On March 27, China Pacific Insurance (Group) Co., Ltd. (“CPIC” or the “Company“; Stock Code: 2601.HK, 601601.SH, CPIC.LSE) released its 2021 Sustainability Report. This is the first sustainability report released by CPIC, based on its 13 consecutive years of social responsibility reports, demonstrating its determination and confidence in committing to sustainable development and building a high-quality development highland, and reflecting the development trend of CPIC focusing on long-term benefits and overall interests. Guided by the support for national strategies, the report presents four sustainable development forces, namely sustainable development traction, support, influence and synergy, which comprehensively summarizes the efforts and contributions made by CPIC in the practice of sustainable development.
The structure of this report focused on sustainable development. Based on the framework of “supporting national strategy” + “sustainable development capability” + “ESG performance”, the report comprehensively and systematically disclosed CPIC’s efforts and achievements in the areas of sustainable development strategy and management, endogenous development momentum, stakeholder management and compliance with international standards. Standards were compiled around sustainable development. The alignment with the UN Sustainable Development Goals (SDGs) were further strengthened. At the same time, it responded to the implementation of the UN PRI and the UN PSI. It highlighted the effectiveness of serving the “carbon peak and neutrality” goal. The report comprehensively disclosed the effectiveness of CPIC’s service to the” carbon peak and neutrality ” goal from four parts: green insurance, green investment, green operation and green public welfare, and disclosed the risk management, scientific and technological innovation and other measures taken by CPIC to deal with climate change according to the framework of the TCFD.
In 2021, standing at the new starting point of starting again in its infancy, CPIC adheres to people-oriented, long-term doctrine, the upward trend of finance, and takes sustainable development as the new driving force and direction of social responsibility.
Focus on the well-being of the people and make great efforts to the vast and subtle. The CPIC is concerned about the people’s yearning for a better life, implements the great health strategy, and solves the medical problems faced by the broad masses of the people. It has undertaken various government medical insurance cooperation projects, covering 145 million people, participated in 35 people-friendly insurance projects, covering 21 million people, and provided 7×24 hours of service by the imperial medical housekeeper with a full-time team of 400 people. The layout of pension industry is growing to meet the needs of the people. Ten “CPIC homes” have been established in 9 places including Chengdu, Dali, Shanghai and Hangzhou, and the national layout of the pension industry has been preliminarily completed. We will promote rural revitalization and consolidate and expand the achievements of poverty alleviation. Targeted poverty alleviation covers 7.62 million registered poor households, and won the honorary title of “national advanced collective for poverty alleviation”; “Poverty prevention and social security” has been extended to more than 1000 counties and districts, writing a new chapter in promoting rural revitalization and inclusiveness.
Guided by ecological civilization, man and nature develop in harmony. Building ecological civilization and promoting green, low-carbon and circular development is the original meaning of sustainable development. CPIC will build a green financial service system to protect the civilized development road of production development, rich life and well ecology. Green insurance, braves to be the vanguard. Serving the low-carbon circular economy, the new energy insurance nearly one trillion yuan; Zero-carbon and green and sustainable insurance will be promoted first to form industry models; Wildlife accident insurance has been implemented for a long time to promote biodiversity protection. Being a pioneer in green investment. The Company participated in green investments in energy, environmental protection, and water and pollution prevention in the form of debt investment, equity investment, asset backing and industrial funds. In addition, it issued the first ESG insurance capital management product and launched theme products of carbon neutrality. Boldly being the main force of green operation. By responding to climate change risks with product innovation and technological innovation, buildings such as Pacific Care Home followed green standards, 1,500 mu of the Sanjiangyuan, or origin of the Yangtze River, the Yellow River and Lancang River guarded the Chinese Water Tower, and the energy use efficiency of data centers continued to improve.
Following higher standards to enhance sustainable development momentum. Facing the challenges of the epidemic and uncertainty, CPIC has formulated a sustainable development strategy guided by advanced sustainable development concepts. Furthermore, the Company strengthened top-level design and prepared ESG strategy and action plan. The Board of Directors established the “Strategic and Investment Decision-Making & ESG Committee” to ensure a professional course of sustainable development and signed the International Principles for Sustainable Development. The Company became the second company in mainland China to sign the UN PSI and the fourth asset owner to sign the UN PRI. And it also signed the “Belt and Road” Green Investment Principles, setting a higher standard for sustainable development and conscientious compliance. Cultivating soft power for sustainable development. With digital transformation, big data platform, and intelligence, technology is a driving force for innovation and creativity. CPIC’s “Service Officer” has penetrated into all aspects of service, and the high quality experience is enabled by service around, lifelong, and exquisite service. CPIC’s services convey the philosophy of “Customer first”.