重要提示 证券代码：601601 证券简称：中国太保 公告编号：2025-059 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 第十届董事会第十八次会议决议公告 本公司第十届董事会第十八次会议通知于 2025 年 10 月 16 日以书面方式发 出，并于 2025 年 10 月 30 日在上海召开。会议由傅帆董事长主持。应出席会议 的董事 13 人，亲自出席会议的董事 12 人。其中，赵永刚董事因其他公务无法出 席会议，书面委托傅帆董事长出席会议并表决。本公司监事、部分高级管理人员 和董事会秘书列席了会议。本次董事会会议出席人数符合法定人数要求，会议召 开符合《公司法》及《公司章程》的有关规定。 经与会董事审议并现场表决，形成以下会议决议： 一、审议并通过了《关于<中国太平洋保险（集团）股份有限公司 2025 年 第三季度报告>的议案》 具体内容详见本公司于同日在上海证券交易所网站（www.sse.com.cn）披露 的《中国太平洋保险（集团）股份有限公司 2025 年第三季度报告》。 本 ...

Core Insights - China Pacific Insurance (Group) Co., Ltd. reported its Q3 2025 results, showing a slight increase in premium income and a decrease in non-auto insurance premiums [1] Group 1: Financial Performance - For the first three quarters of 2025, the company achieved original insurance premium income of 160.206 billion yuan, representing a year-on-year growth of 0.1% [1] - The auto insurance segment generated original premium income of 80.461 billion yuan, with a year-on-year increase of 2.9% [1] - Non-auto insurance original premium income was 79.745 billion yuan, reflecting a year-on-year decline of 2.6% [1] - Insurance service income reached 150.806 billion yuan, marking a year-on-year growth of 3.5% [1] - The combined underwriting cost ratio stood at 97.6%, a decrease of 1.0 percentage point year-on-year [1]

北京商报讯（记者 胡永新）10月30日，中国太平洋保险（集团）股份有限公司发布2025年第三季度报 告。报告显示，2025年前三季度，集团实现净利润457亿元，同比增长19.3%；营运利润284.74亿元，同 比增长7.4%。 ...

Core Viewpoint - China Pacific Insurance (Group) Co., Ltd. reported stable performance in its life insurance segment for the first three quarters of 2025, with a consistent number of insurance agents and improved productivity [1] Group 1: Company Performance - The average number of insurance marketing agents remained stable at 181,000, showing a year-on-year change of approximately 0% [1] - The productivity of the sales team improved, with the average monthly first-year premium per capita reaching 71,000 yuan, reflecting a year-on-year increase of 16.6% [1]

Financial Data and Key Metrics Changes - The company's insurance revenue reached ¥216 billion, reflecting a year-on-year increase of 3.6% [1] - Net profit rose to ¥45.7 billion, up 19.3% year-on-year, while OPAT stood at ¥28.4 billion, an increase of 7.4% [2][6] - Investment assets approached ¥3 trillion, marking an 8.8% year-on-year growth, with an annualized net investment yield of 2.6%, down 0.3 percentage points [6] Business Line Data and Key Metrics Changes - CPIC Life's total premium income was ¥263.8 billion, up 14.2%, with new business value increasing by 31.2% to ¥15.3 billion [2] - The agency channel's premium income was ¥184.3 billion, a 2.9% increase, while the bank channel delivered ¥58.3 billion in gross written premiums, up 63.3% [3][4] - CPIC P&C recorded gross written premiums of ¥160.2 billion, a slight increase of 0.1%, with auto insurance premiums at ¥80.46 billion, up 2.9% [5] Market Data and Key Metrics Changes - The share of mid to high-end customers in the agency channel grew by 4.8% year-on-year [3] - The bank channel's regular premium new business reached ¥15.9 billion, up 43.6% year-on-year [4] - The combined ratio for CPIC P&C was 97.6%, down 1 percentage point year-on-year [5] Company Strategy and Development Direction - The company aims to enhance its capabilities to create value and focus on five financial priorities in China's financial market [6] - CPIC Life plans to diversify its product offerings, including unit-linked products for high net worth customers [10] - The bank channel will continue to focus on wealth management and health and retirement needs, empowered by digitization [3][4] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving positive growth in regular premium business, projecting a growth rate of 5% to 10% for 2026 [9] - The company anticipates that the health insurance segment will see significant growth due to strong customer demand and supportive government policies [22] - The investment strategy will remain cautious, focusing on high-dividend stocks and innovative fixed income assets to enhance yields [14][19] Other Important Information - The agency channel's total headcount remained stable at 181,000 agents, with a monthly average first-year premium per agent of ¥71,000, up 16.6% year-on-year [3] - The company issued ¥15 billion in convertible bonds to support capital needs and maintain a strong solvency ratio [31] Q&A Session Summary Question: Outlook for liability side and agency channel performance - Management expects regular premium business to grow by 5% to 10% next year, with agency new business value also projected to grow positively [9][10] Question: Investment strategy and future yield outlook - The company plans to maintain a balanced strategy between TPL and OCI, focusing on high-quality growth and prudent investment in equities [19][20] Question: Growth in health insurance products - The company will enhance its health insurance offerings, driven by government support and customer demand, with a focus on critical illness and long-term care products [22][23] Question: Combined ratio breakdown and challenges - The combined ratio was impacted by new energy vehicle uncertainties and credit guarantee business, with expectations for improvement in the overall year [25] Question: Agency headcount and productivity - The agency channel's headcount is expected to stabilize, with productivity improvements noted among core agents [26][27] Question: Bond investment strategy and duration management - The company is extending its allocation into long-term bonds and exploring innovative fixed income assets to manage duration risks effectively [36][37]

Core Insights - China Pacific Insurance (CPIC) reported a revenue of 344.9 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 11.1% [1] - The net profit reached 45.7 billion yuan, with a year-on-year increase of 19.3% [1] - Basic earnings per share stood at 4.75 yuan [1] Life Insurance Segment - CPIC's life insurance segment achieved a premium income of 263.9 billion yuan, reflecting a year-on-year growth of 14.2% [1] - The new business value was 15.4 billion yuan, up 7.7% year-on-year, with a comparable growth of 31.2% [1] - Insurance service revenue in this segment was 63.98 billion yuan, marking a 2.6% increase year-on-year [1] Property Insurance Segment - The property insurance segment reported a premium income of 160.2 billion yuan, showing a slight year-on-year growth of 0.1% [1] - The premium income from auto insurance was 80.5 billion yuan, with a year-on-year increase of 2.9% [1] - Non-auto insurance premium income was 79.7 billion yuan, which saw a decline of 2.6% year-on-year [1] - Insurance service revenue in this segment reached 150.8 billion yuan, up 3.5% year-on-year [1] - The combined underwriting cost ratio was 97.6%, a decrease of 1.0 percentage point year-on-year [1]

Core Insights - China Pacific Insurance (CPIC) reported a revenue of 344.9 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 11.1% [1] - The net profit for the same period reached 45.7 billion yuan, with a year-on-year increase of 19.3% [1] - Basic earnings per share stood at 4.75 yuan [1] Group 1: Life Insurance Performance - CPIC Life Insurance achieved a premium income of 263.9 billion yuan, reflecting a year-on-year growth of 14.2% [1] - The new business value was reported at 15.4 billion yuan, which is a 7.7% increase year-on-year, and a comparable growth of 31.2% [1] - Insurance service revenue from life insurance amounted to 63.98 billion yuan, up by 2.6% year-on-year [1] Group 2: Property Insurance Performance - CPIC Property Insurance recorded a gross premium income of 160.2 billion yuan, showing a slight year-on-year increase of 0.1% [1] - The premium income from auto insurance was 80.5 billion yuan, with a year-on-year growth of 2.9% [1] - Non-auto insurance premium income was 79.7 billion yuan, which represents a year-on-year decline of 2.6% [1] - The insurance service revenue from property insurance reached 150.8 billion yuan, marking a year-on-year increase of 3.5% [1] - The combined underwriting cost ratio was 97.6%, a decrease of 1.0 percentage point year-on-year [1]

Core Viewpoint - China Pacific Insurance (02601.HK) reported a 3.6% year-on-year increase in insurance service revenue for the first three quarters of 2025, amounting to 216.894 billion yuan, with a significant net profit growth of 19.3% to 45.7 billion yuan [1] Group 1: Insurance Service Revenue - The insurance service revenue for China Pacific Insurance reached 216.894 billion yuan, reflecting a 3.6% increase compared to the previous year [1] - China Pacific Life Insurance generated 63.980 billion yuan in insurance service revenue, up 2.6% year-on-year [1] - China Pacific Property Insurance achieved 150.806 billion yuan in insurance service revenue, marking a 3.5% increase year-on-year [1] Group 2: Profit and Business Growth - The group reported a net profit of 45.7 billion yuan, which is a 19.3% increase from the previous year [1] - China Pacific Life Insurance's premium income reached 263.863 billion yuan, showing a 14.2% year-on-year growth [1] - The new business value for China Pacific Life Insurance was 15.351 billion yuan, with a year-on-year increase of 7.7%, and a comparable growth of 31.2% [1]

中国太保10月30日公告，2025年第三季度实现营业收入1444.08亿元，同比增长24.60%；归属于上市公 司股东的净利润178.15亿元，同比增长35.20%；基本每股收益1.85元。前三季度实现营业收入3449.04亿 元，同比增长11.10%；归属于上市公司股东的净利润457亿元，同比增长19.30%；基本每股收益4.75 元。 ...

中国太平洋保险（集团）股份有限公司 CHINA PACIFIC INSURANCE (GROUP) CO., LTD. 2025 年第三季度报告 （股票代码：601601） §1 重要提示 1.1 本公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 本公司第十届董事会第十八次会议于 2025 年 10 月 30 日审议通过了本公司《2025 年第三季度报告》。应出席会议的董事 13 人，亲自出席会议的董事 12 人。其中，赵永 刚董事因其他公务无法出席会议，书面委托傅帆董事长出席会议并表决。 1.3 本公司 2025 年第三季度报告所载财务资料根据中国企业会计准则编制，且未经审计。 1.4 本公司负责人傅帆先生，主管会计工作负责人苏罡先生及会计机构负责人徐蓁女士保 证本季度报告中财务报告的真实、准确、完整。 | §1 | 重要提示 | 3 | | --- | --- | --- | | §2 | 主要财务数据 3 | | | §3 | 股东信息 | 4 | | §4 | 季度经营分析 5 | | | ...