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。 中國太平洋保險（集團）股份有限公司 CHINA PACIFIC INSURANCE (GROUP) CO., LTD. （於中華人民共和國註冊成立的股份有限公司） （股份代號：02601） 香 港，2025年11月14日 於 本 公 告 日 期，本 公 司 執 行 董 事 為 傅 帆 先 生 和 趙 永 剛 先 生；非 執 行 董 事 為 黃 迪 南 先 生、王 他 竽 先 生、陳 然 先 生、周 東 輝 先 生、路 巧 玲 女 士 和John Robert DACEY先 生；和 獨 立 非 執 行 董 事 為 陳 欣 女 士、林 婷 懿 女 士、羅 婉 文 女 士、金 弘 毅 先 生 和 姜 旭 平 先 生。 1. 原 保 險 保 費 收 入 數 據 根 據 中 華 人 民 共 和 國 財 政 部《企 業 會 計 準 則 第25號－原 ...

Core Insights - China Pacific Insurance (601601.SH) announced that from January 1, 2025, to October 31, 2025, its subsidiary China Pacific Life Insurance Co., Ltd. achieved a cumulative original insurance premium income of RMB 241.32 billion, representing a year-on-year growth of 9.9% [1] - The company's other subsidiary, China Pacific Property Insurance Co., Ltd., reported a cumulative original insurance premium income of RMB 173.57 billion, with a year-on-year growth of 0.4% [1] Group 1 - The cumulative original insurance premium income of China Pacific Life Insurance Co., Ltd. reached RMB 241.32 billion [1] - The year-on-year growth for China Pacific Life Insurance Co., Ltd. was 9.9% [1] - China Pacific Property Insurance Co., Ltd. reported a cumulative original insurance premium income of RMB 173.57 billion [1] Group 2 - The year-on-year growth for China Pacific Property Insurance Co., Ltd. was 0.4% [1]

Core Insights - China Pacific Insurance (601601.SH) reported a cumulative original insurance premium income of RMB 241.32 billion from January 1, 2025, to October 31, 2025, representing a year-on-year growth of 9.9% [1] - The company's subsidiary, China Pacific Property Insurance Co., Ltd., recorded a cumulative original insurance premium income of RMB 173.57 billion during the same period, showing a year-on-year increase of 0.4% [1] Group 1 - The life insurance segment of China Pacific Insurance demonstrated strong growth with a 9.9% increase in premium income [1] - The property insurance segment showed modest growth, with a 0.4% increase in premium income [1]

Group 1 - The core point of the article is that China Pacific Insurance has reported its insurance premium income for the period from January 1, 2025, to October 31, 2025, showing growth in both life and property insurance segments [1] Group 2 - China Pacific Life Insurance Co., Ltd. achieved a cumulative original insurance premium income of RMB 241.322 billion, representing a year-on-year increase of 9.9% [1] - China Pacific Property Insurance Co., Ltd. reported a cumulative original insurance premium income of RMB 173.567 billion, with a year-on-year growth of 0.4% [1]

Core Insights - The insurance sector experienced a rise of 0.85% on November 13, with China Pacific Insurance leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Insurance Sector Performance - China Pacific Insurance (601601) closed at 37.05, with an increase of 1.51% and a trading volume of 395,200 shares [1] - Ping An Insurance (601318) closed at 60.88, up 1.42%, with a trading volume of 890,200 shares [1] - China Life Insurance (601628) closed at 44.77, with a modest increase of 0.38% and a trading volume of 152,000 shares [1] - New China Life Insurance (601336) saw a slight decline of 0.14%, closing at 69.38 with a trading volume of 177,700 shares [1] - China Reinsurance (601319) closed at 8.91, up 1.02%, with a trading volume of 799,600 shares [1] Capital Flow Analysis - The insurance sector saw a net outflow of 343 million yuan from institutional investors, while retail investors contributed a net inflow of 183 million yuan [1] - Among individual stocks, New China Life Insurance had a net inflow of 101 million yuan from institutional investors, while China Pacific Insurance experienced a net outflow of 1.20 billion yuan [2] - Ping An Insurance faced a significant net outflow of 297 million yuan from institutional investors, but saw a net inflow of 211 million yuan from retail investors [2]

一、同意中国太平洋人寿保险股份有限公司普定支公司将营业场所变更为：贵州省安顺市普定县穿洞办 事处朵贝路20-19、20-20号。 2025年11月12日，安顺金融监管分局发布批复称，《中国太平洋人寿保险股份有限公司安顺中心支公司 关于变更普定支公司营业场所的请示》（安太保寿〔2025〕6号）收悉。经审核，现批复如下： 二、中国太平洋人寿保险股份有限公司应按照有关规定及时办理变更及许可证换领事宜。 ...

2025年11月6日，曲靖金融监管分局发布批复称，《中国太平洋人寿保险股份有限公司曲靖中心支公司 关于会泽支公司变更营业场所的请示》（曲太保寿〔2025〕5号）收悉。经审核，现批复如下： 二、中国太平洋人寿保险股份有限公司应按照有关规定及时办理变更及许可证换领事宜。 一、同意中国太平洋人寿保险股份有限公司会泽支公司将营业场所变更为云南省曲靖市会泽县古城街道 西直街延长线景盛花园5栋4号2层、3层。 ...

Core Viewpoint - The establishment of the "Digital Fish Medicine" service station by China Pacific Insurance in Baiyun District aims to enhance the health and productivity of the aquaculture industry through technological support and innovative insurance services [1][4][6]. Group 1: Industry Challenges - Frequent animal diseases in aquaculture have led to significant economic losses and hindered the healthy development of the industry due to a lack of professional knowledge and detection capabilities among farmers [2][3]. - The difficulty in disease prevention and control has increased, prompting a need for innovative solutions in agricultural insurance services for the aquaculture sector [4][5]. Group 2: Service Station Features - The "Digital Fish Medicine" service station integrates local expertise and advanced testing equipment from partner companies to create a comprehensive risk warning platform for aquaculture in Baiyun District [13][15]. - Equipped with advanced tools such as automatic ion detectors and PCR testing devices, the service station provides essential testing services for water quality, parasites, and fish viruses [16][17][18]. Group 3: Professional Support - The service station is staffed by qualified aquatic veterinarians with extensive field experience, offering pre-disaster warnings, damage reduction during disasters, and post-disaster recovery services [21][22][23]. - By providing scientific data for targeted interventions, the service station aims to reduce the misuse of medications, ensuring food safety and helping farmers increase their yields [24][25][26].

Core Viewpoint - The implementation of the new accounting standards in the insurance industry, particularly the FVOCI category, is significantly impacting the asset allocation strategies of insurance companies [1][2][4]. Group 1: Accounting Standards and Implementation - The FVOCI (Fair Value Through Other Comprehensive Income) category will be fully implemented by January 1, 2026, replacing the previous four-category model with a three-category system [2][4]. - The new classification system includes FVOCI, FVTPL (Fair Value Through Profit or Loss), and AC (Amortized Cost) [2][4]. - Non-listed insurance companies must implement the new standards by the specified date, while some companies like China Ping An have already adopted them since 2018 [4]. Group 2: Impact on Profitability - Investment income is crucial for insurance companies, with total investment income contributing significantly to net profit for major players like China Life and China Ping An, with ratios reaching 192% and 194% respectively in the first half of 2025 [8]. - The choice between FVOCI and FVTPL for equity assets can greatly influence profit volatility, with FVOCI potentially offering a more stable profit profile for companies with long-term liabilities [11]. Group 3: Asset Allocation Trends - As of mid-2025, the proportion of equity assets classified under FVOCI has increased for major insurance companies, with China Life's FVOCI equity assets rising by 10.6 percentage points to 22.6% [12]. - The increase in FVOCI equity allocation is attributed to a low-interest-rate environment and a shortage of alternative investments, making FVOCI stocks a short-term substitute for bonds [15]. - In the bond category, the FVOCI proportion has also seen increases, with China Life's bond assets under FVOCI rising by 1.8 percentage points to 87.3% [16]. Group 4: Strategic Considerations - Different insurance companies have varying requirements regarding profit volatility, leading some to prefer a higher allocation to FVOCI assets while others may favor FVTPL for potential higher returns [17]. - The classification of assets is not standardized across the industry, allowing companies to tailor their strategies based on their specific operational needs and investment capabilities [17].

Core Viewpoint - The Hong Kong insurance stocks continue their recent upward trend, with notable increases in share prices for major companies in the sector [1] Company Summaries - China Life Insurance (02628.HK) saw a rise of 3.85%, reaching HKD 27.5 [1] - New China Life Insurance (01336.HK) increased by 2.57%, trading at HKD 51.85 [1] - China Pacific Insurance (02601.HK) experienced a growth of 2.48%, with shares priced at HKD 33.88 [1] - AIA Group (01299.HK) rose by 1.88%, with a share price of HKD 83.85 [1]