China Pacific Insurance (Group) (CPIC) has reported solid business performance in the first half of 2021. During the period, Group operating income amounted to CNY252.51bn, a growth of 7.2% year-on-year.
Group net operating profits (OPAT) was CNY18.28bn, a growth of 4.9% year-on-year, while Group embedded value amounted to CNY474.43bn, an increase of 3.3% from the end of 2020.
The period also saw CPIC's life insurance new business sales grow, with gross written premiums CPIC Life amounting to CNY141.45bn, up by 2.1%. Of this, first year premiums from the agency channel of the individual business realised a growth of 18.5%.
OPAT of life insurance reached CNY14.29 bn, up by 6.7%, while the residual margin of life insurance amounted to CNY357.71bn, a growth of 1.9% from the end of 2020.