolidating the foundation of high-quality development. In October 2017, CPIC proposed to implement transformation around five key words: talent, digital, collaboration, control and layout. In 2018, CPIC fully launched transformation 2.0. In the next few years, Taibao opened the curtain of transformation.
Launch the 10 billion pension industry plan in 2018; In 2019, we will promote the drastic reform of CPIC life insurance and improve the quality and efficiency of property insurance; In 2020, GDR was issued and landed on the London Stock Exchange, becoming the first insurance company listed in Shanghai, Hong Kong and London, launching the “evergreen plan” of long-term talent incentive mechanism and formulating a grand and healthy development plan; In 2021, Cai Qiang, former CEO of AIA China, was introduced to launch the top-level design of ESG sustainable development
2021 is the year of the decisive victory of CPIC transformation 2.0. Over the past five years, the overall performance of China Pacific Insurance (Group) Co.Ltd(601601) has maintained steady growth, the market position has remained stable, the comprehensive strength has continued to improve, and the quality and efficiency of serving the economy and society have been further enhanced. The market position of the group’s core business segment was further consolidated.
According to the data, in the first three quarters of this year, China Pacific Insurance (Group) Co.Ltd(601601) realized a net profit attributable to the parent company of 22.686 billion yuan, a year-on-year increase of 15.5%, much higher than the average growth rate of the same industry. The group’s synergistic development effect is prominent. In 2021, the total number of customers of CPIC group reached 160 million, the number of per customer insurance policies reached 2.3, and the number of customers holding insurance policies of different subsidiaries reached 10.37 million, an increase of 6.89 million over 2017.
At the same time, new vitality is sprouting. In 2021, Taibao Private Equity Fund Management Co., Ltd. was established and completed the filing and registration of private equity and venture capital fund managers, marking an important step in the professional management of equity investment; CPIC Life Insurance Hong Kong Co., Ltd. was established, and the establishment ceremony was held simultaneously in Shanghai and Hong Kong to further improve the company’s business strategic layout in Hong Kong, so as to lay an important foundation for promoting the business integration, innovation and development in Guangdong, Hong Kong, Macao and the Great Bay Area; Set up a large health industry fund and steadily carry out diversified investment layout around the medical and health subdivision track; “Taibao home” elderly care community landed in nine cities and ten parks, and Taibao home in Chengdu and Dali was officially opened
The sound talent echelon provides an inexhaustible driving force for the sustainable development of the company. Over the past five years, CPIC has strengthened the selection and cultivation of young cadres, promoted the flattening of organizational levels, highlighted the market-oriented orientation of incentives and constraints, and led talents to achieve rapid growth. At present, the new team of CPIC property and life insurance is further younger, and the proportion of Post-70s has increased from 32% to 42%. By the end of 2021, the proportion of post-80s managers in the whole system has reached 19.8%,
Among the Fortune Global 500 announced at the end of 2021, China Pacific Insurance (Group) Co.Ltd(601601) with a good operating performance of US $61.186 billion in 2020, it ranked 158th in the Fortune Global 500 list for the 11th consecutive year. Under the background of various uncertain factors such as the epidemic situation in the century and the changes in the century, it was 94 places higher than that in 2017.
The brand value of CPIC is also rising. In the ranking of the world’s most valuable brands in 2021, China Pacific Insurance (Group) Co.Ltd(601601) has become the fifth insurance brand in the world, with a brand value of US $15.389 billion, a year-on-year increase of 9.6%.
In the “top 100 most valuable Chinese brands” list of Kaidu brandz in 2021, the brand value of CPIC increased by 43% year-on-year, the fastest among the six insurance companies on the list.
Fu Fan said that in 2021, the China Pacific Insurance (Group) Co.Ltd(601601) group adhered to its origin, established its business and deeply promoted the construction of long-term talent incentive, specialization of investment management, health service platform, marketization of scientific and technological innovation and modernization of corporate governance. The overall business performance of the group was stable.
adhere to high-quality development: “long voyage action” set sail
After years of rapid growth, the current reform of the insurance industry has entered a critical period, and the value chain is facing a difficult reconstruction process. To scale or benefit, this is a practical problem in front of every insurance operator. Facing the in-depth adjustment of the industry, CPIC adheres to the concept of high-quality development.
In property insurance, in 2021, CPIC accelerated the online construction of individual customers, broke the barriers of insurance types and promoted the integration of vehicles and non vehicles. The data show that the online rate of individual customers of CPIC has reached 90.3%, the renewal rate of auto insurance has increased to 71.4%, and the direct contact and fine operation ability of customers have been further improved.
The supporting role of science and technology application has further emerged. For example, the property insurance company carried out the construction of “black light factory” of the operation line, and realized 180000 hours of manual operation by promoting the application of intelligent Siasun Robot&Automation Co.Ltd(300024) technology. Based on artificial intelligence, video interaction and other technologies, life insurance companies realize cloud exhibition and remote double recording, and shorten the insurance process.
In terms of life insurance, Pacific Life Insurance adheres to the long-term concept and starts a series of transformation projects. In 2021, CPIC life officially promoted the implementation of “long voyage action” and reshaped the marketing team in the direction of professionalization, specialization and digitization. At the same time, Cai Qiang, the former regional CEO of AIA, who has a deep understanding of the life insurance industry and has led AIA’s business in China to take off, was recruited as the general manager of CPIC life insurance and became a strong executor of the long-term value transformation of CPIC life insurance.
Pratt & Whitney insurance business is also one of the key points of CPIC life insurance. According to the data, the number of CPIC’s long-term insurance projects continues to rank first in the industry, and the participation rate of Huimin insurance’s main underwriting projects exceeds 30%. Among them, the participation rate of “Shanghai Huibao” in the first year reached 38.5%, covering 7.39 million people, setting a record high for China’s urban commercial health insurance projects.
In recent years, based on the diversified needs of customers for “insurance products + services”, CPIC has continuously promoted the improvement of service quality. In 2021, the “service officer” system of CPIC was fully implemented, and a four-level “service officer” system from the group to the head office, branches and central branches was innovatively established. The combination and management foundation of “CPIC service” were further consolidated.
not long ago, in the evaluation results of the insurance service quality index carried out by an independent third party published by the industry for the first time, CPIC property insurance companies and life insurance companies ranked first among the 59 property insurance companies and 79 life insurance companies, and health insurance companies ranked first among professional health insurance companies.
From 0 to 1: the blueprint for great health care is implemented in an orderly manner
In 2021, CPIC group focused on the main development goals during the 14th Five Year Plan period, focusing on the three key areas of “big health”, “big data” and “big region”. Among them, in recent years, China Pacific Insurance (Group) Co.Ltd(601601) has integrated various resources, actively tamped the ecological link of medical health care while deeply cultivating the main insurance industry, and promoted the orderly implementation of the development blueprint of large-scale health care.
In 2021, Guangci Taibao Internet hospital was officially launched, released the first self-developed internet medical and health service brand “Taiyi housekeeper”, and built an offline full-time medical team with 400 people. Relying on the regional cooperative medical network, CPIC has initially formed the Wuxi Online Offline Communication Information Technology Co.Ltd(300959) integrated medical service capability for family scenes.
Taibao also increased its capital to take a stake in Guangci Memorial Hospital to build a high-end medical platform. The “Taibao blueprint” currently covers more than 2800 public hospitals in 400 cities across the country, providing customers with a better treatment experience in class III hospitals.
In terms of the layout of pension homes, the construction of Taibao pension community will make key progress in 2021. At present, the “Taibao home” elderly care community has implemented 10 projects in 9 regions, with a total of more than 12000 beds, ranking second in China’s insurance industry, and the three product lines of home care, leisure care and health care have been fully implemented.
From 2022, more communities of CPIC home will be built and operated, forming an all-round, all scene and full coverage “insurance + health + pension” ecosystem, which will enhance the added value and differentiated competitive advantage of the main life insurance products, and build a “moat” for a new round of competition.
It is understood that on the basis of full practice and experience accumulation, in the future China Pacific Insurance (Group) Co.Ltd(601601) will explore and export brands, experience and teams in elderly care services, further build a large elderly care ecology, and strive to become an “excellent operator and service provider in China’s elderly care and health care industry”.
regional innovation leading: creating a new growth pole
December 8, 2021 is another memorable day for China Pacific Insurance (Group) Co.Ltd(601601) .
On this day, China Pacific Insurance (Group) Co.Ltd(601601) Life Insurance Hong Kong company under China Pacific Insurance (Group) Co.Ltd(601601) held its opening ceremony simultaneously in Hong Kong and Shanghai, and will engage in long-term life insurance and long-term health insurance business. This is not only the choice of China Pacific Insurance (Group) Co.Ltd(601601) serving the national strategy, but also a key step for it to seek business transformation and find a new growth pole.
Since 2021, China Pacific Insurance (Group) Co.Ltd(601601) has fully implemented the strategies of “big health”, “big data” and “big region”. In terms of regional development, the layout is mainly from integrating into national and regional major strategies, actively supporting the construction of free trade zones and free trade ports, and steadily promoting the implementation of internationalization strategy.
Guangdong, Hong Kong and Macao Dawan district has become the top priority of the regional strategy of the Pacific protection. In 2021, China Pacific Insurance (Group) Co.Ltd(601601) formulated the three-year action plan for the construction of China Pacific Insurance (Group) Co.Ltd(601601) Guangdong Hong Kong Macao Dawan district (2021-2023), positioning Dawan district as China Pacific Insurance (Group) Co.Ltd(601601) ‘s “innovation leading new highland” and committed to building Dawan District into a new growth pole for the company’s high-quality development.
In order to achieve the goal, in 2021, China Pacific Insurance (Group) Co.Ltd(601601) established the Promotion Office of Guangdong, Hong Kong and Macao Dawan district at the group level to coordinate the resources of all sectors of the group and promote the implementation of key tasks.
The Yangtze River Delta is the focus of Taibao’s traditional deep cultivation. In 2021, CPIC signed the framework agreement on the construction and development of five new towns served by financial state-owned enterprises, fully supporting the construction of infrastructure, public services and other fields in the new town; Property and life insurance companies reached agreements with local governments on deepening strategic cooperation in the integrated development of the Yangtze River Delta and CPIC capital on urban renewal.
Regional integration and development will breed more stamina. China Pacific Insurance (Group) Co.Ltd(601601) promoting regional innovation is not only serving the national strategy, but also anchoring the future of world-class urban agglomeration and China Pacific Insurance (Group) Co.Ltd(601601) .
GDR “Taibao sample”: financing is more intelligent
On the Bank of Huangpu River, in the China Pacific Insurance (Group) Co.Ltd(601601) building, there is an oil painting of maiden peak, a famous mountain peak in the Alps. The mountains are magnificent and the artistic conception is high. This is a GDR (Global depositary receipt) listing gift specially prepared by ruizai group for China Pacific Insurance (Group) Co.Ltd(601601) .
The completion of CPIC’s GDR listing in 2020 not only sets an important milestone for the two-way opening of China’s and Britain’s capital markets, promotes CPIC to become the first Chinese insurance enterprise to be listed in Shanghai, Hong Kong and London, but also opens a new door for CPIC to finance “capital” and “intelligence”.
Through GDR Rongzhi, China Pacific Insurance (Group) Co.Ltd(601601) the new board of directors has injected fresh blood: in terms of shareholders and directors, ruire group has dispatched chief financial officer (CFO) and famous economists from Hillhouse. With the China Pacific Insurance (Group) Co.Ltd(601601) board composition becoming more balanced and diversified, the setting of professional committees of the board of directors has become more forward-looking and innovative, and the decision-making ability of the board of directors has been further improved.
In 2021, under the leadership of the board of directors, CPIC will continue to accelerate the layout of the health and elderly care industry, actively cultivate new drivers of value growth, continuously deepen the market-oriented reform of science and technology, and promote the decisive conclusion of transformation 2.0. At the same time, China Pacific Insurance (Group) Co.Ltd(601601) after the listing of the three places, they further integrate into the global capital market, and the external constraint mechanism of the capital market provides strong support for the company’s stability and development in the new development stage.
For future development, Taibao has also started new thinking and new actions. In 2021, CPIC actively responded to the national development concept. The board of directors of CPIC comprehensively constructed the ESG top-level design and actively promoted the integration of ESG concept into the company’s operation and management. The company has completed the signing of the United Nations Sustainable insurance principles (unpsi) and the principles of responsible investment (unpri), and officially joined the influential international organization for sustainable development.
Good mechanisms and ideas lay a solid foundation for steady development. Recently, the “Shanghai Financial Innovation Award” of 2020 was announced in Shanghai, and the project of China Pacific Insurance (Group) Co.Ltd(601601) “issuing global Depositary Receipts (GDR) and listing on the London Stock Exchange” won the special prize. In the recent award selection organized by the Hong Kong Institute of directors, the 9th board of directors and chairman Kong Qingwei won the “2021 board of directors award of listed companies” and “2021 executive director award of listed companies” respectively.
CPIC said that China Pacific Insurance (Group) Co.Ltd(601601) is taking GDR as an opportunity to give full play to the corporate governance advantages of “CPIC sample”, strive to build a first-class insurance financial service enterprise with international competitiveness, continue to build a new platform for financial reform and innovation, and better serve the construction of Shanghai international financial center.
never forget at the beginning: every growth is accompanied by responsibility
Over the past five years, every step, evolution and growth of the Taibao have been actively based on the needs of the country, organized a network of people’s livelihood and fulfilled their responsibilities to the society.
In 2021, CPIC will consolidate poverty alleviation and make important breakthroughs in Rural Revitalization. The scale of agricultural insurance premium of CPIC property insurance exceeded 10 billion for the first time. The “anti-poverty insurance” has been extended to more than 1000 counties and regions, covering nearly 400000 people facing poverty and vulnerable in 31 provinces, autonomous regions and municipalities directly under the central government, providing risk protection of more than 22 trillion yuan and paying anti-poverty relief funds of 1.2 billion yuan. CPIC property insurance company and the poverty alleviation working group of property insurance Inner Mongolia Branch won the honorary title of “national advanced collective for poverty alleviation” issued by the Party Central Committee and the State Council.
In promoting common prosperity, CPIC actively implemented the great health strategy to solve the medical problems faced by the broad masses of the people. It has undertaken various government medical insurance cooperation projects, covering 145 million people, and participated in 33 welfare insurance projects, covering more than 20 million people.
As a promoter of one belt, one road has been providing a total of nearly 2 trillion and 800 billion guarantees for the four fair and the two trade fair, covering more than 100 countries overseas.
As a green and low-carbon practitioner, CPIC has launched green insurance or investment solutions in many fields, such as environmental governance, advanced manufacturing, new energy, new infrastructure and so on; More than 23.3 million yuan was donated to build 1500 mu of ecological public welfare forest in Sanjiangyuan, Qinghai, becoming the “Taibao green” to build the barrier of the Chinese water tower.
Set sail on 2022: create a new highland for high-quality development of the industry
Spring is the sowing season, but also inspiring. Facing the new era of changes in a century, on the basis of five-year transformation, CPIC has started a new journey in 2022.
At the recent annual work conference of CPIC, Kong Qingwei said that looking back on the five-year Road, we have always closely linked the future and destiny of the company with the general trend of national development, step by step and step by step every year, so as to promote the company to move forward firmly on the road of high-quality development. “Along the way, we have integrated the long-term concept into practice and turned it into action, constantly breaking the old situation and ushering in new opportunities. Transformation is becoming the most prominent label of China Pacific Insurance (Group) Co.Ltd(601601) , and the results of transformation are gradually being implemented and transformed into actual productivity, which plays an important supporting role in the healthy and stable development of the company.” He said.
the five-year transformation is not the end, but the beginning of a new journey.
Kong Qingwei said, ” China Pacific Insurance (Group) Co.Ltd(601601) will always take value creation as the core, measure the effectiveness of our work by whether it is conducive to long-term sustainable development, and take transformation and change as the path to improve long-term development capacity. In this sense, transformation is always on the road.”
