Regulatory Policy - The Hong Kong Insurance Authority initiated a public consultation on the risk-based capital regime on February 11, 2026, proposing preferential capital treatment for eligible infrastructure investments and revising capital requirements for general business, with the consultation period ending on March 10, 2026. This policy may impact the capital allocation strategies of insurance institutions operating in Hong Kong [2]. Company Status - Changsheng Life Insurance disclosed its solvency report for Q4 2025 on February 2026, showing a comprehensive solvency ratio of 79.7% and a core solvency ratio of 64.8%, both below regulatory minimums (100% and 50% respectively). The company reported a net asset of -226 million yuan, indicating insolvency. It forecasts a further decline in solvency indicators for Q1 2026 (comprehensive ratio of 50.3% and core ratio of 32.3%), facing risks of regulatory discussions and dividend restrictions [3]. Industry Policy and Environment - The insurance sector performed strongly in 2025, with the insurance index rising by 31.31% for the year, although disparities increased. Leading insurers like China Ping An saw a 46.2% year-on-year growth in new business value for the first three quarters of 2025, while some non-listed insurers, such as Changsheng Life, experienced a 32.39% decline in insurance revenue and a net loss of 512 million yuan. Ongoing policy optimizations, such as the Financial Regulatory Bureau's reduction of investment risk factors in December 2025, may provide long-term benefits to the industry's asset side [4].

Meeting Details - The first extraordinary general meeting of shareholders for 2026 was held on February 13, 2026, at the Ping An Financial Education Training Center in Shenzhen, Guangdong Province [2] - The meeting was convened by the board of directors, with Chairman Ma Mingzhe attending remotely due to other commitments, and was presided over by Executive Director and General Manager Xie Yonglin [2][3] Attendance - All 15 current directors and 5 current supervisors attended the meeting, along with the board secretary and legal witnesses from Beijing Anjie Shize (Shenzhen) Law Firm [3] Proposal Review - A proposal to amend the company's articles of association was reviewed and approved, requiring more than two-thirds of the voting rights held by attending shareholders and their proxies for approval [4] - The amendment to the articles of association will take effect only after approval from the National Financial Regulatory Administration [5] Legal Witness - The meeting was witnessed by lawyers from Beijing Anjie Shize (Shenzhen) Law Firm, who confirmed that the meeting's convening, attendance, and voting procedures complied with relevant laws and regulations [7]

Capital Increase - On February 11, 2026, Ping An Life Insurance increased its registered capital from 33.8 billion RMB to 36 billion RMB [1] - In April 2025, Ping An Life announced that all shareholders planned to inject approximately 19.999 billion RMB into the company [1] - The capital increase was completed with shareholders subscribing to new shares in proportion to their existing holdings, with China Ping An subscribing to any shares not taken up by other shareholders [1] Solvency Position - As of September 30, 2025, Ping An Life's core solvency ratio was 134.52%, and the comprehensive solvency ratio was 185.68%, indicating a sufficient level of solvency [1] - The increase in core capital was attributed to the capital increase, profit retention, reclassification of bonds, and issuance of perpetual capital bonds [1] - The minimum capital requirement increased due to risks associated with overseas equity asset prices [1]

Core Insights - The insurance industry in China has shown strong resilience, with total assets reaching 41.3 trillion yuan by the end of 2025, marking a 15.1% increase from the beginning of the year, surpassing the banking sector's 8.0% growth [1][4] - The original insurance premium income has historically exceeded 6 trillion yuan for the first time, totaling 6.1 trillion yuan in 2025, reflecting a year-on-year growth of 7.4% [2][4] - However, there is a structural differentiation in profitability and capital replenishment within the industry, as evidenced by a slight decline in the core solvency ratio of life insurance companies [1][5][6] Asset Growth - By the end of 2025, the total assets of the insurance industry reached 41.3 trillion yuan, with life insurance companies contributing significantly to this growth, accounting for 88.1% of total assets [4] - Life insurance companies' total assets reached 36.4 trillion yuan, growing by 15.4% from the beginning of the year, contributing approximately 89.5% to the industry's asset increase [4] - Property insurance companies showed more stable performance, with total assets of 3.1 trillion yuan, growing by 7.5% [4] Premium Income and Claims - The insurance sector achieved a record premium income of 6.1 trillion yuan in 2025, with a total of 1.168 billion new policies issued, reflecting a 12.6% year-on-year increase [2] - Claims and benefit payments amounted to 2.4 trillion yuan, representing a 6.2% increase, demonstrating the industry's role as a risk compensation "shock absorber" [2] - Life insurance business contributed approximately 4.65 trillion yuan in premiums, with a year-on-year growth of 9.1%, while property insurance premiums reached 1.47 trillion yuan, growing by 2.6% [2] Solvency and Capital Pressure - As of the end of 2025, the average comprehensive solvency ratio for insurance companies was 181.1%, with a core solvency ratio of 130.4%, indicating overall solvency above regulatory requirements [5][6] - Life insurance companies faced declining core solvency ratios, with comprehensive solvency at 169.3% and core solvency at 115.0%, down from 190.5% and 123.8% respectively at the end of 2024 [6] - To strengthen capital bases, 21 insurance companies were approved for capital increases totaling 41.272 billion yuan, and 23 companies issued bonds to supplement capital amounting to 104.2 billion yuan [6] Structural Optimization - Agricultural insurance has become a key service for national strategy, with premiums exceeding 155 billion yuan in 2025, providing risk coverage for over 125 million farming households [3] - The industry is experiencing a structural optimization in the protection sector, with a focus on diversifying asset allocation to enhance resilience [4]

海外監管公告 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。 本公告乃根據《香港聯合交易所有限公司證券上市規則》第 13.10B 條而作 出。 茲載列中國平安保險（集團）股份有限公司在上海證券交易所網站刊登的 「中國平安保險（集團）股份有限公司2026年第一次臨時股東會法律意見 書」，僅供參閱。 承董事會命 盛瑞生 公司秘書 中國深圳，2026 年 2 月 13 日 於本公告日期，本公司的執行董事為馬明哲、謝永林、郭曉濤、付欣及蔡方方；非執行 董事為謝吉人、楊小平、何建鋒及蔡潯；獨立非執行董事為吳港平、金李、王廣謙、洪 小源、宋獻中及陳曉峰。 AnJie Broad 安办山治 杰出 所以安心 Dedicated to Excellence 致：中国平安保险（集团）股份有限公司 关于 中国平安保险(集团)股份有限公司 2026年第一次临时股东会的 法律意见书 编号: AJFS2026SZ (20260213) 北京安杰世泽(深圳)律师事务所(以下简称 ...

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。 於2026年2月13日（星期五）舉行的2026年第一次臨時股東會的投票結果 | 出席臨時股東會的股東和授權代表人數 | 5,678 | | --- | --- | | 其中：A股股東人數 | 5,674 | | H股股東人數 | 4 | | 所持有表決權的股份總數 | 7,769,990,617 | | 其中：A股股東所持有表決權的A股股份總數 | 3,318,174,680 | | H股股東所持有表決權的H股股份總數 | 4,451,815,937 | 1 | 佔本公司股份總數的比例 | 42.9100 | | --- | --- | | 其中：A股股東所持A股佔股份總數的比例 | 18.3247 | | H股股東所持H股佔股份總數的比例 | 24.5853 | 會議的召開符合公司法、《上市公司股東會規則》及公司章程的規定。本公司董事長馬明哲 先生因其他公務安排遠程參會，為保障會議效果，經董事長提議， ...

Group 1 - JPMorgan's long position in Ping An Insurance (Group) Company of China, Ltd. - H shares increased from 7.95% to 8.23% as of February 9, 2026 [1]

证券代码：601318 证券简称：中国平安 公告编号：临 2026-001 中国平安保险（集团）股份有限公司 2026年第一次临时股东会决议公告 中国平安保险（集团）股份有限公司（以下简称"本公司"或"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： | 1、出席会议的股东和代理人人数 | 5,678 | | --- | --- | | 其中：A 股股东人数 | 5,674 | | 境外上市外资股股东人数（H 股） | 4 | | 2、出席会议的股东所持有表决权的股份总数（股） | 7,769,990,617 | | 股股东持有股份总数 其中：A | 3,318,174,680 | | 境外上市外资股股东持有股份总数（H 股） | 4,451,815,937 | | 3、出席会议的股东所持有表决权股份数占股份总数的比例 | | | （%） | 42.9100 | | 其中：A 股股东持股占股份总数的比例（%） | 18.3247 | | 境外上市外资股股东持股占股份总数的比例（%） | 24.5853 | ( ...

法律意见书 编号: AJFS2026SZ (20260213) AnJie Broad 安办山治 杰出 所以安心 Dedicated to Excellence 致：中国平安保险（集团）股份有限公司 关于 中国平安保险(集团)股份有限公司 2026年第一次临时股东会的 北京安杰世泽(深圳)律师事务所(以下简称"本所")是在中华人民共和国 (以下简称"中国",不向括香港特别行政区、澳门特别行政区及台湾地区)注册 并经中国司法部门批准从业的律师事务所。本所接受中国平安保险(集团)股份 有限公司(以下简称"公司"或"中国平安")的委托,指派律师列席了中国平安于 2026 年 2 月 13 日召开的 2026 年第一次临时股东会（以下简称"本次股东会")。 根据中国平安的要求,并根据《中华人民共和国公司法》(以下简称"《公司法》")、 《中华人民共和国证券法》(以下简称"《证券法》")、《上市公司股东会规则》 (以下简称"《股东会规则》")等有关法律、法规和规范性文件以及《中国平安 保险（集团）股份有限公司章程》(以下简称"《公司章程》")、《中国平安保险 (集团)股份有限公司股东会议事规则》(以下简称"《股东会议事 ...

Core Viewpoint - JPMorgan has increased its long position in Ping An Insurance (Group) Company of China, Ltd. - H shares from 7.95% to 8.23% as of February 9, 2026 [1] Company Summary - JPMorgan's long position in Ping An Insurance has seen an increase, indicating a growing confidence in the company's performance and potential [1]