Core Viewpoint - Bank of America Securities reports that China People's Insurance Group (01339) achieved a 14% year-on-year increase in net profit for the first half of the year [1] Group 1: Financial Performance - The company experienced stable premium growth, with property and casualty insurance business increasing by 4% year-on-year [1] - The combined expense ratio decreased to 94.8% [1] - The new business value for life insurance grew by 27% to 8.8 billion RMB [1] Group 2: Earnings Forecast and Target Price - Bank of America has raised its earnings forecast for the company for 2025 to 2027 by 1% to 10%, reflecting higher investment income assumptions and expectations for property and casualty insurance revenue [1] - The target price for the company has been increased by 7%, from 6.6 HKD to 7 HKD, while maintaining a "Neutral" rating [1]

从资金流向上来看，当日保险板块主力资金净流出3.56亿元，游资资金净流入1.19亿元，散户资金净流入 2.37亿元。保险板块个股资金流向见下表： | 代码 | 名称 | 主力净流入 (元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601319 中国人保 | | 4868.47万 | 5.49% | 1812.38万 | 2.04% | -6680.86万 | -7.54% | | 601628 中国人寿 | | -5101.96万 | -4.73% | 5108.35万 | 4.74% | -6.39万 | -0.01% | | 601601 中国太保 | | -8045.81万 | -7.31% | 2581.18万 | 2.34% | 5464.63万 | 4.96% | | 601318 中国平安 | | -1.26亿 | -3.36% | 1861.92万 | 0.50% | 1.07亿 | 2.87% | | 601336 新华保险 | ...

今年3月，人保寿险和人保资产获批100亿元长期股票投资试点。才智伟表示，获批试点后人保集团第一 时间成立了筹备组，去筹备成立私募基金管理公司。8月14日，人保资产设立私募基金管理公司已获得 金融监管总局批复同意。另据工商信息，8月18日人保启元惠众(北京)私募基金管理有限公司已成立。 人民财讯8月28日电，8月28日下午，中国人保（601319）举行2025中期业绩发布会，中国人保副总裁才 智伟回答证券时报记者提问时表示，人保集团长期股票投资试点的私募证券投资基金，投资策略将以A 股为主，注重长期投资价值和回报的稳定性，重点关注具有好的发展潜力的优质标的，同时会做好投资 风险管控，致力于实现长期稳定回报。 ...

北京商报讯（记者 李秀梅）8月28日，在中国人保2025中期业绩发布会上，谈及中国人保未来发展，中 国人保总裁赵鹏表示，中国人保推进建设世界一流保险金融集团的战略，今年重在把握好三个重点：一 是重点增强保障功能，二是重点强化发展质量，三是重点深化"六项改革"。 赵鹏介绍，上半年，中国人保高质量发展取得显著成效，财产险综合成本率95.3%，创近10年同期最好 水平；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。 ...

Core Viewpoint - China Pacific Insurance aims to balance capital strength with shareholder returns by reserving funds for dividends while enhancing underwriting capacity and sustainable development [1] Group 1 - The company emphasizes the need to reserve funds during dividend distribution to maintain capital strength [1] - The focus is on creating long-term value for shareholders through stable growth in dividends per share [1] - The company aims to enhance its profitability to provide predictable returns and share the benefits of its growth with investors [1]

Core Viewpoint - China People's Insurance Group reported strong mid-year performance for 2025, highlighting significant growth in premium income, net profit, and new business value, indicating a successful high-quality development strategy. Group 1: Operating Indicators Overview - The original insurance premium income reached 454.625 billion, a 6.4% increase from 427.285 billion in 2024 [1] - Net profit increased by 17.8% to 35.888 billion from 30.455 billion in 2024 [1] - The weighted average return on equity rose by 0.5 percentage points to 8.5% [1] - New business value for life insurance surged by 71.7% to 4.978 billion [1] Group 2: Business Scale and Growth - The group achieved premium income of 454.625 billion, up 6.4% year-on-year [2] - Life insurance premium income grew by 13.8% to 131.2 billion, with first-year premium income reaching a historical high [2] - Investment assets exceeded 1.7 trillion, marking a 7.2% increase since the beginning of the year [2] Group 3: Business Structure Optimization - The proportion of life insurance premium income in total premium income increased by 1.9 percentage points [3] - Non-auto insurance premium income grew by 16.6%, significantly outpacing overall premium income growth [3] - New business value rate improved by 3.9 percentage points, reflecting enhanced business collaboration [3] Group 4: Profitability Foundation - Insurance service performance reached 277 billion, continuing to grow from last year [4] - Investment performance increased by 78.3% to 175 billion [4] - Underwriting profit for property insurance rose by 53.5% to 117 billion [4] Group 5: Risk Management - The group maintained a stable risk preference with no major risk events reported [6] - The solvency adequacy ratio stood at 219%, indicating strong financial health [5] - The net cash flow from operating activities increased by 6.9% year-on-year [6] Group 6: Social and Economic Contributions - The group served 317 million individual clients and 7.94 million institutional clients, with risk coverage amounting to 178 trillion [7] - The company actively participated in disaster relief efforts, handling claims for significant disasters [7] - Investment in the real economy exceeded 1.1 trillion, demonstrating commitment to long-term investments [7] Group 7: Financial Initiatives - The group established a technology insurance center and covered 127,000 high-tech enterprises [9] - Green finance initiatives included insuring 6.16 million new energy vehicles, a 36.8% increase [9] - The group expanded its digital finance capabilities, launching innovative insurance products [9] Group 8: Future Work Focus - The group aims to enhance functionality and support economic development while maintaining high-quality growth [10][11] - Emphasis will be placed on risk prevention and management to ensure sustainable development [12]

今日在2025年中期业绩发布会上，中国人保副总裁于泽表示，非车险的"报行合一"政策多次发布征求意 见稿，目前监管在紧锣密鼓推进，预计在今年四季度有望落地。政策落地之后，可能对公司当季营收有 一定影响，但是对全年的影响不大；预计对2026年非车险的盈利会有很好的改善。 ...

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company reported a strong growth in new business value (NBV) for life insurance, with a year-on-year increase of 63% in 1H25, driven by significant growth in both agency and bancassurance channels [3] - The property insurance segment showed improved underwriting performance, with a combined ratio (COR) decreasing by 1.4 percentage points to 94.8%, leading to a substantial increase in underwriting profit by 44.6% [2] - The total investment return increased by 40.2% year-on-year, with an annualized total investment yield rising by 0.9 percentage points to 5.0%, contributing to profit growth [4] - The company has adjusted its earnings per share (EPS) forecasts for 2025, 2026, and 2027 to RMB 1.02, RMB 1.14, and RMB 1.24 respectively, based on improved performance in property insurance and investment [5] Summary by Sections Property Insurance - The property insurance segment's COR improved due to a 3.1 percentage point decrease in expense ratio, despite a 1.7 percentage point increase in loss ratio [2] - Insurance service revenue for property insurance grew by 5.6% year-on-year, with motor and non-motor insurance increasing by 3.5% and 8.9% respectively [2] - The net profit from property insurance increased by 35% year-on-year, supported by strong premium growth and improved underwriting performance [2] Life Insurance - The life insurance segment's NBV growth was primarily driven by bancassurance, which saw an 81% increase, accounting for 35% of total NBV [3] - The overall new policy premium for the life insurance segment grew by 15.4% year-on-year, indicating resilience in the agency channel [3] - Despite the strong growth in NBV, the profit from life insurance decreased by 13% due to rising service expense ratios [3] Investment Performance - The company capitalized on favorable market conditions, resulting in a significant increase in total investment income and a higher annualized investment yield [4] - The asset allocation strategy included an increase in equity investments, with the stock allocation rising by 1.7 percentage points to 5.4% [4] Earnings Forecast and Valuation - The target price for the company's A/H shares has been raised to RMB 9.3 and HKD 7.0, reflecting the positive adjustments in EPS forecasts [5] - The projected gross premium income for 2025 is estimated at RMB 572.06 billion, with a growth rate of 6.39% [21]

Core Viewpoint - China People's Insurance Group Co., Ltd. reported strong performance for the first half of 2025, with significant increases in various financial metrics, leading to record-high stock prices for both A-shares and H-shares [1] Financial Performance - The comprehensive cost ratio for property insurance was 95.3% [1] - New business value for life insurance reached 8.8 billion yuan [1] - Total investment income amounted to 41.5 billion yuan [1] - The consolidated net profit for the group was 35.9 billion yuan [1] Stock Performance - The group's A-shares reached their highest price in nearly six years [1] - The group's H-shares hit their highest price since listing 13 years ago [1] - China Property Insurance's stock price reached its highest since listing 22 years ago [1] Premium Income Breakdown - The proportion of life insurance premium income increased by 1.9 percentage points [1] - Family-use vehicle premium income accounted for 73.4% of total auto insurance, up by 1 percentage point [1] - Personal non-auto insurance premium income grew by 16.6%, exceeding the overall premium income growth by 13 percentage points [1] Life Insurance Business - The premium income from life insurance regular premium business was 87 billion yuan, a year-on-year increase of 17.2% [1] - This segment accounted for 66.4% of total life insurance premium income, an increase of 2 percentage points [1] - The new business value rate improved by 3.9 percentage points on a comparable basis [1] Business Synergy - The company enhanced business collaboration, achieving a collaborative premium income of 16 billion yuan, which represents a year-on-year growth of 8.9% [1]

Core Insights - The insurance sector in China is showing growth in both its main business and investment performance, with major players like China Life and China Pacific Insurance reporting increased profits and shareholder equity in their recent half-year reports [2] Group 1: Company Performance - China Life reported a net profit of 40.931 billion yuan for the first half of 2025, a year-on-year increase of 6.9%, with total equity reaching 523.619 billion yuan, up 2.7% from the beginning of the year [2] - China Pacific Insurance achieved a net profit of 26.530 billion yuan in the same period, marking a 16.9% year-on-year growth, and its total equity was 285.111 billion yuan, an increase of 6.1% from the start of the year [2] - Both companies plan to distribute interim dividends, with China Life proposing a cash dividend of 0.238 yuan per share, totaling approximately 6.727 billion yuan, and China Pacific Insurance proposing a cash dividend of 0.75 yuan per 10 shares, amounting to about 3.317 billion yuan [2] Group 2: Market Trends - The demand for savings in the market remains strong, and with ongoing regulatory guidance and proactive transformation by insurance companies, the cost of liabilities is expected to gradually decrease, alleviating pressure from interest rate spreads [3] - The recent decline in the yield of 10-year government bonds to around 1.76% is anticipated to ease the pressure on the investment returns of insurance companies in fixed-income assets as the domestic economy recovers [3] - As of August 27, 2025, the insurance sector's valuation is at historical lows, with estimated PEV ranging from 0.64 to 0.95 times and PB from 1.10 to 2.24 times for 2025 [3] Group 3: Index and ETF Information - The CSI 800 Securities Insurance Index, which tracks the performance of the securities insurance sector, has seen a slight increase of 0.27% as of August 28, 2025 [1] - The top ten weighted stocks in the CSI 800 Securities Insurance Index account for 63.18% of the index, including major companies like Ping An Insurance and CITIC Securities [3]