金改前沿｜中国太保业绩会直击：新能源车险已盈利 坚持股息价值策略配置权益资产

Core Viewpoint - China Pacific Insurance (CPIC) reported a revenue of 200.5 billion yuan for the first half of 2025, marking a 3% year-on-year increase, and a net profit of 27.9 billion yuan, up 11% year-on-year [1] Group 1: Life Insurance Performance - The life insurance segment, which accounts for over 70% of CPIC's net profit, showed positive core operating indicators [2] - New business value reached 9.5 billion yuan, reflecting a 32.3% increase year-on-year, driven by significant growth in the bancassurance channel, which saw a 156.1% increase in new business value [2] - The contribution of individual insurance and bancassurance channels to new business value was 60% and 37.8%, respectively, indicating a more balanced structure [2] Group 2: Agent Channel Development - CPIC is focusing on building a professional and skilled agent workforce, with approximately 186,000 agents as of June, showing improved retention rates [3] - The "Great Health and Elderly Care" strategy is yielding results, with successful integration of insurance and elderly care services, exemplified by a fully occupied elderly care community in Nanjing [3] Group 3: New Energy Vehicle Insurance - CPIC's new energy vehicle insurance generated 10.6 billion yuan in premium income, increasing its share of total vehicle insurance premiums from 14.1% to 19.8% [4] - The profitability of new energy vehicle insurance has been achieved, although challenges remain due to high comprehensive costs, particularly for commercial vehicles [4][5] Group 4: Investment Strategy - As of June 2025, CPIC's total managed assets reached 3.77 trillion yuan, a 6.5% increase from the end of 2024, with investment assets growing by 7% to 2.92 trillion yuan [7] - The average investment return over the past decade has been 4.7%, with confidence in maintaining good performance in 2025 [7] - CPIC is focusing on long-term investments in equity assets, while also increasing allocations to innovative quality assets such as ABS and REITs [8]