PICC(SH:601319) 券商中国·2025-08-29 01:49Core Viewpoint - China People's Insurance Company (CPIC) has shown strong performance in the first half of the year, with significant growth in net profit and insurance service revenue, leading to a rise in stock prices across its A and H shares [2][4]. Financial Performance - CPIC reported a net profit attributable to shareholders of 26.53 billion yuan, a year-on-year increase of 16.9% [2]. - Insurance service revenue reached 280.25 billion yuan, up 7.1% year-on-year [2]. - Original insurance premium income was 454.63 billion yuan, reflecting a growth of 6.4% [2]. - As of June 30, total assets amounted to 1.88 trillion yuan, with shareholder equity at 285.11 billion yuan, both showing growth [2]. Stock Performance - CPIC's H shares have increased by 209% since 2020, while its property insurance shares rose by 184%, outperforming peers and the market [5]. - The A shares have seen a 54% increase over the past year, reaching a six-year high recently [5]. 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 [6]. Investment Strategy - The company reported an annualized total investment return of 5.1%, with investment assets growing to 1.76 trillion yuan, a 7.2% increase from the beginning of the year [7]. - Total investment income for the first half was 41.478 billion yuan, up 42.7% year-on-year [7]. - CPIC is focusing on long-term stock investments and has received approval to establish a private fund management company [7]. 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]. Non-Motor Insurance Outlook - The company anticipates improvements in non-motor insurance performance due to regulatory changes expected to be implemented in the fourth quarter [9]. International Expansion - CPIC is expanding its overseas insurance business, particularly in the electric vehicle insurance sector, with successful entries into Hong Kong and Thailand [10]. - The company aims to leverage the growth of Chinese electric vehicle exports to enhance its international market presence [10]. Life Insurance Growth - The life insurance segment, including CPIC Life and CPIC Health, reported a significant increase in new business value, with a 71.7% rise to 4.978 billion yuan [11]. - The bancassurance channel saw a remarkable 107.7% increase in new business value [11]. - CPIC Health achieved a premium income of 40.7 billion yuan, marking a 12.2% growth [11].