Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company reported a strong growth in new business value (NBV) for life insurance, with a year-on-year increase of 63% in 1H25, driven by significant growth in both agency and bancassurance channels [3] - The property insurance segment showed improved underwriting performance, with a combined ratio (COR) decreasing by 1.4 percentage points to 94.8%, leading to a substantial increase in underwriting profit by 44.6% [2] - The total investment return increased by 40.2% year-on-year, with an annualized total investment yield rising by 0.9 percentage points to 5.0%, contributing to profit growth [4] - The company has adjusted its earnings per share (EPS) forecasts for 2025, 2026, and 2027 to RMB 1.02, RMB 1.14, and RMB 1.24 respectively, based on improved performance in property insurance and investment [5] Summary by Sections Property Insurance - The property insurance segment's COR improved due to a 3.1 percentage point decrease in expense ratio, despite a 1.7 percentage point increase in loss ratio [2] - Insurance service revenue for property insurance grew by 5.6% year-on-year, with motor and non-motor insurance increasing by 3.5% and 8.9% respectively [2] - The net profit from property insurance increased by 35% year-on-year, supported by strong premium growth and improved underwriting performance [2] Life Insurance - The life insurance segment's NBV growth was primarily driven by bancassurance, which saw an 81% increase, accounting for 35% of total NBV [3] - The overall new policy premium for the life insurance segment grew by 15.4% year-on-year, indicating resilience in the agency channel [3] - Despite the strong growth in NBV, the profit from life insurance decreased by 13% due to rising service expense ratios [3] Investment Performance - The company capitalized on favorable market conditions, resulting in a significant increase in total investment income and a higher annualized investment yield [4] - The asset allocation strategy included an increase in equity investments, with the stock allocation rising by 1.7 percentage points to 5.4% [4] Earnings Forecast and Valuation - The target price for the company's A/H shares has been raised to RMB 9.3 and HKD 7.0, reflecting the positive adjustments in EPS forecasts [5] - The projected gross premium income for 2025 is estimated at RMB 572.06 billion, with a growth rate of 6.39% [21]

Core Viewpoint - China People's Insurance Group Co., Ltd. reported strong performance for the first half of 2025, with significant increases in various financial metrics, leading to record-high stock prices for both A-shares and H-shares [1] Financial Performance - The comprehensive cost ratio for property insurance was 95.3% [1] - New business value for life insurance reached 8.8 billion yuan [1] - Total investment income amounted to 41.5 billion yuan [1] - The consolidated net profit for the group was 35.9 billion yuan [1] Stock Performance - The group's A-shares reached their highest price in nearly six years [1] - The group's H-shares hit their highest price since listing 13 years ago [1] - China Property Insurance's stock price reached its highest since listing 22 years ago [1] Premium Income Breakdown - The proportion of life insurance premium income increased by 1.9 percentage points [1] - Family-use vehicle premium income accounted for 73.4% of total auto insurance, up by 1 percentage point [1] - Personal non-auto insurance premium income grew by 16.6%, exceeding the overall premium income growth by 13 percentage points [1] Life Insurance Business - The premium income from life insurance regular premium business was 87 billion yuan, a year-on-year increase of 17.2% [1] - This segment accounted for 66.4% of total life insurance premium income, an increase of 2 percentage points [1] - The new business value rate improved by 3.9 percentage points on a comparable basis [1] Business Synergy - The company enhanced business collaboration, achieving a collaborative premium income of 16 billion yuan, which represents a year-on-year growth of 8.9% [1]

| 代码 | 名称 | 最新价 | 涨跌幅 ▽ | | --- | --- | --- | --- | | 01339 | 中国人民保险集 | 6.930 | 6.13% | | 02328 | 中国财险 | 19.240 | 5.60% | | 00966 | 中国太平 | 18.430 | 2.33% | | 01336 | 新华保险 | 47.720 | 2.01% | | 02601 | 中国太保 | 36.020 | 1.92% | | 02628 | 中国人寿 | 24.000 | 0.50% | | 02318 | 中国平安 | 56.600 | 0.53% | | 00945 | 宏利金融-S | 234.400 | 0.17% | 责任编辑：栎树 港股内险股拉升，其中，中国人民保险集团涨6.13%，中国财险涨5.6%，二者齐创历史新高，中国太 平、新华保险、中国太保涨2%，中国人寿、中国平安涨0.5%。 消息上，行业个股业绩持续放榜。中国人民保险集团2025年中期营收3241.2亿元，上年同期2923.42亿 元；净利润267亿元，上年同期234亿元；中国财险上半年净利润244.55亿元，同 ...

Group 1 - The core viewpoint of the article highlights a significant rally in Hong Kong's insurance stocks, with China People's Insurance Group and China Pacific Insurance reaching historical highs [1] - China People's Insurance Group reported a mid-year revenue of 324.12 billion yuan, up from 292.34 billion yuan in the same period last year, and a net profit of 26.7 billion yuan, compared to 23.4 billion yuan previously [1] - China Pacific Insurance's net profit for the first half of the year was 24.455 billion yuan, reflecting a year-on-year growth of 32.3% [1] Group 2 - Prudential reported a shareholder profit of 1.284 billion USD for the mid-year period, marking a year-on-year increase of 9.7 times [1] - China Ping An's operating profit attributable to shareholders grew by 3.7% in the first half of the year, with a strong increase of 39.8% in new business value for life insurance [1] - Analysts suggest that the Chinese insurance industry is emerging from a low point, driven by multiple favorable factors, indicating a shift towards a higher quality and more sustainable development phase [1]

近日，第十三届全国规范汉字书写大会落下帷幕，中国人保寿险济南中支公司员工王臆舒凭借一幅以 "金融为民" 为主题的硬笔行楷作品崭露头角，一举斩 获硬笔行楷类一等奖，以笔墨之力生动诠释了金融央企的家国情怀与责任担当。 这份荣誉的背后，离不开人保寿险济南中支这片注重人文培育的"沃土"。长期以来，济南人保始终践行"员工与企业共成长"的核心理念，将"有温度的职场 文化"建设作为企业发展的重要支撑。公司工会聚焦员工精神文化需求，精心搭建多元兴趣平台，涵盖书法、摄影、羽毛球等多个领域，既为员工提供了工 作之余发展特长、释放压力的空间，也通过丰富的文化活动增强了团队向心力与凝聚力，让职场成为员工实现个人成长的 "幸福港湾"。 "练习书法时培养的专注力与细致度，让我在处理保单服务时更能敏锐体察客户需求，耐心解答每一个疑问。" 王臆舒在分享成长感悟时说道。这种"艺术修 养反哺专业服务" 的跨界融合，正是济南人保寿险着力倡导的人才培养方向。近年来，公司定期组织文艺骨干走进社区，开展"金融知识进社区"活动——将 书法艺术、趣味讲解与保险科普相结合，把专业的金融知识转化为老百姓听得懂、易接受的语言，让保险服务更接地气、更有温度，切实打 ...

金融同心，乒出辉煌，同场竞技，共促行业融合发展。2025年8月19日至21日，为深入贯彻实施健康中国战略和全民健身国家战略，更好满足山东金融 系统职工群众体育运动需要，加强各单位间交流互动，中国金融工会山东工作委员、山东省银行业协会、山东省保险行业协会联合举办了2025年度山 东金融系统职工乒乓球比赛，共有45支代表队参加了比赛。经过三天的激烈争夺，人保寿险山东省分公司乒乓球代表队荣获2025年度山东金融系统乒 乓球比赛体育道德风尚奖。 本次比赛是全省金融系统乒乓球项目参赛数量最多和参赛水平最高的一次赛事，人保寿险山东省公司党委、工会高度重视，积极安排部署。省公司工 会工作部、省公司乒乓球兴趣小组全程组织、周密安排，在全省选拔优秀队员，赛前积极训练备战。各地市机构积极配合，莱芜中心支公司、枣庄中 心支公司为省公司球队组建、队员选拔和参赛提供了大力支持。 组队后，全体参赛队员认真训练、积极备战；赛前，领队与教练员召集大家研讨战术，分析对手的技战术打法，科学排兵布阵。场上，每位队员都是 每局必争、每分必抢、奋力拼搏，相互鼓励，打出了风格、赛出了水平，彰显了人保寿险山东省分公司良好的团队文化和精神风貌。 通过本次比 ...

Core Viewpoint - China People's Insurance Group (01339) reported a strong performance for the first half of 2025, with a significant increase in net profit and steady growth in investment assets, leading to a stock price increase of over 4% post-earnings announcement [1][2]. Financial Performance - Total revenue for the first half of 2025 reached 324.12 billion yuan, marking a year-on-year growth of 10.87% [1]. - Net profit attributable to shareholders was 26.67 billion yuan, reflecting a year-on-year increase of 13.98% [1]. - Basic earnings per share stood at 0.6 yuan, with an interim cash dividend of 0.75 yuan per 10 shares [1]. Business Segments - In the property insurance sector, the company maintained a market share of 33.5%, leading the industry [2]. - The net cash inflow from operating activities increased by 26.6%, indicating improved liquidity [2]. - The combined cost ratio improved to 94.8%, down 1.4 percentage points year-on-year [2]. Life Insurance Performance - The new business value for life insurance increased by 71.7% on a comparable basis [2]. - The proportion of regular premium income to total premium income reached 79.5%, up 0.9 percentage points year-on-year [2]. - The 13-month premium persistency rate improved to 96.4%, an increase of 0.4 percentage points year-on-year [2]. Health Insurance Growth - The new business value for health insurance grew by 51.0% on a comparable basis [2]. - First-year regular premium income increased by 52.3% year-on-year [2]. - First-year regular premium income from internet long-term insurance surged by 110.6% [2]. Investment Performance - The company achieved total investment income of 40.76 billion yuan, a year-on-year increase of 40.2% [2]. - The annualized total investment return rate improved to 5.0%, up 0.9 percentage points year-on-year [2]. - As of June 30, 2025, the total investment assets exceeded 1.7 trillion yuan, growing by 7.2% since the beginning of the year [1].

Core Insights - China People's Insurance Group reported a strong performance for the first half of 2025, with total revenue reaching 324.12 billion yuan, a year-on-year increase of 10.87% [1] - The net profit attributable to shareholders was 26.67 billion yuan, reflecting a growth of 13.98% compared to the previous year [1] - The company’s basic earnings per share stood at 0.6 yuan, with an interim cash dividend of 0.75 yuan for every 10 shares [1] Group Performance - The insurance service revenue for the first half of 2025 was 280.25 billion yuan, marking a 7.1% increase year-on-year [2] - The original insurance premium income reached 454.63 billion yuan, up by 6.4% from the previous year [2] - Investment assets grew steadily, surpassing 1.7 trillion yuan as of June 30, 2025, representing a 7.2% increase since the beginning of the year [1] Property and Casualty Insurance - China People's Property Insurance maintained a leading market share of 33.5% in the property insurance sector [2] - The net cash inflow from operating activities increased by 26.6%, indicating improved liquidity [2] - The combined cost ratio improved to 94.8%, down by 1.4 percentage points year-on-year [2] Life Insurance Business - The new business value for life insurance increased by 71.7% on a comparable basis [2] - The proportion of regular premium income to original insurance premium income was 79.5%, up by 0.9 percentage points [2] - The 13-month premium persistence rate improved to 96.4%, an increase of 0.4 percentage points [2] Health Insurance Business - The new business value for health insurance grew by 51.0% on a comparable basis [2] - The first-year regular premium income increased by 52.3% year-on-year [2] - The first-year regular premium income from internet long-term insurance surged by 110.6% [2] Investment Business - The company actively seized investment opportunities in the capital market, optimizing its equity structure and extending asset duration [2] - Total investment income reached 40.76 billion yuan, a year-on-year increase of 40.2% [2] - The annualized total investment return rate improved to 5.0%, up by 0.9 percentage points [2]

Core Insights - The company achieved a net profit attributable to shareholders of 26.5 billion yuan in H1 2025, representing a year-on-year increase of 16.9% [1] - The combined ratio (COR) for property and casualty insurance improved by 1.5 percentage points to 95.3%, driven by significant optimization in expenses [2] - The new business value (NBV) for life insurance surged by 71.7% to 5 billion yuan, indicating strong growth in new policies [3] - The total investment yield increased to 5.1%, up by 1 percentage point year-on-year, despite a slight decline in net investment yield [4] Financial Performance - The group reported a net profit of 26.5 billion yuan in H1 2025, up 16.9% year-on-year [1] - The net investment yield was 3.7%, down by 0.1 percentage points, while the total investment yield was 5.1%, up by 1 percentage point [1][4] - The company proposed an interim dividend of 0.075 yuan per share (before tax) [1] Insurance Segment Analysis - The property and casualty insurance segment saw original premium income rise by 3.6% to 323.3 billion yuan, with a COR of 95.3% [2] - The life insurance segment's NBV increased by 71.7%, with new policies growing by 18% [3] - Health insurance NBV also grew by 51%, with new policies up by 12.3% [3] Investment Strategy - The company's investment assets increased by 7.2% to 1.76 trillion yuan as of H1 2025 [4] - The allocation to bonds was 49.7%, while equity investments rose to 5.4% [4] - The company is expected to benefit from proactive management of the property insurance business, leading to an upward revision of EPS forecasts for 2025-2027 [4]

Core Insights - The leading domestic insurance companies, China Life and China Property & Casualty Insurance, reported growth in their insurance operations and relatively strong investment performance for the first half of 2025 [2] Financial Performance - China Life's net profit attributable to shareholders for the first half of 2025 was 40.931 billion yuan, a year-on-year increase of 6.9% [2] - China Property & Casualty Insurance's net profit attributable to shareholders was 26.530 billion yuan, a year-on-year increase of 16.9% [2] - Both companies proposed interim cash dividends, with China Life planning to distribute 0.238 yuan per share, totaling approximately 6.727 billion yuan, and China Property proposing 0.75 yuan per 10 shares, totaling about 3.317 billion yuan [2] Investment Performance - As of June 30, 2025, China Life's investment assets reached 7.13 trillion yuan, a 7.8% increase from the beginning of the year [3] - China Life achieved a net investment income of 96.067 billion yuan, with a net investment yield of 2.78%, down 0.25 percentage points year-on-year [3] - China Property's total assets were 1.88 trillion yuan, with investment assets of 1.76 trillion yuan, a 7.2% increase from the start of the year [4] Business Operations - China Life's total premium income for the first half of 2025 was 525.088 billion yuan, a year-on-year increase of 7.3% [4] - The new business value for China Life was 28.546 billion yuan, up 20.3% year-on-year [4] - China Property's insurance service income was 280.250 billion yuan, a year-on-year increase of 7.1%, with original insurance premium income of 454.625 billion yuan, up 6.4% [4] Market Position - China Property's core business, property insurance, generated original insurance premium income of 323.282 billion yuan, holding a market share of 33.5% [5] - The combined cost ratio for China Property was 95.3%, improving by 1.5 percentage points year-on-year, with an underwriting profit of 11.699 billion yuan, a 53.5% increase [5]