Core Viewpoint - China Pacific Insurance (601601.SH) aims to enhance its dividend insurance proportion and pursue three major strategies: health and wellness, internationalization, and "AI+" to improve service quality and operational efficiency [1][4]. Financial Performance - In the first half of 2025, China Pacific Insurance reported total revenue of approximately 200.5 billion yuan, a year-on-year increase of 3% [1]. - Insurance service revenue reached 141.8 billion yuan, growing by 3.5% year-on-year [1]. - The group's net profit attributable to shareholders was approximately 27.9 billion yuan, reflecting an 11% year-on-year increase [1]. - As of June 30, total assets were about 3.03 trillion yuan, up 6.9% from the beginning of the year, while net assets decreased by 3.3% to 281.9 billion yuan [1]. Dividend Insurance Strategy - In the first half of 2025, the scale of dividend insurance premiums reached 10.1 billion yuan, showing significant growth [2]. - The proportion of new premium income from dividend insurance increased to 42.5%, particularly notable since the second quarter [2]. - The company is implementing four key measures to promote the structural transformation of dividend insurance: reinforcing the concept of transformation, differentiated channel strategies, regional differentiation, and enhanced policy guidance [3]. Interest Rate Adjustments - The recent adjustment of predetermined interest rates presents both opportunities and challenges for dividend insurance, with the new rate set at 1.75% [4]. - The adjustment is expected to reduce the short-term competitiveness of products but may enhance the relative advantages of dividend insurance over traditional insurance, promoting overall business structure optimization [4]. AI Strategy - China Pacific Insurance has initiated the "AI+" strategy to leverage technology for improving operational efficiency and exploring new business growth points [5]. - The company has established a stable and efficient AI infrastructure, with over 70 AI applications in development and an expected completion of 2,700 digital equivalent labor forces by the end of the year [5][6]. - AI is expected to enhance user experience, improve team productivity, and empower risk control across various operational areas [6]. Investment Strategy - The company is focusing on long-term equity asset allocation, while also exploring innovative asset classes such as private equity funds and gold [7]. - China Pacific Insurance emphasizes a dividend value strategy in equity asset allocation and is continuously optimizing its investment portfolio in response to market changes [7].

Core Insights - China Pacific Insurance (601601.SH) reported a total revenue of approximately 200.5 billion yuan for the first half of 2025, representing a year-on-year growth of 3% [1] - The group's net profit attributable to shareholders reached about 27.9 billion yuan, an increase of 11% compared to the previous year [1] - The company aims to enhance value creation and implement three major strategies: health and wellness, internationalization, and "AI+" [1] Financial Performance - Total assets of China Pacific Insurance stood at approximately 3.03 trillion yuan, a growth of 6.9% from the beginning of the year [1] - Net assets decreased by 3.3% to 281.9 billion yuan as of the end of June [1] - The insurance service revenue was approximately 141.8 billion yuan, with a year-on-year increase of 3.5% [1] Business Strategy - The company is focusing on high-quality development and comprehensive reform to improve operational efficiency and service quality [1] - China Pacific Insurance is implementing four key measures to transform its dividend insurance business, including reinforcing the concept of transformation, differentiated channel strategies, regional differentiation, and enhanced policy guidance [2][3] Market Conditions - The insurance industry is facing a new round of predetermined interest rate adjustments, with the latest rate set at 1.99%, down from 2.13% [3] - The upper limit for the predetermined interest rate for ordinary life insurance products will decrease from 2.5% to 2.0%, and for dividend insurance, it will drop to 1.75% [3] - The adjustment presents both opportunities and challenges, potentially reducing short-term competitiveness while enhancing the relative advantages of dividend insurance [3] Technological Innovation - China Pacific Insurance has initiated an "AI+" strategy to leverage technology for improving operational efficiency and exploring new business growth points [4] - The company has established a robust AI infrastructure, with over 70 AI applications in development and an expected completion of 2,700 digital equivalent labor forces by the end of the year [4] - AI is expected to enhance user experience, improve team productivity, and empower risk control across various operational areas [4] Investment Strategy - The company is focusing on long-term equity asset allocation, despite short-term market volatility [5] - China Pacific Insurance is increasing its allocation to long-term interest rate bonds and innovative quality assets, including ABS and public REITs [5] - The company is also expanding its investment in alternative assets, such as private equity funds and gold, to improve the quality of insurance fund utilization [5]

Core Insights - China Pacific Insurance (CPIC) reported a strong performance for the first half of 2025, with double-digit growth in net profit, over 30% year-on-year growth in comparable value from new businesses, and more than a twofold increase in investment income [2][4] - The company emphasized the long-term investment value of domestic equity assets and identified more opportunities for insurance funds in equity investments [2][8] Financial Performance - As of the end of June, CPIC's total assets reached approximately 3.03 trillion yuan, a 6.9% increase from the beginning of the year [2] - Managed assets amounted to 3.77 trillion yuan, reflecting a 6.5% growth compared to the end of the previous year [2] Strategic Development - CPIC's president, Zhao Yonggang, highlighted the company's multi-channel development strategy "2+N" for life insurance, which includes individual insurance, bank insurance, and internet channels to diversify profit sources and enhance value creation [4][5] - The company reported a stable recovery in its agency workforce, with 186,000 insurance agents as of June, a 1.6% year-on-year increase [4] Channel Optimization - The company aims to optimize its agency structure and improve team management to enhance retention rates and sales conversion [5] - In the bank insurance channel, CPIC plans to build a high-quality team and focus on key urban areas while deepening relationships with partners to enhance channel resilience [5] Investment Strategy - The company’s vice president, Su Gang, stated that domestic equity assets have medium to long-term allocation value, with a focus on increasing alternative asset allocations such as ABS and public REITs [8] - CPIC continues to adopt a dividend value strategy in equity asset allocation and is exploring new business pilots, including private equity funds and gold investments [8] Strategic Initiatives - CPIC has initiated three major strategies: "Big Health and Elderly Care," "AI+," and "Internationalization," aimed at supporting high-quality development [10] - The company has established a stable AI infrastructure, with plans to enhance user experience, team productivity, and risk control through AI applications across various operational areas [10]

Core Insights - China Pacific Insurance (CPIC) reported its 2025 semi-annual results, highlighting resilience in "life insurance transformation breakthroughs and property insurance profit optimization," while also revealing issues such as "short-term investment volatility and channel dependency risks" [1][11]. Financial Performance - The company achieved total revenue of 200.5 billion yuan, a year-on-year increase of 3.0%, with insurance service revenue rising to 141.8 billion yuan, up 3.5% [1]. - Net profit attributable to shareholders reached 27.9 billion yuan, growing by 11.0%, driven by a significant increase in property insurance underwriting profit, which rose by 30.9% [1][3]. - Operating profit was 19.9 billion yuan, reflecting a 7.1% increase, indicating solid operational fundamentals [1][3]. Embedded Value and Long-term Growth - The group's embedded value (EV) increased to 588.9 billion yuan, up 4.7% from the end of 2024, with effective business value rising by 4.9% to 223.4 billion yuan [2][3]. - The per-share embedded value reached 61.22 yuan, providing a valuation safety margin against the current stock price [2]. Life Insurance Business - New business value (NBV) surged by 32.3% to 9.54 billion yuan, significantly outperforming the industry average of 5.4% for life insurance premium growth [4]. - The product structure shifted towards "high-value, floating income" products, with the proportion of new premium income from participating insurance rising to 42.5% [4]. - The overall retention rates improved, with a comprehensive surrender rate of 0.8%, down 0.1 percentage points, indicating enhanced customer loyalty [5]. Property Insurance Business - The comprehensive cost ratio (COR) for property insurance decreased to 96.3%, down 0.8 percentage points, with net profit from property insurance reaching 5.73 billion yuan, a 19.6% increase [7]. - The premium income from new energy vehicle insurance was 10.6 billion yuan, accounting for 19.8% of total vehicle insurance premiums [7]. Asset Management and Risk Resilience - The group managed assets totaling 3.77 trillion yuan, a 6.5% increase from the end of 2024, with third-party managed assets rising by 5.0% [9]. - The core solvency adequacy ratio stood at 190%, up 8 percentage points, indicating strong capital support for business expansion [9]. Strategic Initiatives - The company is implementing three strategic initiatives: "Elderly Care," "AI Integration," and "Internationalization," which are expected to drive growth over the next 3 to 5 years [10]. - The "Taibao Home" elderly care community has expanded operations, with over 2,000 residents, enhancing the synergy between insurance and elderly care services [10]. Challenges and Risks - Investment returns faced short-term pressure, with a comprehensive investment yield of 2.4%, down 0.6 percentage points, primarily due to fluctuations in fixed-income asset values [11]. - The life insurance channel structure showed signs of imbalance, with a stagnation in the agent channel and high reliance on bank insurance partnerships, which could pose long-term sustainability risks [12][13].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 中國太平洋保險（集團）股份有限公司 CHINA PACIFIC INSURANCE (GROUP) CO., LTD. （於中華人民共和國註冊成立的股份有限公司） （股份代號：02601） 海外監管公告 本 公 告 乃 依 據《香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則》第13.10B條的披 露 義 務 而 作 出。 茲 載 列 該 公 告 如 下，僅 供 參 考。 承董事會命 中 國 太 平 洋 保 險（集 團）股 份 有 限 公 司 傅 帆 董事長 香 港，2025年8月29日 於 本 公 告 日 期，本 公 司 執 行 董 事 為 傅 帆 先 生 和 趙 永 剛 先 生；非 執 行 董 事 為 黃 迪 南 先 生、王 他 竽 先 生、陳 然 先 生、周 東 輝 先 生、路 巧 玲 女 士 和John Rob ...

Core Viewpoint - The strategic cooperation among China Hospital Association, Shanghai Pudong Development Bank, and China Pacific Insurance aims to enhance the health and retirement security of healthcare workers, addressing a pressing social concern [1][4]. Group 1: Strategic Cooperation - The three parties will create an ecosystem combining "finance + hospitals + services" to establish a new benchmark for employee services in the hospital industry [1]. - The collaboration is not merely a "simple resource addition" but a "reconstruction of service logic," leveraging the expertise of the China Hospital Association, the technological capabilities of Shanghai Pudong Development Bank, and the innovative insurance solutions from China Pacific Insurance [4]. Group 2: Service Model - The partnership aims to provide a comprehensive service chain covering "occupational risk protection—health management—retirement planning" for healthcare workers, offering an innovative model for upgrading employee welfare systems in the hospital sector [4]. - The successful implementation of this model provides a new approach for social forces to participate in the construction of healthcare worker security systems, serving as a "Taibao sample" for other sectors [4]. Group 3: Future Expansion - China Pacific Insurance plans to extend this model to other groups such as veterans and athletes, furthering its "Great Health" strategy and promoting ecological collaboration in insurance [5]. - The cross-industry collaboration not only creates a comprehensive protection system for healthcare workers but also outlines the future of the "Great Health" ecosystem through innovative practices [5].

Core Viewpoint - China Pacific Insurance (Group) Co., Ltd. has appointed Yu Bin as the chairman of Pacific Insurance, with Chen Hui as the new general manager, establishing a leadership team focused on enhancing operational efficiency and embracing new opportunities in technology and sustainable development [2][3]. Management Changes - Yu Bin, born in August 1969, has nearly 30 years of experience in the core business of Pacific Insurance, having held various key positions that provide him with a comprehensive understanding of the insurance industry [3]. - The management structure has been adjusted to include a team led by General Manager Chen Hui, with a clear hierarchy of roles to support the company's strategic goals [4][5]. Business Performance - In 2024, Pacific Insurance achieved original insurance premium income of 201.24 billion yuan, a year-on-year increase of 6.8%, and a net profit of 7.38 billion yuan, up 12.2% [6]. - For Q1 2025, the company reported original insurance premium income of 63.11 billion yuan, a 1.0% increase, with a comprehensive cost ratio improving to 97.4%, down 0.6 percentage points year-on-year [6]. Strategic Focus - The company is focusing on three major strategies: "Great Health and Elderly Care," "AI+," and "Internationalization," aiming to enhance its core competitiveness and support national strategies [8][9]. - The "AI+" strategy emphasizes the integration of technology into core business operations, aiming to improve operational efficiency and explore new business models [8]. Future Outlook - The company plans to deepen its digital transformation and optimize its business structure while addressing challenges such as rising comprehensive cost ratios due to natural disasters and high-risk business segments [7][9]. - The leadership is committed to high-quality development and enhancing service capabilities to better support the economy and society [9].

Core Viewpoint - China Pacific Insurance (China Taibao) is actively implementing the new "National Ten Articles" policy to enhance insurance service quality and efficiency, focusing on supporting national strategies and the real economy [5][6]. Group 1: Company Strategy and Development - The company aims to improve its core competitiveness and effectively mitigate operational risks by optimizing product structure and establishing a liability cost constraint mechanism [5][6]. - China Taibao plans to focus on three core strategies: "Great Health and Elderly Care," "Artificial Intelligence Plus," and "Internationalization" to further enhance high-quality development [6]. Group 2: Financial Performance and Outlook - In the first quarter, the company reported a stable performance with a 11.3% year-on-year growth in new business value for life insurance, and a 0.6 percentage point improvement in the combined cost ratio for property insurance [7]. - The company acknowledges the dual nature of opportunities and challenges in the current macroeconomic environment, emphasizing the importance of maintaining strategic focus and high-quality development [7].

战略布局：聚焦三大核心战略 聚焦"大康养""人工智能+""国际化"三大核心战略，全力推进股票投资试点落地实施……6月11日下午，中 国太保2024年度股东大会在上海召开。会议现场，公司管理层围绕公司布局、险资入市、投资布局、市值 管理等市场关心的热点进行了回应。 中国太保管理层在会上表示，当前市场环境下，利率中枢持续下行，保险资金配置压力较大，加大权益配置成 为必然之举。"近年来中国经济结构转型持续推进，传统产业持续升级改造，战略性新兴产业持续发展，中国 资产估值与发达国家市场相比处于相对低位，我们始终相信中国经济长期向好的基本面没有改变，中国资本市 场长期向好的基础十分稳固。" 具体而言，公司将通过实施"大康养"战略，完善产业布局，构建养老金融、商业健康险和康复医疗、机构养 老、居家照护等全周期服务链，推动康养服务与保险主业协同共生，打造大保险生态。通过实施"人工智能 +"战略，加大AI对公司经营的全面赋能，全面提升创新驱动力和运营效能，同时探索开拓AI领域风险减量管 理市场，培育打造新的业务增长极。通过实施"国际化"战略，紧跟中国企业出海步伐提升服务能级，稳步推进 海外服务网络建设、跨境保险合作、国际化人 ...

Core Viewpoint - In 2024, China Pacific Insurance (CPIC) reported its highest-ever profit, with revenue reaching 404.09 billion yuan, a year-on-year increase of 24.74%, and net profit of 44.96 billion yuan, up 64.95% [1][2] Group 1: Financial Performance - CPIC's net profit margin reached 11.49%, marking its first double-digit figure [1] - Total investment income for 2024 was 120.39 billion yuan, a significant increase of 130.5% year-on-year [4] - The company achieved a total investment return rate of 5.6%, up 3.0 percentage points from the previous year [5] Group 2: Insurance Premium Growth - Despite strong financial performance, CPIC's premium income growth was limited, with total premiums of approximately 442.07 billion yuan, a year-on-year increase of only 4.4% [2][3] - The overall insurance premium income in the domestic market is expected to slow down, with a projected growth rate of 5.7% for 2024, down from 9.1% in 2023 [2] Group 3: Asset Management Performance - The significant increase in CPIC's investment income was primarily driven by its asset management business, which outperformed expectations [3] - The fair value changes in investment income reversed from a loss of 11.71 billion yuan in 2023 to a gain of 37.71 billion yuan in 2024 [4] Group 4: Challenges in Insurance Business - The life insurance segment faced challenges, with premium growth of only 2.4%, significantly lower than competitors [6][7] - The company’s reliance on agent channels for sales, which contributed 77% of life insurance premiums, has led to concerns about future growth potential [8][9] Group 5: Future Outlook - The future growth of CPIC's insurance service revenue will depend on the performance of its life insurance and property insurance segments [7][8] - The company is focusing on enhancing its product offerings and improving agent productivity to address growth challenges [20][21]