Core Viewpoint - China Pacific Insurance (CPIC) reported a revenue of 200.5 billion yuan for the first half of 2025, marking a 3% year-on-year increase, and a net profit of 27.9 billion yuan, up 11% year-on-year [1] Group 1: Life Insurance Performance - The life insurance segment, which accounts for over 70% of CPIC's net profit, showed positive core operating indicators [2] - New business value reached 9.5 billion yuan, reflecting a 32.3% increase year-on-year, driven by significant growth in the bancassurance channel, which saw a 156.1% increase in new business value [2] - The contribution of individual insurance and bancassurance channels to new business value was 60% and 37.8%, respectively, indicating a more balanced structure [2] Group 2: Agent Channel Development - CPIC is focusing on building a professional and skilled agent workforce, with approximately 186,000 agents as of June, showing improved retention rates [3] - The "Great Health and Elderly Care" strategy is yielding results, with successful integration of insurance and elderly care services, exemplified by a fully occupied elderly care community in Nanjing [3] Group 3: New Energy Vehicle Insurance - CPIC's new energy vehicle insurance generated 10.6 billion yuan in premium income, increasing its share of total vehicle insurance premiums from 14.1% to 19.8% [4] - The profitability of new energy vehicle insurance has been achieved, although challenges remain due to high comprehensive costs, particularly for commercial vehicles [4][5] Group 4: Investment Strategy - As of June 2025, CPIC's total managed assets reached 3.77 trillion yuan, a 6.5% increase from the end of 2024, with investment assets growing by 7% to 2.92 trillion yuan [7] - The average investment return over the past decade has been 4.7%, with confidence in maintaining good performance in 2025 [7] - CPIC is focusing on long-term investments in equity assets, while also increasing allocations to innovative quality assets such as ABS and REITs [8]

Core Viewpoint - China Pacific Insurance (CPIC) reported its 1H25 performance, which met expectations, showing improvements in net profit and net asset growth compared to previous quarters [1][2]. Financial Performance - The company's net profit attributable to shareholders reached 27.89 billion, with a year-on-year increase of 11.0% [1] - The new business value (NBV) was 9.54 billion, reflecting a year-on-year growth of 32.3% on a comparable basis [1][2] - The net profit for 2Q25 showed a significant year-on-year increase of 36.5%, driven by rising equity markets and declining interest rates [1] - The company's net assets stood at 281.9 billion, down 3.3% year-to-date but up 6.9% quarter-on-quarter [1] Business Segments - The NBV growth continued at a rapid pace, with a notable increase in the proportion of participating insurance products, which accounted for 42.5% of new single premium [2] - The company’s individual insurance and bank insurance new premium saw a year-on-year decline of 7.7% and an increase of 95.6%, respectively [2] - The property and casualty insurance premium income grew by 0.9% year-on-year, with motor insurance up 2.8% and non-motor insurance down 0.8% [2] - The combined ratio (COR) improved to 96.3%, a decrease of 0.8 percentage points year-on-year, indicating better underwriting performance [2] Investment Performance - The non-annualized net, total, and comprehensive investment yields were 1.7%, 2.3%, and 2.4%, respectively, showing a year-on-year decline [3] - The company’s stock and fund investments increased by 11.0% and 16.1% year-to-date, outpacing the growth of total investment assets [3] - The proportion of stock investments included in other comprehensive income (OCI) rose by 4 percentage points to 33.8% [3] Future Outlook - The company is expected to maintain strong growth in net profit and NBV, with projected net profits of 52.1 billion, 56.8 billion, and 61.3 billion for 2025-2027, reflecting growth rates of 15.9%, 9.0%, and 8.0% respectively [3] - The current stock price corresponds to a P/EV multiple of 0.65, 0.61, and 0.57 for 2025-2027 estimates [3]

截至8月29日收盘，中国太保A股股价突破40元／股，年内累计上涨22%，市值超过3800亿元。在8月29 日召开的2025年中期业绩会上，中国太保管理层就下一步经营计划、投资资产配置计划等回应市场关 切。 新华财经上海8月29日电半年报数据显示，2025年上半年，中国太保实现营业收入2004.96亿元，同比增 长3%；归母净利润为278.85亿元，同比增长11%。 寿险核心经营指标向好 财报显示，中国太保个险和银保渠道对新业务价值贡献占比分别达到60%和37.8%，结构更加合理。上 半年，银保渠道实现规模保费416.60亿元，同比增长82.6%。 今年以来，随着市场环境变化，银保渠道的重要性进一步凸显。赵永刚表示，中国太保寿险明确 了"2+N"的渠道建设发展策略，通过多元渠道布局，包括个险、银保、团政、互联网等，丰富利润贡献 来源，提升价值创造能力。这其中，个险和银保成为公司价值来源的核心支柱。 谈及个险代理人渠道，赵永刚表示，突出把握营销队伍建设这一根本，中国太保积极打造职业化、专业 化的代理人队伍。今年以来，队伍的核心指标持续向好。截至6月末，代理人数量约18.6万人，其中13 个月和25个月的留存率都得 ...

Group 1 - The overall performance of listed insurance companies in China for the first half of 2025 is strong, with significant growth in both premium income and profitability despite regulatory challenges [2][3] - The total original insurance premium income for the insurance industry reached 3.74 trillion yuan, a year-on-year increase of 5.04%, with life insurance premiums maintaining a high growth rate of 16% [2][3] - Major companies like China Life and New China Life reported notable net profit growth of 16.9% and 33.5% respectively, while China Ping An's operating profit increased by 3.7% despite an 8.8% decline in net profit [2][3] Group 2 - Sunshine Insurance, the shortest-listed traditional insurer, also performed well with total premium income of 80.81 billion yuan, a 5.7% year-on-year increase, and a net profit of 3.39 billion yuan, up 7.8% [3][4] - The shift towards dividend insurance has been significant, with some listed insurers reporting over 50% of new premium income from dividend products, contributing to high growth in traditional life insurance [3][4] - The new business value for major life insurers showed double-digit growth, with China Life achieving 28.55 billion yuan, a 20.3% increase, and Sunshine Insurance at 4.01 billion yuan, up 47.3% [3][4] Group 3 - In the property insurance sector, total premium income reached 964.46 billion yuan, a 4.2% increase, with PICC Property & Casualty leading at 323.28 billion yuan, up 3.6% [5][6] - The auto insurance segment outperformed, with premium income of 450.48 billion yuan, a 4.5% increase, driven by government subsidies and rising electric vehicle sales [6] - Non-auto insurance segments also saw rapid growth, with Sunshine Property & Casualty's non-auto premium income increasing by 12.5% to 12.78 billion yuan [6] Group 4 - Cost optimization was evident, with companies like China Ping An and Sunshine Insurance improving their comprehensive cost ratios, indicating better efficiency [7] - Investment performance varied among insurers, with China Life achieving total investment income of 127.51 billion yuan, a 4.2% increase, while Sunshine Insurance's investment income surged by 28.5% to 10.7 billion yuan [7] - The insurance industry is moving towards high-quality development, emphasizing the need for continuous breakthroughs in channel optimization, product innovation, and technology empowerment to gain long-term competitive advantages [8]

Core Viewpoint - China Pacific Insurance (CPIC) has demonstrated strong resilience in its recent financial performance, achieving growth in both revenue and net profit, alongside record asset management levels [1][8]. Financial Performance - Total operating revenue reached 200.5 billion yuan, marking a 3% year-on-year increase [2]. - Net profit attributable to shareholders was 27.9 billion yuan, reflecting an 11% year-on-year growth [3]. - Operating profit attributable to shareholders stood at 19.9 billion yuan, up 7.1% year-on-year [4]. - Embedded value was reported at 588.9 billion yuan, a 4.7% increase from the end of the previous year [5]. - Managed assets totaled 3.77 trillion yuan, representing a 6.5% growth compared to the end of last year [6]. Strategic Initiatives - CPIC has completed a cash dividend distribution exceeding 10.3 billion yuan for the 2024 fiscal year, maintaining a stable dividend level [7]. - The company is focusing on three core strategies: health and wellness, internationalization, and "AI+" to enhance its competitive edge [15][16]. Insurance Business Performance - The life insurance segment achieved a premium income of 193.5 billion yuan, a 13.1% increase year-on-year, with new business value reaching 9.5 billion yuan, up 5.6% [11]. - The proportion of participating insurance premiums increased to 42.5%, with agent channel contributions at 51% [12]. - Property insurance saw steady premium growth, with underwriting profit of 3.6 billion yuan, a 30.9% increase [12]. Investment Strategy - Managed assets reached 3.77 trillion yuan, with investment assets growing by 7% to 2.92 trillion yuan [13]. - Net investment income was 42.6 billion yuan, an 8.9% increase year-on-year [13]. - The company is adopting a refined asset allocation strategy, focusing on long-term bonds and innovative high-quality assets [14]. AI and Digital Transformation - CPIC is advancing its AI strategy, with over 30,000 employees and 90,000 external marketing partners utilizing AI applications [16]. - The company aims to enhance user experience, improve workforce productivity, and empower risk control through AI [16].

Core Viewpoint - China Pacific Insurance (601601.SH) reported a revenue of 200.5 billion yuan for the first half of 2025, reflecting a year-on-year growth of 3% [1] Financial Performance - The net profit attributable to shareholders reached 27.9 billion yuan, marking an 11% increase year-on-year [1] - Basic earnings per share stood at 2.9 yuan [1] Insurance Segment - The property insurance segment generated original insurance premium income of 112.8 billion yuan, up by 0.9% year-on-year [1] - Insurance service income was 96.8 billion yuan, showing a growth of 4.0% year-on-year [1] - Underwriting profit amounted to 3.6 billion yuan, which is a significant increase of 30.9% year-on-year [1] Cost Metrics - The combined underwriting cost ratio was 96.3%, a decrease of 0.8 percentage points year-on-year [1] - The combined claims ratio was 69.5%, down by 0.1 percentage points year-on-year [1] - The combined expense ratio was 26.8%, reflecting a decline of 0.7 percentage points year-on-year [1]

Group 1 - The overall performance of China Pacific Insurance (CPIC) is positive, with a solid market position and enhanced comprehensive strength [1][3] - In the first half of 2025, CPIC achieved total operating revenue of 200.50 billion yuan, a year-on-year increase of 3.0%, with insurance service revenue at 141.82 billion yuan, up 3.5% [4] - The net profit attributable to shareholders reached 27.88 billion yuan, an increase of 11.0%, while the operating profit was 19.91 billion yuan, up 7.1% [6] Group 2 - The embedded value of CPIC as of June 30, 2024, was 588.93 billion yuan, reflecting a growth of 4.7% from the previous year [8] - The total assets under management reached 3.77 trillion yuan, a 6.5% increase from the end of the previous year [9] Group 3 - In the life insurance segment, CPIC achieved a premium income of 193.47 billion yuan, a year-on-year increase of 13.1%, with new single premium income growing by 28.7% to 64.37 billion yuan [12] - The new business value for the life insurance segment was 9.54 billion yuan, up 5.6%, with a comparable year-on-year increase of 32.3% [14] - The agency channel saw a premium income of 137.38 billion yuan, a slight increase of 0.9%, with the average number of insurance sales agents growing by 1.6% [16] Group 4 - In the property insurance segment, CPIC reported a premium income of 112.76 billion yuan, a year-on-year increase of 0.9%, with a service income of 96.83 billion yuan, up 4.0% [22] - The combined ratio for underwriting improved to 96.3%, a decrease of 0.8 percentage points, marking the lowest level in recent years [25] - The net profit for the property insurance segment was 5.73 billion yuan, reflecting a year-on-year increase of 19.6% [26] Group 5 - As of June 30, 2025, CPIC's investment assets reached 2.92 trillion yuan, a 7.0% increase from the previous year, with total investment income of 56.89 billion yuan, up 1.5% [33] - The investment asset allocation remained stable, with bond investments comprising 62.5% of the total investment assets, an increase of 2.4 percentage points [35] - The company achieved a net investment return of 42.57 billion yuan, reflecting an 8.9% year-on-year growth [36] Group 6 - Looking ahead, CPIC aims to focus on its core responsibilities, enhance its competitive edge, and implement three core strategies: promoting health and wellness, internationalization, and integrating artificial intelligence [37]

证券代码：601601 证券简称：中国太保 公告编号：2025-045 经与会监事审议并现场表决，形成以下会议决议： 一、审议并通过了《关于 <中国太平洋保险 ensp="ensp" 年="年" 股份有限公司="股份有限公司" 集 团="集团"> 半年度报告>的议案》 重要提示 本公司监事会及全体监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。 中国太平洋保险（集团）股份有限公司 第十届监事会第八次会议决议公告 本公司第十届监事会第八次会议通知于 2025 年 8 月 14 日以书面方式发出， 并于 2025 年 8 月 28 日在上海召开。会议由监事会副主席周丽贇主持。应出席会 议的监事 3 人，亲自出席会议的监事 3 人。本公司部分高级管理人员列席了会议。 本次监事会会议出席人数符合法定人数要求，会议召开符合《公司法》及《公司 章程》的有关规定。 斌任中审计报告>的议案》 表决结果：赞成 3 票，反对 0 票，弃权 0 票。 在公司 2025 年半年度报告经过董事会审议，同时财务报告经安永华明会计 师事务所（特殊普通合伙）审阅的基础上，监事会 ...

Core Viewpoint - The company has demonstrated steady growth in its financial performance, with a focus on enhancing its core insurance business and adapting to market changes while maintaining a commitment to high-quality development [3][5][11]. Financial Performance - The company achieved a total revenue of RMB 200.50 billion, representing a year-on-year increase of 3.0% [6][11]. - The net profit attributable to shareholders reached RMB 27.89 billion, reflecting an 11.0% increase compared to the previous year [6][11]. - The operating profit was RMB 19.91 billion, up by 7.1% year-on-year [11]. - The group's embedded value increased to RMB 588.93 billion, a growth of 4.7% from the previous year [4][11]. Business Segments - The life insurance segment reported a new business value of RMB 9.54 billion, a significant increase of 32.3% year-on-year [4][11]. - The property insurance segment improved its combined ratio to 96.3%, down from 97.1%, indicating better underwriting performance [4][11]. - The company’s investment assets reached RMB 2.92 trillion, with a comprehensive investment return rate of 2.4%, a decrease of 0.6 percentage points from the previous year [4][11]. Strategic Focus - The company emphasizes a sustainable development approach, enhancing its governance structure and risk management systems to support long-term growth [5][6]. - The company is committed to innovation, focusing on integrating insurance products with health and wellness services, and advancing digital transformation initiatives [5][6]. - The company aims to expand its market presence through diversified channels and product offerings, particularly in health insurance and asset management [5][6]. Awards and Recognition - The company received multiple awards for its innovative financial services and commitment to consumer protection, highlighting its leadership in the insurance sector [6][7].

| 公司代码：601601 | | | 公司简称：中国太保 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 中国太平洋保险（集团）股份有限公司 | | | | | | | | | | | 中国太平洋保险（集团）股份有限公司2025 | | | | | | 年半年度报告摘要 | | | | | 第一节 重要提示 | | | | | | | | | | | 展规划，投资者应当到 http://www.sse.com.cn | 网站仔细阅读半年度报告全文。 | | | | | | | | | | 完整性，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2025年半年度不进行利润分配，亦不实施公积金转增股本。 | | | | | | | | | | | 第二节 公司基本情况 | | | | | | | | | | | 公司股票简况 | | | | | | | | | | | 股票种类 股票上市交易所 | 股票简称 | | | | | | | ...