China Pacific Insurance reports H1 increase in business income

China Pacific Insurance (Group) Co Ltd, one of the country's largest insurers, reported an 8 percent year-on-year increase in its business income to 242.5 billion yuan ($35.7 billion) in the first half of 2022, a three-year high according to its interim report.

The group's operating profit attributable to its parent company increased by 9.9 percent year-on-year, and its embedded value — an important indicator of the insurer's future profitability — was up 2.2 percent compared with the end of last year.

The life insurance business revenue of the group reached 149.054 billion yuan, up 5.4 percent year-on-year. Among them, the operating profit of life insurance was 15.156 billion yuan, up 6 percent year-on-year.

The non-life insurance business revenue of CPIC Group stood at 92.911 billion yuan, up 12.3 percent year-on-year, while its comprehensive cost rate reached 97.2 percent, down 2.1 percent year-on-year.

In terms of investment, in the first half of this year the growth rate of asset investment net worth at an annual pace has been 3.3 percent, down by 1.5 percent year-on-year.

The group's annualized total investment return stood at 3.9 percent, down 1.1 percent year-on-year, and the annualized net investment return also dropped 0.2 percent year-on-year to 3.9 percent.

Zhu Xuehan contributed to this story