8月28日晚间，中国太保发布2025年半年度报告。 报告显示，上半年，集团实现营业收入2,004.96亿元，同比增长3.0%，其中保险服务收入1,418.24亿 元，同比增长3.5%，保持稳健增长态势。集团归母净利润为278.85亿元，同比增长11.0%；集团归母营 运利润为199.09亿元，同比增长7.1%。集团内含价值为5,889.27亿元，较上年末增长4.7%。整体管理资 产规模稳步提升，达37,729.61亿元，较上年末增长6.5%。 扩大普惠保险覆盖面，大病、长护、惠民保等政策型健康险覆盖240城4.6亿人次，提供农险保障规模超 4,000亿，服务2,700余家次小微企业开展内外贸易。持续推进"保险+康养"融合发展模式，"太保家园"养 老社区实现九城十园正式运营，入住人数超2,000；探索"百岁居"居家养老服务模式，优化客户体验； 厦门康复医院正式开业，健康服务板块增添新动能。深耕养老金融，养老金管理规模实现近两位数增 长，成功入选雄安人才年金项目，加快商业养老保险业务拓展，持续丰富产品供给，商保年金新保规模 大幅增长。 公司坚持价值与效益为先，持续做精做强核心能力，不断深化"保险+健康+养老"的生 ...

Core Viewpoint - In Q1 2025, China Pacific Insurance (CPIC) reported a slight decline in operating revenue and a significant drop in net profit, while new business value saw substantial growth driven by the rapid development of the bancassurance channel [1][2][3]. Group 1: Financial Performance - In Q1 2025, CPIC's operating revenue was 93.72 billion yuan, down 1.8% year-on-year, and net profit attributable to shareholders was 9.63 billion yuan, down 18.1% year-on-year [1]. - The weighted average ROE was 3.5%, a decrease of 1.1 percentage points year-on-year [1]. - The net investment yield (non-annualized) remained flat at 0.8% year-on-year, while the total investment yield (non-annualized) decreased by 0.3 percentage points to 1.0% [1][3]. Group 2: New Business Development - The new business value (NBV) increased by 39.0% year-on-year to 5.78 billion yuan, driven by the growth in the bancassurance channel and improved value rate [2]. - The company achieved a premium income of 118.42 billion yuan in Q1 2025, an increase of 11.8% year-on-year, primarily from renewal business and new bancassurance policies [2]. - The bancassurance channel's new premium income reached 20.11 billion yuan, a significant increase of 130.7% year-on-year, with the proportion of regular premium business rising by 86.1% to 4.51 billion yuan [2]. Group 3: Property Insurance Performance - CPIC's property insurance premium income was 63.11 billion yuan in Q1 2025, up 1.0% year-on-year, with auto insurance premiums at 26.83 billion yuan (up 1.3%) and non-auto insurance premiums at 36.28 billion yuan (up 0.7%) [3]. - The combined cost ratio improved by 0.6 percentage points to 97.4% due to reduced natural disaster impacts and enhanced expense management [3]. Group 4: Future Outlook - The company is advancing its "Long航" transformation and enhancing its multi-channel model, aiming for balanced business development and stable value growth [4]. - With continuous improvement in core human resources and enhanced value contribution from the bancassurance channel, the company expects to maintain positive growth in NBV in 2025 despite a high base [4]. - The forecast for net profit attributable to shareholders for 2025-2027 is 51.9 billion, 59.1 billion, and 62.4 billion yuan, respectively [4].