CPIC makes plans for expansion

China Pacific Insurance (Group) Co Ltd, one of the country's largest insurance groups, just kicked off a new business strategy to facilitate its solid development, according to the group's president, He Qing.

The new strategy, focusing on talents, digitalization, integration, management and business expansion, is expected to fuel CPIC Group's ambition to be an industry leader in terms of healthy development, according to He.

So far, CPIC Group has a wide of range of licenses including life insurance, property and casualty insurance, pension, health insurance, agriculture insurance and asset management.

"Centering on the customers' demand, we will boost cross-sector sales to improve our operating efficiency and lower relevant costs," He said.

Among all types of business, the company will focus on protection-oriented products and is optimistic about the prospects of its health insurance and pension business.

According to the annual report on China's health insurance development, just released by the China Insurance Association, the country's commercial health insurance grew from 158.7 billion yuan in 2014 to 404.2 billion yuan ($23.86 billion to $61 billion) in 2016.

He said CPIC Group will also actively seek overseas investment opportunities, including setting up overseas branch companies.

"But we will be very cautious about overseas expansion, to ensure a steady development of the group," he added.