HONG KONG, March 29, 2023 /PRNewswire/ -- The 2022 annual results of listed insurance companies are being disclosed in succession. On March 26, China Pacific Insurance (Group) Co., Ltd. (the "CPIC" or the "Group"; Stock code: 2601.HK, 601601.SH, CPIC.LSE) is pleased to announce the 2022 annual results of the Group. In 2022, under the short-term pressure of the macroeconomic and industry environment, CPIC adhered to the core of values, made development plans due to the situation, and still achieved steady growth in operating performance, further consolidating its leading position in the industry.
For the year ended 31 December 2022, GWPs amounted to RMB398.818 billion, a year-on-year growth of 8.7%; Group OPAT attributable to the parent reached RMB40.115 billion, up by 13.5% compared with 2021; as of the end of 2022, the group embedded value was RMB519.621 billion, an increase of 4.3% over the end of the previous year; Group consolidated total assets stood at RMB2,176.299 billion, an increase of 11.8% from the end of the preceding year, with continued enhancement of overall business operation.
Changhang Transformation of life insurance business has delivered initial success with NBV growth improving quarter by quarter.
Affected by factors such as the in-depth adjustment of the industry and the slowing release of consumer demand, the growth rate of insurance premium income in the life insurance industry will further slow down in 2022. Faced with the sluggish growth of the value of new life insurance businesses, CPIC launched the life insurance Changhang plan to establish a multi-channel layout with agent channels as the core, eliminate the short-term and immediate problems of agent management, and drive the in-depth transformation of the development model of the agent team with transformation and upgrading. The life insurance business develops in a balanced manner and the value grows steadily.
GWPs of CPIC Life amounted to RMB225.343 billion, up by 6.5%. Of this, new business premiums grew by 35.8%. OPAT of life insurance reached RMB30.835 billion, up by 9.1%; the residual margin of life insurance amounted to RMB340.162 billion, down by 2.3% from the end of 2021. The NBV increases growth quarter by quarter, CPIC Life realised RMB9.205 billion in NBV, down by 31.4%. Of this, the growth rate of NBV in the second half of the year turned from negative to positive, a year-on-year increase of 13.5%. NBV margin stood at 11.6%, down by 11.9pt. The results of the transformation and reform of life insurance Changhang operations gradually emerged.
In terms of agent team construction, since the transformation, the construction of CPIC's agent team has shown a positive trend, and the core human capacity and income have steadily increased. In 2022, the monthly per capita insurance business income of CPIC marketers was RMB6,844 in the first year, up by 47.6%. The monthly per capita insurance business income of core manpower was RMB28,261 in the first year, up by 31.7%; the monthly per capita commission income of core manpower was RMB4,134 in the first year, a year-on-year increase of 10.3%.
In terms of bancassurance channels, CPIC has further promoted the implementation of value bancassurance, and the bancassurance channel revenue has increased significantly, which has become an important driving force for the growth of life insurance business. In 2022, CPIC life insurance bancassurance channel achieved insurance business revenue of RMB30.478 billion, a substantial increase of 308.7% year-on-year; of which the NBV was RMB28.809 billion, a substantial increase of 332.0%; the regular premium business of New policies revenue was RMB3.342 billion, up by 224.5%. The NBV in the bancassurance channel increased by 174.9%, and the proportion of NBV increased by 7.0pt.
With Auto and non-auto insurance, property insurance business received rapid development.
In terms of property and casualty insurance business, while actively seizing market development opportunities, CPIC continued to improve quality and efficiency. The property and casualty business income grew rapidly, and the Combined ratio improved considerably. In 2022, the property and casualty business achieved income of RMB172.583 billion, a year-on-year increase of 11.6%. The combined ratio was 97.3%, down by 1.8pt. Of this, expense ratio stood at 28.9%, down by 0.4pt, and loss ratio 68.4%, down by 1.4pt.
In terms of auto insurance, CPIC seized the development opportunities of new energy vehicles, deepened customer operations, improved high-quality customer retention, and continuously improved customer comprehensive operating capabilities. In 2022, CPIC's auto insurance business revenue increased by 6.7%, and the comprehensive cost rate was 97.3%, a year-on-year decrease of 1.7 pt. Among them, the growth rate of new energy vehicle insurance premiums exceeded 90%, showing a rapid growth trend.
In terms of non-auto insurance business, CPIC continued to promote product innovation and service upgrades around national key strategies and market demand, continuously improved business quality, and maintained rapid growth in emerging fields such as liability insurance, health insurance, and agricultural insurance. In 2022, CPIC's non-auto insurance business revenue increased by 18.8%, accounting for 43.2%, an increase of 2.6 pt. Among them, liability insurance business revenue increased by 37.1%, health insurance revenue increased by 20.0%, and agricultural insurance revenue increased by 32.7%.
Continue to optimise the allocation of assets, bringing strong overall investment performance
Under the impact of macro operations, external shocks and other factors, the volatility of domestic capital markets will intensify in 2022. CPIC adheres to the concept of "value investment, long-term investment, stable investment, and responsible investment", builds a sustainable asset management system, actively responds to large market fluctuations, the scale of assets under management has grown steadily, and the market competitiveness of asset management business has steadily improved.
In 2022, Group AuM amounted to RMB2,724.230 billion, an increase of 4.7% from the end of 2021. Of this, third-party AuM amounted to RMB697.947 billion, a decrease of 11.6%. In terms of investment income, CPIC achieved a growth rate of 2.3% in the group's net investment assets; the total investment yield of 4.2%; with net investment yield of 4.3%, highlighting the strong and resilient trend under the adverse trend.
In the future, CPIC will firmly grasp the persistence of "not forgetting the original intention, sticking to the source" and the changes of "deepening reform, transformation and upgrading", continue to refine and deepen the main business of insurance, keep up with the pace of the times, plan the layout, pioneer and innovate, and implement precise policies., in the high-quality development of the new era, continue to enrich the connotation of insurance services, and write a new chapter in the high-quality development of CPIC.
