Di Yi Cai Jing·2025-08-28 14:27Core Viewpoint - China Pacific Insurance (601601.SH, 02601.HK) reported a 3.0% year-on-year increase in operating revenue to CNY 200.5 billion and an 11.0% rise in net profit to CNY 27.9 billion for the first half of the year, highlighting the company's focus on operational profit as a more stable indicator under new accounting standards [2] Financial Performance - The company achieved a net profit of CNY 27.9 billion, up 11.0% year-on-year [2] - Operating profit for the first half was CNY 19.9 billion, reflecting a 7.1% increase [2] - Dividend policy is now based on operating profit growth rather than net profit [2] New Business Value - New business value surged by 32.3% year-on-year, with a new business value rate of 15.0%, up 0.4 percentage points [2][3] - The bancassurance channel saw a significant growth of 82.6% in premium income, reaching CNY 41.7 billion [3] - The contribution of individual insurance and bancassurance channels to new business value was 60% and 37.8%, respectively [3] Investment Performance - Total investment yield was 2.3%, and comprehensive investment yield was 2.4%, both down by 0.4 and 0.6 percentage points year-on-year [3] - Net investment yield slightly decreased by 0.1 percentage points to 1.7% due to lower bond yields [4] - The company increased its equity asset allocation, with core equity (stocks and equity funds) rising to 11.8% of total assets [4] Dividend and Income - Dividend and stock income grew by 20.2% year-on-year, contributing 30% to net investment income of CNY 42.6 billion [4] - The company’s investment holdings are primarily concentrated in the financial, transportation, infrastructure, and energy sectors [4]