PICC Group 601319.SH PICC Group 1339.HK PICC P&C 2328.HK Annual Results Announcement Disclaimer This presentation has been prepared by the People's Insurance Company (Group) of China Limited (the "Company"). No representation or warranty, expressed or implied, is given as to the fairness, accuracy, completeness or correctness of any information contained herein and they should not be relied upon as such. The Company shall have no liability whatsoever (in negligence or otherwise) for any loss howsoever arisi ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 20.70 [5][7]. Core Insights - The company reported a net profit of RMB 40.4 billion for 2025, representing a year-on-year growth of 25.5%, driven by both underwriting and investment performance [1]. - The combined ratio (COR) improved to 97.5%, a 1.3 percentage point improvement year-on-year, with underwriting profit doubling to RMB 12.535 billion, reflecting a 119.4% increase [1]. - The total investment return rate remained high at 5.8%, with a year-on-year increase of 0.1 percentage points, supporting profit growth [4]. Summary by Sections Underwriting Performance - The auto insurance COR was 95.3%, showing significant improvement with a year-on-year decrease of 1.5 percentage points, achieving an underwriting profit of RMB 14.258 billion, up 53.6% [2]. - The non-auto insurance COR was estimated at 100.8%, improving by 1.1 percentage points year-on-year, although still in an underwriting loss state [3]. Investment Performance - The company achieved a total investment return of RMB 31.841 billion in 2025, a 14.2% increase year-on-year, primarily benefiting from strong equity market performance [11]. - The end-of-year net assets reached RMB 286 billion, reflecting a year-on-year growth of 10.9% [4]. Profit Forecast and Valuation - The EPS forecasts for 2026, 2027, and 2028 have been adjusted to RMB 1.99, RMB 2.16, and RMB 2.34 respectively, with a downward adjustment of 14% for 2026 and 2027 [5]. - The target price of HKD 20.70 is based on a discounted cash flow (DCF) valuation method [5][12].

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。 ( 在中華人民共和國註冊成立之股份有限公司 ) (股份代號: 2328) 自願性公告 委任黨委書記 本公告由中國人民財產保險股份有限公司（「本公司」）自願發出。 本公司董事會（「董事會」）欣然宣佈，根據中國共產黨中國人民保險集團股份有限公 司委員會決定，中國共產黨中國人民保險集團股份有限公司委員會委員、中國共產黨中 國人民財產保險股份有限公司委員會委員、本公司臨時負責人、執行董事、副總裁、財 務負責人張道明先生獲委任為中國共產黨中國人民財產保險股份有限公司委員會書記。 承董事會命 中國人民財產保險股份有限公司 畢欣 董事會秘書 中國北京，2026年3月27日 於本公告日，本公司董事長為丁向群女士（非執行董事），執行董事為張道明先 生、降彩石先生及胡偉先生，職工董事為李玲女士（非執行董事），獨立董事為 程鳳朝先生、魏晨陽先生、李偉斌先生、曲小波先生及薛爽女士。 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][11]. Core Insights - The company achieved a net profit attributable to shareholders of 40.37 billion yuan in 2025, representing a year-on-year growth of 25.5%, with a return on equity (ROE) of 14.7% [1]. - The growth in performance is driven by both underwriting and investment segments, with underwriting profit significantly improving to 12.54 billion yuan, a year-on-year increase of 119.4% [1]. - The comprehensive cost ratio (COR) decreased by 1.3 percentage points to 97.5%, reflecting effective cost control measures under regulatory requirements [1]. - The company benefited from a recovery in the capital market, achieving total investment income of 38.639 billion yuan, a year-on-year increase of 12.8%, with a total investment return rate of 5.8% [1][3]. Summary by Sections Underwriting and Investment Performance - The company’s original premium income reached 555.77 billion yuan in 2025, up 3.3% year-on-year [1]. - The underwriting profit from the auto insurance segment was 14.258 billion yuan, a significant increase of 53.6% year-on-year, with the COR improving to 95.3% [2]. - Non-auto insurance business showed improved operational quality, with the corporate property insurance COR decreasing by 12.4 percentage points to 101.0% [2]. Financial Projections - The company forecasts revenue growth of 4.68% in 2026, with net profit projected to reach 44.755 billion yuan, reflecting a 10.86% increase [4]. - The diluted earnings per share (EPS) is expected to be 2.01 yuan in 2026, with a price-to-book (P/B) ratio of 1.01 [4][8]. Investment Strategy - The company is increasing its allocation to equity assets, with equity investments accounting for 27.9% of the total, up 2.8 percentage points year-on-year [3]. - The investment strategy emphasizes stability and high dividend yields, providing a solid safety net for long-term investment stability [3].

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Insights - The company achieved a net profit attributable to shareholders of 40.37 billion yuan in 2025, representing a year-on-year growth of 25.5%, with a return on equity (ROE) of 14.7% [1] - The growth in performance is driven by both underwriting and investment segments, with underwriting profit significantly improving to 12.54 billion yuan, a year-on-year increase of 119.4% [1] - The comprehensive cost ratio (COR) decreased by 1.3 percentage points to 97.5%, reflecting effective cost control measures under regulatory requirements [1] - The company benefited from a recovery in the capital market, achieving total investment income of 38.639 billion yuan, a year-on-year increase of 12.8%, with a total investment return rate of 5.8% [1][3] Summary by Relevant Sections Underwriting Performance - The company's auto insurance business generated an underwriting profit of 14.258 billion yuan, a significant increase of 53.6% year-on-year, with the COR improving by 1.5 percentage points to 95.3% [2] - Non-auto insurance business showed improved operational quality, with the COR for corporate property insurance decreasing by 12.4 percentage points to 101.0%, and underwriting losses narrowing from 2.42 billion yuan to 191 million yuan [2] - Health and accident insurance premiums increased by 26.3%, contributing to a 156.6% growth in underwriting profit [2] Investment Strategy - The company actively increased its equity asset allocation during the year, with equity investments accounting for 27.9% of the total, an increase of 2.8 percentage points year-on-year [3] - The stock allocation increased by 4 percentage points to 11.3% [3] Financial Forecasts - The company forecasts revenue growth of 6.04% in 2025, with net profit expected to reach 40.37 billion yuan, a growth of 25.48% [4] - Earnings per share (EPS) estimates for 2026 and 2027 have been raised to 2.01 and 2.13 yuan, respectively, with corresponding price-to-book (P/B) ratios of 1.01 and 0.95 [3][4]

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。 ( 在中華人民共和國註冊成立之股份有限公司 ) (股份代號: 2328) 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第 13.10B 條作出。 茲載列本公司《二零二五年度信息披露報告》如下，僅供參閱。 承董事會命 中國人民財產保險股份有限公司 畢欣 董事會秘書 中國北京，2026 年 3 月 26 日 於 本 公 告 日 ， 本 公 司 董 事 長 為 丁 向 群 女 士 （ 非 執 行 董 事 ） ， 執 行 董 事 為 張 道 明 先 生 、 降 彩 石 先 生 及 胡 偉 先 生 ， 職 工 董 事 為 李 玲 女 士 （ 非 執 行 董 事 ） ， 獨 立 董 事 為 程 鳳 朝 先 生、魏晨陽先生、李偉斌先生、曲小波先生及薛爽女士 ...

免責聲明 | 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 | | | --- | --- | | 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。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 中國人民財産保險股份有限公司 | | 股份代號 | 02328 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年12月31日止年度之末期股息 | | 公告日期 | 2026年3月26日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年12月31日 | | 宣派股息 | 每 股 0.44 RMB | | 股東批准日期 | 有待公佈 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 有待公佈 | | 匯率 | 有待公佈 | | 除淨日 | 有待公佈 | ...

Financial Performance - The total premium income for the year ended December 31, 2025, was RMB 555.77 billion, representing a 3.3% increase from RMB 538.06 billion in 2024[11]. - The underwriting profit for 2025 surged to RMB 12.54 billion, a significant increase of 119.4% compared to RMB 5.71 billion in 2024[11]. - The net profit for 2025 reached RMB 40.38 billion, reflecting a 25.5% growth from RMB 32.16 billion in 2024[11]. - Total assets as of December 31, 2025, amounted to RMB 860.50 billion, a 10.6% increase from RMB 778.24 billion in 2024[12]. - The total liabilities increased by 10.5% to RMB 571.80 billion in 2025, up from RMB 517.62 billion in 2024[12]. - The company maintained a comprehensive solvency adequacy ratio of 232.4% in 2025, compared to 213.4% in 2024[16]. - The core solvency adequacy ratio was also robust, indicating strong financial health and stability[16]. - The company reported an underwriting profit of CNY 12.535 billion and a total investment income of CNY 38.639 billion, with a net profit of CNY 40.377 billion and a return on equity of 14.7%[21]. - Total investment income reached CNY 38.639 billion, a 12.8% increase from the previous year, with a total investment return rate of 5.8%, up 0.1 percentage points[56][57]. - The net cash flow from operating activities was CNY 43.05 billion, representing an 18.1% year-on-year increase[30]. Dividends and Shareholder Returns - The company plans to distribute a total dividend of RMB 0.68 per share for the year, including an interim dividend of RMB 0.24 per share[16]. - The company distributed an interim dividend of CNY 0.24 per share and proposed a final dividend of CNY 0.44 per share to shareholders[21]. - The proposed final dividend for the year ending December 31, 2025, is CNY 0.44 per share, totaling approximately CNY 9.787 billion[136]. - The interim dividend approved on October 30, 2025, is CNY 0.24 per share, amounting to approximately CNY 5.338 billion, which was paid on December 12, 2025[136]. - As of December 31, 2025, the company's distributable reserves amount to CNY 104.293 billion[143]. Market Position and Growth - The market share of the company in the insurance sector was reported at 31.6%[16]. - In 2025, the company achieved a total insurance premium income of CNY 555.77 billion, representing a year-on-year growth of 3.3% and maintaining the industry's leading market share[21]. - The company insured 15.56 million new energy vehicles, marking a year-on-year increase of 34.3%, and developed insurance products for cultural, tourism, and sports consumption, with premium income growing by 14.7%[22]. - The company participated in social security coverage for 863 million people, with a participation rate of 71.4% in the national long-term care insurance pilot cities[23]. - The company has been recognized for its innovative agricultural insurance digital risk protection system, winning multiple awards in 2024 and 2025[17]. Investment and Asset Management - Total investment assets amounted to RMB 760.366 billion, representing a 12.4% increase year-on-year[58]. - Fixed income investments totaled RMB 438.28 billion, up RMB 31.26 billion (or 7.7%), but the proportion decreased by 2.6 percentage points[62]. - Equity investments reached RMB 212.48 billion, increasing by RMB 42.45 billion (or 25.0%), with the proportion rising by 2.8 percentage points[62]. - The company is committed to deepening the integration of technology and business to improve operational efficiency and technological capabilities[95]. - The company is increasing its investment in high-dividend assets and aligning its investment strategies with national strategic directions[96]. Risk Management and Compliance - The company emphasizes risk management, particularly in credit risk, insurance risk, and operational risk, due to increasing complexity in the external environment by 2025[126]. - The company is reinforcing compliance and risk management frameworks to ensure financial security and industry integrity[95]. - The company has maintained a good overall compliance status in its management activities for 2025, with no significant systemic compliance risks reported[132]. - The company has not faced any administrative penalties related to environmental issues in 2025[129]. Strategic Initiatives and Future Outlook - The company aims to strengthen its digital transformation and enhance operational efficiency through the application of artificial intelligence[25]. - The company plans to focus on high-quality development and risk prevention while promoting the integration of traditional and emerging insurance businesses[27]. - The company is committed to contributing to China's modernization through sustainable and high-quality operational performance[27]. - The company is actively pursuing high-quality development in policy-related businesses and integrating into agricultural risk management systems[95]. - The company anticipates that the 14th Five-Year Plan will create a favorable environment for high-quality development in the insurance industry[91]. Corporate Social Responsibility - The company made charitable donations totaling CNY 420 million during the year, with CNY 390 million allocated for public welfare[147]. - The company is committed to green finance and sustainable development, implementing the "Green Finance Development Plan (2024-2027)" to promote green insurance and responsible investment[129]. - The company has set operational carbon peak and carbon neutrality goals, actively engaging in carbon neutrality pilot projects across branches[130]. - The company is focused on creating a comprehensive consumer protection ecosystem to enhance service quality and effectiveness[95]. Related Party Transactions - Significant transactions with the controlling shareholder and its subsidiaries include various asset management agreements and reinsurance cooperation frameworks[173]. - The company signed a reinsurance cooperation framework agreement with PICC Hong Kong for 2025, with a premium cession cap of RMB 1.1 billion and a fee cap of RMB 495 million[175]. - The company signed a supplementary asset management agreement with PICC Capital on October 11, 2023, adjusting the management fee rate for third-party financial products to 8 basis points[182]. - The company has complied with the relevant regulations of the Listing Rules regarding related party transactions for the year[200].

Investment Rating - The report maintains a "Recommendation" rating for the insurance industry, indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [19]. Core Insights - The adjustment of the autonomous pricing coefficient range for new energy vehicle insurance has been completed, expanding from [0.6, 1.4] to [0.55, 1.45], which is expected to alleviate the operational pressure on insurance companies [1][3]. - The penetration rate of new energy vehicles is gradually increasing, making new energy vehicle insurance increasingly important. The growth rate of the auto insurance industry has been stagnant at 3-6% over the past three years, while new energy vehicle sales are significantly outpacing overall auto insurance growth [1]. - The insurance sector is currently facing high claims pressure due to the high cost of parts and the relatively inexperienced drivers of new energy vehicles, leading to a general state of loss in the industry [1]. Summary by Sections New Energy Vehicle Insurance - The new energy vehicle insurance pricing coefficient adjustment is a response to the increasing importance of this segment as sales continue to rise [1]. - The adjustment is expected to improve the pricing adequacy and help mitigate the operational challenges faced by insurers in this area [1]. Company Performance - Sunshine Insurance reported a net profit of 6.31 billion yuan for 2025, a year-on-year increase of 15.7%, while its net assets decreased by 6.3% [3]. - AIA Group achieved a net profit of 6.234 billion USD in 2025, a year-on-year decrease of 8.8%, with net assets increasing by 7.0% [3]. - ZhongAn Online reported a significant net profit increase of 82.5% year-on-year, reaching 1.101 billion yuan, with net assets rising by 21.6% [3]. Valuation Metrics - The report provides valuation metrics for life insurance companies, with China Life at 0.8x PEV, New China Life at 0.77x, and Ping An at 0.72x [2]. - For property insurance companies, the average PB ratio is 1.16x, with specific companies like PICC at 1.16x and ZhongAn at 0.82x [2]. Market Dynamics - The insurance index decreased by 1.95%, outperforming the broader market by 0.24 percentage points, with individual stock performances showing significant variation [7]. - The report highlights the potential for value in the insurance sector following recent adjustments and the stabilization of long-term interest rates [7].

Investment Rating - The report maintains a "Recommended" rating for the insurance industry, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [19]. Core Insights - The adjustment of the autonomous pricing coefficient range for new energy vehicle insurance has been completed, expanding from [0.6, 1.4] to [0.55, 1.45], which may help alleviate the operational pressure on insurance companies [1][3]. - The penetration rate of new energy vehicles is gradually increasing, making new energy vehicle insurance increasingly important as the overall auto insurance market faces a growth bottleneck, with growth rates between 3-6% over the past three years [1]. - The insurance sector is currently experiencing significant pressure on the claims side due to high costs of parts and the relatively inexperienced drivers of new energy vehicles, leading to a general state of loss in the industry [1]. Summary by Sections New Energy Vehicle Insurance - The new energy vehicle insurance pricing coefficient adjustment is expected to improve pricing adequacy and relieve operational pressures for insurers [1][3]. - The growth in new energy vehicle sales is anticipated to be a core driver for future auto insurance growth [1]. Company Performance - Sunshine Insurance reported a net profit of 6.31 billion yuan in 2025, a year-on-year increase of 15.7%, while its net assets decreased by 6.3% [3]. - AIA Group achieved a net profit of 6.234 billion USD in 2025, a year-on-year decrease of 8.8%, with net assets increasing by 7.0% [3]. - ZhongAn Online reported a significant net profit increase of 82.5% year-on-year, reaching 1.101 billion yuan in 2025, with net assets up by 21.6% [3]. Valuation Metrics - The report provides valuation metrics for life insurance companies, with China Life at 0.8x PEV, New China Life at 0.77x, and Ping An at 0.72x [2]. - For property insurance companies, the report lists China Pacific at 1.16x PB and PICC at 1.16x [2].