Group 1 - The core point of the article is that China Pacific Insurance (Group) Co., Ltd. reported its insurance premium income for the year 2025, showing growth in both life and property insurance segments [1] Group 2 - China Pacific Life Insurance Co., Ltd. achieved a cumulative original insurance premium income of RMB 258.115 billion, representing a year-on-year increase of 8.1% [1] - China Pacific Property Insurance Co., Ltd. reported a cumulative original insurance premium income of RMB 203.561 billion, with a slight year-on-year growth of 0.2% [1]

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 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。 中國太平洋保險（集團）股份有限公司 CHINA PACIFIC INSURANCE (GROUP) CO., LTD. （於中華人民共和國註冊成立的股份有限公司） （股份代號：02601） 保費收入公告 於2025年1月1日 至2025年12月31日 期 間，中 國 太 平 洋 保 險（集 團）股 份 有 限 公 司（「本公司」）子 公 司 中 國 太 平 洋 人 壽 保 險 股 份 有 限 公 司 累 計 原 保 險保費收入為人民幣2,581.15億 元，同 比 增 長8.1%，本 公 司 子 公 司 中 國 太 平洋財產保險股份有限公司累計原保險保費收入為人民幣2,035.61億 元， 同比增長0.2%，分 類 明 細 如 下： 單 位：人 民 幣 百 萬 元 | 太保壽險 | 2025年1-12月 | 同比變動 | | --- | ...

Core Viewpoint - In a declining interest rate environment, fixed-income assets like bonds are unable to match the long-duration liabilities of insurance companies, leading them to prefer high-dividend stocks as investment targets [1][10]. Group 1: Insurance Companies' Investment Activities - As of January 18, 2024, 81 insurance institutions conducted over 300 investigations into A-share listed companies, involving 80 companies [1]. - On January 9, 2024, Pacific Life announced a significant increase in its stake in Shanghai Airport, acquiring 72.424 million shares, bringing its total ownership to 4.9994% [1]. - The revival of insurance capital's stake acquisitions began in 2024, with approximately 40 acquisitions expected in 2025, marking a ten-year high [11][12]. Group 2: Premium Income Growth - In the first eleven months of 2025, insurance companies reported premium income of 5.76 trillion, a 7.56% increase compared to the same period in 2024 [3][14]. - Life insurance premiums reached 4.42 trillion, up 9.2% year-on-year, while property insurance premiums totaled 1.34 trillion, a 2.48% increase [3][14]. - China Life's premium income surpassed 700 billion in the first eleven months of 2025, with New China Life reporting a full-year premium income of 195.9 billion in the previous year, reflecting a 15% growth [3][14]. Group 3: Asset and Liability Management - The rapid growth of liabilities in insurance companies necessitates matching quality assets in the market [4][15]. - Unlike insurance companies, banks have shorter liability durations, with most deposits maturing within 1 to 3 years, allowing for quicker adjustments in a declining interest rate environment [4][15]. - By mid-2025, the average net investment return for listed insurance companies is projected to approach the cost of guaranteed liabilities, indicating a concerning downward trend [4][16]. Group 4: Stock Investment Trends - Low-valuation, high-dividend, and high-reliability companies are becoming preferred investment targets for insurance companies, as their dividend yields surpass bond returns [6][18]. - By mid-2025, the total stock investment of the five major listed insurance companies reached 1.85 trillion, accounting for 10.35% of total investment assets [6][18]. - China Life led with a stock investment of 620.1 billion, representing 11.83% of its total assets, followed by New China Life with 199.2 billion, or 11.63% [19]. Group 5: Future Projections - By the end of 2024, insurance companies are expected to have invested 2.43 trillion in stocks, with a projected increase to 5.2 trillion by the end of 2026 if stock investment ratios rise to 11.5% [20]. - If the stock investment ratio only increases to 10%, the total investment could still reach 4.5 trillion, reflecting an increase of 880 billion from the previous year [20]. - High-dividend stocks are anticipated to remain a primary investment direction for insurance capital in 2026, serving as a safety net for equity investments [10][20].

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。 中国太平洋保险（集团）股份有限公司 保费收入公告 证券代码：601601 证券简称：中国太保 公告编号：2026-001 重要提示 上述累计原保险保费收入数据未经审计，提请投资者注意。 特此公告。 中国太平洋保险（集团）股份有限公司董事会 2026 年 1 月 20 日 于 2025 年 1 月 1 日至 2025 年 12 月 31 日期间，本公司子公司中 国太平洋人寿保险股份有限公司（以下简称"太保寿险"）累计原保险 保费收入为人民币 2,581.15 亿元，同比增长 8.1%，本公司子公司中国 太平洋财产保险股份有限公司（以下简称"太保产险"）累计原保险保 费收入为人民币 2,035.61 亿元，同比增长 0.2%，分类明细如下： 单位：人民币百万元 | 太保寿险 | 年 2025 | 月 1-12 | 同比变动 | | --- | --- | --- | --- | | 原保险保费收入合计 | | 258,115 | 8.1% | | 代理人渠道 | | 182,751 ...

Core Viewpoint - China Pacific Insurance (601601.SH) reported a cumulative original insurance premium income of RMB 258.115 billion for its subsidiary China Pacific Life Insurance Co., Ltd. (referred to as "CPIC Life") from January 1, 2025, to December 31, 2025, representing a year-on-year growth of 8.1% [1] - The company's other subsidiary, China Pacific Property Insurance Co., Ltd. (referred to as "CPIC Property"), recorded a cumulative original insurance premium income of RMB 203.561 billion, with a year-on-year growth of 0.2% [1] Group 1 - CPIC Life's premium income reached RMB 258.115 billion, showing an 8.1% increase compared to the previous year [1] - CPIC Property's premium income totaled RMB 203.561 billion, reflecting a modest growth of 0.2% year-on-year [1]

中国太保公告，2025年1月1日至2025年12月31日期间，公司子公司中国太平洋人寿保险股份有限公司 （简称"太保寿险"）累计原保险保费收入为人民币2581.15亿元，同比增长8.1%，公司子公司中国太平 洋财产保险股份有限公司（简称"太保产险"）累计原保险保费收入为人民币2035.61亿元，同比增长 0.2%。 ...

Core Viewpoint - China Pacific Insurance (601601.SH) reported a cumulative original insurance premium income of RMB 258.115 billion for its life insurance subsidiary, China Pacific Life Insurance Co., Ltd. (referred to as "CPIC Life"), for the period from January 1, 2025, to December 31, 2025, representing a year-on-year growth of 8.1% [1] - The property insurance subsidiary, China Pacific Property Insurance Co., Ltd. (referred to as "CPIC Property"), recorded a cumulative original insurance premium income of RMB 203.561 billion, with a slight year-on-year increase of 0.2% [1] Summary by Category Life Insurance - CPIC Life's cumulative original insurance premium income reached RMB 258.115 billion for 2025, showing an 8.1% increase compared to the previous year [1] Property Insurance - CPIC Property's cumulative original insurance premium income was RMB 203.561 billion for 2025, reflecting a modest growth of 0.2% year-on-year [1]

Core Viewpoint - The insurance sector experienced a slight decline of 0.14% on January 19, with New China Life Insurance leading the drop, while the overall market indices showed modest gains [1] Group 1: Market Performance - The Shanghai Composite Index closed at 4114.0, up by 0.29% [1] - The Shenzhen Component Index closed at 14294.05, up by 0.09% [1] Group 2: Individual Stock Performance - China Life Insurance (601628) closed at 47.52 with no change [1] - China Pacific Insurance (601601) closed at 44.09, down by 0.23% [1] - China Ping An (601318) closed at 66.30, down by 0.05% [1] - New China Life Insurance (601336) closed at 80.71, down by 1.68% [1] - China Reinsurance (601319) closed at 9.31, up by 0.11% [1] Group 3: Fund Flow Analysis - The insurance sector saw a net outflow of 290 million yuan from institutional investors, while retail investors had a net inflow of 340 million yuan [1] - The detailed fund flow for individual stocks indicates that China Life Insurance had a net inflow of 28.79 million yuan from institutional investors [2] - New China Life Insurance experienced a significant net outflow of 192 million yuan from institutional investors [2]

Core Viewpoint - The insurance sector is experiencing a significant rebound at the beginning of 2026, with insurance stocks rising sharply and sales of insurance products improving due to low deposit rates and favorable market conditions [1][19]. Group 1: Stock Performance - Insurance stocks have seen substantial gains, with New China Life leading with a 17.78% increase as of January 16, 2026. The top five listed insurance companies have all recorded double-digit growth over the past three months, with increases ranging from 10.32% to 23.83% [2][20]. - Historical data indicates that since 2014, there have been five notable bullish trends in the insurance sector, with stock market performance being a key catalyst for these trends [2][20]. Group 2: Sales Performance - The insurance industry is witnessing a resurgence in sales, with reports of significant premium collections, such as one company surpassing 3 billion yuan in first-year premium within four days after New Year [5][23]. - The total insurance premium income in China reached 5.76 trillion yuan by November 2025, marking an increase of 400 billion yuan from the previous year [5][23]. Group 3: Product Trends - The rise in sales is attributed to the popularity of participating insurance products, which combine protection and investment features. These products have become attractive due to their lower guaranteed rates and the current low-interest environment [6][24]. - Major insurance companies are focusing on participating insurance products, with new offerings featuring guaranteed rates around 1.75% and projected returns between 3.5% and 3.9% [7][25]. Group 4: Investment Performance - The total investment income of listed insurance companies reached 887.5 billion yuan in the first three quarters of 2025, reflecting a year-on-year increase of 35.64% [10][28]. - The investment strategies of insurance companies have shifted towards equities, with significant increases in stock and equity fund investments, particularly for companies like China Life and Ping An [12][30]. Group 5: Future Outlook - Analysts express optimism about the continued strength of insurance stocks in 2026, driven by robust premium growth and improved business quality, alongside favorable investment conditions [16][34]. - However, challenges remain, particularly regarding the long-term risks associated with interest rate spreads and the need for insurance companies to diversify their product offerings and improve customer satisfaction [16][35].

Core Viewpoint - The insurance sector is poised for strategic investment opportunities due to the growth in net assets and investment returns, supported by shifts in resident savings towards insurance assets, alongside favorable policies [1][9]. Group 1: Performance Metrics - The insurance index is projected to rise by 31.31% in 2025, outperforming other financial sectors such as banking (12.04%) and brokerage (4.05%) [1]. - Individual stocks like New China Life, Ping An, China Pacific Insurance, China Life, and China Property & Casualty are expected to see significant increases in their stock prices, with respective gains of 46.03%, 35.87%, 26.6%, 21.21%, and 10.39% in 2025 [1]. - The A-share insurance sector is anticipated to maintain strong performance into 2026, with continued growth in the liability side and improved investment returns on the asset side [1]. Group 2: Liability Side Developments - The transformation of participating insurance products is enhancing competitiveness, attracting funds due to their "guaranteed + floating" return characteristics amid declining bank deposit rates [2][10]. - The ongoing shift in resident deposits and the reduction in large bank certificates of deposit are expected to further expand the growth of the insurance liability side [2][11]. - The demand for pension and health protection is driving the appeal of insurance products, which are expected to capture a larger share of resident savings and fixed-income investments [2][12]. Group 3: Asset Side Strategies - Insurers are increasing their allocation to equity assets due to pressure on interest margins and the challenges of bond yields not covering the costs of new premium inflows [5][14]. - The need for higher investment returns is pushing insurers to enhance their equity investment capabilities, especially as the industry transitions to a full-scale transformation of participating insurance by 2027 [5][15]. - The long-term trend indicates a significant increase in the proportion of equity investments within insurance portfolios, driven by the need for better returns [5][15]. Group 4: Policy Environment - Regulatory policies since September 2024 have encouraged insurance capital to enter the market, with expectations of substantial annual inflows into A-shares [7][16]. - The introduction of structural easing policies aims to optimize asset allocation and reduce capital requirements for insurance companies, supporting long-term market stability [7][16]. - The focus on nurturing patient capital and guiding long-term investments is expected to stabilize the capital market, with a particular emphasis on technology sectors for potential high returns [8][17].