On June 13th, the insurance self-media '13 Actuaries' WeChat public account released the '2023 Property and Casualty Insurance Company '13 Jing' Comprehensive Competitiveness Ranking.' China Pacific Insurance Co., Ltd. ranks first again, which is the sixth consecutive year that the company has won the top spot on the list. The ranking summarizes the operational performance of China Pacific Property Insurance in 2023 as follows: This is the sixth consecutive year that China Pacific Property Insurance has ranked first in the'13 Jing' P&C insurance company comprehensive competitiveness ranking. This is due to the balanced development of its scale and efficiency, with the highest premium growth rate among the three major companies and the highest return on net assets under the new regulations. The main reasons are as follows: On the one hand, it has captured the non-auto development opportunities early, and its premium growth rate has continued to exceed the market. Since 2018, China Pacific Property Insurance has maintained rapid growth in premium scale, with premium growth rates exceeding 10% in all five years except for 2021 when it was affected by the comprehensive reform of auto insurance. In addition, China Pacific Property Insurance's premium growth rate has exceeded the market for six consecutive years, and it is the only one among the three major P&C companies. Among them, non-auto insurance has made the greatest contribution to the sustained and rapid growth of premiums. Since 2015, China Pacific Property Insurance has proposed to focus on developing non-auto insurance such as agricultural insurance and health insurance. Since 2018, its non-auto insurance premiums have maintained a super high-speed growth. Before 2020, it was above 30%, and since 2021, it has maintained at around 19%. By 2023, liability insurance, health insurance, and agricultural insurance have become China Pacific Property Insurance's top three non-auto insurance categories. On the other hand, auto insurance continues to exceed the market, laying a solid foundation for stable growth of the company. China Pacific Property Insurance's auto insurance premium growth rate can also keep up with or exceed the market, which also lays a solid foundation for the company's stable growth. From the industry perspective, in recent years, P&C insurance has accelerated its transformation to non-auto insurance. The proportion of the first largest insurance category, auto insurance, has also dropped from 73% in 2014 to 54.7% in 2023, a decrease of more than 18 percentage points. At present, the proportion of China Pacific Property Insurance's auto insurance business has also dropped from 78% in 2017 to 55% in 2023, keeping pace with the industry's business structure. In addition, China Pacific Property Insurance's comprehensive cost ratio has been stable in recent years, and has always remained at around 99%. While non-auto insurance is developing rapidly, it can contribute more underwriting profits to the company. Therefore, the balanced and rapid development of non-auto and auto insurance of China Pacific Property Insurance, coupled with good risk control, has enabled the company to achieve both scale and efficiency, and stand out among the three major companies. The fact that it has topped the '13 Jing' P&C insurance company comprehensive competitiveness ranking for six consecutive years reflects the transformation results of China Pacific Property Insurance's sustainable high-quality development in recent years. China Pacific Property Insurance will continue to promote Transformation 3.0, accelerate the landing of 15 transformation projects, comprehensively output transformation results, and comprehensively build a new situation of sustainable high-quality development.China Pacific Insurance, a subsidiary of China Pacific Insurance Co., Ltd., once again ranked first on the '13 Jing' comprehensive competitiveness ranking of P&C insurance companies in 2023. This is the sixth consecutive year that the company has won the top spot on the list.

The ranking summarizes the operational performance of China Pacific Property Insurance in 2023 as follows:This is the sixth consecutive year that China Pacific Property Insurance has ranked first in the '13 Jing' P&C insurance company comprehensive competitiveness ranking. This is due to the balanced development of its scale and efficiency, with the highest premium growth rate among the three major companies and the highest return on net assets under the new regulations.The main reasons are as follows:

On the one hand, it has captured the non-auto development opportunities early, and its premium growth rate has continued to exceed the market.Since 2018, China Pacific Property Insurance has maintained rapid growth in premium scale, with premium growth rates exceeding 10% in all five years except for 2021 when it was affected by the comprehensive reform of auto insurance. In addition, China Pacific Property Insurance's premium growth rate has exceeded the market for six consecutive years, and it is the only one among the three major P&C companies.China Pacific Property Insurance has the highest premium growth rate among the three major companies..

Among them, non-auto insurance has made the greatest contribution to the sustained and rapid growth of premiums.

On the other hand, auto insurance continues to exceed the market, laying a solid foundation for stable growth of the company.From the industry perspective, in recent years, P&C insurance has accelerated its transformation to non-auto insurance. The proportion of the first largest insurance category, auto insurance, has also dropped from 73% in 2014 to 54.7% in 2023, a decrease of more than 18 percentage points. At present, the proportion of China Pacific Property Insurance's auto insurance business has also dropped from 78% in 2017 to 55% in 2023, keeping pace with the industry's business structure.

In addition, China Pacific Property Insurance's comprehensive cost ratio has been stable in recent years, and has always remained at around 99%. While non-auto insurance is developing rapidly, it can contribute more underwriting profits to the company. Therefore, the balanced and rapid development of non-auto and auto insurance of China Pacific Property Insurance, coupled with good risk control, has enabled the company to achieve both scale and efficiency, and stand out among the three major companies.

China Pacific Insurance has topped the '13 Jing' P&C insurance company comprehensive competitiveness ranking for six consecutive years, reflecting the transformation results of China Pacific Property Insurance's sustainable high-quality development in recent years. China Pacific Property Insurance will continue to promote Transformation 3.0, accelerate the landing of 15 transformation projects, comprehensively output transformation results, and comprehensively build a new situation of sustainable high-quality development.

Related links: '13 Actuaries' WeChat public account has been evaluating and ranking the comprehensive competitiveness of more than 80 property and casualty insurance companies in China from the aspects of development, profitability, and scale since 2016. It has established a comprehensive competitiveness evaluation system to comprehensively evaluate an insurance company's operational situation. The list is updated quarterly and is the first ranking based on quarterly indicators in China.