8月28日，中国人保举行2025年中期业绩发布会。中国人保管理层就车险业务、投资业务、公司股价、 分红派息等市场关注的话题一一回应。中国人保管理层表示，看好新能源车险出海业务，预计海外车险 业务将成为公司新的业务增长亮点；在投资端，对于符合国家战略导向、长期经营业绩稳健、具备较强 发展潜力的投资标的，公司将适时通过定增、举牌、战投等方式加大投资力度。 据才智伟介绍，截至6月末，人保集团A股投资资产规模较年初增长26.1%，在总投资资产中占比提升了 1.2个百分点。 看好新能源车险出海业务 作为市场份额保持行业首位的财产险行业"老大"，中国人保的车险业务备受关注。其中，新能源车险出 海项目是中国人保国际化战略的重要内容之一。中国人保副总裁、人保财险总裁于泽表示，预计海外车 险业务将成为公司新的业务增长亮点，将持续巩固并扩大公司在国际保险市场中的先发优势与核心竞争 力。 据于泽介绍，人保财险按照"聚焦香港、探索亚洲、规划全球"的三步走地区发展策略，于2025年初顺利 实现香港新能源车险业务首单落地。今年上半年，该项目已承保香港地区中国品牌新能源车辆超千台， 当前赔付率约50%，大幅好于预期。今年6月，人保财险在泰 ...

● 本报记者陈露 8月28日，中国人保举行2025年中期业绩发布会。中国人保管理层就车险业务、投资业务、公司股价、 分红派息等市场关注的话题一一回应。中国人保管理层表示，看好新能源车险出海业务，预计海外车险 业务将成为公司新的业务增长亮点；在投资端，对于符合国家战略导向、长期经营业绩稳健、具备较强 发展潜力的投资标的，公司将适时通过定增、举牌、战投等方式加大投资力度。 此外，今年3月，人保寿险及人保资产获批100亿元参与保险资金长期投资改革试点。8月14日，金融监 管总局批复同意人保资产设立私募基金管理公司事项。才智伟表示，基金投资策略将以A股为主，重点 关注具有长期投资价值、稳定股息回报、较好成长潜力的优质标的，同时将关注投资风险管控，致力于 实现长期稳定的投资回报。 巩固提高市值管理能力 "结合在中国香港及泰国的落地经验，公司推动项目顺利落地的关键在于'创新合作模式，输出经营能 力'，主要包括三个方面：一是实现定价能力输出，二是推动管理能力输出，三是构建再保合作模 式。"于泽说。 于泽表示，未来，公司将以中国香港、泰国项目经验作为支点，深化全球保险合作，继续积极探索新能 源车险业务在其他东南亚国家保险市场 ...

● 本报记者 陈露 此外，今年3月，人保寿险及人保资产获批100亿元参与保险资金长期投资改革试点。8月14日，金融监 管总局批复同意人保资产设立私募基金管理公司事项。才智伟表示，基金投资策略将以A股为主，重点 关注具有长期投资价值、稳定股息回报、较好成长潜力的优质标的，同时将关注投资风险管控，致力于 实现长期稳定的投资回报。 巩固提高市值管理能力 "结合在中国香港及泰国的落地经验，公司推动项目顺利落地的关键在于'创新合作模式，输出经营能 力'，主要包括三个方面：一是实现定价能力输出，二是推动管理能力输出，三是构建再保合作模 式。"于泽说。 于泽表示，未来，公司将以中国香港、泰国项目经验作为支点，深化全球保险合作，继续积极探索新能 源车险业务在其他东南亚国家保险市场，欧洲、南美洲主要保险市场落地，不断推动公司定价与管理能 力的国际化输出。 A股投资资产规模和占比稳步提升 上半年，中国人保加大资金入市力度，稳步提升A股投资资产规模和占比。展望未来，中国人保副总裁 才智伟表示，中国人保将持续丰富权益投资模式，加强对优质标的研究储备，对于符合国家战略导向、 长期经营业绩稳健、具备较强发展潜力的投资标的，适时通过定增、 ...

上市险企的投资动向历来是市场关注焦点。截至6月30日，五家A股上市险企持有的股票资产金额超1.8 万亿元，较上年末增超4000亿元，增幅达28.7%，远超投资资产增幅，入市明显提速。 去年9月中央政治局会议提出"大力引导中长期资金入市"要求，《关于推动中长期资金入市的指导意 见》等政策相继落地，打通保险资金入市堵点成效显著，稳步入市成为险企投资布局时的共同选择。 险资积极入市，得以更大程度发挥市场稳定器和压舱石作用，并引导市场逐步形成长期投资、价值投资 之风，助推资本市场平稳健康发展。反过来，资本市场稳步向好，也让保险公司受益，两者呈现出良性 互动的局面。长期来看，在低利率环境和政策鼓励保险等中长期资金入市的背景下，保险公司对权益资 产的配置有望持续提升。 （文章来源：证券时报） 上市险企持有的股票和基金合计金额亦呈现较快增长。截至6月30日，中国人寿、中国平安、中国太 保、中国人保的股票和基金配置比例分别达13.6%、12.6%、11.8%和10.7%，上升区间为0.9个至2.7个百 分点。新华保险股票和基金配置比例虽较上年末减少0.2个百分点，但仍处历史和行业高位，达到 18.6%。 险资积极入市主要有两 ...

中国太保和新华保险的业绩同日披露后，A股五大上市险企2025年中期业绩已出齐。8月28日，北京商 报记者梳理发现，中国平安、中国人寿、中国人保、中国太保和新华保险上半年合计实现净利润 1781.92亿元，平均日赚9.84亿元，同比实现微增。 资本市场回暖带来的投资收益增长，成为拉动业绩的主要引擎，而寿险新业务价值的强劲增长、财险成 本率的持续优化，则共同勾勒出保险业2025年上半年的高光时刻。上半年，各家公司有哪些同向发力 点？又施展了哪些"独家"策略？下半年，业务又将聚焦何处？万亿资金投向何处？ 投资带动盈利增长 保险业自身仍然处于转型升级的关键时期，经历过"爬坡过坎"的上半年，各家险企上半年的业绩表现跃 然纸上。 A股五大上市险企合计实现净利润1781.92亿元的背后，中国平安的净利润总额依旧在五家公司中位居首 位，上半年实现净利润680.47亿元。 上市险企利润高增的一个重要原因是，今年以来资本市场回暖，推升了投资收益。从中报披露的投资收 益数据来看，多家险企披露的总投资收益率或综合投资收益率等指标较2024年上半年有明显增长。 如中国平安上半年实现非年化综合投资收益率为3.1%，同比上升0.3个百分点 ...

Core Viewpoint - The five major A-share listed insurance companies reported a net profit of 178.19 billion yuan for the first half of 2025, reflecting a year-on-year growth of 3.7% [1] Group 1: Financial Performance - The overall net profit of A-share listed insurance companies showed a "four increases and one decrease" trend, with China Ping An leading at 68.05 billion yuan, followed by China Life at 40.93 billion yuan, China Pacific Insurance at 27.88 billion yuan, China Property & Casualty Insurance at 26.53 billion yuan, and New China Life at 14.8 billion yuan, which had the highest growth rate of 33.5% [2] - The new business value of life insurance for major listed insurers saw significant growth, with China Life's new business value increasing by 20.3% year-on-year to 28.55 billion yuan, and China Ping An's new business value growing by 39.8% [2][3] Group 2: Underwriting Business - The comprehensive cost ratio for property insurance businesses among China Property & Casualty, China Ping An, and China Pacific Insurance all decreased year-on-year, indicating improved underwriting profits [3][4] - China Property & Casualty's comprehensive cost ratio was 95.3%, the best level for the same period in nearly a decade, while China Ping An's was 95.2%, down by 2.6 percentage points [4] Group 3: Investment Activities - The insurance companies increased their equity market investments, achieving better investment returns, with China Life's net investment yield at 2.78% and total investment yield at 3.29% [5][6] - China Property & Casualty reported a 26.1% increase in A-share investment assets compared to the beginning of the year, with a 1.2 percentage point rise in the proportion of total investment assets [6][7]

Summary of China People's Insurance Group Conference Call Company Overview - **Company**: China People's Insurance Group (中国人保) - **Period**: First half of 2025 Key Financial Metrics - **Premium Income**: CNY 454.6 billion, up 6.4% year-on-year [2][5] - **Investment Scale**: Exceeded CNY 1.7 trillion, up 7.2% [2] - **Net Profit**: CNY 26.5 billion, up 16.9% [3] - **Total Investment Income**: CNY 41.5 billion, a historical high [3] - **Consolidated Net Assets**: CNY 389.5 billion, up 6.1% [3][6] - **Core Solvency Ratio**: 219% [6] - **Comprehensive Solvency Ratio**: 276% [6] Business Performance Property and Casualty Insurance - **Service Revenue**: Increased by 5.6% year-on-year [2] - **Net Profit**: Increased by 34% [2] - **Comprehensive Cost Ratio**: 95.3%, down 1.5 percentage points [2] - **Auto Insurance Premiums**: Increased by 3.4% [2] - **Non-auto Insurance Premiums**: Increased by 16.6% [2] Life and Health Insurance - **Service Revenue**: Increased by 13.2% year-on-year [2] - **Net Profit**: Increased by 49.6% [2] - **Contract Service Margin**: Increased by 14.6% [2] - **Return on Equity**: Increased by 3.2 percentage points [2] Strategic Initiatives - **New Business Value**: CNY 8.8 billion, a historical high [3] - **Focus on High-Quality Development**: Emphasis on enhancing insurance functions and risk management [11][12] - **Digital Transformation**: Implementation of AI in underwriting and claims management [35] Industry Trends and Challenges - **Non-auto Insurance Regulation**: New regulations expected to improve profitability in the non-auto sector [14] - **Natural Disaster Impact**: Significant losses from natural disasters, but overall losses decreased by 39.9% year-on-year [23][24] - **Investment Strategy**: Focus on long-term investments and high-dividend stocks to mitigate market volatility [25][38] Future Outlook - **Growth in New Energy Vehicle Insurance**: Projected export volume to exceed 1 million units, a growth of over 70% [15][16] - **Continued Focus on High-Quality Development**: Plans to enhance service capabilities and expand into new markets [12][45] - **Sustainability Initiatives**: Commitment to green finance and technology-driven insurance solutions [8][9] Additional Insights - **Risk Management**: Enhanced risk assessment and compliance culture [7] - **Customer Base**: Service to 317 million individual clients and 7.94 million institutional clients [7] - **Community Support**: Active involvement in disaster relief and insurance coverage for major disasters [7] This summary encapsulates the key points from the conference call, highlighting the financial performance, strategic initiatives, industry trends, and future outlook of China People's Insurance Group.

Core Insights - China Pacific Insurance (CPIC) reported strong financial results for the first half of 2025, with insurance service revenue reaching 280.25 billion yuan, a year-on-year increase of 7.1% [1] - The company achieved a net profit attributable to shareholders of 26.53 billion yuan, reflecting a 16.9% growth compared to the previous year [1] - Investment assets grew to over 1.7 trillion yuan, marking a 7.2% increase since the beginning of the year [1] Financial Performance - The comprehensive cost ratio for property insurance was 95.3%, the best level for the same period in nearly a decade [3] - New business value in life insurance reached 8.8 billion yuan, setting a historical high for the same period [3] - Total investment income was 41.5 billion yuan, also a record for the same period [3] - The combined net profit for the group was 35.9 billion yuan, achieving a historical peak [3] Stock Performance - CPIC's A-shares reached their highest price in nearly six years, while H-shares hit a record high since their listing 13 years ago [3] - The stock price increase is attributed to several factors, including China's high-quality economic development and improved operating environment [3] Strategic Focus - The company aims to build a world-class insurance financial group, focusing on enhancing protection functions, improving development quality, and deepening six key reforms [3] Regulatory Developments - The non-auto insurance "reporting and operation in one" policy is expected to be implemented in the fourth quarter, which will significantly improve the comprehensive cost ratio [5] - This policy aims to standardize non-auto insurance business and control premium collection risks [5] International Expansion - CPIC is actively pursuing internationalization, with a focus on the overseas market for new energy vehicle insurance [6] - The company has already insured over 1,000 Chinese brand new energy vehicles in Hong Kong, with a current claims ratio of 50% [5] Investment Strategy - Total investment income for the first half of 2025 was 41.478 billion yuan, a 42.7% increase year-on-year, with an annualized total investment return rate of 5.1% [8] - The company plans to enhance its investment strategy by focusing on high-dividend stocks and exploring opportunities for collaboration with invested companies [8][9]

"人身险新业务价值88亿元，创历史同期最高；集团总投资收益415亿元，创历史同期新高；集团合并净利润359亿元，创历史同期新高。"8月28日，在中国 人保举行的中期业绩发布会上，中国人保总裁赵鹏以多个"最高"描述公司业绩开场。 此外，中国人保管理层还对经营目标、非车险"报行合一"、寿险新业务价值等问题进行了重点回应。 业绩股价创历史新高 今年上半年，中国人保实现净利润265.3亿元，同比增长16.9%。该集团拟向股东派发2025年中期现金股息每10股0.75元（含税），同比提升19%。 今年险资在资本市场举牌频频，中国人保是否会有类似动作？才智伟透露，公司会不断丰富权益投资方式，加大对于优质标的的研究储备，对于符合国家战 略、长期经营业绩稳健、具有发展潜力的优质标的，会适时通过举牌、战投等方式来加大投资力度。 财险老大喊话"反内卷" 财险业务是中国人保最重要的业务板块。上半年"财险一哥"人保财险综合成本率为95.3%，同比下降1.5个百分点，综合成本率水平在业内处于较低水平。 在业绩会上，赵鹏用多个"新高"介绍公司业绩，高质量发展取得显著成效，财产险综合成本率95.3%，创近十年同期最好水平；人身险新业务价值 ...

Core Viewpoint - The performance of China's five major listed insurance companies in the first half of 2025 shows a slight increase in net profit, driven by a recovery in the capital market and strong growth in new business value for life insurance [1][3]. Group 1: Overall Performance - The five major listed insurance companies in A-shares achieved a total net profit of 178.19 billion yuan in the first half of 2025, averaging a daily profit of 984 million yuan, reflecting a slight year-on-year increase [1][3]. - China Ping An led the net profit among the five companies with 68.05 billion yuan, while New China Life Insurance recorded the highest growth rate at 33.53% [3][5]. - Other companies reported net profits of 40.93 billion yuan for China Life, 26.53 billion yuan for China Property & Casualty, and 27.88 billion yuan for China Taiping, with year-on-year growth rates of 6.93%, 16.94%, and 10.95% respectively [3][5]. Group 2: Investment Performance - The recovery of the capital market has significantly boosted investment income, with many insurance companies reporting a noticeable increase in total investment returns compared to the first half of 2024 [3][4]. - China Ping An achieved a non-annualized comprehensive investment return rate of 3.1%, up 0.3 percentage points year-on-year, while China Property & Casualty reported an annualized total investment return rate of 5.1%, an increase of 1 percentage point [4]. Group 3: Life Insurance New Business Value - The life insurance sector experienced significant growth in new business value, with China Property & Casualty achieving a new business value of 4.978 billion yuan, a growth rate of 71.7% [5][6]. - New China Life's new business value grew by 58% to 6.182 billion yuan, while Ping An Life and China Life reported new business values of 22.335 billion yuan and 28.546 billion yuan, both with over 20% year-on-year growth [5][6]. Group 4: Cost Optimization in Property Insurance - The comprehensive cost ratios of major property insurance companies continued to improve, with China Property & Casualty, Ping An Property & Casualty, and China Taiping reporting ratios of 95.3%, 95.2%, and 96.3% respectively, reflecting decreases of 1.5, 2.6, and 0.8 percentage points [7][8]. - The optimization of cost ratios is attributed to the application of technology to control expenses and improve business quality [7]. Group 5: Focus on New Energy Vehicle Insurance - The competition in the traditional auto insurance market is intensifying, leading companies to focus on the new energy vehicle insurance market, with China Property & Casualty reporting a 36.8% year-on-year increase in the number of new energy vehicles insured [8]. - Ping An Property & Casualty reported a 46.2% year-on-year increase in original insurance premium income from new energy vehicle insurance, amounting to 21.7 billion yuan, while also achieving underwriting profitability in this segment [8].