Core Viewpoint - China Pacific Insurance (Group) Co., Ltd. is committed to high-quality development, enhancing its comprehensive strength and market position while significantly improving service quality and effectiveness in supporting the real economy and people's well-being [2][3]. Financial Performance - The group's total operating revenue increased by 3.0%, with the operating profit attributable to shareholders rising by 7.1% and net profit increasing by 11.0% [3]. - The embedded value of the group grew by 4.7%, and total managed assets increased by 6.5% [3]. - The solvency ratios under the second phase of the solvency regulation remained sufficient, with the comprehensive solvency adequacy ratio increasing by 8 percentage points [4]. Business Segments Life Insurance - The life insurance segment saw a 13.1% increase in premium scale, with new business value rising by 32.3% [5]. - The agent workforce stabilized, with a 12.7% increase in core human productivity [5]. - The bancassurance channel's new business value surged by 156.1%, indicating strong growth in this distribution channel [5]. Property Insurance - The property insurance segment reported a 0.9% increase in gross premium income, with a notable improvement in underwriting profitability [6]. - The combined ratio for property insurance improved, reflecting better cost management and profitability [6]. Investment Management - The group maintained stable growth in managed assets, with a 6.5% increase in total managed assets [6]. - The investment performance showed resilience, with total investment income decreasing slightly by 2.1% year-on-year [8]. - The group is actively exploring new asset-liability matching management models to enhance investment performance [6]. Strategic Initiatives - The company is focusing on high-quality development, deepening reforms, and enhancing value creation capabilities through three main strategies: promoting health and wellness, internationalization, and integrating artificial intelligence [7]. - The company aims to strengthen its service capabilities and operational efficiency while building a leading insurance financial service group with market influence and international competitiveness [7].

Company Overview - China Pacific Property Insurance Company Limited is a property insurance provider established in November 2001 with a registered capital of 19.948 billion RMB [1] - The company operates within the People's Republic of China, excluding Hong Kong, Macau, and Taiwan, and offers various insurance products including property damage, liability, credit, health, and accident insurance [1] Board and Management Statements - The report has been approved by the company's board of directors, ensuring that the information provided is accurate, complete, and compliant with regulations [1] Shareholding Structure - As of the last quarter, China Pacific Insurance (Group) Co., Ltd. holds 98.5% of the shares, making it the controlling shareholder [4] - The company has no actual controller, and there are no known significant changes in shareholding during the reporting period [4] Key Personnel - The board includes several key figures such as Yu Bin, who serves as the chairman, and has extensive experience in various managerial roles within the company [5][6] - Other notable board members include Su Shaojun, Zhang Yuanhan, and Chen Hui, each bringing significant expertise from previous positions in the insurance and finance sectors [5][6][7] Subsidiaries and Joint Ventures - The company has several subsidiaries, including Pacific Anxin Agricultural Insurance Co., Ltd. and China Pacific Insurance (Hong Kong) Co., Ltd., with the latter achieving a premium scale of 505 million HKD and a net profit of 39 million HKD in the second quarter of 2025 [15] - The report indicates that the company maintains a strong presence in joint ventures and partnerships, contributing to its overall business strategy [15] Regulatory Compliance - The company faced regulatory penalties totaling 3.069 million RMB for various violations, including misreporting expenses and unauthorized insurance sales activities [16] Key Financial Indicators - As of the latest quarter, the recognized assets amount to 287.843 million RMB, with recognized liabilities at 214.147 million RMB, indicating a solid capital position [18] - The core solvency margin ratio stands at 195.8%, reflecting a strong capital adequacy position [18] - The liquidity coverage ratio for the next twelve months is reported at 127.3%, demonstrating effective liquidity management [18]

中国太平洋保险（集团）股份有限公司（以下简称"公司"或"本公司"） 近日收到公司监事会主席、股东代表监事朱永红先生的辞呈。朱先生因工作变动， 经审慎考虑，决定辞去本公司监事会主席、股东代表监事的职务。朱先生的辞任 自 2025 年 8 月 27 日起生效。 一、离任的基本情况 证券代码：601601 证券简称：中国太保 公告编号：2025-043 中国太平洋保险（集团）股份有限公司 关于监事离任的公告 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。 | | | | | 是否继续在上 | 是否存在未 | | | --- | --- | --- | --- | --- | --- | --- | | | | | 原定任期 | 离任 | | | | 姓名 | 离任职务 | 离任时间 | | | 市公司及其控 | 履行完毕的 | | | | | 到期日 | 原因 | | | | | | | | 股子公司任职 | 公开承诺 | | | | | | 第十届监事 | | | | | | 监事会主席 | 2025 年 | | 工作 | | | ...

证券代码：601601 证券简称：中国太保 公告编号：2025-044 重要提示 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。 中国太平洋保险（集团）股份有限公司 第十届董事会第十六次会议决议公告 本公司第十届董事会第十六次会议通知于 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。会议由傅帆董事长主持。应出席会议的董事 书列席了会议。本次董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。 经与会董事审议并现场表决，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》 本公司董事会审计与关联交易控制委员会已审核通过该项议案。 表决结果：赞成 13 票，反对 0 票，弃权 0 票。 二、审议并通过了《关于中国太平洋保险（集团）股份有限公司 H 股 2025 年中期初步业绩公告的议案》 表决结果：赞成 13 票，反对 0 票，弃权 ...

Core Viewpoint - China Pacific Insurance (601601.SH; 02601.HK) reported a year-on-year increase of 11.0% in net profit attributable to shareholders for the first half of the year, with operating profit rising by 7.1% [1][2] Financial Performance - The net profit attributable to shareholders turned positive with an 11% increase in the first half, contrasting with an 18.1% decline in the first quarter [2] - The total investment return rate for China Pacific Insurance was 2.3%, and the comprehensive investment return rate was 2.4%, both showing a year-on-year decline of 0.4 and 0.6 percentage points respectively [5] Strategic Insights - The company emphasized a "steady growth" approach amidst a low-interest-rate environment, with management using the term "steady" at least 14 times during the earnings release [1][4] - The management outlined strategies to achieve steady growth, including diversifying investment channels and leveraging opportunities in the Hong Kong stock market [4] Investment Strategy - The investment strategy focuses on "stability" and "long-term" adjustments to maintain a solid return base, with five main approaches to asset allocation [5][6] - The company aims to stabilize net investment returns through various measures, including extending bond durations and increasing allocations to high-dividend equities [6][7] Future Outlook - The company anticipates continued steady growth in operating profit for the full year, despite facing new challenges in the second half, such as pricing adjustments in life insurance and uncertainties in property insurance [4][2]

Core Viewpoint - China Pacific Insurance (601601.SH) aims to enhance its dividend insurance proportion and pursue three major strategies: health and wellness, internationalization, and "AI+" to improve service quality and operational efficiency [1][4]. Financial Performance - In the first half of 2025, China Pacific Insurance reported total revenue of approximately 200.5 billion yuan, a year-on-year increase of 3% [1]. - Insurance service revenue reached 141.8 billion yuan, growing by 3.5% year-on-year [1]. - The group's net profit attributable to shareholders was approximately 27.9 billion yuan, reflecting an 11% year-on-year increase [1]. - As of June 30, total assets were about 3.03 trillion yuan, up 6.9% from the beginning of the year, while net assets decreased by 3.3% to 281.9 billion yuan [1]. Dividend Insurance Strategy - In the first half of 2025, the scale of dividend insurance premiums reached 10.1 billion yuan, showing significant growth [2]. - The proportion of new premium income from dividend insurance increased to 42.5%, particularly notable since the second quarter [2]. - The company is implementing four key measures to promote the structural transformation of dividend insurance: reinforcing the concept of transformation, differentiated channel strategies, regional differentiation, and enhanced policy guidance [3]. Interest Rate Adjustments - The recent adjustment of predetermined interest rates presents both opportunities and challenges for dividend insurance, with the new rate set at 1.75% [4]. - The adjustment is expected to reduce the short-term competitiveness of products but may enhance the relative advantages of dividend insurance over traditional insurance, promoting overall business structure optimization [4]. AI Strategy - China Pacific Insurance has initiated the "AI+" strategy to leverage technology for improving operational efficiency and exploring new business growth points [5]. - The company has established a stable and efficient AI infrastructure, with over 70 AI applications in development and an expected completion of 2,700 digital equivalent labor forces by the end of the year [5][6]. - AI is expected to enhance user experience, improve team productivity, and empower risk control across various operational areas [6]. Investment Strategy - The company is focusing on long-term equity asset allocation, while also exploring innovative asset classes such as private equity funds and gold [7]. - China Pacific Insurance emphasizes a dividend value strategy in equity asset allocation and is continuously optimizing its investment portfolio in response to market changes [7].

Core Insights - China Pacific Insurance (601601.SH) reported a total revenue of approximately 200.5 billion yuan for the first half of 2025, representing a year-on-year growth of 3% [1] - The group's net profit attributable to shareholders reached about 27.9 billion yuan, an increase of 11% compared to the previous year [1] - The company aims to enhance value creation and implement three major strategies: health and wellness, internationalization, and "AI+" [1] Financial Performance - Total assets of China Pacific Insurance stood at approximately 3.03 trillion yuan, a growth of 6.9% from the beginning of the year [1] - Net assets decreased by 3.3% to 281.9 billion yuan as of the end of June [1] - The insurance service revenue was approximately 141.8 billion yuan, with a year-on-year increase of 3.5% [1] Business Strategy - The company is focusing on high-quality development and comprehensive reform to improve operational efficiency and service quality [1] - China Pacific Insurance is implementing four key measures to transform its dividend insurance business, including reinforcing the concept of transformation, differentiated channel strategies, regional differentiation, and enhanced policy guidance [2][3] Market Conditions - The insurance industry is facing a new round of predetermined interest rate adjustments, with the latest rate set at 1.99%, down from 2.13% [3] - The upper limit for the predetermined interest rate for ordinary life insurance products will decrease from 2.5% to 2.0%, and for dividend insurance, it will drop to 1.75% [3] - The adjustment presents both opportunities and challenges, potentially reducing short-term competitiveness while enhancing the relative advantages of dividend insurance [3] Technological Innovation - China Pacific Insurance has initiated an "AI+" strategy to leverage technology for improving operational efficiency and exploring new business growth points [4] - The company has established a robust AI infrastructure, with over 70 AI applications in development and an expected completion of 2,700 digital equivalent labor forces by the end of the year [4] - AI is expected to enhance user experience, improve team productivity, and empower risk control across various operational areas [4] Investment Strategy - The company is focusing on long-term equity asset allocation, despite short-term market volatility [5] - China Pacific Insurance is increasing its allocation to long-term interest rate bonds and innovative quality assets, including ABS and public REITs [5] - The company is also expanding its investment in alternative assets, such as private equity funds and gold, to improve the quality of insurance fund utilization [5]

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。 出 席 臨 時 股 東 大 會 的 股 東 及 股 東 授 權 委 託 代 表 情 況 如 下： | 出席會議的股東及委託代表人數 （家） | | 896 | | --- | --- | --- | | 其 | 中：A股股東人數 | 895 | | H股股東人數 | | 1 | | 所持有表決權的股份總數 | （股） | 5,984,459,512 | | 其 | 中：A股股東持有股份總數 | 4,679,133,871 | | H股股東持有股份總數 | | 1,305,325,641 | | 佔本公司有表決權股份總數的比例 | (%) | 62.206311 | | 其 | 中：A股股東持股佔本公司有表決權股份總數的比例 | 48.637919 | | H股股東持股佔本公司有表決權股份總數的比例 | | 13.568392 | 中國太 ...

Core Insights - China Pacific Insurance (CPIC) reported a strong performance for the first half of 2025, with double-digit growth in net profit, over 30% year-on-year growth in comparable value from new businesses, and more than a twofold increase in investment income [2][4] - The company emphasized the long-term investment value of domestic equity assets and identified more opportunities for insurance funds in equity investments [2][8] Financial Performance - As of the end of June, CPIC's total assets reached approximately 3.03 trillion yuan, a 6.9% increase from the beginning of the year [2] - Managed assets amounted to 3.77 trillion yuan, reflecting a 6.5% growth compared to the end of the previous year [2] Strategic Development - CPIC's president, Zhao Yonggang, highlighted the company's multi-channel development strategy "2+N" for life insurance, which includes individual insurance, bank insurance, and internet channels to diversify profit sources and enhance value creation [4][5] - The company reported a stable recovery in its agency workforce, with 186,000 insurance agents as of June, a 1.6% year-on-year increase [4] Channel Optimization - The company aims to optimize its agency structure and improve team management to enhance retention rates and sales conversion [5] - In the bank insurance channel, CPIC plans to build a high-quality team and focus on key urban areas while deepening relationships with partners to enhance channel resilience [5] Investment Strategy - The company’s vice president, Su Gang, stated that domestic equity assets have medium to long-term allocation value, with a focus on increasing alternative asset allocations such as ABS and public REITs [8] - CPIC continues to adopt a dividend value strategy in equity asset allocation and is exploring new business pilots, including private equity funds and gold investments [8] Strategic Initiatives - CPIC has initiated three major strategies: "Big Health and Elderly Care," "AI+," and "Internationalization," aimed at supporting high-quality development [10] - The company has established a stable AI infrastructure, with plans to enhance user experience, team productivity, and risk control through AI applications across various operational areas [10]

Regulatory Developments - The Financial Regulatory Bureau supports insurance institutions in Fujian to develop innovative insurance products covering both sides of the Taiwan Strait [1] - Three departments, including the People's Bank of China, issued a notice to explore a forest insurance product system, including index insurance, yield insurance, income insurance, and liability insurance [2] Industry Performance - In the first half of 2025, the five major listed insurance companies in A-shares achieved a total net profit of 178.19 billion yuan, a year-on-year increase of 3.7%, with New China Life Insurance showing the highest profit growth rate of 33.5% [3] - Insurance capital has increasingly invested in equity assets, with two new equity investment funds established, totaling nearly 27 billion yuan, driven by declining fixed-income asset yields and improved market conditions [4] Company Updates - China Ping An reported a net profit of 68.05 billion yuan for the first half of 2025, with a new business value growth of 39.8% [5] - China Pacific Insurance achieved a net profit of 26.53 billion yuan in the first half of 2025, a year-on-year increase of 16.9% [6] - China Life Insurance reported a net profit of 40.93 billion yuan, a year-on-year increase of 6.9%, with total assets exceeding 7 trillion yuan [7] - New China Life Insurance reported a net profit of 14.8 billion yuan, a year-on-year increase of 33.5%, with a new business value growth of 58% [9] - China Taiping achieved an insurance service performance of 11.35 billion yuan, with a significant transformation in its participating insurance business [10]