Core Viewpoint - China Pacific Insurance (CPIC) demonstrated stable progress in its operations during the first half of 2025, characterized by a focus on transformation, innovation, and solidifying its foundational growth [1] Financial Performance - In the first half of 2025, CPIC achieved operating revenue of 200.5 billion yuan, a year-on-year increase of 3.0% [1] - The group's net profit attributable to shareholders reached 27.9 billion yuan, reflecting an 11.0% year-on-year growth [1] - The operating profit attributable to shareholders was 19.9 billion yuan, up 7.1% year-on-year [1] - Total managed assets increased to 3.77 trillion yuan, a growth of 6.5% compared to the end of the previous year [1] Product Structure and Strategy - The proportion of participating insurance is expected to increase, with new premium income from participating insurance policies growing nearly 14 times in the first half of 2025, reaching 42.5% of new premium income [3] - The share of participating insurance in new premium income through agent channels has reached 51.0% [3] - CPIC plans to enhance the development of floating income products and optimize its product structure in response to the new interest rate environment [3] Risk Management - CPIC's personal credit guarantee insurance business is undergoing structural adjustments, with a significant reduction in risk exposure expected by 2026 [4] - The non-auto insurance premium income was 59.2 billion yuan, showing a decline of 0.8% year-on-year, but excluding the impact of personal credit guarantee insurance, the growth would have been 3.3% [4] Investment Strategy - Total investment income for CPIC in the first half of 2025 was 56.9 billion yuan, a 1.5% increase year-on-year, with an investment yield of 2.3% [6] - The company is facing pressure on asset allocation due to a low interest rate environment, leading to a focus on long-term bonds and innovative asset types such as ABS and public REITs [7] - CPIC is actively expanding its investment channels, including private equity funds and gold, to enhance the quality of its insurance fund utilization [7]

北京商报讯(记者李秀梅)8月29日，在中国太平洋保险(集团)股份有限公司(以下简称"中国太保 （601601）")2025年中期业绩会上，对于信保业务，中国太保副总裁、太保产险董事长俞斌介绍："非 车险整体承保综合成本率97.6%，同比上升0.4个百分点，剔除个人信用保证保险业务影响后，非车险承 保综合成本率94.8%，同比下降2.3个百分点。" 对于风险敞口，俞斌表示，截至7月末，个人信用保证险业务的风险敞口较去年末大概缩小了三分之 一，预计到2026年，个人信用保证险业务的风险影响会完全出清。 ...