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China Pacific Insurance Announces 2021 Interim Results
China Pacific Insurance (Group) Co., Ltd. (the “CPIC” or the “Group“; Stock code: 601601.SH, 2601.HK, CPIC.LSE) is pleased to announce interim results of the Group for the six months ended 30 June 2021 (the “Reporting Period“).
CPIC reported solid business performance in the first half of 2021. During the reporting period, Group operating income amounted to RMB252.512 billion, a growth of 7.2% year on year. Group net operating profits (OPAT) was RMB18.279 billion, a growth of 4.9% year on year. Group embedded value (EV) amounted to RMB474.431 billion, an increase of 3.3% from the end of 2020. Group assets under management (AuM) amounted to RMB2,565.483 billion, an increase of 5.3% from the end of 2020. Group number of customers amounted to nearly 160 million, and what is worth noting is the Group acquired over 10 million new customers for the first time in half a year.
In the first half of the year, CPIC’s Life insurance new business sales grew rapidly, Property and casualty maintained underwriting profitability, with sustained fast growth of non-auto business. Gross written premiums (GWPs) of CPIC Life amounted to RMB141.449 billion, up by 2.1%. Of this, first year premiums (FYPs) from the agency channel of the individual business realised a growth of 18.5%. OPAT of life insurance reached RMB14.293 billion, up by 6.7%; the residual margin of life insurance amounted to RMB357.713 billion, a growth of 1.9% from the end of 2020. GWPs of CPIC Property and casualty (Consolidated data of CPIC P/C, CPIC Anxin Agricultural and CPIC HK) amounted to RMB82.761 billion, an increase of 6.4%. Of this, non-auto business grew by 28.3% and accounted for 46.1% of total property and casualty insurance GWPs, up by 7.9pt. Automobile insurance enhanced customer retention to push for a shift of growth drivers. Emerging business lines such as health, agricultural and liability insurance maintained rapid development.
In the first half of the year, CPIC persisted in asset allocation through economic cycles and based on profiles of liabilities, with solid investment results. Group AuM amounted to RMB2,565.483 billion, an increase of 5.3% from the end of 2020. Of this, third-party AuM amounted to RMB813.367 billion, an increase of 3.2%.
Specifically, CPIC Property and casualty insurance pro-actively adapted to the comprehensive reform of automobile insurance, pushed for integration of automobile and non-auto insurance business and delivered rapid top-line growth while maintaining underwriting profitability. CPIC Life insurance recorded FYPs growth of high double digits on the back of well-planned and executed business promotion activity and continued innovation in “products + services” focusing on customer demands, with sustained increase in residual margin. As for investment, CPIC made wise decisions, based on a Group-centralised investment research platform, and realised stable investment results amid a volatile market. The Group also established a private equity firm and obtained the qualification for fund management, enhancing deployment in asset management.
Value and long term have been ingrained into our culture and business philosophy. When faced with hard choices, the Group would choose to do the “practical”, “difficult” and “right” thing.
The implementation of the health business strategy got underway. Guangci-CPIC On-line Hospital went operational and launched its first product “CPIC Family Doctor”, a proprietary online management platform for doctors so that each of our customers can access high-quality family doctor services. Our health insurance subsidiary completed shareholding restructuring, and is currently working on “new channels, new products, new technology” to drive transformation. As for industrial investment in health care, on the back of market-based platforms, CPIC established a dedicated equity investment fund focusing on innovative drug, medical equipment and appliances and medical services, with a number of projects underway.
The Group initiated and moved ahead with the big data strategy. A unified data management policy was formulated, with the establishment of a multi-tiered organisational structure from the Group to subsidiaries. The Group proceeded with platform building, data governance and data applications based on an overall blueprint. The mechanism of technology marketisation went operational. CPIC Fintech, which is still in the preparatory stage, signed shared service agreements with other subsidiaries so that it could be more pro-active and efficient in serving their needs. The building of R&D centres also delivered initial success. The centres in Shanghai, Chengdu and Wuhan combine specialisation with collaboration. Going forward, CPIC will establish an innovation R&D centre in the Greater Bay Area, and its construction plan is being reviewed for feasibility. The Group also set up the Data and Intelligence Institute, stepped up recruitment of top-notch talent in the industry, with 7 leading experts now on board. CPIC put in place task forces in 6 areas such as big data, AI, cyber-security, Internet operation, cloud computing and block chain, responsible for development of core technologies with incubation mechanisms initially in shape.
The Group continued to deepen “CPIC Service”. The institution of “Service Officer” was put in place, which covers 5,800 branch offices and stretches across 4 levels of hierarchy, from the Group to key sub-branches. Over 700 senior managers were appointed as Service Officers, working at the front-line of customer service and shouldering the responsibility of “integrating CPIC Service into transformation initiatives”. “Blue Friends”, or CPIC employees in blue uniforms can be seen at the forefront of the fight against the pandemic, on the venue of the China International Import Expo and the Flower Expo, and the site of relief and rescue of heavy rains in Henan Province. “Responsible, intelligent and caring” have become the label of “CPIC Service”.
The Group made progress with sustainable development. Under the leadership of the board, the Group completed the top-level ESG design, and have started to incorporate ESG sustainable development philosophy into daily business operation. The Group vigorously supported motor vehicles running on renewal energy via automobile insurance to encourage green travelling, and provided insurance cover for 424.6 thousand new energy vehicles; the Group tailor made insurance solutions for environmental treatment, green ship-building, advanced manufacturing and new infrastructure, and launched a number of products to boost sustainable development of the ecosystem; the Group conducted green investment in renewable energy, water conservation and environmental protection area by means of debt securities, equity investments and industry funds. The Group is in the process of formulating a Group-level sustainable development strategy covering liabilities, assets and our own operation, so as to attain a new level of sustainable development.
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Redefining Financial Frontiers: Nucleus Software Celebrates 30 Years with Synapse 2024 in Singapore
SINGAPORE, Nov. 23, 2024 /PRNewswire/ — The thriving India–Singapore partnership in banking and technology reached a new milestone as Nucleus Software celebrated 30 years of transformative innovation at Synapse 2024, held in Singapore. The event underscored the company’s role in redefining financial services across Southeast Asia (SEA) and the globe, bringing together leaders in finance and technology to explore a shared vision for the future of banking.
Synapse 2024 celebrated 30 years of Nucleus Software’s leadership in driving transformative change across Singapore and Southeast Asia’s financial ecosystem. The event also shone a spotlight on the Global Finance & Technology Network (GFTN), an initiative supported by the Monetary Authority of Singapore (MAS) to champion responsible technology adoption. The event highlighted the deepening synergies between India and Singapore, driven by their shared commitment to innovation, cross-border collaboration, and financial inclusion. As the financial services sector undergoes rapid evolution with advancements in artificial intelligence, blockchain, and digital banking, these partnerships are setting the stage for a more connected, resilient, and inclusive global ecosystem.
Vishnu R. Dusad, Co-founder and Managing Director of Nucleus Software, reflected on the milestone: “For over 30 years, we’ve had the privilege of aligning our journey with Singapore’s ascent as a global financial powerhouse. Back in 1994, when we chose to go East instead of West, it was a bold and emotional decision—guided by our belief in Singapore as a hub for innovation and collaboration. We saw then what remains true today: Singapore is at the heart of the global financial landscape, a place where new ideas take root, and partnerships thrive.”
The event brought together a distinguished array of participants, highlighting the transformative potential of India–Singapore collaboration. Mr. Piyush Gupta, CEO of DBS Group and the Guest of Honor, set the tone for the event with his opening remarks, emphasizing the transformative role of big tech in reimagining scalable, customer-centric financial services in the digital age.
Following his address, key speakers enriched the discussions with their insights. Mr. Sopnendu Mohanty, Chief Fintech Officer at the Monetary Authority of Singapore and Group CEO-Designate of The Global Finance & Technology Network (GFTN), underlined the importance of fostering responsible technology adoption and building inclusive financial ecosystems. Mr. Vinod Rai, globally respected public policy expert, Distinguished Visiting Research Fellow at the National University of Singapore, and former Comptroller and Auditor General of India, shared his perspectives on governance and policy frameworks in financial systems. Mr. S.M. Acharya, Chairman of Nucleus Software and former Defence Secretary of India, offered a visionary outlook on leveraging technology to modernize and secure banking frameworks. Finally, Mr. Pieter Franken, Co-founder and Director of GFTN (Japan), a global FinTech pioneer and deep tech innovator, discussed the future of decentralized finance and its implications for the financial sector.
The event showcased the transformative role of technology in global financial systems, emphasizing innovations that set benchmarks for scalability and inclusivity. Panelists discussed the importance of localized solutions, the challenges of cross-border integration, and leveraging dual business models to optimize capital and foster public participation. The dialogue highlighted the need for common standards, unified frameworks like APIs, and collaborative efforts to accelerate financial inclusion and drive global connectivity in the digital age.
For 30 years, Nucleus Software has consistently introduced advanced lending and banking solutions that support financial institutions’ evolving needs in Singapore and South East Asia. Driven by lean development methodologies like Acceptance Test-Driven Development (ATDD) and Continuous Integration/Continuous Delivery (CICD), Nucleus Software continues to push boundaries in efficient, flexible, and secure financial technology.
Photo: https://mma.prnewswire.com/media/2565374/Synapse_2024.jpg
Logo: https://mma.prnewswire.com/media/2565373/Nucleus_Software_Logo.jpg
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OTTAWA, ON, Nov. 22, 2024 /PRNewswire/ — The Royal Canadian Mint (the “Mint”) announces its financial results for the third quarter of 2024 that provide insight into its activities, the markets influencing its businesses and its expectations for the next 12 months.
“As the markets continue to change, the Mint is proving its ability to seize on new opportunities thanks to its diversified structure and flexible business strategy” said Marie Lemay, President and CEO of the Royal Canadian Mint.
The financial results should be read in conjunction with the Mint’s annual report available at www.mint.ca . All monetary amounts are expressed in Canadian dollars, unless otherwise indicated.
Financial and Operational Highlights
- The financial results for the third quarter of 2024 were ahead of target and higher than 2023 levels. Higher gold market pricing and foreign circulation volumes combined with lower fixed costs were the main drivers for the quarter over quarter increase. These increases were partially offset by lower than expected bullion volumes from the continued soft demand in the global bullion market. The Mint expects to meet its financial goals for 2024, as set out in its 2024-2028 Corporate Plan, the Mint’s Leadership team continues to actively monitor its status.
- Consolidated revenue decreased to $252.7 million in 2024 (2023 – $360.6 million).
Revenue from the Precious Metals business decreased to $217.6 million in 2024
(2023 – $328.4 million):- Gold bullion volumes decreased 38% quarter over quarter to 106.1 thousand ounces (2023 – 170.1 thousand ounces) while silver bullion volumes decreased 20% to 2.7 million ounces (2023 – 3.4 million ounces).
- Gold and silver market prices increased quarter over quarter by 27% and 23%, respectively.
- Sales of numismatic products decreased 12% quarter over quarter mainly due to the high demand in 2023 for the Queen Elizabeth II’s Reign products.
- Revenue from the Circulation business increased to $35.1 million in 2024
(2023 – $32.2 million):- Revenue from the Foreign Circulation business increased 77% quarter over quarter, a reflection of higher volumes produced and shipped in 2024 as compared to 2023.
- Revenue from Canadian coin circulation products and services decreased 12% quarter over quarter as fewer coins were required to replenish inventories, combined with lower program fees in accordance with the memorandum of understanding with the Department of Finance.
- Overall, operating expenses decreased 27% quarter over quarter to $28.3 million (2023 – $36.0 million) mainly due to planned reductions in consulting and workforce expenses.
Consolidated results and financial performance
(in millions)
|
13 weeks ended |
39 weeks ended |
|||||||||||
|
Change |
Change |
|||||||||||
|
September |
September |
$ |
% |
September |
September 30, 2023 |
$ |
% |
|||||
|
Revenue |
$ |
252.7 |
$ 360.6 |
(107.9) |
(30) |
$ 861.2 |
$ 1,841.8 |
(980.6) |
(53) |
|||
|
Profit (loss) for the period |
$ |
5.7 |
$ (5.8) |
11.5 |
(198) |
$ 24.1 |
$ 15.0 |
9.1 |
61 |
|||
|
Profit (loss) before |
$ |
1.4 |
$ (8.7) |
10.1 |
(116) |
$ 12.3 |
$ 23.4 |
(11.1) |
(47) |
|||
|
Profit (loss) before |
0.6 % |
(2.4) % |
1.4 % |
1.3 % |
||||||||
|
(1) Profit (loss) before income tax and other items is a non-GAAP financial measure. A reconciliation from profit for the period to profit before income tax and other items is included on page 13 of the Mint’s 2024 Third Quarter Report. |
|
(2) Profit (loss) before income tax and other items margin is a non-GAAP financial measure and its calculation is based on profit before income tax and other items. |
|
As at |
||||||||||
|
September 28, 2024 |
December 31, 2023 |
$ Change |
% Change |
|||||||
|
Cash |
$ |
58.4 |
$ |
59.8 |
(1.4) |
(2) |
||||
|
Inventories |
$ |
71.5 |
$ |
68.8 |
2.7 |
4 |
||||
|
Capital assets |
$ |
174.2 |
$ |
173.0 |
1.2 |
1 |
||||
|
Total assets |
$ |
376.8 |
$ |
380.4 |
(3.6) |
(1) |
||||
|
Working capital |
$ |
99.2 |
$ |
97.8 |
1.4 |
1 |
||||
As part of its enterprise risk management program, the Mint continues to actively monitor its global supply chain and logistics networks in support of its continued operations. Despite its best efforts, the Mint expects changes in the macro-economic environment and other external events around the globe to continue to impact its performance in 2024. The Mint continues to mitigate potential risks as they arise through its enterprise risk management process.
To read more of the Mint’s Third Quarter Report for 2024, please visit www.mint.ca.
About the Royal Canadian Mint
The Royal Canadian Mint is the Crown corporation responsible for the minting and distribution of Canada’s circulation coins. The Mint is one of the largest and most versatile mints in the world, producing award-winning collector coins, market-leading bullion products, as well as Canada’s prestigious military and civilian honours. As an established London and COMEX Good Delivery refiner, the Mint also offers a full spectrum of best-in-class gold and silver refining services. As an organization that strives to take better care of the environment, to cultivate safe and inclusive workplaces and to make a positive impact on the communities where it operates, the Mint integrates environmental, social and governance practices in every aspect of its operations.
For more information on the Mint, its products and services, visit www.mint.ca. Follow the Mint on LinkedIn, Facebook and Instagram.
FORWARD LOOKING STATEMENTS AND NON-GAAP FINANCIAL MEASURES
This Earnings Release contains non-GAAP financial measures that are clearly denoted where presented. Non-GAAP financial measures are not standardized under International Financial Reporting Standards (IFRS) and might not be comparable to similar financial measures disclosed by other corporations reporting under IFRS.
This Earnings Release contains forward-looking statements that reflect management’s expectations regarding the Mint’s objectives, plans, strategies, future growth, results of operations, performance, and business prospects and opportunities. Forward-looking statements are typically identified by words or phrases such as “plans”, “anticipates”, “expects”, “believes”, “estimates”, “intends”, and other similar expressions. These forward-looking statements are not facts, but only estimates regarding expected growth, results of operations, performance, business prospects and opportunities (assumptions). While management considers these assumptions to be reasonable based on available information, they may prove to be incorrect. These estimates of future results are subject to a number of risks, uncertainties and other factors that could cause actual results to differ materially from what the Mint expects. These risks, uncertainties and other factors include, but are not limited to, those risks and uncertainties set forth in the Risks to Performance section of the Management Discussion and Analysis in the Mint’s 2023 annual report, as well as in Note 9 – Financial Instruments and Financial Risk Management to the Mint’s Audited Consolidated Financial Statements for the year ended December 31, 2023. The forward-looking statements included in this Earnings Release are made only as of November 20, 2024 and the Mint does not undertake to publicly update these statements to reflect new information, future events or changes in circumstances or for any other reason after this date.
For more information, please contact: Alex Reeves, Senior Manager, Public Affairs, Tel: (613) 884-6370, [email protected]
View original content:https://www.prnewswire.co.uk/news-releases/royal-canadian-mint-reports-profits-and-performance-for-q3-2024-302314428.html
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OIVE and ViniPortugal celebrate closing of joint campaign that reached 100 million consumers
MADRID and PORTO, Portugal, Nov. 22, 2024 /PRNewswire/ — For three years, A Shared Passion showed European consumers the quality and unparalleled versatility of Iberian wines. The program reached over 100 million consumers with advertising in airports, train stations, press trips, digital content, and other actions with opinion leaders.
The wine interprofessionals of Spain (OIVE) and Portugal (ViniPortugal) celebrated the closing of their ambitious joint campaign A Shared Passion with flagship events in Madrid and Porto. The closing event in Spain took place in Madrid’s iconic Calle Alcalá, while in Portugal, the World of Wine (WOW) in Porto was the perfect setting to present the achievements of the international collaboration. Both ceremonies were very well received by the press and the wine sector, highlighting the impact of the promotional actions that reached more than 79.2 million travelers in key transport infrastructures.
The campaign included 22 study trips, taking 150 specialized journalists to explore the world of wine in both countries and generating publications that reached nearly 15 million European consumers.
On social media, the A Shared Passion profile on Instagram exceeded 15,000 followers, consolidating its presence in the digital sphere. In addition, exclusive activities such as workshops and VIP dinners contributed significantly to this initiative’s global impact.
The final events were honored by the presence of opinion leaders, such as Masters of Wine Pedro Ballesteros and Dirceu Vianna Júnior, who moderated round tables with the presidents of OIVE, Fernando Ezquerro, and ViniPortugal, Frederico Falcão. The conference concluded with masterclasses that highlighted Spain and Portugal’s extraordinary oenological diversity, reinforcing the relevance of the sector in the economic, social, and environmental sustainability of both countries.
With funding from the European Union, A Shared Passion highlighted not only the quality and authenticity of Iberian wines but also their strategic role in the sustainable development of numerous municipalities. This initiative underlines the passion with which Spanish and Portuguese wines are made, reflecting their rich traditions and commitment to the future.
For more information: www.asharedpassion.com
Video: https://mma.prnewswire.com/media/2565600/ViniPortugal_and_OIVE.mp4
View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/oive-and-viniportugal-celebrate-closing-of-joint-campaign-that-reached-100-million-consumers-302314339.html
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