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]

近日，第十三届全国规范汉字书写大会落下帷幕，中国人保寿险济南中支公司员工王臆舒凭借一幅以 "金融为民" 为主题的硬笔行楷作品崭露头角，一举斩 获硬笔行楷类一等奖，以笔墨之力生动诠释了金融央企的家国情怀与责任担当。 这份荣誉的背后，离不开人保寿险济南中支这片注重人文培育的"沃土"。长期以来，济南人保始终践行"员工与企业共成长"的核心理念，将"有温度的职场 文化"建设作为企业发展的重要支撑。公司工会聚焦员工精神文化需求，精心搭建多元兴趣平台，涵盖书法、摄影、羽毛球等多个领域，既为员工提供了工 作之余发展特长、释放压力的空间，也通过丰富的文化活动增强了团队向心力与凝聚力，让职场成为员工实现个人成长的 "幸福港湾"。 "练习书法时培养的专注力与细致度，让我在处理保单服务时更能敏锐体察客户需求，耐心解答每一个疑问。" 王臆舒在分享成长感悟时说道。这种"艺术修 养反哺专业服务" 的跨界融合，正是济南人保寿险着力倡导的人才培养方向。近年来，公司定期组织文艺骨干走进社区，开展"金融知识进社区"活动——将 书法艺术、趣味讲解与保险科普相结合，把专业的金融知识转化为老百姓听得懂、易接受的语言，让保险服务更接地气、更有温度，切实打 ...

Core Viewpoint - The event aims to promote the integration and development of the financial industry in Shandong through sports, specifically a table tennis competition among financial institutions [1][6]. Group 1: Event Overview - The 2025 Shandong Financial System Table Tennis Competition took place from August 19 to 21, with 45 teams participating [1]. - The event was organized by the China Financial Workers' Union Shandong Committee, Shandong Banking Association, and Shandong Insurance Association [1]. Group 2: Team Preparation and Performance - The Human Insurance Life Shandong Branch's table tennis team won the Sports Morality Award at the competition [1]. - The Shandong Branch's Party Committee and Union placed significant emphasis on the event, organizing training and team selection [6]. - Team members engaged in tactical discussions and rigorous training to prepare for the competition [12]. Group 3: Cultural and Social Impact - The competition fostered new connections within the industry and enhanced the company's positive image [12]. - The event contributed to a strong sports culture within the company, promoting a healthy work-life balance [12]. - The company aims to leverage this event to further advance the "National Fitness" initiative and enrich employees' cultural lives [12].

Core Viewpoint - China People's Insurance Group (01339) reported a strong performance for the first half of 2025, with a significant increase in net profit and steady growth in investment assets, leading to a stock price increase of over 4% post-earnings announcement [1][2]. Financial Performance - Total revenue for the first half of 2025 reached 324.12 billion yuan, marking a year-on-year growth of 10.87% [1]. - Net profit attributable to shareholders was 26.67 billion yuan, reflecting a year-on-year increase of 13.98% [1]. - Basic earnings per share stood at 0.6 yuan, with an interim cash dividend of 0.75 yuan per 10 shares [1]. Business Segments - In the property insurance sector, the company maintained a market share of 33.5%, leading the industry [2]. - The net cash inflow from operating activities increased by 26.6%, indicating improved liquidity [2]. - The combined cost ratio improved to 94.8%, down 1.4 percentage points year-on-year [2]. Life Insurance Performance - The new business value for life insurance increased by 71.7% on a comparable basis [2]. - The proportion of regular premium income to total premium income reached 79.5%, up 0.9 percentage points year-on-year [2]. - The 13-month premium persistency rate improved to 96.4%, an increase of 0.4 percentage points year-on-year [2]. Health Insurance Growth - The new business value for health insurance grew by 51.0% on a comparable basis [2]. - First-year regular premium income increased by 52.3% year-on-year [2]. - First-year regular premium income from internet long-term insurance surged by 110.6% [2]. Investment Performance - The company achieved total investment income of 40.76 billion yuan, a year-on-year increase of 40.2% [2]. - The annualized total investment return rate improved to 5.0%, up 0.9 percentage points year-on-year [2]. - As of June 30, 2025, the total investment assets exceeded 1.7 trillion yuan, growing by 7.2% since the beginning of the year [1].