Zheng Quan Shi Bao·2025-08-29 02:09Core Viewpoint - China People's Insurance Company (CPIC) has reported strong half-year results, leading to significant stock price increases for both A-shares and H-shares, driven by robust financial performance and positive market conditions [1][3]. Financial Performance - CPIC's net profit attributable to shareholders for the first half of the year reached 26.53 billion yuan, a year-on-year increase of 16.9% [1]. - Insurance service revenue amounted to 280.25 billion yuan, reflecting a 7.1% growth year-on-year [1]. - Original insurance premium income was 454.63 billion yuan, up 6.4% compared to the previous year [1]. - As of June 30, total assets stood at 1.88 trillion yuan, with shareholder equity at 285.11 billion yuan, both showing growth [1]. Stock Performance - CPIC's H-shares have increased by 209% since 2020, while its property insurance H-shares rose by 184%, significantly outperforming peers and the market [3]. - The A-shares have seen a 54% increase over the past year, reaching a six-year high recently [3]. Dividend Policy - CPIC plans to distribute a cash dividend of 0.75 yuan per 10 shares, a 19% increase year-on-year, totaling 3.317 billion yuan [4]. Investment Strategy - The annualized total investment return rate is 5.1%, with a 42.7% year-on-year increase in total investment income to 41.478 billion yuan [6]. - The investment asset scale reached 1.76 trillion yuan, growing by 7.2% since the beginning of the year [6]. - CPIC is focusing on long-term stock investments and has received approval to establish a private fund management company to enhance its investment capabilities [6]. Property Insurance Performance - CPIC's property insurance segment reported original premium income of 323.28 billion yuan, capturing a market share of 33.5% [8]. - The combined cost ratio improved to 95.3%, the best level in nearly a decade, with underwriting profit increasing by 53.5% to 11.699 billion yuan [8]. International Expansion - CPIC is expanding its overseas insurance business, particularly in the electric vehicle insurance sector, with successful entries into Hong Kong and Thailand [11]. - The company aims to leverage its experience in these markets to explore opportunities in Southeast Asia, Europe, and South America [11]. Life Insurance Growth - The life insurance segment, including CPIC Life and CPIC Health, saw significant growth, with new business value increasing by 71.7% to 4.978 billion yuan [13]. - The bancassurance channel contributed significantly, with new business value from this channel growing by 107.7% [13]. - CPIC Health achieved a premium income of 40.7 billion yuan, marking a 12.2% increase, and a net profit of 5.1 billion yuan, up 49.6% [13].