中国太平：分红险转型成效显著，上半年净利润同比增长12.2%

Core Insights - China Taiping reported a solid performance for the first half of the year, with a net profit attributable to shareholders of HKD 6.764 billion, representing a year-on-year increase of 12.2% driven by improved insurance services [1] Business Segment Performance - The three main business segments of China Taiping exhibited differentiated growth, with life insurance continuing to serve as a stabilizing force, generating a profit of HKD 8.278 billion, up 5.5% year-on-year [2] - The domestic property insurance segment showed remarkable performance, achieving a profit of HKD 686 million, a significant increase of 84.9%, with a combined cost ratio of 95.5%, improving by 1.5 percentage points year-on-year [2] - The reinsurance segment also recorded substantial growth, with a profit of HKD 872 million, up 74.8%, maintaining a favorable combined cost ratio of 93.8% [2] - In the life insurance sector, the transformation towards dividend insurance has been effective, accounting for 87.1% of the first-year premium income for long-term insurance, leading to a new business value growth of 22.8% [2] Pension Business Growth - China Taiping's pension business saw significant growth, with total premium contributions from strategic partners reaching HKD 37.398 billion, and new pension contributions amounting to HKD 34.384 billion [3] - The second pillar annuity management asset balance increased by 11.5% compared to the end of the previous year, while the personal pension premium income surged by 84.5% [3] - The company has established 77 health and wellness communities across 28 provinces and 63 cities, contributing to new premium income of HKD 8.980 billion [3] Investment Performance - The net investment income for the first half of the year was HKD 25.268 billion, reflecting a year-on-year growth of 3.1%, primarily due to increased dividend and fund distribution income [4] - Fixed income assets accounted for 84.5% of the investment portfolio, an increase of 1.7 percentage points from the previous year, with high credit quality bonds making up 99.8% of domestic bond investments [4] - Real estate debt financial products represent a minimal portion of total assets at 0.8%, with a focus on high credit ratings and strong repayment capabilities from financing entities [4]