Financial Data and Key Metrics Changes - Group operating income amounted to CNY 200.5 billion, up 33% [5] - Group OPAT was CNY 19.9 billion, up 7.1% [5] - Net profit increased by 11% [5] - EV reached CNY 588 billion, up 4.7% [5] - AUM totaled CNY 3.8 trillion, up 6.5% [5] - Comprehensive solvency margin was 264% and core solvency margin was 190% [6] Business Line Data and Key Metrics Changes - Life insurance recorded a return premium of CNY 193.5 billion, up 13.1% [12] - New business value (NBV) grew by 32% [13] - Property and Casualty (P&C) premium income was CNY 112.8 billion, up 0.9% [17] - Auto insurance premiums reached CNY 53.6 billion, up 2.8% [17] - Non-auto premiums were CNY 59.8 billion, down 0.8% [17] Market Data and Key Metrics Changes - The bank channel realized CNY 41.7 billion in premiums, up 82% [16] - The share of mid-tier customers and above increased by 3.8 percentage points year on year [14] - The number of high net wealth customers from the bank channel grew by 75% [14] Company Strategy and Development Direction - The company aims for high-quality development and to uphold value and profitability [4] - Focus on health, elderly care, internationalization, and AI integration as key strategies [24] - Continued investment in technology and green insurance offerings [32] Management's Comments on Operating Environment and Future Outlook - The Chinese economy is stabilizing, presenting opportunities for the insurance industry [26] - New regulations are aimed at enhancing risk prevention and promoting high-quality growth [27] - The company is committed to prudent business operations and innovation to drive growth [35] Other Important Information - The company has implemented a dividend policy linked to OPAT [7] - The investment strategy includes a focus on long-term bonds and alternative assets [22] - The company is enhancing its asset-liability management (ALM) systems [72] Q&A Session Summary Question: Comments on performance for the first half of the year and macroeconomic opportunities - Management noted stable growth in China's economy and improvements in domestic demand [26][28] - The company is adapting to new regulations to enhance its competitive edge [27] Question: Future strategies for life and bank channels - The company is focusing on team building and digital empowerment to enhance agency performance [48] - The bank channel strategy emphasizes value creation and deepening partnerships with key banks [53] Question: Investment outlook and net asset changes - Management highlighted uncertainties in the macroeconomic environment but sees long-term opportunities in the equity market [68][70] - The drop in net assets was attributed to accounting standards and interest rate volatility, with expectations for stabilization [73][75]

Financial Performance - The Group's OPAT increased by 2.4% year-over-year to RMB 37.9 billion[7, 15] - Net profit decreased by 26.4% year-over-year to RMB 27.0 billion[7, 16] - Life & Health (L&H) OPAT rose 5.0% year-over-year to RMB 26.9 billion[13] - Basic operating EPS rose 3.3% year-over-year to RMB 2.16[13] Business Growth - New Business Value (NBV) for L&H increased significantly by 34.9% year-over-year to RMB 12.9 billion[7, 14, 25] - L&H NBV margin (ANP basis) improved by 10.4 percentage points to 32.0%[7, 26] - The Property & Casualty (P&C) combined operating ratio (COR) improved by 3.0 percentage points year-over-year to 96.6%[7, 11, 31] - P&C insurance revenue increased by 0.7% year-over-year to RMB 81.153 billion[31] - Bank net profit decreased by 5.6% year-over-year to RMB 14.1 billion[12, 35] Customer Base - The Group's retail customer base grew by 1.0% year-to-date to 245 million[7, 13, 18] - The retention rate of retail customers holding 4 or more contracts within the Group was 98.0%[13] Channel Development - Bancassurance channel NBV soared 170.8% year-over-year[14, 29] - Community finance channel NBV surged 171.3% year-over-year[14, 29] Solvency - The company's solvency ratios are well above the minimum regulatory requirements[36, 37]