Core Viewpoint - The company demonstrated strong performance in underwriting profit, with a year-on-year increase of 44.6% in the first half of 2025, driven by effective cost control and a favorable claims ratio [1][2]. Group 1: Financial Performance - In the first half of 2025, the company's net profit increased by 32.3% year-on-year to 24.455 billion yuan, with a second quarter net profit growth of 4.1% year-on-year to 13.143 billion yuan [1]. - Insurance service revenue rose by 5.6% year-on-year to 249.04 billion yuan, while the combined ratio (COR) improved by 1.4 percentage points to 94.8%, aligning with expectations [1]. - The underwriting profit reached 13.015 billion yuan, reflecting a significant year-on-year increase of 44.6% [1]. Group 2: Auto Insurance Segment - In the auto insurance segment, premium income and insurance service revenue increased by 3.4% and 3.5% year-on-year to 144.065 billion yuan and 150.276 billion yuan, respectively [1]. - The combined ratio for auto insurance improved by 2.2 percentage points to 94.2%, with the claims ratio rising by 1.9 percentage points to 73.1% and the expense ratio decreasing by 4.1 percentage points to 21.1% [1]. - The underwriting profit for auto insurance surged by 67.7% year-on-year to 8.726 billion yuan, contributing 67% to the total underwriting profit [1]. Group 3: Non-Auto Insurance Segment - Non-auto insurance premium income and insurance service revenue increased by 3.8% and 8.9% year-on-year to 179.217 billion yuan and 98.764 billion yuan, respectively [2]. - The combined ratio for non-auto insurance was 95.7%, with underwriting profit rising by 13.0% year-on-year to 4.289 billion yuan [2]. - The performance of various non-auto insurance segments varied, with health insurance premiums up by 7.9% and agricultural insurance down by 3.9% year-on-year [2]. Group 4: Investment Performance - The company achieved an annualized total investment return of 2.6%, a year-on-year increase of 0.2 percentage points, with total investment assets reaching 711.48 billion yuan, up 5.2% from the end of 2024 [3]. - The allocation of investment assets included 2.4% in cash, 59.8% in fixed income, and 26.1% in equity, with a 2 percentage point increase in equity allocation compared to the end of 2024 [3]. - The proportion of stocks and funds increased, with the stock allocation rising to 9.2% [3]. Group 5: Investment Outlook - The company raised its profit forecast for 2025-2027 to 36.852 billion yuan, 40.899 billion yuan, and 47.124 billion yuan, respectively, reflecting a positive outlook on profit growth driven by asset and liability reforms [4]. - The company maintains a "buy" rating, with a price-to-book ratio of 1.33x for 2025 [4].

Core Viewpoint - China Pacific Insurance reported a strong performance in the first half of 2025, with significant increases in net profit and underwriting profit, indicating robust growth and operational efficiency [1][2]. Group 1: Financial Performance - Net profit for the first half of 2025 reached 24.5 billion yuan, a year-on-year increase of 32.3%, with Q2 alone contributing 13.1 billion yuan, up 4.1% [1]. - Underwriting profit was 13 billion yuan, reflecting a year-on-year growth of 44.6% [1]. - The company's net assets attributable to shareholders stood at 278.3 billion yuan, up 7.9% from the beginning of the year [1]. - Return on equity (ROE) was 9.0%, an increase of 1.3 percentage points year-on-year [1]. Group 2: Premium Growth - The company experienced steady premium growth, with original premium income increasing by 3.6% year-on-year, achieving a market share of 33.5%, up 1.7 percentage points [1]. - The auto insurance premium grew by 3.4% year-on-year, with the proportion of personal auto insurance rising by 1.0 percentage points to 73.4% [1]. - New energy vehicle insurance saw a significant increase, with the number of policies issued rising by 36.8% and premiums increasing by 38.4% [1]. - Non-auto insurance premiums grew by 3.8%, maintaining a share of around 55% of total premiums, with personal non-auto business premiums up 16.6% [1]. Group 3: Cost and Profitability - The comprehensive cost ratio improved significantly, standing at 94.8%, a decrease of 1.4 percentage points year-on-year [2]. - The auto insurance comprehensive cost ratio decreased by 2.2 percentage points to 94.2%, with new energy personal auto insurance achieving underwriting profitability [2]. - The claims ratio increased by 1.7 percentage points to 71.8%, influenced by the rising proportion of new energy vehicles and increased personal injury claims [2]. - The expense ratio decreased by 3.1 percentage points to 23.0%, benefiting from industry self-discipline and strict expense control [2]. Group 4: Investment Strategy - Total investment assets reached 711.5 billion yuan, an increase of 5.2% from the beginning of the year [3]. - Total investment income for the first half of 2025 was 17.3 billion yuan, a year-on-year increase of 26.6% [3]. - The proportion of fixed-income investments decreased by 0.4 percentage points to 59.8%, while equity investments increased by 1.0 percentage point to 26.1% [3]. - The company adjusted its investment strategy by increasing allocations to government bonds and reducing the share of OCI stocks, which decreased by 6.1 percentage points to 74.4% [3]. Group 5: Profit Forecast - The company has raised its profit forecast, expecting net profits attributable to shareholders to be 44.9 billion yuan, 46.7 billion yuan, and 50.3 billion yuan for 2025-2027 [3].

(在中華人民共和國註冊成立之股份有限公司) (股份代號: 2328) 關於資本補充債券 2025 年半年度報告的公告 本公告乃由中國人民財產保險股份有限公司（「本公司」）自願作出。 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。 本公司於 2024 年發行了資本補充債券，根據有關監管規定，本公司已在中國貨幣網 www.chinamoney.com.cn 和上海清算所網站 www.shclearing.com.cn 公開披露了《中國人 民財產保險股份有限公司資本補充債券 2025 年半年度報告》。該半年度報告內容有關 （其中包括）本公司按照中國企業會計準則編制的 2025 年上半年未經審計財務報表等。 本公告旨在通知投資者有關上述事宜。 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 中國北京，202 ...

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) 持續關連交易 與人保壽險、人保健康的相互代理協議 於2025年8月29日，本公司分別與人保壽險和人保健康签订了相互代理協議，以繼續相 互代理銷售對方的保險產品。根據該等協議，人保壽險和人保健康將代理銷售本公司的 保險產品，本公司向人保壽險和人保健康支付佣金；同時，本公司將代理銷售人保壽險 和人保健康的保險產品，人保壽險和人保健康向本公司支付佣金。 根據上市規則的相關規定，與人保壽險和人保健康的相互代理協議構成本公司的持續關 連交易。根據上市規則第 14A 章，相互代理協議項下本公司向人保壽險和人保健康支付 的佣金的預計年度上限應合併計算，以及人保壽險和人保健康向本公司支付的佣金的預 計年度 ...

Investment Rating - The report assigns a "Buy" rating to China Pacific Insurance (2328 HK) with a target price raised to HKD 24.00, indicating a potential upside of 27.7% from the current closing price of HKD 18.79 [1][12]. Core Insights - The company has demonstrated strong performance in both underwriting and investment, leading to an upward revision of profit forecasts. The expected net profit growth for 2025 is projected at 28% [7][9]. - The report highlights a significant improvement in underwriting profit, with a combined ratio (COR) of 94.8%, down 1.4 percentage points year-on-year, driven by a decrease in expense ratios [7]. - Investment income has also shown robust growth, with total investment income increasing by 26.6% year-on-year, outperforming peers [7]. Financial Overview - Revenue projections for the company are as follows: - 2023: RMB 457,203 million - 2024: RMB 485,223 million - 2025E: RMB 512,327 million - 2026E: RMB 537,740 million - 2027E: RMB 563,012 million - Year-on-year growth rates for revenue are expected to decline gradually from 7.7% in 2023 to 4.7% in 2027 [5][8]. - Net profit estimates are as follows: - 2023: RMB 24,585 million - 2024: RMB 32,173 million - 2025E: RMB 41,278 million - 2026E: RMB 44,756 million - 2027E: RMB 47,883 million - The projected earnings per share (EPS) for 2025 is RMB 1.86, with a price-to-earnings (P/E) ratio of 9.3 [5][8]. Profitability Metrics - The report indicates a return on equity (ROE) of 9% for the first half of 2025, an increase of 1.3 percentage points year-on-year [7]. - The company plans to distribute a mid-term dividend of RMB 0.24 per share, reflecting a year-on-year increase of 15.4% [7]. - The underwriting profit is expected to show significant growth, with a forecasted increase of 167% in 2025 [8][9].

Core Viewpoint - China Life Insurance's stock performance has outperformed industry averages over the past four years, with significant growth in 2023, reflecting positive market expectations and strong company fundamentals [2] Financial Performance - In the first half of the year, China Life achieved a net profit of 35.9 billion yuan, a year-on-year increase of 17.8%, and original insurance premium income of 454.6 billion yuan, up 6.4%, with multiple indicators reaching historical highs [2] - The company's A-shares reached their highest price in nearly six years, while H-shares hit their highest price in 13 years, and China Property & Casualty Insurance reached its highest price in 22 years [2] Core Business Insights - China Property & Casualty Insurance reported an underwriting profit of 11.7 billion yuan, a year-on-year increase of 53.5%, with premium income of 323.3 billion yuan, up 3.6% [3] - The proportion of personal vehicle insurance premium income reached 73.4%, an increase of 1 percentage point, while personal non-auto insurance premium income grew by 16.6%, exceeding the overall premium income growth by 13 percentage points [3] Disaster Loss Management - The company reported a net loss from major disasters of 2.51 billion yuan, a decrease of 38.3% year-on-year, with significant losses attributed to various natural disasters [3][4] - As of August 13, the cumulative net loss from major disasters was 4.18 billion yuan, down 39.9% year-on-year, indicating a trend of more frequent but less severe individual losses compared to previous years [3] Regulatory Developments - The "reporting and implementation in unison" for non-auto insurance is expected to be implemented in the fourth quarter, aimed at standardizing non-auto insurance business practices and managing premium collection risks [5] - The new regulations will require insurance companies to set rates based on reasonable and sufficient principles, strictly adhere to approved insurance terms and rates, and issue policies only after full premium payment [5] Investment Strategy - The company has increased its A-share investment assets by 26.1% since the beginning of the year, focusing on long-term stock investments with stable dividend returns [6] - The investment strategy emphasizes high-dividend stocks, particularly in a declining interest rate environment, to stabilize overall investment returns [7] - The company plans to enhance its equity investment model and deepen collaboration with invested enterprises to support both investment and insurance business development [7]

华泰证券发表研究报告指，中国财险上半年实现净利润244.54亿元，按年增长32.3%。考虑到公司承保 表现改善、投资向好，该行维持对其"买入"评级，目标价从16港元上调至19.8港元；同时提高2025至 2027年每股盈利预测3.3%、13.5%及13.8%，分别至1.86、2.14及2.32元。该行预计，2025年中国财险 ROE达15%，全年股息为0.64元，分红率在利润大幅增长的情况下小幅下降至34%(2024年为37%)。 ...

接下来，人保财险将继续深化种业保险产品创新，扩大保障覆盖面，为保障国家粮食安全持续贡献 保险力量。 此前，人保财险海南分公司深入调研种业科研痛点，签署海南省首单"农业育种项目研发中断保 险"保单，为《高不饱和脂肪酸甜玉米新品种培育及示范推广》项目提供10万元风险保障，旨在为科研 机构和企业的"创新火种"保驾护航，解除他们的后顾之忧。 保单签署仅10天之隔，台风"剑鱼"便突袭海南，对承保项目的育种材料造成严重损害。灾情发生 后，人保财险立即启动大灾应急预案和专属快速理赔通道，专业团队第一时间赶赴现场查勘定损，执行 手续、资料从简，现场收集资料后，迅速足额赔款2万元支付到位，为育种项目的顺利推进保驾护航。 海南日报讯(海南日报全媒体记者 王培琳 通讯员 朱建)台风"剑鱼"后，海南南部多地受损，面对 汛后重建关键时期，人保财险海南省分公司进一步简化赔付程序，助力企业复工复产，于8月28日完成 了海南省首单"农业育种项目研发中断保险"保单的赔付。 据介绍，"剑鱼"台风过后，人保财险海南省分公司快速明确本次台风导致的赔案全部按快赔流程处 理，采用边查勘、边定损、边公示、边支付的方式，同时免气象证明、免发票，对投保企财险 ...

"人身险新业务价值88亿元，创历史同期最高；集团总投资收益415亿元，创历史同期新高；集团合并净利润359亿元，创历史同期新高。"8月28日，在中国 人保举行的中期业绩发布会上，中国人保总裁赵鹏以多个"最高"描述公司业绩开场。 此外，中国人保管理层还对经营目标、非车险"报行合一"、寿险新业务价值等问题进行了重点回应。 业绩股价创历史新高 今年上半年，中国人保实现净利润265.3亿元，同比增长16.9%。该集团拟向股东派发2025年中期现金股息每10股0.75元（含税），同比提升19%。 今年险资在资本市场举牌频频，中国人保是否会有类似动作？才智伟透露，公司会不断丰富权益投资方式，加大对于优质标的的研究储备，对于符合国家战 略、长期经营业绩稳健、具有发展潜力的优质标的，会适时通过举牌、战投等方式来加大投资力度。 财险老大喊话"反内卷" 财险业务是中国人保最重要的业务板块。上半年"财险一哥"人保财险综合成本率为95.3%，同比下降1.5个百分点，综合成本率水平在业内处于较低水平。 在业绩会上，赵鹏用多个"新高"介绍公司业绩，高质量发展取得显著成效，财产险综合成本率95.3%，创近十年同期最好水平；人身险新业务价值 ...

出品｜搜狐财经 作者｜汪梦婷 8月28日，中国人保召开2025年中期业绩发布会。 业绩会上，中国人保管理层对上半年经营业绩进行了解读，同时回应了"报行合一"、股价新高、巨灾损失等诸多热点问题。 今年上半年，中国人保实现归母净利润265.30亿元，同比增长16.9%。原保险保费收入4546.25亿元，同比增长6.4%；其中，财产险保费收入3233亿元，同比 增长3.6%。人身险保费收入1312亿元，同比增长13.8%。 对于行业而言，"报行合一"有助于避免行业"内卷式"竞争，于泽在发布会上对于"反内卷"也进行了回应。 | | | | - | | --- | --- | --- | --- | | 主要会计数据 | 2025年1-6月 | 2024年1-6月 | 增减(%) | | 营业总收入 | 324,014 | 292,307 | 10.8 | | 保险服务收入 | 280,250 | 261,629 | 7.1 | | 营业总支出 | 281,521 | 257,328 | 9.4 | | 保险服务费用 | 246,201 | 227,518 | 8.2 | | 营业利润 | 42,493 | 34,97 ...