Zheng Quan Zhi Xing·2025-08-29 17:12Core Viewpoint - China Pacific Insurance (Group) Co., Ltd. demonstrates strong solvency and profitability across its subsidiaries, with significant growth in premium income and net profit, indicating a robust financial position and effective risk management strategies [1][2][3]. Group Overview - The registered capital of China Pacific Insurance is 96.20 billion RMB, and it was established in May 1991 [1]. - The company operates in various insurance sectors, including life, property, and health insurance, and is involved in international reinsurance activities [1]. Financial Performance - In the first half of 2025, the life insurance segment reported a premium income of 168.01 billion RMB, a year-on-year increase of 9.7%, with a net profit of 20.658 billion RMB, up 3.0% [2]. - The property insurance segment achieved a premium income of 112.76 billion RMB, reflecting a 0.9% growth, and a net profit of 5.733 billion RMB, which is a 19.6% increase [2]. - The health insurance segment saw a revenue increase of 39.3%, with net profit rising significantly [2]. Solvency Ratios - As of June 2025, the comprehensive solvency adequacy ratio was 256%, and the core solvency adequacy ratio was 190%, both showing improvements from the previous year [3][4]. - The actual capital of the group reached 534.48 billion RMB, with a core capital of 343.49 billion RMB [3]. Risk Management - The company has established a comprehensive risk management framework, with a focus on maintaining solvency and managing various risks, including market and operational risks [6][7]. - The risk management strategy emphasizes a "prudent" risk preference, aiming for stable profitability and sustainable value growth while ensuring adequate liquidity [6][7]. Shareholder Structure - The total number of shares is approximately 9.62 billion, with significant shareholders including Hong Kong Central Clearing Limited and Shenergy Group [1][2]. - The company maintains a clear ownership structure, with no cross-holdings or violations of capital tool subscriptions among its subsidiaries [10][11]. Investment Strategy - The company is focusing on health, pension, and technology sectors for its investment strategy, aiming to enhance its competitive advantage in niche markets [12][13]. - A dedicated investment decision committee oversees major investment projects, ensuring compliance with regulatory requirements and internal risk preferences [12][13].