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） 持續關連交易公告 為 重 續 原 框 架 協 議 項 下 之 交 易 及 規 管 與 華 寶 方 之 間 的 交 易，於2025 年04月29日（交 易 時 段 結 束 後），本 公 司 與 華 寶 信 託、華 寶 基 金 及 華 寶 證 券 訂 立 持 續 關 連 交 易 框 架 協 議，協 議 的 初 始 期 限 為2025年1月1日 至 2025年12月31日。於初始期限屆滿後，框架協議將自動續展一年的期限， 且 自 動 續 展 不 超 過 兩 次。 於 本 公 告 日，據 本 公 司 所 知，華 寶 投 資 控 制 本 公 司 約13.35% ...

Core Viewpoint - The performance of the five major listed insurance companies in A-shares showed a mixed trend in Q1 2025, with a total net profit of 841.76 billion yuan, reflecting a year-on-year growth of 1.4% despite a slowdown in industry premium growth [1][3]. Performance Analysis - The five listed insurance companies achieved a total net profit of 841.76 billion yuan, with China Life, Ping An, and PICC each exceeding 100 billion yuan in net profit, amounting to 288.02 billion yuan, 270.16 billion yuan, and 128.49 billion yuan respectively. China Pacific and Xinhua Insurance reported net profits of 96.27 billion yuan and 58.82 billion yuan [3][4]. - The net profit growth exhibited a "three up, two down" pattern, with PICC showing a remarkable growth rate of 43.4%, followed by China Life and Xinhua Insurance at 39.5% and 19.0% respectively. Conversely, China Pacific and Ping An experienced declines in net profit [3][4]. Investment Performance - Investment performance significantly influenced the earnings of listed insurance companies, with varying investment returns reported. Ping An achieved a non-annualized comprehensive investment return rate of 1.3%, while Xinhua Insurance reported a 5.7% annualized total investment return. In contrast, China Pacific's total investment return was only 1.0%, down 0.3 percentage points year-on-year [3][4]. - The stock market showed resilience amidst volatility, while the bond market experienced significant fluctuations, impacting the investment strategies of various insurance companies [4]. New Business Value - Despite challenges in the investment sector, the overall performance of life insurance business remained robust, with all companies reporting rapid growth in new business value. Ping An's new business value reached 128.91 billion yuan, up 34.9%, while China Pacific's life insurance new business value grew by 11.3% to 57.78 billion yuan. China Life reported a 4.8% increase in new business value compared to the same period in 2024 [6][7]. Cost Efficiency in Property Insurance - The three major property insurance companies (PICC, Ping An, and China Pacific) reported improved comprehensive cost ratios in Q1 2025. PICC's comprehensive cost ratio was 94.5%, down 3.4 percentage points year-on-year, while Ping An's was 96.6%, down 3.0 percentage points, and China Pacific's was 97.4%, down 0.6 percentage points [10][11]. - The reduction in comprehensive cost ratios was attributed to optimized expense inputs, improved business structures, and a decrease in major disaster losses year-on-year, enhancing underwriting profits [10][11].

Core Viewpoint - China Pacific Insurance's Q1 2025 performance slightly missed expectations, with a year-on-year decline in net profit primarily due to interest rate fluctuations and market volatility [1] Financial Performance - The company's net profit attributable to shareholders for Q1 2025 was 9.63 billion, down 18.1% year-on-year; the new business value (NBV) was 5.78 billion, up 39% year-on-year [1] - The net asset value decreased by 9.5% compared to the beginning of the year, influenced by changes in discount rates and interest rates [1] - The company's total investment income showed a non-annualized net return of 0.8% and a total investment return of 1.0%, remaining stable year-on-year [1] Business Segments - The growth rate of premium income varied across channels, with significant contributions from bancassurance, which saw a 130.7% increase in new single premium income [2] - The number of agents remained stable at 188,000, with a year-on-year increase of 1.1%, indicating effective recruitment and retention strategies [2] - The property and casualty insurance segment continued to grow, with premium income up 1.0% year-on-year, and the combined ratio (COR) improved to 97.4%, down 0.6 percentage points year-on-year [2] Investment Insights - The company's investment scale exceeded 2.81 trillion, up 2.8% from the beginning of the year, with a focus on high-dividend assets contributing to the growth of equity investments [3] - The total investment return is under pressure due to fluctuations in bond and stock valuations, but the company expects to smooth out market volatility through increased OCI [3] Future Outlook - The company maintains a strong recommendation rating, anticipating steady growth in NBV and underwriting profits, despite short-term investment pressures [3] - Projected net profits for 2025-2027 are 49.8 billion, 54.5 billion, and 59.0 billion, with growth rates of 10.8%, 9.3%, and 8.2% respectively [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company experienced a 1.8% year-on-year decline in operating revenue due to fluctuations in the bond market in the first quarter. Investment-related income decreased by 15.9%, with fair value changes dropping by 89.0%. However, insurance service revenue grew by 3.9% year-on-year, reaching 695.5 billion yuan [1] - The individual life insurance channel showed steady growth, with premium income of 82.87 billion yuan, and the proportion of participating insurance in new business premiums increased significantly by 16.1 percentage points to 18.2% [2] - The property insurance segment saw a 1.0% increase in premium income, totaling 63.108 billion yuan, while the combined ratio (COR) improved by 0.6 percentage points to 97.4% [2] - The company's investment strategy demonstrated resilience, maintaining a net investment yield of 0.8% year-on-year, despite market volatility. Total investment yield decreased by 0.3 percentage points to 1.0% [3] - The company maintains its earnings forecast for 2025 to 2027, projecting EPS of 4.77, 4.90, and 5.08 yuan per share, with current stock prices corresponding to P/EV ratios of 0.46, 0.40, and 0.35 [3] Financial Forecasts - The projected operating revenue for 2025 is 412.823 billion yuan, reflecting a 2.16% increase from 2024 [4] - The forecasted net profit attributable to the parent company for 2025 is 45.924 billion yuan, with a year-on-year growth of 2.14% [4] - The diluted EPS is expected to be 4.77 yuan for 2025, with a steady increase projected in subsequent years [4] - The company's price-to-earnings (P/E) ratio is forecasted to decrease from 10.89 in 2023 to 6.46 in 2025, indicating potential undervaluation [8]

南方财经全媒体记者 林汉垚 北京报道 2025年4月，孙俪主演的职场剧《蛮好的人生》在央视八套热播，剧中以保险行业为叙事核心，展现了 一名39岁保险从业者胡曼黎（孙俪饰）在职业与人生困境中的突围。剧中女主角保险销售胡曼黎为促成 大单在客户不知情情况下赠送意外险，甚至要求理赔部门开后门处理理赔等夸张剧情引发从业者质疑。 几乎同步，国家金融监管总局于4月18日发布《关于推动深化人身保险行业个人营销体制改革的通知》 （以下简称《通知》），通过制度规范督促保险公司加强对保险销售人员的约束和引导，推动个人代理 渠道转型升级，剧中胡曼黎所展现的行业乱象在现实中正在被政策顶层设计所纠正。 《蛮好的人生》撕开行业遮羞布 《蛮好的人生》中，胡曼黎自掏腰包为客户父亲投保五年，并在客户父亲意外骨折后为其理赔最终拿下 客户大额保单的剧情被业内人士痛批细节失真。但胡曼黎通过送礼、为客户提供"保姆式服务"获得保单 等戏剧化桥段却暴露了传统代理人模式以人情营销掩盖专业短板，以短期业绩牺牲长期信任的痼疾。 据了解，在现实生活中，代理人制度在1992年由友邦保险引入，随后，该制度被国内险企快速复制。 1994年，中国平安率先引入个人保险代理人 ...

证券代码：601601 证券简称：中国太保 公告编号：2025-021 重要提示 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 关于独立董事任职资格获核准的公告 本公司近日收到国家金融监督管理总局（以下简称"金融监管总 局"）《关于陈欣中国太平洋保险（集团）股份有限公司独立董事任 职资格的批复》（金复〔2025〕255 号）。金融监管总局已核准了陈 欣女士担任本公司独立董事的任职资格。自此，陈欣女士接替刘晓丹 女士正式担任本公司第十届董事会独立董事。同日，刘晓丹女士退任 董事职务。 特此公告。 中国太平洋保险（集团）股份有限公司董事会 2025 年 4 月 29 日 ...

Core Viewpoint - The official opening of the Taibao Home Beijing International Elderly Care Community Experience Center marks a significant step in the development of the "insurance + health care" ecosystem in the Beijing-Tianjin-Hebei region, enhancing the integration of industry and services and promoting high-quality development of insurance business [4][9]. Group 1: Project Overview - The Taibao Home Beijing International Elderly Care Community is located in the core area of Yizhuang New City, with convenient transportation and complete facilities, only 200 meters from the Yizhuang Line Jiukou subway station [6]. - The project plans to provide over 800 elderly care beds by the end of 2025, addressing the lack of high-quality elderly care institutions in the southern Beijing area [6]. - The experience center spans over 4,000 square meters, featuring a modern interior design that integrates elements of both Shanghai and traditional Beijing architecture, showcasing the unique cultural blend of the community [6][7]. Group 2: Services and Activities - The experience center includes various facilities such as a French salon for social interaction, a tea house, a theater, KTV, and a chess room, with plans to host diverse activities like non-heritage handicrafts, calligraphy, tea ceremonies, Tai Chi, and flower arrangement [7]. - A healing space in collaboration with Yunnan Baiyao is available, equipped with integrated health management devices, offering services such as brain health screening and management of sleep disorders [7]. Group 3: Strategic Development - China Taibao has launched three major strategies: large-scale health care, "AI+", and internationalization, focusing on customer needs and enhancing the integration of industry and services [9]. - The comprehensive solution of "insurance products + elderly care community + professional services" has led to a steady increase in the number of qualified clients in the Beijing area, ranking among the top three nationwide for China Taibao Life Insurance [9][12]. - The opening of the experience center is expected to enhance customer engagement and channel transformation, contributing to the implementation of the "North Star Plan" and improving market competitiveness in the Beijing region [12].

Investment Rating - The investment rating for China Pacific Insurance (601601.SH) is maintained as "Buy" [1] Core Views - The report indicates that the company's Q1 2025 net profit attributable to shareholders is 9.63 billion, a year-on-year decrease of 18.1%, primarily due to fluctuations in the bond market affecting investment income [4] - The new business value (NBV) for Q1 2025 is reported at 5.78 billion, reflecting a year-on-year growth of 11.3%, driven by strong growth in the bancassurance channel [4][5] - The report maintains the forecast for NBV in 2025 at 14.56 billion, representing a year-on-year increase of 9.8% [4] Financial Performance Summary - Q1 2025 net profit attributable to shareholders decreased by 18.1% year-on-year to 9.63 billion, with insurance service performance at 8.6 billion, down 10.8% year-on-year, and investment service performance at 5 billion, down 16% year-on-year [4] - The company's total assets at the end of Q1 2025 are reported at 2.81 trillion, with a net investment yield of 0.8%, unchanged year-on-year [6] - The insurance service revenue for 2025 is projected to be 297.2 billion, with a year-on-year growth of 6.3% [7] Business Segment Insights - The bancassurance channel saw a significant increase, with new single premiums reaching 20.1 billion, up 131% year-on-year, while individual insurance new premiums decreased by 15% to 13.7 billion [5] - The property and casualty insurance segment achieved a premium income of 63.1 billion, a year-on-year increase of 1.0%, with a combined ratio of 97.4%, down 0.6 percentage points year-on-year [6] Valuation Metrics - The report indicates that the current stock price corresponds to a price-to-embedded value (PEV) of 0.49 for 2025, 0.45 for 2026, and 0.41 for 2027, with a dividend yield of 3.5% [4] - The forecasted return on equity (ROE) for 2025 is 13.74%, with a projected net profit of 48.52 billion, reflecting a year-on-year growth of 7.9% [7]

Investment Rating - The report maintains a "Buy" rating for China Pacific Insurance (601601) [7] Core Insights - In Q1 2025, China Pacific Insurance achieved a significant increase in new insurance premiums through the bancassurance channel, with new single premiums growing by 130.7% year-on-year [7] - The company's total investment yield has declined, primarily due to fluctuations in bond rates affecting the fair value of FVTPL bond assets [7] - The report highlights a robust performance in life insurance, with a new business value (NBV) growth of 11.3% year-on-year, and a comparable growth of 39.0% [7] Summary by Relevant Sections Financial Performance - In Q1 2025, insurance service revenue reached 695.50 billion yuan, a year-on-year increase of 3.9%, while total revenue was 937.17 billion yuan, down 1.8% year-on-year. Net profit was 96.27 billion yuan, reflecting an 18.1% decline year-on-year [5] - The total investment assets amounted to 2.81 trillion yuan, growing by 2.8% from the previous year [7] Business Segments - Life Insurance: The scale premium reached 1,184.22 billion yuan, up 11.8% year-on-year, with new business value at 57.78 billion yuan, marking an 11.3% increase [7] - Property Insurance: The original insurance premium income was 631.08 billion yuan, a 1.0% increase year-on-year, with a combined underwriting cost ratio of 97.4%, down 0.6 percentage points [7] Investment Outlook - The report projects a net profit of 452.11 billion yuan for 2025, with a price-to-earnings value (PEV) of 0.53 as of April 25 [7][8]

Investment Rating - The report maintains a "Buy" rating for China Pacific Insurance (601601.SH) with a current price of 30.82 CNY [5]. Core Insights - In Q1 2025, China Pacific Insurance reported operating revenue of 93.717 billion CNY, a year-on-year decrease of 1.8%, and a net profit attributable to shareholders of 9.627 billion CNY, down 18.1% year-on-year [3]. - The decline in net profit is primarily attributed to fluctuations in capital markets affecting fair value changes, with fair value change gains of 1.655 billion CNY in Q1 2025 compared to 15.104 billion CNY in Q1 2024 [3]. - The life insurance segment shows positive performance with a new business value (NBV) of 5.778 billion CNY, an increase of 11.3% year-on-year, and a 39.0% increase on a comparable basis [3]. - The individual insurance channel maintains a stable workforce, with a total workforce of 188,000, up 1.1% year-on-year, and a 13-month new employee retention rate up by 4.8 percentage points [3]. - The bancassurance channel saw significant growth, with premium income increasing by 107.8% year-on-year to 25.722 billion CNY [3]. - The property insurance segment experienced a slight premium growth of 1.0% year-on-year, totaling 63.108 billion CNY, with a combined ratio (COR) improving by 0.6 percentage points to 97.4% [3][4]. Summary by Sections Life Insurance - The life insurance business remains robust, with the implementation of the "North Star Plan" showing positive results and an increase in the proportion of participating insurance products [3]. - The new business value (NBV) for Q1 2025 was 5.778 billion CNY, reflecting a strong growth trajectory [3]. Distribution Channels - The individual insurance channel's workforce is stable, and the bancassurance channel has shown remarkable growth in premium income [3]. Property Insurance - The property insurance segment has seen a slight increase in premium income and an improvement in the combined ratio, indicating a solid underwriting performance [3][4]. Asset Management - The investment yield has been slightly pressured due to market fluctuations, with a net investment yield of 0.8% and a total investment yield of 1.0% for Q1 2025 [4]. Financial Projections - The report projects earnings per share (EPS) for 2025 to be 4.11 CNY, with a price-to-earnings (P/E) ratio of 8 times [8].