China’s Top Insurer Posts Strong Mid-Year Results: Profit Up, Investments Booming

China People’s Insurance Group (CPIC), the country’s largest insurance company, has announced impressive mid-year results, demonstrating strong growth across its core businesses and a robust investment portfolio. The company reported a net profit of 304.55 billion yuan (approximately $42.4 billion) for the first half of 2024, representing a 13.8% year-on-year increase. CPIC’s investment assets surpassed 1.5 trillion yuan, expanding rapidly on the back of robust insurance cash flows. This growth was attributed to the company’s strong performance in both property and life insurance, as well as its active investment strategy, which saw a 4.1% annualized return on total investments. The company’s commitment to serving the real economy, including supporting key national initiatives like rural revitalization and green development, further underscored its role as a major player in China’s economic landscape.