Major insurance group China Pacific Insurance has posted a 20.4% increase in gross written premiums to CNY281.6 billion (US$44.7 billion) in 2017, compared to the previous year.
Net profit attributable to equity holders of the parent company reached CNY14.6 billion for 2017, up by 21.6% compared with the year before, according to a corporate announcement.
As of the end of 2017, the group’s embedded value — a common valuation measure of insurers — amounted to CNY286.1 billion, growing by 16.4% from the end of 2016. Of this, value of in-force business stood at CNY134.4 billion, up around a third.
The group said that it focussed on protection as the central insurance value proposition.