Financial Data and Key Metrics Changes - In 2025, the group operating income was CNY 435 billion, an increase of 7.7% year-on-year. Insurance revenue reached CNY 288 billion, up by 3.4%. Group net profit was CNY 53.5 billion, up by 19% [5][6] - The group OPAT attributable to shareholders was CNY 36 billion, reflecting a growth of 6.1% [5][7] - The group EV stood at CNY 613 billion, up 9.1% from the end of 2024, with net assets increasing by 3.7% to CNY 302 billion [5][8] Business Line Data and Key Metrics Changes - The life insurance business achieved written premiums of CNY 211.6 billion, up 4.5%, with a core agent headcount of 46,000 and a 13-month persistence ratio exceeding 90% [9][10] - The bank channel saw a significant increase in written premiums, reaching CNY 61.6 billion, up by 46.4%, with regular pay FYP growing by 43% [11] - The P&C business recorded primary premium income of CNY 201 billion, with auto insurance premiums at CNY 110 billion (up 3%) and non-auto premiums at CNY 91 billion (down 3%) [12][13] Market Data and Key Metrics Changes - The number of customers increased by 3.5% to 190 million, and the group AUM approached CNY 3.9 trillion, up by 9.8% [6] - The underwriting combined ratio for P&C business improved to 97.5%, down by 1.1 percentage points year-on-year, with underwriting profit rising by 81% to CNY 4.8 billion [12][13] Company Strategy and Development Direction - The company aims to enhance operational efficiency and service capability, focusing on becoming a top-tier insurance company with market leadership and international competitiveness [17][26] - CPIC plans to accelerate innovation in technology, expand inclusive insurance offerings, and strengthen agricultural support systems [24][26] - The company is committed to a health and elderly care strategy, enhancing specialized operations in health insurance and building a closed-loop pension finance system [24][26] Management's Comments on Operating Environment and Future Outlook - Management noted that the insurance industry is entering a critical phase with both opportunities and challenges, emphasizing the need for steady progress while ensuring quality and efficiency [22][23] - The company will focus on integrating AI into core business scenarios to boost efficiency and reshape processes [25][40] - Management expressed confidence in maintaining strong solvency ratios and improving business quality despite market volatility [32][34] Other Important Information - The MSCI ESG rating was upgraded to the highest AAA level, reflecting the company's commitment to sustainable development [9] - The company has launched various initiatives in health and elderly care, including CPIC Home and internet-based services [21][56] Q&A Session All Questions and Answers Question: What do you think was your achievement for the 14th five-year period? - Management highlighted growth in market position, transformation results, and improvements in health and elderly care services [20][21] Question: How was the bank channel performing? - Management confirmed that the bank channel is progressing as planned, with significant improvements in business quality and customer mix [28][30] Question: What is the outlook for 2026? - Management aims for higher quality and stronger resilience, focusing on core business performance and new growth drivers [36][40] Question: How will the company maintain solvency amid interest rate changes? - Management emphasized improved business quality and asset liability matching as key factors in maintaining strong solvency ratios [32][34] Question: What are the plans for AI investment? - Management plans to drive large-scale AI adoption across core business scenarios to enhance efficiency and customer experience [25][80]

Financial Data and Key Metrics Changes - In 2025, the group operating income was CNY 435 billion, an increase of 7.7% year-on-year. Insurance revenue reached CNY 288 billion, up by 3.4%. Group net profit was CNY 53.5 billion, up by 19% [3][4] - The group OPAT attributable to shareholders was CNY 36 billion, reflecting a growth of 6.1%. The group EV stood at CNY 613 billion, up by 9.1% from the end of 2024 [3][5] - The number of customers increased by 3.5% to 190 million, and the group AUM approached CNY 3.9 trillion, up by 9.8% [4] Business Line Data and Key Metrics Changes - The life insurance business achieved written premiums of CNY 211.6 billion, up by 4.5%. The core agent headcount was 46,000, with a 13-month persistence ratio exceeding 90% [7][9] - The bank channel recorded written premiums of CNY 61.6 billion, up by 46.4%, with regular pay FYP increasing by 43% [10] - The P&C business reported primary premium income of CNY 201 billion, with auto insurance premiums at CNY 110 billion (up by 3%) and non-auto premiums at CNY 91 billion (down by 3%) [11][12] Market Data and Key Metrics Changes - The underwriting combined ratio for P&C business improved to 97.5%, down by 1.1 percentage points year-on-year, with underwriting profit amounting to CNY 4.8 billion, up by 81% [11] - The NEV business generated CNY 25 billion in premiums, accounting for 22% of total auto premiums, with a renewal rate of 78.1% for individual customers [12][55] Company Strategy and Development Direction - The company aims to enhance operational efficiency and service capability to become a top-tier insurance company with market leadership and international competitiveness [15] - Future strategies include focusing on health and elderly care, internationalization, and AI adoption to drive efficiency and optimize customer experience [21][33] - The company plans to strengthen agricultural support systems and expand inclusive insurance offerings nationwide [20] Management's Comments on Operating Environment and Future Outlook - Management highlighted the resilience of China's economy and the importance of adapting to a new interest rate era, emphasizing the need for steady progress while ensuring quality and efficiency [19][20] - The company anticipates both opportunities and challenges in the insurance industry, particularly with demographic shifts and technological advancements [19][20] Other Important Information - The MSCI ESG rating was upgraded to the highest AAA level, reflecting the company's commitment to sustainable development [6] - The company has implemented a new accounting standard, resulting in a CAGR of 9.5% in net assets since its adoption [6] Q&A Session Summary Question: Achievements in the 14th Five-Year Plan and outlook for the 15th Five-Year Plan - Management noted significant progress in market position, transformation results, and growth drivers, particularly in P&C and life business [17][18] Question: Bank channel performance and future initiatives - The bank channel has met expectations, with improvements in regular pay business and partnerships with SOE banks [23][24] Question: Solvency ratio and maintaining dividend payouts - The company reported improved solvency due to better business quality and asset-liability matching, ensuring stability in dividend payouts [26][27] Question: Outlook for 2026 and profitability expectations - Management expressed confidence in maintaining solid performance, focusing on quality growth and operational efficiency [29][31]

Group 1 - The "2025 Shanghai-Taipei City Forum" will be held on December 28 in Shanghai, marking the second visit of Taipei Mayor Jiang Wan-an to Shanghai for exchanges [3] - The forum will focus on the theme "Technology Changes Life," aiming to promote experience sharing and interaction in areas such as technology healthcare, rail transit, and health elderly care between the two cities [3] - During the forum, both cities will sign a memorandum of understanding to deepen exchanges and cooperation across various fields [3]

Core Insights - The current consumer market is undergoing profound structural changes, with traditional consumption models giving way to new consumption forms that align with demographic shifts [1][3] - The contribution of consumption to GDP is expected to continue increasing, driven by changes in population structure and rising public fiscal spending on social security [3] Group 1: Structural Changes in Consumption - Traditional consumption in sectors like food and clothing has seen per capita consumption in China surpass that of the West [3] - The consumption volume of traditional industries, such as liquor, has significantly decreased from 15 million tons to 4 million tons over the past decade, indicating that relying solely on traditional consumption for growth is no longer viable [3] Group 2: Future Growth Drivers - Future consumption growth will be more aligned with the acceleration of population aging and the consumption habits of the new generation [3] - The proportion of public fiscal spending used to fill social security gaps has increased from 5.3% in 2013 to 8.8% in 2023, and is projected to reach 12% by 2030, amounting to approximately 4 trillion yuan [3] Group 3: Investment Opportunities - The deep transformation in consumption structure presents new challenges for investors, particularly in emerging sectors such as the silver economy, health and elderly care, and smart living [4] - Identifying which specific segments within these new consumption areas will yield the greatest growth potential and investment opportunities will be a key focus during the 14th Five-Year Plan period [4]

Group 1 - The public's interest in housing prices has diminished, shifting focus towards personal living conditions and quality of life [5][6][13] - The real estate market has stabilized due to years of regulatory measures, leading homeowners to prioritize living quality over speculation [5][6] - Young individuals are increasingly focusing on skill enhancement and income generation rather than worrying about unattainable housing prices [6][8] Group 2 - The complexity of international affairs has led to a sense of helplessness among the public, causing them to prioritize local issues over global events [8][13] - Employment and income stability have become primary concerns for individuals amid economic restructuring and technological advancements [8][10] - Health, aging, and education are emerging as significant areas of focus for families, reflecting a shift towards practical life needs [10][11][13]

Financial Performance - The Group's revenue reached RMB 500.1 billion, a 1.0% year-over-year increase[11] - OPAT (Operating Profit After Tax) grew by 3.7% year-over-year to RMB 77.7 billion[13] - Shareholders' equity increased by 1.7% YTD (Year-to-Date) after dividend distribution, reaching RMB 944 billion[13] - Interim dividend per share (DPS) increased by 2.2% year-over-year to RMB 0.95[13] - NBV (New Business Value) for Life & Health (L&H) grew significantly by 39.8% year-over-year[15] Business Segments - P&C (Property & Casualty) premium income increased by 7.1% year-over-year to RMB 171.9 billion[15] - P&C insurance revenue grew by 2.3% year-over-year to RMB 165.7 billion[15] - The P&C Combined Operating Ratio (COR) improved by 2.6 percentage points year-over-year to 95.2%[15] - Bank net profit amounted to RMB 24.9 billion with a NPL ratio of 1.05%[16] Customer Engagement - Retail customers increased by 1.8% YTD to 247 million[13] - 26.6% of retail customers hold 4+ contracts, with a 97.8% retention rate[13] Investment - Unannualized comprehensive investment yield was 3.1%, up 0.3 percentage points year-over-year[16] - Insurance funds grew 8.2% YTD to RMB 6.2 trillion[25]

2025 Interim Results —Resilience and Innovation August 2025 Cautionary Statements Regarding Forward-Looking Statements To the extent any statements made in this Report contain information that is not historical, these statements are essentially forward-looking. These forward-looking statements include but are not limited to projections, targets, estimates and business plans that the Company expects or anticipates may or may not occur in the future. Words such as "potential", "estimates", "expects", "anticip ...

Group 1 - A new company named Shijiazhuang Yian Intelligent Technology Co., Ltd. has been established with a registered capital of 100,000 RMB [1] - The legal representative of the company is Niu Jiangang [1] - The company's business scope includes various services related to artificial intelligence, computer hardware and software, health management, and medical devices [1] Group 2 - The company is involved in the development of AI application software and system integration services [1] - It also provides services in IoT technology, health consulting, and elderly care [1] - The company is authorized to produce and sell first and second-class medical devices, subject to regulatory approval [1]

Group 1 - The company currently has no plans to expand investments in the health and elderly care sector [1] - The company places significant importance on shareholder returns and has consistently maintained a dividend ratio above the market average [1] - Since its listing in 2015, the total cash dividends paid by the company have reached 268.68 million yuan, with an average dividend rate of 39% [1] Group 2 - The dividend rate for 2024 is projected to reach 43.52% [1]

Group 1 - The core theme of the Lujiazui Forum emphasizes China's commitment to financial reform, opening up, and high-quality development amidst global economic changes [1] - The CEO of AXA Tianping highlighted the company's focus on reinsurance and fintech, aiming to enhance cooperation with the Lingang New Area and accelerate the development of reinsurance business [1][4] - AXA Tianping's Shanghai Reinsurance Operations Center successfully completed its first international reinsurance contract and cross-border fund settlement, showcasing global recognition of China's financial market [1][4] Group 2 - The establishment of the Shanghai International Reinsurance Registration and Trading Center is seen as a transformative step for the industry, with AXA Tianping contributing to cost reduction and efficiency improvements [4] - AXA Tianping's initiatives in green finance and health insurance are expected to drive significant growth in the insurance sector, with a notable increase in the share of new energy vehicle insurance to 10% in 2023 [6][7] - The company is actively involved in the Shanghai meteorological catastrophe risk working group, sharing global expertise to support the development of green insurance in China [7] Group 3 - AXA Tianping is committed to digital transformation in reinsurance, leveraging technology to enhance operational efficiency and reduce costs [6][8] - The company aims to provide tailored health insurance products to meet the needs of various demographics, including the elderly and those with chronic conditions [7] - The CEO expressed confidence in the potential of the health insurance market, particularly in the context of China's aging population and increasing health awareness [7] Group 4 - The Lujiazui Forum serves as a significant platform for promoting financial reform and international cooperation, with AXA Tianping pledging to contribute to the development of the Shanghai International Financial Center [9] - The company emphasizes its long-term commitment to the Chinese market, leveraging global resources to enhance local insurance services [8][9]