On November 18, CPIC Life Insurance, a subsidiary of CPIC, announced the approval of its Hong Kong subsidiary, which is another big step for CPIC services to open up to the outside world and integrate into the international market.
As the representative of "Haipai Insurance", CPIC took an early step towards internationalization, and at the same time, it also introduced foreign capital such as Carlyle Investment, Allianz Insurance of Germany, swiss re insurance as the cornerstone, and became the first Chinese company listed in Shanghai, Hong Kong and London in 2020, and currently ranks 158th in the list of the world's top 500.
When it comes to the development process, china's accession to the WTO is an indispensable node. "2001 was an important year for the entire Chinese financial industry, and for the insurance industry, it was the first to open the door for foreign investment to enter China." In the view of Fu Fan, president of China Pacific Insurance Company, the insurance industry is not only the earliest to open up, but also one of the industries with the greatest opening up and the most obvious effect.
Today, foreign investment that lifts shareholding restrictions is accelerating into China, and Chinese insurance companies are also looking for a new positioning under the new pattern. "The national '14th Five-Year Plan' and the long-term goals for 2035 have pointed out the direction for the development of the insurance industry, and CPIC is actively integrating into the new development pattern of 'double circulation', fully implementing the 'big health', 'big data' and 'big region' strategies, and reaching a new level in terms of development quality." Fu Fan said.
"Get out"▼
Broad prospects for further integration into the international market
"The last time was in June 2020, when CPIC went to London to issue GDR, and this time it launched a global recruitment program." An employee of China Pacific Insurance Company told reporters that on November 18 this year, Hong Kong returned the good news that the life insurance subsidiary had been approved. Two days later, the company recruited "Changhang Partners" for the world.
Since the establishment of its first overseas subsidiary in Hong Kong in 1994, CPIC's pace of "going global" has never stopped. In February 2010, CPIC Investment Management (Hong Kong) Was Established, in December 2009, CPIC was listed on the Main Board of the Hong Kong Stock Exchange, and in 2020, it was listed on the London Stock Exchange.
China's accession to the WTO has opened the door for Chinese enterprises to "go global" and also opened up a broad space for insurance companies to set up overseas institutions and provide supporting insurance services. Since 2002, the premium income of China Pacific Insurance Company has increased significantly. Faced with the situation of further opening up of the service industry and intensified competition after joining the WTO, the company boldly reformed and achieved obvious benefits, and property insurance premiums and life insurance premiums have increased significantly.
In 2017, CPIC Property & Casualty established an overseas business department, which has so far escorted more than 700 "Belt and Road" constructions. CPIC's overseas business also covers more than 100 countries, providing nearly one trillion yuan of insurance protection for overseas risks. In 2020, CPIC's premium income reached 356.5 billion yuan.
"Setting up an institution overseas is, on the one hand, to serve the needs of customers, mainly to provide insurance protection, claims settlement and capital services for overseas institutions of Chinese-funded enterprises; on the other hand, it is to build a platform that can not only carry out global insurance and asset management business, improve the possibility of underwriting and asset allocation to disperse risks, but also feed back to the mainland advanced overseas products and services and quality standards." Fu Fan said.
Not only the business layout, the listing has also become a footnote of CPIC's "big strides overseas", Fu Fan said that through the listing of Shanghai, Hong Kong and London, CPIC has continuously enhanced its international influence and further integrated into the global market.
"Bring in"▼
Win-win cooperation to enhance global resource allocation capabilities
At the fourth CIIE held last month, more than 2,900 enterprises from 127 countries and regions participated in the exhibition, with an exhibition area of 366,000 square meters, a record high, and the intended transaction amount reached 70.72 billion US dollars. Many people may not know that the invisible hand of insurance silently builds a risk barrier for the exhibition.
As the designated insurance service provider of the four CIIE, CPIC provided one-stop comprehensive insurance protection and integrated risk management services for the CIIE this year with a total insurance amount of more than one trillion yuan.
Not only are foreign companies coming in to open up space for business in the insurance industry, but also foreign insurance companies are bringing mature products, services and concepts when they enter, all of which are like spring breeze blowing china's insurance industry.
"Before and after china's accession to the WTO, CPIC branch industry set up a number of professional subsidiaries to carry out market-oriented operations and modern management, as well as the implementation of the group's ITSP plan to lay the foundation for the company's digital construction, etc., a series of management models, service capabilities, scientific and technological means of improvement and upgrading, laying a solid foundation for CPIC's professional, refined and intensive operation." Fu Fan said.
The more open market also gives CPIC the opportunity to introduce international capital, attract global talents, and improve its ability to allocate global resources.
Whether it is the introduction of strategic investor Carlyle in 2005, the introduction of cornerstone investors Allianz Group and Sumitomo Mitsui Marine in 2009, or the introduction of cornerstone investor Rui Zai through the issuance of GDR in 2020, CPIC has carried out in-depth cooperation with international strategic partners in strategy, equity, underwriting, reinsurance, claims, risk management and talent exchange over the years.
"Broad vision and platform, high-quality shareholders, professional outside directors and independent directors, all provide strong support for improving corporate governance and scientific decision-making." Fu Fan held that CPIC has fully enjoyed the positive results brought about by China's accession to the WTO and opening up to the outside world.
"Start again" under the new pattern
Take the Guangdong-Hong Kong-Macao Greater Bay Area as the new growth pole
In the first half of 2021, the macroeconomic and market situation is complex and changeable, and the overall performance of the insurance industry is sluggish; on the other hand, with the acceleration of the opening up of the financial industry, the acceleration of the layout of foreign insurance companies, and the intensification of industry competition, how will CPIC break through?
The three major strategies focusing on big health, big region and big data are the new starting point for CPIC to integrate into the new development pattern of double circulation and anchor high-quality development. Among them, the Guangdong-Hong Kong-Macao Greater Bay Area has been given a special significance, and here, the "pulse" of CPIC is more obvious.
With the establishment of the Bay Area headquarters in Guangzhou, CPIC formulated a "three-year action plan" to serve the construction of the Greater Bay Area, and set up a promotion office group at the group level to coordinate the resources of various sectors of the group and promote the implementation of key tasks.
In terms of the big health industry, the "Taibao Home" high-end pension community wholly owned by CPIC Life Insurance has been selected and settled in Panyu, Guangzhou, which is the ninth project planned after Chengdu, Dali, Hangzhou and other cities, and may also be added to other Cities in the Greater Bay Area.
In terms of science and technology finance, the Greater Bay Area Science and Technology Innovation Center of CPIC Fintech Company will be launched in Shenzhen to strengthen the research and development, incubation and application of new technologies in the financial and insurance industry in artificial intelligence, blockchain, cloud computing, big data and other aspects.
"The Greater Bay Area is in a development environment with a highly mature market mechanism and a highly export-oriented economy, and CPIC will focus on 'innovation', on the one hand, by increasing the innovation of institutional mechanisms, and on the other hand, by comprehensively strengthening resource investment to stimulate the development vitality of institutions in the Bay Area." Fu Fan said that under the new development pattern of double circulation, the Greater Bay Area is positioned as the "new highland led by innovation" of CPIC and the new growth pole of the company's high-quality development.
[Reporter] Zhang Yan Xie Meiqin Chang Daoli
【Intern】Li Wanqing
【Author】 Zhang Yan; Xie Meiqin; Chang Daoli
Walk-through double loop
Source: South+ - Create more value