Di Yi Cai Jing·2025-08-27 11:49Core Viewpoint - China Ping An's management expressed satisfaction with the company's performance in the first half of the year, highlighting stable overall performance, strong growth in core business, and ongoing innovation efforts [1] Financial Performance - In the first half of the year, China Ping An achieved an operating profit attributable to shareholders of 77.732 billion yuan, a year-on-year increase of 3.7%, and a net profit of 68.047 billion yuan [1] - The company declared an interim dividend of 0.95 yuan per share, representing a year-on-year growth of 2.2% [1] - The new business value of life and health insurance reached 22.335 billion yuan, a significant year-on-year increase of 39.8% [1] Business Growth Drivers - The growth in new business value was primarily driven by a nearly 170% increase in the bancassurance channel, double-digit growth in the agent channel, and continuous improvement in agent productivity [1] - The life insurance sector is entering a golden development period, becoming a cornerstone for wealth allocation among the middle class and above in China [2] - The company identified three key reform dividends driving business growth: multi-channel strategy, "product + service" differentiation, and AI technology empowerment [2][3] Investment Strategy - As of the end of the first half, China Ping An's investment fund size reached 6.2 trillion yuan, making it a significant institutional investor in the market [4] - The company increased its allocation to high-dividend, fundamentally sound stocks, with stock value accounting for 10.5% of total investment assets, up from 7.6% at the end of the previous year [5] - The non-annualized comprehensive investment return rate was 3.1%, an increase of 0.3 percentage points year-on-year, driven by dividend income from high-dividend equity assets [5] Future Outlook - Management plans to continue increasing equity allocations, expressing confidence in the future based on regulatory support, market rule improvements, and the current valuation levels compared to global markets [5][6] - The investment focus will be on growth sectors representing new productive forces and high-dividend value stocks, adhering to the "three Cs" principle: reliable operations, expected growth, and sustainable dividends [6] - The company has received approval for long-term investment trials for insurance funds, with private equity investment funds currently in the registration process [6]