China Pacific Insurance Company
| Company type | Public company |
|---|---|
| Industry | Insurance |
| Founded | 1991 |
| Headquarters | Shanghai , China |
Area served | Mainland China |
| Products | Life insurance, property insurance, reinsurance, asset management |
China Pacific Insurance (Group) Co., Ltd. (CPIC), also referred to as Pacific Insurance, is a leading insurance enterprise based in Shanghai, China. Founded in 1991 through the reorganization of the former China Pacific Insurance Corporation with authorization from the People's Bank of China, CPIC holds the position of the second largest provider in the property insurance sector and ranks third among life insurance companies within Mainland China.
The company offers a comprehensive suite of insurance services encompassing life insurance, property insurance, and reinsurance, primarily operated via its subsidiaries. The principal subsidiaries include China Pacific Life Insurance Co., Ltd and China Pacific Property Insurance Co., Ltd., which provide an extensive array of products. The property insurance segment includes automobile coverage, homeowners’ insurance, liability policies, investment-linked products, as well as accident and injury protection. Life insurance offerings consist of endowment plans, health insurance, juvenile coverage, service guarantees, and small-scale policies.
Furthermore, CPIC expands its financial services through China Pacific Asset Management Co., Ltd, which specializes in asset management and advisory services related to managing insurance-related assets.
Listings
CPIC's A shares were initially listed on the Shanghai Stock Exchange on December 25, 2007, with an initial public offering price set at 30 yuan per share. On its debut trading day, the stock closed at 48.17 yuan, representing a 61% premium over the IPO price. Subsequently, CPIC issued H shares on the Hong Kong Stock Exchange, which commenced trading on December 23, 2009, at an IPO price of HK$28 per share. Notably, the A-share price dropped below its IPO level to RMB¥27.98 on March 26, 2008.
As recorded on December 31, 2015:
- Central People's Government of China (State Council)
- SASAC
- Baosteel Group holding 14.93%
- Ministry of Finance of the People's Republic of China (through China Tobacco)
- via Shanghai Tobacco Group with 5.17%
- via Hongta Group holding 1.73%
- China Securities Finance Co., Ltd., owning 2.36%
- Central Huijin Investment with a 1.22% stake
- SASAC
- SASAC under the Shanghai Municipal Government controlling 21.33%
- Shenergy Group possessing 13.52%
- Shanghai State-owned Assets Operation Co., Ltd. holding 5.04%
- Shanghai Jiushi (Group) Co., Ltd. with 2.77%
- Public shareholders accounting for 53.26%