(Incorporated in Hong Kong with limited liability) （於香港註冊成立的有限公司） (Stock code 股份代號：966) 通 知 信 函 各位非登記持有人 (附 註 1) ： 中國太平保險控股有限公司（「本公司」） – 2025 年中期報告（「本次公司通訊文件」）之發佈通知 本公司的本次公司通訊文件備有中、英文版本，並已上載於本公司網站 www.ctih.cntaiping.com 和披露易網站 www.hkexnews.hk，歡迎瀏覽。 閣下若因任何理由以致在收取或接收載於本公司網址上的本次公司通訊文件出現困難， 閣下可將要求（註明 閣下的姓名、地址及要求） 以電郵方式發送到本公司之電郵地址 cntaiping.ecom@computershare.com.hk 或以書面方式郵寄至本公司之證券登記處（「證券登記處」）香港中央證券 登記有限公司，地址為香港灣仔皇后大道東 183 號合和中心 17M 樓。本公司將於接到 閣下通知後，盡快向 閣下免費發送有關本次公司通訊文件 的印刷本。 以電子方式發佈公司通訊之安排 2025 年 9 月 26 日 附註 1 ： ...

Core Viewpoint - China Pacific Insurance (00966) announced the appointment of Ms. Na Yanfang as an executive director and member of the Nomination and Remuneration Committee, Risk Management Committee, and Strategic and Investment Committee, effective from September 25, 2025. Additionally, Chairman Yin Zhaojun will no longer serve as a member of the Nomination and Remuneration Committee [1] Group 1 - Ms. Na Yanfang has been appointed as an executive director [1] - Ms. Na will also serve on multiple committees including the Nomination and Remuneration Committee, Risk Management Committee, and Strategic and Investment Committee [1] - Chairman Yin Zhaojun will step down from his role in the Nomination and Remuneration Committee [1] Group 2 - The changes in the board and committee memberships are set to take effect on September 25, 2025 [1]

根據香港聯合交易所有限公司證券上市規則（「上市規則」）、本公司的組織章程細則以及公司條例（香港法例第 622 章）（連同已於 2025 年 4 月 17 日生效的《2025 年公司（修訂）條例》），現謹此通知 閣下，本公司已採用以電子方式發佈公司通訊( 附 註 )之安排，即本公司將透過本公 司及披露易網站發佈所有未來的公司通訊，並僅會應要求才提供印刷本。 請注意，所有未來公司通訊的英文版和中文版將在本公司網站 www.ctih.cntaiping.com 及披露易網站 www.hkexnews.hk 上提供，以代替印刷 本。 徵集電子聯絡資料 (Incorporated in Hong Kong with limited liability) （於香港註冊成立的有限公司） (Stock code 股份代號：966) 通 知 信 函 各位登記股東： 中國太平保險控股有限公司（「本公司」） – 2025 年中期報告（「本次公司通訊文件」）之發佈通知 本公司的本次公司通訊文件備有中、英文版本，並已上載於本公司網站 www.ctih.cntaiping.com 和披露易網站 www.hkexnews.hk，歡迎瀏覽。 ...

CONTENT 目錄 Financial Statements 財務報告 | | Condensed Consolidated Statement of Profit or Loss 簡明綜合損益表 | | 3 | | --- | --- | --- | --- | | | Condensed Consolidated Statement of Profit or Loss and | | | | | Other Comprehensive Income 簡明綜合損益及其他綜合收益表 | | 4 | | | Condensed Consolidated Statement of Financial Position 簡明綜合財務狀況表 | | 5 | | | Condensed Consolidated Statement of Changes in Equity 簡明綜合權益變動表 | | 7 | | | Condensed Consolidated Statement of Cash Flows 簡明綜合現金流量表 | | 9 | | | Notes to the Unaudited Condensed ...

（於香港註冊成立之有限公司） （股份代號：966） 董事名單與其角色和職能 | | 委員會 | 審計委員會 | 提名薪酬 | 風險管理 | 戰略與投資 | | --- | --- | --- | --- | --- | --- | | | | | 委員會 | 委員會 | 委員會 | | 董事 | | | | | | | 尹兆君先生 | | | | | C | | 李可東先生 | | | | M | M | | 那豔芳女士 | | | M | M | M | | 郭兆旭先生 | | | | M | | | 胡興國先生 | | M | | | M | | 張翠女士 | | M | | M | | | 周梁剛先生 | | | | | M | | 羅范椒芬女士 | | M | M | | | | 劉怡女士 | | C | | | | | 邵善波先生 | | M | C | | | | 蔡洪平先生 | | M | | C | | 附註： 尹兆君先生 董事長 李可東先生 副董事長及總經理 那豔芳女士 非執行董事 郭兆旭先生 胡興國先生 張翠女士 周梁剛先生 獨立非執行董事 羅范椒芬女士 劉怡女士 邵善波先生 蔡洪平先生 ...

那女士的履歷載列如下： 執行董事 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發 表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承 擔任何責任。 （於香港註冊成立之有限公司） （股份代號：966） 公告 委任執行董事及董事會附屬委員會成員變更 中國太平保險控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事會（「董事會」） 謹此宣佈委任那豔芳女士（「那女士」）為本公司執行董事及提名薪酬委員會、風險管理委員 會、戰略與投資委員會成員，以及董事長尹兆君先生不再擔任本公司提名薪酬委員會成員， 由 2025 年 9 月 25 日起生效。 除上述所披露外，於本公告日期，那女士(i)與本公司任何董事、高級管理人員、主要股東或 控股股東（根據香港聯合交易所有限公司證券上市規則（「上市規則」）的定義）並無任何關 係；(ii)並無持有需要根據《證券及期貨條例》（香港法律第 571 章）第 XV 部作出申報之本 公司股份權益；及(iii)概無根據上市規則第 13.51(2)(h)至(v)條的規定須予披露的資料，或其 他與委任 ...

Core Insights - The new business value of listed life insurance companies in China saw a significant increase of 31.3% in the first half of 2025, with all but one company achieving double-digit growth [1][24][26]. New Business Value - In the first half of 2025, the new business value for listed life insurance companies totaled 933 billion yuan, with notable growth from major players such as China Life (285 billion yuan, +20.3%) and Ping An Life (223 billion yuan, +39.8%) [24][25]. - The overall new business value rate for the industry increased by 6.7 percentage points, reaching a weighted average of 27.8% [30][34]. New Single Premiums - The total new single premium income for listed life insurance companies in the first half of 2025 was 5,227 billion yuan, reflecting a year-on-year growth of 7.8% [38]. - However, the agent channel saw a decline of 13.8% in new single premiums, while the bancassurance channel experienced a robust growth of 61.1% [8][16][40]. Factors Influencing Growth - The increase in new business value and value rate is attributed to the adjustment of preset interest rates and the implementation of cost control policies under the "reporting and operation integration" framework [4][14][34]. - The shift from guaranteed products to floating yield products has increased sales difficulty, impacting the attractiveness of insurance products [6][47]. Agent Channel Performance - The number of agents decreased by 2.9% to 1.605 million, with average productivity dropping by 11.3% to 139,000 yuan per agent [51][55]. - Despite the decline in agent numbers, the overall industry is showing resilience through the growth in the bancassurance channel, which compensates for the downturn in the agent channel [64].

Core Viewpoint - China Taiping Insurance Group has released the "China Taiping Participation in the Guangdong-Hong Kong-Macao Greater Bay Area Construction White Paper (2025 Edition)", marking its second release since 2019, highlighting its commitment to the development of the Greater Bay Area [1] Group 1: Financial Contributions - The white paper outlines efforts in five key financial areas, including supporting high-level opening up and the construction of Hong Kong as an international financial center [1] - It emphasizes the issuance of catastrophe bonds and conducting research on catastrophe risks in Hong Kong as part of its financial services [1] Group 2: Specific Initiatives - The document details 25 initiatives, such as cross-border motor vehicle insurance services to enhance connectivity among the three regions of Guangdong, Hong Kong, and Macao [1] - It includes the "Hong Kong People Bay Area Pension Taiping Plan" and the "Cooperation in Traditional Chinese Medicine Technology Industrial Park in Hengqin" as part of its support for diverse development in Macao [1] Group 3: Strategic Goals - China Taiping aims to align with national policies and focus on serving the modernization of China, emphasizing the political and people-oriented nature of financial work [1] - The company is committed to high-quality development and aims to strengthen resource investment and innovation to support the Greater Bay Area's construction [1]

Core Viewpoint - The insurance industry is experiencing a significant recovery in new business value, with a year-on-year increase of 31.3% in the first half of 2025, driven by both volume and price growth across various companies [1][16][18]. Summary by Sections New Business Value - In the first half of 2025, all listed life insurance companies, except for CITIC Prudential, achieved double-digit growth in new business value, with the overall industry growth rate reaching 31.3% [1][16]. - The new business value for major companies includes China Life at 28.5 billion yuan (20.3% increase), Ping An Life at 22.3 billion yuan (39.8% increase), and others showing significant growth rates [18]. New Business Value Rate - The new business value rate for most listed life insurance companies increased significantly, with an overall rise of 6.7 percentage points in the first half of 2025 [3][22]. - Notable increases in new business value rates include Ping An Life at 26.1% (up 8.8 percentage points) and China Life at 32.4% (up 9.2 percentage points) [22][24]. New Policy Premiums - The overall new policy premium for listed life insurance companies reached 522.7 billion yuan, reflecting a year-on-year growth of 7.8% [28]. - However, there was a notable decline in new policy premiums from the agent channel, which dropped by 13.8%, while the bank insurance channel saw a substantial increase of 61.1% [31][39]. Market Dynamics - The insurance sector is transitioning from a "volume and price decline" phase (2018-2022) to a "volume and price increase" phase in 2025, indicating a healthier growth trajectory [48][51]. - The shift in market dynamics is attributed to the effectiveness of the "reporting and operation integration" policy and the adjustment of premium rates, which have improved the new business value rates significantly [40][41]. Agent Channel and Bank Insurance Channel - The agent channel is facing challenges with a decline in the number of agents and average productivity, while the bank insurance channel is experiencing robust growth, indicating a shift in sales strategy [42][39]. - The average productivity of agents decreased by 11.3%, highlighting the ongoing transformation within the agent channel [46]. Conclusion - The insurance industry is showing resilience and adaptability, with a clear trend towards high-quality development characterized by simultaneous growth in new business value and premiums, driven by strategic channel shifts and improved operational efficiencies [51][52].

摩根大通发表研究报告指，中国太平自8月28日公布中期业绩后股价累计下跌18%，表现跑输大市，相 信是由于投资者对其贝塔策略主题信心减弱。该行指，目前仍维持中国太平"减持"评级，指出至今年底 前仍存在两大下行风险，包括市场预期尚未上调盈利预测以及收益率前景黯淡，预料将抵销掉可持续承 保表现所带来的潜在上行空间，导致其股价在今年底前较难跑赢大市。摩通将目标价预测时间框架延伸 至明年6月，目标价由8.2港元上调至9.4港元。 ...