Core Viewpoint - China Ping An's management is satisfied with the company's half-year performance, highlighting significant growth in new business value and premium income despite industry challenges [1][2]. Group 1: Business Performance - The new business value of life insurance grew nearly 40%, while property insurance premium income increased by 7.1% [1]. - The contribution of new business value from bancassurance and community channels exceeded one-third of the total [4]. Group 2: Strategic Initiatives - The company has not experienced "interest spread loss," "expense spread loss," or "mortality spread loss," indicating positive contributions from these areas [2]. - The strategy involves three steps: enhancing new business embedded value, improving investment return rates, and increasing the margin of new business value, while also reducing expense ratios and claims ratios [2][3]. Group 3: Technology and Innovation - The company is leveraging AI for comprehensive digital transformation, enhancing efficiency across marketing, customer service, operations, and management [3]. - The focus on technology aims to optimize the entire value chain, improving customer acquisition and operational efficiency [3]. Group 4: Channel Development - The agent team has shown a steady growth of 17%, with per capita new business value increasing by 21.6% [5]. - Community financial channels, although smaller, have experienced a remarkable growth rate of 160% and are expected to be a core growth driver by 2027 [5]. Group 5: Product Strategy - The company is transitioning from traditional insurance to participating insurance, with participating insurance accounting for 40% of individual insurance [7]. - Adjustments in product pricing are planned, with new product launches scheduled for September, including 24 main products [8].

寿险新业务价值增长近40%、财险原保费收入增长7.1%——中国平安（601318）管理层显然对公司的这 份半年度"答卷"较为满意。 近日，中国平安联席CEO郭晓涛接受证券时报记者采访时表示，低利率时代，保险企业普遍面临"利差 损"的压力，但平安没有利差损，也没有费差损和死差损，"三差"对平安来说都是正贡献。 "对寿险经营来说，首要核心就是提高销售价值、回报率和新业务价值率，同时降低费用率且在应赔尽 赔的前提下降低赔付率；其次是加强资产负债的精细化匹配程度，包括久期、账户、产品、现金流等； 最后是科技赋能，通过全面智能化把价值链上的每个环节都做好。"郭晓涛如是说。 郭晓涛还表示，对明年的银保渠道和社区等创新渠道有着更高的预期，并对寿险多渠道轮动和全年表现 充满信心。 今年上半年，银保与社区等渠道带来的寿险新业务价值出现爆发式增长，对中国平安新业务价值的贡献 占比超过了三分之一。 郭晓涛称，目前寿险渠道在轮动，对银保和社区等渠道的明年表现有更高的预期。 他表示，代理人队伍是基本盘，中国平安在这方面实现了17%的稳健增长，代理人人均新业务价值同比 则增长21.6%。银保渠道方面，除了平安银行，中国平安还加大了跟其他 ...

FF305 FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 中国平安保险（集团）股份有限公司 呈交日期： 2025年9月3日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 A | | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | 601318 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 ...

Core Viewpoint - Ping An Life has been actively increasing its stake in various bank stocks, particularly Agricultural Bank of China, indicating a strategic shift towards more stable investments after previous significant losses in other sectors [1][5]. Group 1: Investment Activities - Ping An Life has made multiple acquisitions of Agricultural Bank of China H-shares, reaching a 15% stake as of August 26, 2023, marking the third time this year it has increased its holdings in this bank [1]. - In addition to Agricultural Bank, Ping An Life has also targeted Postal Savings Bank and China Merchants Bank, with significant increases in their respective H-share holdings [2]. - The company has shown a pattern of increasing stakes in bank stocks, with a notable focus on state-owned banks that offer low volatility and high dividend yields [8]. Group 2: Historical Context and Lessons Learned - Ping An Life has faced substantial losses in past investments, notably in Fortis Group and China Fortune Land Development, leading to a more cautious investment strategy [4][5]. - The departure of the Chief Investment Officer, Deng Bin, has left the position vacant for over six months, indicating potential instability in investment strategy [3]. - The company’s past experiences have prompted a shift towards more secure investments, as evidenced by its recent focus on bank stocks [5]. Group 3: Financial Performance - As of the latest report, Ping An's total investment assets amount to 6.2 trillion, with a stock investment book value of 649.3 billion and net investment income of 92.8 billion [8].

智通财经APP讯，中国平安(02318)发布公告，于2025年9月3日该公司注销1.03亿股已回购A股股份。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 中国平安保险（集团）股份有限公司 呈交日期： 2025年9月3日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 A | | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | 601318 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔 ...

Group 1 - The company announced that it will cancel 102,592,612 A-shares repurchased under the 2021 A-share repurchase plan on September 3, 2025 [2] - Following the cancellation, the total share capital of the company will decrease from 18,210,234,607 shares to 18,107,641,995 shares [2]

Core Viewpoint - The Jining Financial Regulatory Bureau approved the relocation of China Ping An Life Insurance Co., Ltd.'s Jining Weishan branch to a new address in Weishan County, Shandong Province [1] Group 1 - The new business location for China Ping An Life Insurance Co., Ltd. is specified as: 28-1-101-1 and 27-1-104, East Gate of Fengmao Pavilion, City Square, Weishan County, Jining City, Shandong Province [1] - The company is required to handle the change and obtain the necessary permits in accordance with relevant regulations [1]

Core Viewpoint - China Ping An Insurance (Group) Co., Ltd. announced the formal cancellation of 102,592,612 A-shares repurchased under the 2021 A-share repurchase plan, effective September 3, 2025, resulting in a total share capital reduction of approximately 1.03% [1] Summary by Sections Share Capital Changes - After the cancellation, the total share capital will decrease from 18,210,234,607 shares to 18,107,641,995 shares [1] - The number of domestic A-shares will reduce to 10,660,065,083 shares, adjusting the proportion of A-shares from 59.10% to 58.87% [1] - The number and proportion of foreign H-shares will remain unchanged [1] Approval and Procedures - The proposal for the cancellation of repurchased shares, reduction of registered capital, and amendment of the Articles of Association has been approved by the company's board of directors and class shareholder meetings [1] - The company has received approval from the National Financial Supervision Administration for the actions [1] - Subsequent legal procedures for the change of registered capital and amendment of the Articles of Association will be carried out [1]

Core Viewpoint - Morgan Stanley's research report indicates that the recent performance of domestic insurance stocks reflects positive signals such as a shift in reserve liabilities, improved asset-liability management, increased mid-term dividends, enhanced capital repayment, and strong operational conditions in both life and non-life insurance sectors [1] Group 1: Financial Performance - Domestic insurance stocks have shown a rebound this year, with current price levels corresponding to a projected price-to-earnings ratio of approximately 7 times for 2026 [1] - The expected dividend yield for these stocks is around 4%, indicating an improved risk-return profile [1] Group 2: Company Outlook - Morgan Stanley is optimistic about China Life and Ping An, anticipating continued strong performance in the third quarter [1] - The firm maintains an "overweight" rating for both companies, with target prices set at HKD 31 for China Life and HKD 80 for Ping An [1]