Fintech PR
Actively Cultivating New Foundation of High-quality Development CPIC’s Operating Revenue in 1H 2023 increased by 6.5% year-on-year
HONG KONG, Aug. 27, 2023 /PRNewswire/ — China Pacific Insurance (Group) Co., Ltd. (“CPIC” or the “Group”; Stock code: 2601.HK, 601601.SH, CPIC.LSE) is pleased to announce the 2023 interim results of the Group. During the first half of the year, Group operating income under the New Accounting Standards amounted to RMB175.539 billion, a growth of 6.5% year-on-year; Group OPAT attributable to shareholders of the parent reached RMB21.537 billion, up by 2.5% from the same period of 2022; Group EV amounted to RMB537.114 billion, rising 3.4% from the end of 2022.
On the side of liabilities, in the face of cyclical shifts of the insurance market in recent years, CPIC coordinated transformation and development, with substantial progress in both P/C and life insurance business, and strong momentum in both volume and value, pointing to breakthroughs in transformation. During the reporting period, CPIC Life recorded an NBV growth of 31.5%, with NBV margin rising by 2.7pt year-on-year; CPIC P/C delivered a record primary insurance premiums, exceeding the mark of RMB100 billion, with sustained increase in market share and healthy levels of underwriting profitability.
As for asset management, CPIC stood the test of market volatility at different times, with AuM on steady increase. As of the end of June 2023, Group AuM totalled RMB2.84 trillion, a growth of 6.9% from the end of 2022, with credit risk under effective control. The Company optimised ALM mechanisms, maintained leadership in liability-driven SAA and professional investment expertise, and reported solid investment results, which underpinned the Group overall business performance. Given consistently sound operational performance over the years, CPIC obtained high scores for consecutive years in SARMRA assessment and regulatory corporate governance evaluation for insurance group companies, which also won recognition of the regulator.
In the first half of 2023, CPIC pressed ahead with transformation, increased the sense of urgency and responsibility for development, and continued to boost high-quality development in response to a confluence of new circumstances such as changing market environment, industry transitioning and higher requirements for corporate governance. With the concerted effort of all employees, CPIC delivered a solid set of business results in an environment of great uncertainty, which further cemented the foundation of high-quality development.
In the first half of 2023, the Company unveiled the “352” Health Care Road-map, which seeks to build an all-scenario health care and retirement system covering healthy people, people with prior conditions, those in rehab and the elderly, underpinned by insurance payment, service empowerment and value chain building, which would enable the Company to provide high-quality, integrated service to customers throughout their life cycle. CPIC focused on needs of niche customer segments, i.e., the elderly and the youth, and launched specialised care service; CPIC Home retirement communities have finished nation-wide deployment; the Company inaugurated the Shanghai Experience Pavilion of Youths and Teenagers Health Promotion Centre, and launched the service programme of CPIC Juvenile Health Promotion. CPIC Blue, a charitable fund, established a brick-and-mortar Cerebral Health & Cognitive Centre, the first such facility by a Chinese insurer, promoting public good via professional expertise. The building of top-notch service systems and capabilities significantly added to CPIC Service branding. It is well-known that CPIC is an official sponsor of Hangzhou Asian Games. CPIC P/C and CPIC Life both won the top ranking at the 2022 regulatory evaluation of consumer protection, which was well-received by the general public.
CPIC embraced innovation and change via transformation, leveraged new mechanisms, new technologies and new models to improve productivity and efficiency, fostered new drivers for high-quality development. CPIC Life rolled out Phase II of the Changhang Transformation, with marked improvement in agency force productivity and increased value contribution of bancassurance. CPIC P/C continued to step up study of risks of new technologies, innovated the specialised business model for new energy vehicles, enhanced risk reduction management, and served industrial upgrading. CPIC Group issued an updated version of DiTP planning, a blueprint of digitalisation in the next 3 years. The Company intensified the effort to explore application of large-scaled AI modelling, and the first CPIC Digital Employee went operational in internal audit, marking a milestone of labour digitalisation. CPIC proceeded steadily with innovations of mechanisms for key regional integration, establishing the sharing platform of technology and investment in the Greater Bay Area, with improvement in both business development and innovation capabilities. In ESG, CPIC focused on ESG management systems and capacity-building, incorporating ESG factors into business management of the Company. CPIC seized opportunities arising from the “dual-carbon” strategy, accelerated innovation in products and services for green industries and technologies, and enhanced the supply of green finance. The Company also initiated the measurement and management platform centring on carbon emissions, launched pilot programmes of Tan Puhui system (personal carbon account) for employees and customers, explored the low-carbon operational model for financial services firms, and contributed to the agenda of social green, low-carbon transitioning.
About China Pacific Insurance (Group) Co., Ltd
China Pacific Insurance (Group) Co. Ltd. (hereinafter referred to as “CPIC”, or the “Group”; Stock Code: 2601.HK, 601601.SH, CPIC.LSE) is an insurance holding company incorporated on the basis of China Pacific Insurance Company, which was established on May 13, 1991. It is a leading insurance group headquartered in Shanghai, which is the first insurance group simultaneously listed on Shanghai, Hong Kong and London Stock Exchanges. CPIC is a leading comprehensive insurance group; the Company provides a broad range of risk solutions, financial planning and asset management services to over 100 million customers via its nationwide network of distribution and diversified services platforms.
This press release is distributed by Wonderful Sky Financial Group for China Pacific Insurance (Group) Co. Ltd.
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NEW YORK, Sept. 28, 2023 /PRNewswire/ — Phoenix Tower International, LLC (“PTI”), through its Spanish subsidiary (PTI Iberica V, S.A.) announced today that it has closed a new €1.2 billion senior credit facility in Europe to consolidate its existing loans and provide substantial additional capacity to support further growth both in existing and new markets in Europe.
The transaction comprised of the following senior secured facilities: (i) a €700 million term loan, (ii) a €400 million delayed draw term loan, (iii) a €50 million revolving credit facility, and (iv) a €50 million debt service reserve facility, all of which are due in September 2030 (7 years). Proceeds from the facilities will be used to: (i) repay existing indebtedness including related fees and expenses, (ii) fund capital expenditure requirements and acquisitions, including the recent acquisition of the French portfolio of wireless tower assets from Cellnex (1,226 sites hosting SFR), and (iii) fund working capital requirements.
“The multi-jurisdiction loan provides PTI with the flexibility to continue to grow our business across Europe with incremental liquidity available at our disposal. The financing will allow us to strengthen our commitment to the region, as we continue to construct and invest in digital infrastructure in markets that are experiencing a rising demand for connectivity and technological upgrades. We are excited to continue to expand our presence in Europe and deliver value-add infrastructure solutions to our customers”, said Dagan Kasavana, Chief Executive Officer of PTI.
“By providing a flexible financing covering multiple jurisdictions, PTI was able to simplify its capital structure, reduce pricing, and access incremental funds to support future growth. Raising €1.2 billion in the current market environment speaks to the strength of PTI’s business model and underscores the lender community’s appetite to support the expansion of digital connectivity. We are pleased to partner with such a strong lender group in this landmark transaction”, said Michael Bremer, Chief Financial Officer of PTI.
Natixis Corporate & Investment Banking (“Natixis”) acted as Structuring Bank. Natixis and Deutsche Bank AG acted as Lead Bookrunners and Mandated Lead Arrangers, ABN AMRO Bank N.V., ING Bank N.V., and Scotiabank (Ireland) Designated Activity Company acted as Mandated Lead Arrangers and Bookrunners, BNP Paribas and MUFG Bank acted as Mandated Lead Arrangers, and Citibank Europe PLC Dublin, Mizuho Bank Europe, and Toronto Dominion Bank acted as Participants. Natixis also acted as Facility Agent, Security Agent and Financial Modelling Bank, while ING Bank N.V. has been appointed as Sustainability Coordinator.
Freshfields Bruckhaus Deringer acted as external legal counsel of the company, and Allen & Overy acted as external legal counsel of the lenders.
About PTI
PTI, through its subsidiaries, owns and operates over 22,000 telecom towers throughout Europe, the United States, Latin America and the Caribbean. In Europe, PTI is present in several countries including France, Italy, Ireland, Malta and Cyprus.
PTI was founded in 2013 with a mission to be a premier site provider to wireless operators across the world in high-growth markets. PTI’s investors include funds managed by Blackstone, Wren House and various members of the management team and is headquartered in Boca Raton, Florida. For more information, please visit www.phoenixintnl.com
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Fintech PR
BranchOut Food Inc. Expands Partnership with EnWave Corporation. Increasing Manufacturing Capacity by an Additional ~$15mm Annually & Secures Additional Product Exclusivities.
BEND, Ore, Sept. 28, 2023 /PRNewswire/ — BranchOut Foods Inc. (NASDAQ: BOF), the global trailblazer in GentleDried natural snacks and superfood ingredients, is proud to announce a significant expansion of its partnership with EnWave Corporation (TSX-V: ENW | FSE: E4U). BranchOut has agreed to purchase a second large-scale, continuous throughput dehydration machine from Enwave. Under the terms of the new Equipment Purchase Agreement (the “Agreement”), the 120kW REV™ machine is slated for delivery to BranchOut in late calendar 2024 and will add an additional $15mm in estimated topline capacity.
Eric Healy, CEO of BranchOut Food Inc., emphasized, “We are confident that this increased capacity will align perfectly with our growth trajectory, especially in light of our recent commitments from major retailers and the substantial sales pipeline we have established.”
Enwave’s Radiant Energy Vacuum (REV™) technology and associated patent portfolio was previously licensed to BranchOut along with exclusivity for its original core products. Under the new Agreement, the product exclusives have been significantly expanded to encompass the new and innovative products BranchOut has recently developed and will be launching in the very near future.
About BranchOut Food Inc.: BranchOut is an international food-tech company delivering truly great natural snacks and real superfood ingredients enabled by their licensed dehydration technology. BranchOut Food is a leading provider of high-quality dehydrated fruit and vegetable-based products and its commitment to quality and innovation sets it apart as a trusted brand and private label supplier. For more information about BranchOut Food Inc. and its products, please visit www.branchoutfood.com.
About EnWave: EnWave Corporation stands as a global leader in vacuum microwave dehydration innovation and application. Operating from its headquarters in Vancouver, BC, EnWave boasts an impressive intellectual property portfolio and has refined its Radiant Energy Vacuum (REV™) technology into a proven, consistent, and scalable drying solution. This revolutionary technology outperforms traditional drying methods in terms of efficiency, capacity, product quality, and cost.
Media Contact:
BranchOut Food Inc.
Email: [email protected]
Fintech PR
SIGMA Financial AI unveils Akili-AI: Cutting-Edge, AI-based, no-code suite of tools for traders
– Augments trader’s interactions and transforms decision-making capabilities
– Handles the full extent of structured to unstructured financial data
– Mitigates portfolio exposure risk and accelerates speed to market
LONDON, Sept. 28, 2023 /PRNewswire/ — SIGMA Financial AI, an innovator in developing AI-driven trading solutions, launches Akili-AI*, a sophisticated suite of enterprise-ready trading strategy tools. Akili-AI is a cutting-edge, no-code solution enabling data-driven insights to support the specialist needs of the global financial services trading community.
Akili-AI incorporates machine learning (ML) and natural language processing (NLP) to deliver agile tools which are more intelligent, faster and easier to use, enabling traders to create strategies at a scale and speed unachievable without AI support. Completely asset-class and instrument-agnostic, the Akili-AI system streams real-time trading data, allowing users to screen, test and design complex trading strategies promptly.
Their SaaS-based Pattern matching platform (Patterns as a Service) helps traders monitor thousands of instruments in real-time, scanning charts for momentum changes, technical signals, support, and resistance zones. The NLP research function supports fundamental and technical qualifications from thousands of news, social media and traders’ data. Akili-AI’s flexible modular architecture, built using modern protocols, is cloud-based and scales to support the largest trading enterprises.
Andy Simpson, Co-founder and CEO, commented, “Traders are having to cope with a constant squeeze on their book; this, combined with a huge increase in data volumes, has created the need for transformative solutions which can help them find an edge. They need the ability to find new liquidity fast, enhance their trade execution capabilities, and reduce portfolio risk; Akili-AI can deliver all this at a lower cost point and faster than ever.”
“Akili-AI transforms market interaction and improves productivity by liberating traders from the constraints imposed by long-established, outdated working practices and legacy technology infrastructures. Accelerated speed to market is crucial in an industry where every second counts. Our mission is to provide AI-based solutions which enhance the human experience – not replace them – helping to generate more revenue and increased profitability,” Andy continued.
Rob Maunder, Co-founder and Chief Commercial Officer, said, “Our pioneering and creative team is an unusual blend of deep financial services experience, phenomenal engineering and world-class AI technologists who bring an unrivalled track record of developing new platforms at pace. We break the mould by delivering incredible engineering of low-latency, highly scalable systems drawing on more than a decade of generative AI experience in the social media and music industries.”
Andy concluded, “Akili-AI is the start of a refreshingly different journey of technological change; watch this space. There is much more to come.”
Akili-Ai will be showcased in the Innovators Pavilion at the FIA’s Futures and Options Expo on October 2-3, 2023 at the Sheraton Grand Chicago Riverwalk.
*Akili is the Swahili word for intelligence.
About SIGMA Financial AI:
We provide traders with a set of tools that are faster, smarter and easier to use. Our AI machine learning product suite unlocks trading opportunities through real-time analytics underpinned by world-leading, scalable, ultra-low latency architecture.
Note to Editors: For more information about SIGMA Financial AI, please visit www.sigmafinancial.ai.
View original content:https://www.prnewswire.co.uk/news-releases/sigma-financial-ai-unveils-akili-ai-cutting-edge-ai-based-no-code-suite-of-tools-for-traders-301941890.html
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