Core Insights - China People's Insurance Group reported a strong performance for the first half of 2025, with total revenue reaching 324.12 billion yuan, a year-on-year increase of 10.87% [1] - The net profit attributable to shareholders was 26.67 billion yuan, reflecting a growth of 13.98% compared to the previous year [1] - The company’s basic earnings per share stood at 0.6 yuan, with an interim cash dividend of 0.75 yuan for every 10 shares [1] Group Performance - The insurance service revenue for the first half of 2025 was 280.25 billion yuan, marking a 7.1% increase year-on-year [2] - The original insurance premium income reached 454.63 billion yuan, up by 6.4% from the previous year [2] - Investment assets grew steadily, surpassing 1.7 trillion yuan as of June 30, 2025, representing a 7.2% increase since the beginning of the year [1] Property and Casualty Insurance - China People's Property Insurance maintained a leading market share of 33.5% in the property insurance sector [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 by 1.4 percentage points year-on-year [2] Life Insurance Business - The new business value for life insurance increased by 71.7% on a comparable basis [2] - The proportion of regular premium income to original insurance premium income was 79.5%, up by 0.9 percentage points [2] - The 13-month premium persistence rate improved to 96.4%, an increase of 0.4 percentage points [2] Health Insurance Business - The new business value for health insurance grew by 51.0% on a comparable basis [2] - The first-year regular premium income increased by 52.3% year-on-year [2] - The first-year regular premium income from internet long-term insurance surged by 110.6% [2] Investment Business - The company actively seized investment opportunities in the capital market, optimizing its equity structure and extending asset duration [2] - Total investment income reached 40.76 billion yuan, a year-on-year increase of 40.2% [2] - The annualized total investment return rate improved to 5.0%, up by 0.9 percentage points [2]

Core Insights - The company achieved a net profit attributable to shareholders of 26.5 billion yuan in H1 2025, representing a year-on-year increase of 16.9% [1] - The combined ratio (COR) for property and casualty insurance improved by 1.5 percentage points to 95.3%, driven by significant optimization in expenses [2] - The new business value (NBV) for life insurance surged by 71.7% to 5 billion yuan, indicating strong growth in new policies [3] - The total investment yield increased to 5.1%, up by 1 percentage point year-on-year, despite a slight decline in net investment yield [4] Financial Performance - The group reported a net profit of 26.5 billion yuan in H1 2025, up 16.9% year-on-year [1] - The net investment yield was 3.7%, down by 0.1 percentage points, while the total investment yield was 5.1%, up by 1 percentage point [1][4] - The company proposed an interim dividend of 0.075 yuan per share (before tax) [1] Insurance Segment Analysis - The property and casualty insurance segment saw original premium income rise by 3.6% to 323.3 billion yuan, with a COR of 95.3% [2] - The life insurance segment's NBV increased by 71.7%, with new policies growing by 18% [3] - Health insurance NBV also grew by 51%, with new policies up by 12.3% [3] Investment Strategy - The company's investment assets increased by 7.2% to 1.76 trillion yuan as of H1 2025 [4] - The allocation to bonds was 49.7%, while equity investments rose to 5.4% [4] - The company is expected to benefit from proactive management of the property insurance business, leading to an upward revision of EPS forecasts for 2025-2027 [4]

Group 1 - The U.S. Secretary of the Treasury, Becerra, mentioned there are 11 strong candidates for the position of Federal Reserve Chair, with interviews starting after Labor Day [4] - The Ministry of Commerce in China plans to introduce several policy measures to expand service consumption in September, aiming to optimize service supply capabilities [6] - The Ministry of Commerce will also release a series of measures to promote service exports, focusing on financial and tax facilitation [7] Group 2 - The National Bureau of Statistics reported that manufacturing profits grew by 6.8% year-on-year in July, accelerating by 5.4 percentage points compared to June [8] - The Ministry of Industry and Information Technology announced plans to promote satellite communication business, aiming for over 10 million users by 2030 [9] - The Ministry of Transport reported that fixed asset investment in transportation reached 1.95 trillion yuan in the first seven months of the year [10] Group 3 - The China Council for the Promotion of International Trade stated that the number of newly established foreign-invested enterprises increased by 7% in the first half of the year [13] - The digital publishing industry in China is projected to reach a revenue of 1.7485 trillion yuan in 2024, marking an 8.07% increase from the previous year [16] - The third batch of national subsidies for the "old for new" program has been issued, expanding the range of subsidized products [15] Group 4 - Meituan reported a 89% decline in adjusted net profit for Q2, with revenue of 91.84 billion yuan, reflecting the impact of competition in the food delivery market [31] - The Shanghai real estate market saw two properties sell out immediately after the implementation of the "Six Measures" policy, which aims to address structural issues in the housing market [32]

Core Insights - The leading domestic insurance companies, China Life and China Property & Casualty Insurance, reported growth in their insurance operations and relatively strong investment performance for the first half of 2025 [2] Financial Performance - China Life's net profit attributable to shareholders for the first half of 2025 was 40.931 billion yuan, a year-on-year increase of 6.9% [2] - China Property & Casualty Insurance's net profit attributable to shareholders was 26.530 billion yuan, a year-on-year increase of 16.9% [2] - Both companies proposed interim cash dividends, with China Life planning to distribute 0.238 yuan per share, totaling approximately 6.727 billion yuan, and China Property proposing 0.75 yuan per 10 shares, totaling about 3.317 billion yuan [2] Investment Performance - As of June 30, 2025, China Life's investment assets reached 7.13 trillion yuan, a 7.8% increase from the beginning of the year [3] - China Life achieved a net investment income of 96.067 billion yuan, with a net investment yield of 2.78%, down 0.25 percentage points year-on-year [3] - China Property's total assets were 1.88 trillion yuan, with investment assets of 1.76 trillion yuan, a 7.2% increase from the start of the year [4] Business Operations - China Life's total premium income for the first half of 2025 was 525.088 billion yuan, a year-on-year increase of 7.3% [4] - The new business value for China Life was 28.546 billion yuan, up 20.3% year-on-year [4] - China Property's insurance service income was 280.250 billion yuan, a year-on-year increase of 7.1%, with original insurance premium income of 454.625 billion yuan, up 6.4% [4] Market Position - China Property's core business, property insurance, generated original insurance premium income of 323.282 billion yuan, holding a market share of 33.5% [5] - The combined cost ratio for China Property was 95.3%, improving by 1.5 percentage points year-on-year, with an underwriting profit of 11.699 billion yuan, a 53.5% increase [5]

Group 1: Financial Institutions Performance - Multiple financial institutions reported their mid-year performance for 2025, showing net profit growth: China Life achieved a net profit of 40.931 billion yuan, up 6.9% year-on-year; CITIC Bank reported a net profit of 36.478 billion yuan, a 2.78% increase; China Pacific Insurance recorded a net profit of 26.53 billion yuan, growing 16.9% year-on-year [1] Group 2: Currency Exchange Rate - The central parity rate of the RMB against the USD was raised by 80 basis points to 7.1108, the highest since November 6, 2024. The previous day's rate was 7.1188, and the onshore RMB closed at 7.1621 [2] - The RMB has appreciated by a total of 479 basis points against the USD since the beginning of 2025, driven by a decline in the USD index of over 10% [2] Group 3: A-share Banking Sector - The A-share banking sector experienced a continuous decline, with Postal Savings Bank dropping over 4%, and other banks like Everbright Bank, Minsheng Bank, Agricultural Bank, and Bank of Communications falling over 2% [3] Group 4: Life Insurance Industry Insights - China Ping An's co-CEO Guo Xiaotao stated that the life insurance sector has entered a golden development period, serving as a cornerstone for wealth management among the middle-income group. Life insurance offers threefold value: wealth preservation and appreciation, protection for clients and their families, and added services for healthcare and retirement [4]

Group 1 - The core viewpoint of the articles highlights China Pacific Insurance's strong financial performance in the first half of 2025, with a net profit of 35.888 billion yuan, representing a year-on-year increase of 17.8% [1] - The company plans to distribute an interim cash dividend of 0.75 yuan per 10 shares (tax included) to shareholders [1] - The insurance service revenue reached 280.25 billion yuan, up 7.1% year-on-year, while the original insurance premium income was 454.625 billion yuan, reflecting a 6.4% increase [1] Group 2 - The company maintains a focus on high-quality development, with continuous optimization of operational efficiency indicators [2] - In the property insurance sector, the market share of China Pacific Property Insurance stands at 33.5%, retaining its leading position in the industry [2] - The net cash inflow from operating activities increased by 26.6%, indicating a significant improvement in liquidity [2] Group 3 - The comprehensive cost ratio improved to 95.3%, a decrease of 1.5 percentage points year-on-year [2] - In the life insurance segment, the new business value increased by 71.7% on a comparable basis, with the proportion of regular premium income reaching 79.5%, up 0.9 percentage points [2] - The 13-month premium continuation rate improved to 96.4%, an increase of 0.4 percentage points year-on-year [2] Group 4 - In the health insurance sector, the new business value rose by 51.0%, with first-year regular premium income increasing by 52.3% [2] - The first-year regular premium income from internet long-term insurance surged by 110.6% [2] - The total investment income reached 41.478 billion yuan, a year-on-year increase of 42.7%, with an annualized total investment return rate of 5.1%, up 1.0 percentage points [2]

Core Insights - In the first half of 2025, China Life and China Pacific Insurance reported significant profit growth, with China Life achieving a net profit of 40.931 billion yuan, up 6.9%, and China Pacific Insurance reaching 26.530 billion yuan, up 16.9% [2] - Both companies plan to distribute a total of 10.044 billion yuan in mid-term cash dividends, with China Life proposing 6.727 billion yuan and China Pacific Insurance proposing 3.317 billion yuan [2] Group 1: Financial Performance - China Life's total premium income reached 525.088 billion yuan, marking a historical high for the same period, with a year-on-year growth of 7.3% [7] - China Pacific Insurance maintained a leading position in the property insurance market with a market share of 33.5% [2][10] - China Life's new business value exceeded 28.5 billion yuan, reflecting a 20.3% increase year-on-year [7] Group 2: Investment Strategies - Both companies have been actively increasing their investment asset scales, with China Life's investment assets reaching 71,271.53 billion yuan, a 7.8% increase from the end of 2024 [4] - China Life reported a net investment income of 96.067 billion yuan, with a net investment yield of 2.78% [4] - China Pacific Insurance's investment assets surpassed 1.7 trillion yuan, growing by 7.2% year-to-date, and achieved a total investment income of 41.478 billion yuan, a 42.7% increase year-on-year [5] Group 3: Business Development - China Life is diversifying its product offerings, with a significant increase in the proportion of floating yield products in first-year premium income [7] - The company is also focusing on the construction of a comprehensive health and elderly care ecosystem, with 19 institutional elderly care projects established in 15 cities [8] - China Pacific Insurance is enhancing its "car + everything" service model, with a 73.4% share of its home and auto business, and a 94.2% combined cost ratio for auto insurance, down 2.2 percentage points [10]

。 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 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 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 （於中華人民共和國註冊成立之股份有限公司） （股份代號：1339） 海外監管公告 本公告乃中國人民保險集團股份有限公司根據《香港聯合交易所有限公司證券上市規則》 第13.10B條的披露義務而作出。 茲載列該公告如下，僅供參閱。 承董事會命 中國人民保險集團股份有限公司 公司代码：601319 公司简称：中国人保 中国人民保险集团股份有限公司 2025 年半年度报告摘要 1 一 重要提示 1. 本半年度报告摘要来自半年度报告全文，为全面了解本公司经营成果、财务状况及未来 发展规划，投资者应当到上海证券交易所网站等中国证监会指定媒体上仔细阅读半年度报告 全文。 丁向群 董事长 中國北京，二零二五年八月二十七日 於本公告日，公司執行董事為丁向群女士、趙鵬先生及肖建友先生，非執行董事為 王少群先生、喻強先生及宋洪軍先生，獨立非執行董事為邵善波先生、徐麗娜女士 、王鵬程先生及高平陽先生。 2. 本公司董事会、监 ...

。 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 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 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 （於中華人民共和國註冊成立之股份有限公司） （股份代號：1339） 海外監管公告 本公告乃中國人民保險集團股份有限公司根據《香港聯合交易所有限公司證券上市規則》 第13.10B條的披露義務而作出。 茲載列該公告如下，僅供參閱。 承董事會命 中國人民保險集團股份有限公司 丁向群 董事长 中國北京，二零二五年八月二十七日 於本公告日，公司執行董事為丁向群女士、趙鵬先生及肖建友先生，非執行董事為 王少群先生、喻強先生及宋洪軍先生，獨立非執行董事為邵善波先生、徐麗娜女士 、王鵬程先生及高平陽先生。 A股股票代碼: 601319 二 零 二 五 年 半 年 度 報 告 公司简介 本公司为新中国第一家全国性保险公司，成立于1949年10月，目前已成长为国内领先的 大型综合性保险金融集团，于2012年12月在香港联交所上市（H股股票代码 ：1339），2018年 11月在上交所上市（A股股票代码 ：601319）。 ...

。 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 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 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 （於中華人民共和國註冊成立之股份有限公司） （股份代號：1339） 海外監管公告 本公告乃中國人民保險集團股份有限公司根據《香港聯合交易所有限公司證券上市規則》 第13.10B條的披露義務而作出。 茲載列該公告如下，僅供參閱。 承董事會命 中國人民保險集團股份有限公司 丁向群 董事长 中國北京，二零二五年八月二十七日 於本公告日，公司執行董事為丁向群女士、趙鵬先生及肖建友先生，非執行董事為 王少群先生、喻強先生及宋洪軍先生，獨立非執行董事為邵善波先生、徐麗娜女士 、王鵬程先生及高平陽先生。 证券代码：601319 证券简称：中国人保 公告编号：临 2025-030 中国人民保险集团股份有限公司 关于提质增效重回报行动方案的公告 本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。 一、提质增效重回报行动方案的制定背景及审议 ...