2 1 Shi Ji Jing Ji Bao Dao·2025-08-28 14:15Core Insights - China Pacific Insurance (CPIC) reported a total revenue of approximately 200.5 billion yuan for the first half of 2025, marking a year-on-year increase of 3% [1] - The net profit attributable to shareholders reached approximately 27.9 billion yuan, reflecting an 11% year-on-year growth [1] - As of June 30, 2025, total assets amounted to approximately 3.03 trillion yuan, a 6.9% increase from the beginning of the year, while net assets decreased by 3.3% to 281.9 billion yuan [1] Life Insurance Business - In the first half of 2025, CPIC's life insurance segment achieved a premium income of 193.5 billion yuan, a 13.1% increase year-on-year [2] - The new business value reached 9.5 billion yuan, with a comparable year-on-year growth of 32.3%, and the new business value margin improved by 0.4 percentage points to 15.0% [2] - Net profit from the life insurance segment was 20.7 billion yuan, up 3.2% year-on-year, while operating profit increased by 5.0% to 15.0 billion yuan [2] Premium Income Breakdown - The premium income from the agent channel was 137.4 billion yuan, a slight increase of 0.9% year-on-year, while the bank insurance channel saw a significant growth of 82.6% to 41.7 billion yuan [3] - The group and government channel generated 12.9 billion yuan in premium income, reflecting a 9.7% increase year-on-year [3] - Other channels experienced a remarkable growth of 478.2%, contributing 1.5 billion yuan to the total premium income [3] New Business Value Growth - The contribution of individual insurance and bank insurance channels to new business value was 60% and 37.8%, respectively, indicating a more balanced structure [4] - The proportion of participating insurance in new business premium income increased to 42.5%, with agents contributing 51.0% of new business premium income in this category [5] - The average first-year premium per core staff member increased by 12.7% to 72,870 yuan [5] Property Insurance Business - CPIC's property insurance segment reported a premium income of 112.8 billion yuan, a 0.9% increase year-on-year, with insurance service income rising by 4.0% to 96.8 billion yuan [6] - The underwriting profit reached 3.6 billion yuan, a significant year-on-year increase of 30.9%, with a comprehensive cost ratio of 96.3%, down 0.8 percentage points [6] - The comprehensive loss ratio was 69.5%, a decrease of 0.1 percentage points, while the comprehensive expense ratio fell by 0.7 percentage points to 26.8% [6] Dividend Policy - CPIC distributed cash dividends exceeding 10.3 billion yuan for the 2024 fiscal year and has established a long-term dividend policy based on the growth rate of operating profit attributable to shareholders [6]