证券代码：601319 证券简称：中国人保 中国人民保险集团股份有限公司 2025 年第三季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、主要财务数据 ·本公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和 连带的法律责任。 ·本公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保 证季度报告中财务报表信息的真实、准确、完整。 ·本公司 2025 年第三季度报告所载财务资料根据中国企业会计准则编制，且未 经审计。 注： 1.基本每股收益、稀释每股收益增减百分比按照四舍五入前数据计算得出，下同。 2.如无特别说明，本报告中币种均为人民币。 （二）非经常性损益项目和金额 将《公开发行证券的公司信息披露解释性公告第 1 号——非经常性损益》中列 举的非经常性损益项目界定为经常性损益项目的情况说明：本集团作为保险集团公 司，保险资金的投资运用为主要经营业务之一，持有交易性金融资产、其他债权投 资等金融工具属于本集 ...

Core Viewpoint - Catastrophe insurance is becoming increasingly important as extreme weather and natural disasters rise globally, with China facing significant challenges in its catastrophe insurance system despite recent policy advancements [2][4]. Group 1: Catastrophe Insurance Landscape in China - Over 70% of cities and more than 50% of the population in China are located in areas severely affected by natural disasters, highlighting the complex and concentrated nature of catastrophe risks [5]. - The catastrophe insurance system in China has been gradually improving, with significant developments such as the establishment of the earthquake catastrophe insurance community in 2016 and ongoing pilot programs in over 20 provinces [6]. - Despite a premium scale of 1.232 billion yuan and a compound annual growth rate exceeding 39% from 2014 to 2024, the insurance payout for natural disasters in China is only about 10% of the economic losses, compared to a global average of 50% [6]. Group 2: Regulatory Developments and Innovations - The Financial Regulatory Bureau has issued a notification allowing domestic insurance companies to issue "sidecar" insurance-linked securities in the Hong Kong market, which helps transfer risks to the capital market [3][4]. - "Sidecar" insurance-linked securities can provide additional protection for insurance companies, enhancing their financial stability and allowing them to share catastrophe risks with the capital market [4]. - The issuance of catastrophe bonds has been supported by recent regulatory changes, with the first catastrophe bond issued in Hong Kong in 2015 and subsequent issuances in 2021 and 2022 [9][10]. Group 3: Industry Trends and Future Outlook - The catastrophe bond market is expected to grow significantly, with predictions indicating a 20% increase in market size to approximately $60 billion by 2025 [10]. - The introduction of "sidecar" insurance-linked securities is anticipated to diversify capital markets and may lead to structural impacts on domestic stock markets, potentially attracting international capital back to mainland markets [11][12]. - The insurance industry is encouraged to adopt technology for risk management, shifting focus from post-disaster compensation to pre-disaster prevention, with companies like China Life and PICC developing advanced risk management platforms [7].

智通财经APP讯，中国人民保险集团(01339)公布2025年前三季度业绩，营业总收入约5209.9亿元，同比 增长10.9%;归属于母公司股东的净利润为468.22亿元，同比增长28.9%;基本每股收益1.06元。 报告期内，人保财险实现保险服务收入3,859.21亿元，同比增长5.9%;人保财险持续深化经营管理降本提 质增效，提升核保理赔质效，加强销售费用精细化管理，不断优化费用投入，实现承保利润148.65亿 元，同比增长130.7%;综合成本率96.1% ，同比下降2.1个百分点;实现净利润402.68亿元，同比增长 50.5%。人保寿险实现保险服务收入197.86 亿元，同比增长18.2%;实现净利润139.74亿元;新业务价值可 比口径同比增长76.6%。 人保健康实现保险服务收入232.38亿元，同比增长12.9%;实现净利润78.56亿 元，同比增长41.0%。 ...

Core Viewpoint - China People's Insurance Group (01339.HK) demonstrates resilience and commitment to high-quality insurance services, contributing to economic and social development despite challenging external conditions [1] Financial Performance - For the first three quarters of 2025, the company achieved insurance service revenue of 431.339 billion yuan, representing a year-on-year growth of 6.8% [1] - Total operating revenue reached 520.990 billion yuan, with a year-on-year increase of 10.9% [1] - Net profit attributable to shareholders of the parent company was 46.822 billion yuan, reflecting a year-on-year growth of 28.9% [1] Capital Strength - As of September 30, 2025, the company's total equity amounted to 427.836 billion yuan, an increase of 16.5% compared to the end of the previous year [1] - The net asset value per share attributable to shareholders of the parent company was 7.10 yuan per share, up 16.9% from the end of the previous year [1]

报告期内，人保财险实现保险服务收入3,859.21亿元，同比增长5.9%;人保财险持续深化经营管理降本提 质增效，提升核保理赔质效，加强销售费用精细化管理，不断优化费用投入，实现承保利润148.65亿 元，同比增长130.7%;综合成本率96.1% ，同比下降2.1个百分点;实现净利润402.68亿元，同比增长 50.5%。人保寿险实现保险服务收入197.86 亿元，同比增长18.2%;实现净利润139.74亿元;新业务价值可 比口径同比增长76.6%。 人保健康实现保险服务收入232.38亿元，同比增长12.9%;实现净利润78.56亿 元，同比增长41.0%。 智通财经APP讯，中国人民保险集团(01339)公布2025年前三季度业绩，营业总收入约5209.9亿元，同比 增长10.9%;归属于母公司股东的净利润为468.22亿元，同比增长28.9%;基本每股收益1.06元。 ...

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分內容 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。 （於中華人民共和國註冊成立之股份有限公司） （股份代號：1339） 2025年第三季度報告 本公告由中國人民保險集團股份有限公司（「本公司」或「公司」，連同其附屬公司，統稱 「本集團」或「集團」）根據《證券及期貨條例》（香港法例第571章）第XIVA部項下的內幕消 息條文及《香港聯合交易所有限公司證券上市規則》第13.09條及13.10B條作出。 重要內容提示： - 1 - • 本公司董事會、監事會及董事、監事、高級管理人員保證季度報告內容的真實、準 確、完整，不存在虛假記載、誤導性陳述或重大遺漏，並承擔個別和連帶的法律責 任。 • 本公司負責人、主管會計工作負責人及會計機構負責人（會計主管人員）保證季度報 告中財務報表信息的真實、準確、完整。 • 本公司2025年第三季度報告所載財務資料根據中國企業會計準則編製，且未經審 計。 一、主要財務數據 （一）主要會計數據和財務指標 | | | | 單位：百萬 ...

Core Viewpoint - The 2025 Central Document No. 1 emphasizes the need to enhance the supply guarantee capacity of important agricultural products, with livestock farming playing a crucial role in ensuring national food security and promoting rural economic prosperity [1]. Industry Overview - The livestock industry in China has shown steady development, with total production of pork, beef, mutton, and poultry reaching 96.63 million tons in 2024, reflecting a year-on-year growth of approximately 0.2% [1]. - Despite this growth, the industry faces significant risks, particularly from animal diseases and natural disasters, which can adversely affect livestock output and economic benefits [1]. Risk Management Innovations - China Pacific Insurance (PICC) has developed the "PICC China Livestock Catastrophe Model," the first of its kind independently created by a Chinese insurance company, aimed at enhancing risk management in the livestock sector [3][5]. - The model incorporates advanced concepts and technologies from domestic and international catastrophe modeling, addressing various risk factors including infectious diseases, non-infectious diseases, and meteorological disasters [3][5]. - Utilizing a robust data foundation from nearly 1.8 billion risk-related insurance and claims records, the model covers over 2,800 counties in China and includes multiple disease causative agents and disaster types [3][5]. Future Directions - PICC plans to continue optimizing the catastrophe model and engage in extensive technical exchanges with industry stakeholders to explore more advanced risk assessment methods, thereby contributing to the high-quality development of China's livestock industry [5].

Core Points - Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) closed down 0.19% on October 30, with a trading volume of 67.65 million yuan [1] - The fund was established on August 20, 2025, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of October 29, the fund's latest share count was 224 million shares, with a total size of 230 million yuan [1] - Over the past 20 trading days, the fund's cumulative trading amount reached 1.13 billion yuan, with an average daily trading amount of 56.48 million yuan [1] - The current fund manager is He Yuxuan, who has managed the fund since its inception, achieving a return of 2.56% during the tenure [1] Holdings Summary - The top holdings of Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF include: - COSCO Shipping Holdings (0.85% holding, 218,000 shares, market value of 2.9175 million yuan) [2] - Orient Overseas International (0.40% holding, 10,500 shares, market value of 1.3717 million yuan) [2] - China Foreign Transport (0.33% holding, 270,000 shares, market value of 1.1396 million yuan) [2] - China Petroleum & Chemical Corporation (0.32% holding, 162,000 shares, market value of 1.0973 million yuan) [2] - CITIC Bank (0.32% holding, 175,000 shares, market value of 1.1136 million yuan) [2] - CNOOC (0.29% holding, 58,000 shares, market value of 1.0041 million yuan) [2] - China Shenhua Energy (0.29% holding, 30,500 shares, market value of 982,600 yuan) [2] - China People's Insurance Group (0.29% holding, 164,000 shares, market value of 1.0107 million yuan) [2] - China Unicom (0.28% holding, 104,000 shares, market value of 952,800 yuan) [2] - Agricultural Bank of China (0.27% holding, 189,000 shares, market value of 933,900 yuan) [2]

Core Points - The signing of a comprehensive strategic cooperation agreement between Bank of China Zibo Branch and PICC Zibo branches marks a new phase of deep integration and collaborative development in the banking and insurance sectors [1][2] - The agreement aligns with the national strategy and focuses on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, aiming to enhance financial services for high-quality economic development [1][2] Group 1 - Zibo, as a birthplace of Qi culture and a demonstration zone for the transformation of old industrial bases, is accelerating the construction of a new type of industrial city, providing ample space for collaborative innovation in banking and insurance [1] - The three parties will collaborate on core business areas including national strategic business, product sales, pension-related financial services, deposit services, payroll and bank card services, and insurance payment collection [1] - The cooperation model aims to create a shared customer base, complementary advantages, and win-win development [1][2] Group 2 - Bank of China Zibo Branch has a long-standing commitment to serving local economic and social development, with new loans exceeding 5 billion yuan for two consecutive years and an annual market share increase of over 1% [2] - The focus will be on building a localized financial service ecosystem that aligns with rural revitalization strategies, addressing tasks such as food security, industrial upgrading, poverty alleviation, and rural construction [3] - The collaboration will integrate financial services and insurance protection, enhancing support in inclusive finance, technological innovation, and supply chain finance [3]

会议强调，要发挥保险护航保障作用，努力在落实国家战略、服务"国之大者"上展现新作为。服务 培育发展新质生产力，把握科技创新这一新质生产力的核心要素，充分发挥保险耐心资本作用。服务扩 大内需战略，强化医疗健康、养老等重点领域民生服务保障，发挥保险对扩内需的托底作用，发挥"保 险+服务"对扩内需的直接拉动作用。服务全体人民共同富裕，进一步发挥商业保险补充保障作用、保 险助力乡村全面振兴的作用、保险助力区域协调发展的作用。服务构建新安全格局，积极发展巨灾保 险、责任保险等治理类保险，积极融入产业链供应链安全、能源安全、网络信息安全等新安全治理领 域，更深层次地服务重点领域国家安全能力建设。服务扩大高水平对外开放，构建与高水平开放相适应 的保险服务能力，加强贸易创新发展风险保障，加强海外利益保护，加强面向极端情况的保险韧性准备 工作。 本报讯 记者戴梦希报道 10月24日，中国人民保险集团党委召开会议，传达学习党的二十届四中全 会精神。10月27日，中国人民保险集团党委召开扩大会议，传达学习党的二十届四中全会精神，研究部 署贯彻落实工作。中国人民保险集团党委书记、董事长丁向群主持会议并讲话。 会议强调，要全面贯彻习近 ...