SHANGHAI,Dec. 21,2024 -- In December 2024,China Pacific Insurance Company(CPIC) celebrates the 15th anniversary of its H-share listing.

In mid-November 2021,China Pacific Life Insurance (Hong Kong) Company Limited ("CPIC Life (HK)") received the approvalfrom the Hong Kong Insurance Authority to conductlong-term insurance business in Hong Kong,marking the official launchof the company.

On the back of thebrand and overall strength of CPIC Group (stock code: 02601.HK),its parent company,CPIC Life (HK) has been steadfast in pursuing value growth,focusing particularly on channel development to enhance its capacity for value-oriented business development: new business premiums grew by nearly 40 times in a space of two years; during the same period,new business value grew more than tenfold; total assets increased fourfold.

Continuous product innovation to meet customer needs

The company is committed to customer needs,offering a wide range of life insurance and wealth management products centering on the "Golden Triangle" of "health,retirement and wealth",which spans different stages of customers' life. It pursues product innovation and launched "Shidai Xinxiang",thefirst whole-life insurance product with increasing SA in Hong Kong,which is already a highly popular product type in the mainland. The new product provides more choices of protection to local customers and offers options of multiple currencies and policy inheritance to meet customer needs for flexibility.

The company upgrades its product offerings continuously to enhance their competitiveness. In June 2024,itlaunched "Shidai Yuexiang Savings Plan 2," which includes the option of "increasing withdrawal amounts",the first of its kind on the market. Takea five-year pay plan as an example,the withdrawal amount would increase by 2% annually starting from the sixth policy anniversary,helping customers manage inflation. The plan is also the first on the market to allowfor "alternate beneficiaries". After the first policy anniversary,the primary beneficiary can designateup to two alternate beneficiaries,which helps to mitigatepotential losses caused by his/her premature deaths and ensure a smooth wealth succession across generations.

In response to growing demand for health protection,CPIC Life (HK) debuted "Chang An Xin",a critical illness product with affordable premium and relatively extensive coverage. The plan includes payment of 300% of basic SA in the event of cancer. It also provides access to premium healthcare resources and networks of CPIC Group,including a VIP card for specialty drugs up to HKD12mn and additional cancer protection covering over 210 state-of-the-art cancer medications and medical devices around the world.

CPIC Premier Club: health and retirement solutions

Given itsvision of "a life insurer with the best customer experience",in December 2022,CPIC Life (HK)established the "CPICPremier Club" to realignresources across the mainland and Hong Kongand provide itsmembers with professional retirement solutions and health management services. Goldmembers and above will be granted privileged access to "CPIC Home",i.e.,they and their immediate family canapply for admissionin any retirement community under CPIC Home that has opened for business. In a sense,one insurance policy now covers retirement of three generations. In October 2024,the company realised direct paymentofretirement community expenses with insurance benefits on Hong Kong issued policies. Customers simply need to complete an authorization formand then the insurance benefits can be paid directly for expenses of retirement communities. The arrangement considerably streamlines the cumbersome procedures incross-border payments and currency exchange. It is also part of the big effort to assist Hong Kong residents seeking to spend their retirement years in the mainland and ease thefiscal pressure on the Hong Kong government amid an aging population. By the end of 2024,nearly 200 eligible customers of the companyreceived admission certificates of "CPICHome",an indication ofthe success of its"products+ service" strategy.

The company also diversified the suite of value-added services of the club,including CPIC Family Doctors,specialty drugs,CAR-T,proton-ion treatment,the "Longevity Retreat" home-based care,and immune-cell storage & therapy provided by Shanghai Cell Therapy Group,which helped to improve the health and well-being of its customers in an all-around manner.

Driving change via innovation and empowering services with technology

CPICLife (HK) is committed to technological innovation,especially in terms of mobile on-line services.In late 2023,itsuccessfully developed a mobile appwhich provides a wide range of services including policy inquiries,receipt notifications,and contact informationupdates. Itplans to bind insurance policies to WeChat by the end of 2024,which will enable faster and easier access to policy and company information,furtherenhancing customer experience.

Winning A3 rating for the first time as well as many other awards/honours

CPICLife (HK) received a vote of confidence on the international capital market for its operational and financial strength in October 2023,when Moody's Investor Services assigned itan A3 insurance financial strength rating with a stable outlook. It was the first time the company had received any ratings from theMoody's. Over the years,CPICLife (HK) has wonwidespread recognition from the industry and other communities of Hong Kong,withmultiple industry awards,including the "Excellence Award for Cross-Border Insurance Services" and the "Outstanding Innovation Service Award" from Bloomberg Businessweek (Chinese Edition),as well as "Outstanding Innovation Service Awards - Life Insurance - Health Insurance" and "Deferred Annuity Product of the Year Awards" from Hong Kong New City Finance Radio.

Fostering exchanges of Shanghai-based companies in Hong Kong and fulfilling corporate social responsibility

In 2024,the company coordinates multiple cultural and sports activities among peers,promoting exchangesand cooperation among Shanghai-based companies in Hong Kong,particularly financial institutions. Italso strives to fulfill its corporate social responsibilities,organizing volunteeractivities such asdistribution ofmeal boxes to underprivilegedpeople in the community tocontributeto a better society.

As an "outpost" of CPIC's internationalization strategy,CPICLife (HK) will vigorously supportnational initiatives such as the Belt&Road and the Greater Bay Area. Itwill continue to innovate in products and servicesso as tomeet customers' diverse needs for risk protection and wealth management and provide customers with "responsible,intelligentand caring" service.