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]

Core Insights - China Pacific Insurance (Group) Co., Ltd. reported that its premium income from new energy vehicle insurance approached 10.6 billion yuan in the first half of the year, indicating a positive overall operating situation and that the new energy vehicle insurance segment has entered a profitable phase [2] - The company’s vice president and chairman of property insurance, Yu Bin, noted that the new energy vehicles include both passenger cars and commercial vehicles, with the comprehensive cost ratio for passenger cars being relatively ideal, while the cost ratio for commercial vehicles exceeds 100% [2]

北京商报讯(记者李秀梅)8月29日，在中国太平洋保险(集团)股份有限公司(以下简称"中国太保 （601601）")2025年中期业绩会上，中国太保总裁赵永刚表示，今年以来，队伍的核心指标在持续向 好：一是，队伍规模企稳回升，从去年下半年起，总人力稳定在18万人以上。截至今年上半年末，总人 力为18.6万人，同比增长1.6%，其中13个月和25个月的留存率都得到了整体提升。二是，核心人力的人 均产能同比提升，月人均首年规模保费同比提升12.7%，也延续了增长的态势。三是，新增的人力姿态 也持续改善。今年上半年新增人力是3.9万人，同比增长19.8%，而且新人的履历背景比以往更优。四 是，中高客的经营能力持续提升。公司近几年通过打造康养财富规划师等方式，提升对中高客精准服务 能力。上半年在代理人渠道中，中客及以上的客户占比达到27.3%，同比提升了3.8个百分点。 ...

北京商报讯（记者 李秀梅）8月29日，在中国太平洋保险（集团）股份有限公司（以下简称"中国太保 （601601）"）2025年中期业绩会上，中国太保副总裁苏罡表示，低利率市场环境导致优质资产供给不 足，保险资金存在较大配置压力。当前，国内权益资产具备中长期投资价值，保险资金在权益投资领域 面临更多机会。 其他投资方面，苏罡表示，一方面公司在持续加大长期利率债的配置，合理延展固定收益资产久期，同 时也加大创新型优质资产的布局，包括ABS、公募REITs等；另一方面，稳步增加公开市场的权益资产 以及未上市股权等另类资产配置。 ...

Core Viewpoint - China Pacific Insurance (Group) Co., Ltd. emphasizes the sustainability of its dividend policy, which is based on operating profit and considers the positive contribution of investment returns [1] Group 1: Dividend Policy - The dividend policy is grounded in operating profit to ensure sustainability [1] - The company plans to link the dividend amount to the positive contributions from investment returns [1] - Last year's dividend level exceeded the growth rate of operating profit due to strong investment performance [1] Group 2: Future Dividend Strategy - For the 2025 cash dividend, the company will base it on operating profit while closely monitoring the magnitude and structure of investment contributions [1] - The aim is to smooth out annual dividends over the long term to maintain stability and sustainability [1]

Core Viewpoint - China Pacific Insurance (Group) Co., Ltd. reported an increase in the overall underwriting cost ratio for non-auto insurance, while the ratio excluding personal credit guarantee insurance showed a decrease, indicating a mixed performance in its insurance business [1] Group 1: Non-Auto Insurance Performance - The overall underwriting cost ratio for non-auto insurance is 97.6%, which is an increase of 0.4 percentage points year-on-year [1] - Excluding the impact of personal credit guarantee insurance, the underwriting cost ratio for non-auto insurance is 94.8%, reflecting a decrease of 2.3 percentage points year-on-year [1] Group 2: Risk Exposure - As of the end of July, the risk exposure from personal credit guarantee insurance has decreased by approximately one-third compared to the end of last year [1] - It is anticipated that the risk impact from personal credit guarantee insurance will be completely eliminated by 2026 [1]

北京商报讯(记者李秀梅)8月29日，在中国太平洋保险(集团)股份有限公司(以下简称"中国太保 （601601）")2025年中期业绩会上，对于人工智能发展，中国太保副总裁、太保产险董事长俞斌介绍， 中国太保已经基本建成了稳定高效的AI基础设施，目前有3万多内勤员工和9万多外勤营销人员在使用 AI应用，预计今年年底建成2700个数字化等效劳动力。未来将在客户经营、产业风险、销售队伍、营 运管理、投资、康养六个方面，通过AI驱动流程重塑和模式升级，争取实现对保险经营价值链的全覆 盖。 ...

Core Viewpoint - China Pacific Insurance (Group) Co., Ltd. is focusing on enhancing its floating income product offerings and transforming its product structure in response to the changing market conditions [1] Group 1 - The company aims to continuously improve the supply of floating income products and complete the transformation of its product structure [1] - It will support the operation of diverse floating income products while strategically planning for the potential reduction in preset interest rates [1] - The company is committed to deepening its health insurance segment and strengthening the diversification of its asset management and duration management [1]

证券代码：601601 证券简称：中国太保 公告编号：2025-047 中国太平洋保险（集团）股份有限公司 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： ? 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一) 股东大会召开的时间：2025 年 8 月 29 日 (二) 股东大会召开的地点：上海市徐汇区田林路 201 号中国太平洋保险（集 团）股份有限公司 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 其中：A 股股东人数 895 境外上市外资股股东人数（H 股） 1 其中：A 股股东持有股份总数 4,679,133,871 境外上市外资股股东持有股份总数（H 股） 1,305,325,641 份总数的比例（%） 其中：A 股股东持股占股份总数的比例（%） 48.637919 境外上市外资股股东持股占股份总数的比例（%） 13.568392 (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，采用现场投票和网络投票相结合的方 ...