中国太平洋保险（集团）股份有限公司 内部控制审计报告 2025 年 12 月 31 日 内部控制审计报告 安永华明（2026）专字第70015004_B02号 中国太平洋保险（集团）股份有限公司 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价 指引》的规定，建立健全和有效实施内部控制，并评价其有效性是贵公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计意见， 并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况的变 化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据内部控制审 计结果推测未来内部控制的有效性具有一定风险。 中国太平洋保险（集团）股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计了 中国太平洋保险（集团）股份有限公司（以下简称"贵公司"）2025 年 12 月 31 日的财 务报告内部控制的有效性。 安永华明（2026）专字 ...

中国太平洋保险(集团)股份有限公司 2025年度独立董事履职情况报告 (陈欣) 2025年，本人(陈欣)严格按照《中华人民共和国公司法》、 原中国银行保险监督管理委员会《保险机构独立董事管理办法》、 中国证券监督管理委员会《上市公司独立董事管理办法》、上海 证券交易所《股票上市规则》、香港联合交易所《上市规则》等 有关法律、法规、规定以及《公司章程》《独立董事工作制度》 等内部规定,忠诚、勤勉、独立地履行职责,按时出席本年度定 期及临时董事会及其专门委员会会议、股东大会等,认真审议董 事会议案,客观发表独立意见,切实维护公司、被保险人和中小 股东的利益。 本人具备履行职能必备的专业知识和能力，充分利用专业背 景和从业经验,为董事会决策提供专业支持。现将2025年本人履 职情况报告如下： 一、基本情况 本人现任本公司独立非执行董事',于上交所和联交所上市的 招商证券股份有限公司（上交所证券代码：600999，联交所证券 代码: 06099）独立非执行董事。本人曾任卢森堡国际银行执行委 员会委员、全球中国业务主管,于上交所上市的上海浦东发展银 行（上交所证券代码:600000）伦敦分行筹备组负责人、伦敦代 表处首 ...

中国太平洋保险(集团)股份有限公司 2025年度独立董事履职情况报告 (罗婉文) 2025年,本人(罗婉文)严格按照《中华人民共和国公司法》 原中国银行保险监督管理委员会《保险机构独立董事管理办法》、 中国证券监督管理委员会《上市公司独立董事管理办法》、上海 证券交易所《股票上市规则》、香港联合交易所《上市规则》等 有关法律、法规、规定以及《公司章程》《独立董事工作制度》 等内部规定,忠诚、勤勉、独立地履行职责,按时出席本年度定 期及临时董事会及其专门委员会会议、股东大会等,认真审议董 事会议案,客观发表独立意见,切实维护公司、被保险人和中小 股东的利益。 本人具备履行职能必备的专业知识和能力,充分利用专业背 景和从业经验,为董事会决策提供专业支持。现将2025年本人履 职情况报告如下: 2025年，本人担任公司董事会审计与关联交易控制委员会委 一、基本情况 本人现任本公司独立非执行董事,Jingtian & Gongcheng LLP(竞天公诚律师事务所有限法律责任合伙)香港首席管理合伙 人。本人曾担任Mayer Brown的香港首席管理合伙人及亚洲区董事 会主席，HSBC Provident Fund T ...

中国太平洋保险(集团)股份有限公司 2025年度独立董事履职情况报告 (姜旭平) 2025年,本人(姜旭平)严格按照《中华人民共和国公司法》、 原中国银行保险监督管理委员会《保险机构独立董事管理办法》、 中国证券监督管理委员会《上市公司独立董事管理办法》、上海 证券交易所《股票上市规则》、香港联合交易所《上市规则》等 有关法律、法规、规定以及《公司章程》《独立董事工作制度》 等内部规定,忠诚、勤勉、独立地履行职责,按时出席本年度定 期及临时董事会及其专门委员会会议、股东大会等,认真审议董 事会议案,客观发表独立意见,切实维护公司、被保险人和中小 股东的利益。 本人具备履行职能必备的专业知识和能力,充分利用专业背 景和从业经验,为董事会决策提供专业支持。现将 2025年本人履 职情况报告如下: ¹ 2025 年 8 月，姜旭平先生出任公司独立董事任期屈满 6 年。2025 年 8 月 29 日，2025 年第一次临时服系大 会选举黄显荣先生为本公司第十届董事会独立非执行董事。鉴于姜先生的退任将导致本公司独立非执行董事 的人数低于相关监管规定及《公司章程》的要求,姜先生继续履职，直至新任独立非执行董事的任职资格获 ...

中国太平洋保险(集团)股份有限公司 2025年度独立董事履职情况报告 本人符合《公司法》《上市公司独立董事管理办法》等相关 法律法规、监管规定及《公司章程》中对独立董事任职的相关要 求,不存在不符合担任独立董事独立性要求的情形。 二、独立董事年度履职概况 (一)出席会议情况 1. 股东大会 2025年,公司共召开2次股东大会,本人出席全部会议。 (金弘毅) 2025年，本人(金弘毅)严格按照《中华人民共和国公司法》 原中国银行保险监督管理委员会《保险机构独立董事管理办法》、 中国证券监督管理委员会《上市公司独立董事管理办法》、上海 证券交易所《股票上市规则》、香港联合交易所《上市规则》等 有关法律、法规、规定以及《公司章程》《独立董事工作制度》 等内部规定,忠诚、勤勉、独立地履行职责,按时出席本年度定 期及临时董事会及其专门委员会会议、股东大会等,认真审议董 事会议案,客观发表独立意见,切实维护公司、被保险人和中小 股东的利益。 本人具备履行职能必备的专业知识和能力,充分利用专业背 景和从业经验,为董事会决策提供专业支持。现将2025年本人履 职情况报告如下: 一、基本情况 本人现任本公司独立非执行董事,曾任 ...

Group 1 - The Securities and Insurance ETF E Fund (512070) opened at 0.801 yuan, down 0.25% [1][2] - Major holdings in the ETF include China Ping An, Dongfang Wealth, CITIC Securities, Guotai Junan, China Taiping, Huatai Securities, China Life, GF Securities, China Merchants Securities, and Xinhua Insurance, all showing declines ranging from 0.02% to 0.65% [1][2] - The ETF's performance benchmark is the CSI 300 Non-Bank Financial Index, managed by E Fund Management Co., Ltd., with a fund manager named Yu Haiyan [1][2] Group 2 - Since its establishment on June 26, 2014, the ETF has achieved a return of 140.85%, while its return over the past month has been -9.90% [1][2]

Investment Rating - The report maintains a "Recommendation" rating for the insurance industry, indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [19]. Core Insights - The adjustment of the autonomous pricing coefficient range for new energy vehicle insurance has been completed, expanding from [0.6, 1.4] to [0.55, 1.45], which is expected to alleviate the operational pressure on insurance companies [1][3]. - The penetration rate of new energy vehicles is gradually increasing, making new energy vehicle insurance increasingly important. The growth rate of the auto insurance industry has been stagnant at 3-6% over the past three years, while new energy vehicle sales are significantly outpacing overall auto insurance growth [1]. - The insurance sector is currently facing high claims pressure due to the high cost of parts and the relatively inexperienced drivers of new energy vehicles, leading to a general state of loss in the industry [1]. Summary by Sections New Energy Vehicle Insurance - The new energy vehicle insurance pricing coefficient adjustment is a response to the increasing importance of this segment as sales continue to rise [1]. - The adjustment is expected to improve the pricing adequacy and help mitigate the operational challenges faced by insurers in this area [1]. Company Performance - Sunshine Insurance reported a net profit of 6.31 billion yuan for 2025, a year-on-year increase of 15.7%, while its net assets decreased by 6.3% [3]. - AIA Group achieved a net profit of 6.234 billion USD in 2025, a year-on-year decrease of 8.8%, with net assets increasing by 7.0% [3]. - ZhongAn Online reported a significant net profit increase of 82.5% year-on-year, reaching 1.101 billion yuan, with net assets rising by 21.6% [3]. Valuation Metrics - The report provides valuation metrics for life insurance companies, with China Life at 0.8x PEV, New China Life at 0.77x, and Ping An at 0.72x [2]. - For property insurance companies, the average PB ratio is 1.16x, with specific companies like PICC at 1.16x and ZhongAn at 0.82x [2]. Market Dynamics - The insurance index decreased by 1.95%, outperforming the broader market by 0.24 percentage points, with individual stock performances showing significant variation [7]. - The report highlights the potential for value in the insurance sector following recent adjustments and the stabilization of long-term interest rates [7].

Investment Rating - The report maintains a "Recommended" rating for the insurance industry, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [19]. Core Insights - The adjustment of the autonomous pricing coefficient range for new energy vehicle insurance has been completed, expanding from [0.6, 1.4] to [0.55, 1.45], which may help alleviate the operational pressure on insurance companies [1][3]. - The penetration rate of new energy vehicles is gradually increasing, making new energy vehicle insurance increasingly important as the overall auto insurance market faces a growth bottleneck, with growth rates between 3-6% over the past three years [1]. - The insurance sector is currently experiencing significant pressure on the claims side due to high costs of parts and the relatively inexperienced drivers of new energy vehicles, leading to a general state of loss in the industry [1]. Summary by Sections New Energy Vehicle Insurance - The new energy vehicle insurance pricing coefficient adjustment is expected to improve pricing adequacy and relieve operational pressures for insurers [1][3]. - The growth in new energy vehicle sales is anticipated to be a core driver for future auto insurance growth [1]. Company Performance - Sunshine Insurance reported a net profit of 6.31 billion yuan in 2025, a year-on-year increase of 15.7%, while its net assets decreased by 6.3% [3]. - AIA Group achieved a net profit of 6.234 billion USD in 2025, a year-on-year decrease of 8.8%, with net assets increasing by 7.0% [3]. - ZhongAn Online reported a significant net profit increase of 82.5% year-on-year, reaching 1.101 billion yuan in 2025, with net assets up by 21.6% [3]. Valuation Metrics - The report provides valuation metrics for life insurance companies, with China Life at 0.8x PEV, New China Life at 0.77x, and Ping An at 0.72x [2]. - For property insurance companies, the report lists China Pacific at 1.16x PB and PICC at 1.16x [2].

Investment Rating - The report provides a "Buy" rating for the non-bank financial sector, indicating an expected performance that will exceed the market by more than 10% over the next 12 months [36]. Core Insights - The report emphasizes the importance of strengthening market stability mechanisms and suggests focusing on left-side opportunities within the sector. It highlights that external risk events may fluctuate, but the market's resilience remains strong, with a trend of incremental capital inflow expected to continue [5]. - The introduction of the Financial Law draft is seen as a significant step towards enhancing regulatory frameworks and promoting high-quality development in the financial sector. This law aims to strengthen supervision, prevent risks, and support long-term growth [16][17]. - The insurance sector is advised to be actively monitored, as it continues to increase its equity investment ratio despite market downturns. The report notes that the solvency ratio of life insurance companies remains robust, providing a buffer against potential market pressures [13][5]. Summary by Sections 1. Market Performance - As of March 21, 2026, the Shanghai Composite Index fell by 3.38%, while the Shenzhen Component Index decreased by 2.90%. The CSI 300 Index dropped by 2.19%, and the ChiNext Index rose by 1.26% [10]. 2. Industry Dynamics and Weekly Commentary (a) Insurance - The report indicates that the insurance sector is guided by the two sessions to pursue high-quality development. The solvency ratio of life insurance companies is at 115%, significantly above the regulatory threshold of 50%, allowing for continued investment in equities [13]. - The proportion of insurance funds allocated to stocks and funds has increased to 14.8%, up by 2.1 percentage points from the previous year. The report suggests that the current valuation of the insurance sector presents a good cost-performance ratio [13]. (b) Securities - The Financial Law draft aims to enhance financial regulation and promote high-quality development. It establishes a comprehensive legal framework for financial activities, emphasizing risk prevention and regulatory clarity [16][17]. - The report notes that the Hong Kong Securities and Futures Commission has reported a significant increase in the virtual asset market, with a daily trading volume increase of 89.5% year-on-year, indicating a growing market and regulatory framework [21][23]. 3. Key Company Valuations and Financial Analysis - The report includes detailed valuations for key companies in the sector, with several companies rated as "Buy," including China Ping An, China Life, and Huatai Securities, among others. The expected earnings per share (EPS) and price-to-earnings (PE) ratios for these companies indicate strong growth potential [6].

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, particularly focusing on the investment value of brokerage firms and insurance companies [1]. Core Insights - The report highlights that the adjustment expectations for solvency rules will have a limited impact on current insurance asset allocation, while emphasizing the importance of brokerage performance and valuation recovery [1]. - It suggests that 2026 will be a pivotal year for brokerages, driven by policy, capital, and market trading dynamics, with a focus on the upcoming quarterly earnings disclosures and policy reforms [3]. Summary by Sections Market Review - For the week of March 16-20, 2026, the Shanghai Composite Index closed at 4,567.02, with a decline of 2.19%. The non-bank index closed at 1,839.69, down 2.55%. The brokerage, insurance, and diversified financial indices reported declines of 2.79%, 1.99%, and 2.99%, respectively [7]. Non-Banking Sector Insights - The report notes significant net redemptions in equity funds, with a total of 14.91 billion units redeemed, impacting brokerage performance. The geopolitical tensions and inflation expectations have also pressured the market, leading to a defensive investment style [3]. - It emphasizes the undervaluation of brokerage stocks, with current valuations at historical lows, suggesting a mismatch between earnings and valuations [3]. Key Company Announcements - Sunshine Insurance reported a net profit growth of 15.7% for 2025, with total premium income reaching 150.72 billion yuan, a 17.4% increase [13]. - ZhongAn Online announced a remarkable net profit increase of 82.56% for 2025, with total premium income of 35.735 billion yuan, reflecting strong performance in its core insurance business [14]. - China Ping An disclosed a slight decline in net profit of 4.2% for 2025, with total operating income of 131.442 billion yuan, down 10.4% [18]. Investment Recommendations - For brokerages, the report recommends focusing on three investment themes: leading firms benefiting from improved competitive dynamics, brokerages with significant earnings elasticity, and those with strong international business capabilities [3]. - In the insurance sector, the report maintains a positive view on the value re-evaluation trend, recommending stocks like China Ping An, New China Life, and China Life Insurance [3]. Financial Data Tracking - As of March 20, 2026, the average daily stock trading volume was 2,451.723 billion yuan, and the margin trading balance was 2,650.128 billion yuan [36].