CPIC Releases 2020 Corporate Social Responsibility Report
Introducing ESG Pioneer Swiss Reinsurance Group to Practice Long term Strategy and Build a New Future
HONG KONG, March 31, 2021 /PRNewswire/ — Recently, China Pacific Insurance (Group) Co., Ltd. (the "CPIC" or the "Company"; Stock code: 2601.HK, 601601.SH, CPIC.LSE) releases 2020 CPIC Corporate Social Responsibility Report (the "Report"). This is the 13th consecutive year in which the Group has released its social responsibility report, and also the first Report of the Group since its successful listing on the London Stock Exchange (LSE) last year and the completion of "Shanghai + Hong Kong + London" capital market layout of the three regions. This marks CPIC entering a new stage in terms of disclosure and governance level. The Report gives a comprehensive presentation of CPIC’s outstanding achievements and results in environment, society and governance (ESG), and continues to convey its "thirty years of age" social responsibility values of responsibilities for the State, the world and the promotion of sustainable development to the public society and capital market.
Further Improving Disclosure and Governance Level and Seeking New Breakthrough in ESG Indicators
The Report better meets ESG management requirements, highlights ESG performance data, and is more customer- oriented, reflecting the new development philosophy and pattern of CPIC. In terms of ESG governance, the original "Strategic and Investment Decision-Making Committee" of the Board is changed to "Strategic and Investment Decision-making and ESG Committee". In terms of ESG risk management, the Company complies with the ESG disclosure requirements of Shanghai Stock Exchange (SSE), the Stock Exchange of Hong Kong (SEHK) and London Stock Exchange (LSE) as well as ESG rating indicator requirements including FTSE Russell and MSCI to identify risks such as climate change and project investment, and to propose further measures. In terms of key issue settings, in 2020, CPIC presented its responsibility management and practical innovation in many important areas, such as, supporting national initiatives, combating COVID-19, health and retirement, poverty alleviation, customer experience, employee development, corporate governance, win-win partnership, and green development.
Accelerating ESG Layout to Contribution to Society though "CPIC Strenghth"
In recent years, CPIC has practiced ESG. In terms of climate change, the Group develops and promotes weather index insurance and catastrophe insurance, grasps advanced catastrophe risk assessment technologies and tools, and establishes climate risk response plans and training mechanisms. In terms of green insurance, it expands the coverage of environmental liability insurance and promotes the construction of green environmental insurance system, and boosts the development of new energy. In terms of responsible investment, the Group focuses on projects in environmental protection, renewable energy, energy conservation, resettlement of shanty town, and new infrastructure. Through the innovative mode of responsible investment with insurance characteristics, the Group provides funding to economic and social transitioning. In the future, the Group will leverage its advantages as a domestic leading insurance company to make joint efforts on both the liability and asset sides. On the one hand, it will develop ESG-related insurance products and on the other hand integrate ESG into the investment decision-making process to truly realize the implementation of ESG concept throughout the whole process of operation.
Strategically Introducing ESG Pioneer Swiss Reinsurance Group to Embark on a New Journey of Sustainable Development
In June 2020, CPIC successfully completed the issurance of the Global Depositary Receipts (GDRs) and got listed on the LSE. Through this offering, the Company successfully introduced Swiss Reinsurance Group ("Swiss Re Group"or "Swiss Re"), a leading international reinsurance group. As an ESG pioneer with mature and practical experience, Swiss Re Group will assist the Group to further accelerate its pace in ESG layout. On 17 March this year, CPIC and Swiss Re Group held their first ESG themed summit. A number of senior executives including Chairman Kong Qingwei and President Fu Fan of CPIC Group, Chairman Walter B. Kielholz and CEO Christian Mumenthaler of Swiss Re Group attended the summit. Both parties exchanged in-depth views and valuable experience of Swiss Re in ESG at the meeting, which provided a high reference value for the Company to determine ESG strategic planning and the follow-up practice.
Embracing the New Trend of Capital Market, ESG Becomes the Company’s Long-term Strategy
In recent years, ESG concept has aroused the attention of various sectors. During the recent the Chinese People’s Political Consultative Conference, "Carbon Peak" and "Carbon Neutralization" were included in the government work report for the first time. At the same time, major stock exchanges in the world have increasingly tightened regulatory requirements for ESG, and SSE, SEHK and LSE all put forward requirements for ESG disclosure to listed companies. As a domestic leading comprehensive insurance Group, the ESG development philosophy is in line with the natural risk protection characteristics of the insurance industry in which CPIC operates, and aligns with its long-term value proposition, further enhancing the capability and performance of the Group in fulfilling social responsibilities. In 2021, CPIC, which has already been listed in three places, will soon celebrate its 30th anniversary. The year 2021 marks CPIC’s 30th anniversary, it is moving towards a new stage of development. In the next 30 years, ESG will become an important strategy for CPIC to pursue a "long-termism", bringing new genes and insights to its future development.
About China Pacific Insurance (Group) Co., Ltd
China Pacific Insurance (Group) Co. Ltd. (hereinafter referred to as "CPIC", or the "Company"; 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.
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