Group 1 - The core viewpoint of the report is that the life insurance premium is expected to grow steadily in 2026, driven by strong demand for insurance savings and the resonance of assets and liabilities, leading to improved profitability. The industry maintains a "buy" rating [1] - The report highlights that the insurance industry's cumulative premium income for January-February 2026 reached 16,422 billion yuan, a year-on-year increase of 8.4%. The life insurance sector's premium income was 13,108 billion yuan, up 9.7% year-on-year, with life, health, and accident insurance premiums at 11,323 billion yuan, 1,724 billion yuan, and 61 billion yuan, respectively, showing year-on-year changes of 10.9%, 3.1%, and -12.4% [1] - The company expects the growth in life insurance premiums to benefit from strong insurance savings demand due to the "deposit migration" phenomenon, while demand for protection-type products remains weak in the short term [1] Group 2 - In the property insurance sector, cumulative premium income for January-February 2026 was 3,314 billion yuan, a year-on-year increase of 3.5%, with a decline in growth rate of 1.2 percentage points compared to the same period in 2025. The premium income from auto insurance and non-auto insurance was 1,418 billion yuan and 1,896 billion yuan, respectively, with year-on-year changes of -0.9% and 7.0% [2] - The report indicates that the non-auto insurance segment's share of total property insurance premiums increased by 1.9 percentage points year-on-year, with liability and health insurance being the core growth drivers, showing year-on-year growth rates of 10.2% and 20.5% [2] - The company anticipates that the decline in auto insurance premiums is primarily due to fluctuations in new car sales, which saw a year-on-year decrease of 13.9% in January and 25.4% in February [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The company is a market leader in property and casualty insurance, with a solid competitive advantage. The continuous optimization of the structure of auto and non-auto insurance, along with effective cost control, has led to sustained underwriting profitability. In the life insurance sector, the bank insurance channel has significantly improved the quality and driven strong growth in new business value (NBV) [2][6]. - The company achieved a net profit attributable to the parent company of 46.65 billion yuan in 2025, representing a year-on-year increase of 8.8%. The comprehensive cost ratio for property and casualty insurance was 97.6%, a decrease of 0.9 percentage points year-on-year. The NBV for life insurance grew by 64.5% year-on-year, while the NBV for health insurance increased by 22.5% [6][12]. Summary by Relevant Sections Financial Performance - The company reported a total investment income of 92.32 billion yuan in 2025, an increase of 12.4% year-on-year, with an overall investment return rate of 5.7%, up by 0.1 percentage points year-on-year. The net investment return rate was 3.6%, down by 0.3 percentage points year-on-year. The allocation to stock investments increased significantly from 3.7% at the end of 2024 to 8.7%, effectively boosting overall performance [12]. - The property and casualty insurance segment achieved original insurance premium income of 555.78 billion yuan, a year-on-year growth of 3.3%, maintaining the industry's leading position. The underwriting profitability improved significantly, with the overall comprehensive cost ratio decreasing to 97.6% [12]. Life and Health Insurance - The company adjusted the risk discount rate assumption from a uniform 8.5% to 8.5% for traditional insurance and 7.5% for participating and universal insurance. On a comparable basis, the NBV for life insurance grew by 64.5% year-on-year, driven by a 41.4% increase in new long-term insurance policies through bank insurance channels and a 66.3% increase in periodic payments [12]. - The NBV for health insurance also saw a year-on-year increase of 22.5%, maintaining a leading position in the health insurance market [12]. Capital Adequacy and Dividends - As of the end of 2025, the core solvency ratios for the group, property and casualty insurance, and life insurance were 201.3%, 213.4%, and 134%, respectively, all significantly above regulatory requirements. The company proposed a dividend of 0.22 yuan per share, a year-on-year increase of 22.2%, with a dividend payout ratio of 20.9%, up by 2.3 percentage points year-on-year [12]. Future Outlook - The company is expected to continue benefiting from improvements in both assets and liabilities, leading to performance growth and valuation upside. The property and casualty insurance business remains a market leader, with ongoing optimization in the structure of auto and non-auto insurance and effective cost control [2][12].

Investment Rating - The report maintains a "Buy" rating for China People's Insurance Group with a target price adjusted to HKD 8.20 per share, corresponding to a 2026 P/B of 1.0 times [7][11]. Core Insights - The company's net profit attributable to shareholders for 2025 is projected to be RMB 46.65 billion, reflecting an 8.8% year-on-year increase. The net asset value is expected to rise by 15% compared to the beginning of the year, with an annual dividend of RMB 0.22 per share, up 22.2% year-on-year [3][11]. - The report highlights significant improvements in the combined ratio (COR) for property and casualty insurance, driven by effective cost control, and strong growth in new business value (NBV) for life insurance, primarily fueled by the bancassurance channel [3][11]. Financial Summary - **Insurance Service Revenue**: Expected to grow from RMB 537.71 billion in 2025 to RMB 664.93 billion by 2028, with a CAGR of approximately 5.1% [5]. - **Net Profit**: Projected to increase from RMB 46.65 billion in 2025 to RMB 66.36 billion by 2028, with a CAGR of approximately 11.2% [5]. - **P/E Ratio**: Expected to decrease from 5.31 in 2024 to 3.43 in 2028, indicating a potential undervaluation [5]. - **P/B Ratio**: Expected to decline from 0.85 in 2024 to 0.67 in 2028, suggesting a favorable valuation trend [5]. Key Performance Drivers - **Property and Casualty Insurance**: Premium income is expected to grow by 3.3% year-on-year in 2025, with motor insurance premiums increasing by 2.8% and non-motor premiums by 3.9% [11]. - **Combined Ratio (COR)**: The COR for property and casualty insurance is expected to improve by 1.3 percentage points to 97.5% in 2025, driven by a reduction in the expense ratio and an increase in the claims ratio [11]. - **Life Insurance NBV**: Anticipated to grow by 64.5% year-on-year in 2025, with bancassurance channel NBV increasing by 99.6% [11]. Financial Forecasts - **Earnings Per Share (EPS)**: Expected to rise from RMB 1.05 in 2025 to RMB 1.50 in 2028 [5][11]. - **Book Value Per Share (BPS)**: Projected to increase from RMB 6.99 in 2025 to RMB 7.65 in 2028 [5][11]. - **Embedded Value Per Share (EVPS)**: Expected to grow from RMB 3.61 in 2025 to RMB 5.39 in 2028 [5][11].

Investment Rating - The report maintains a "Recommend" rating for China Pacific Insurance (601601) with a target price of 50.3 CNY for 2026, compared to the current price of 37.09 CNY [2][4]. Core Insights - In 2025, the company achieved a net profit attributable to shareholders of 53.5 billion CNY, a year-on-year increase of 19%. The operating profit attributable to shareholders was 36.5 billion CNY, up 6.1% year-on-year. The new business value (NBV) for life insurance rose by 40.1% to 18.6 billion CNY, while the combined ratio (COR) for property insurance improved by 1 percentage point to 97.6% [2][4]. - The investment return rates for the group were 3.4% for net investment yield, 5.7% for total investment yield, and 6.1% for comprehensive investment yield, with respective year-on-year changes of -0.4 percentage points, +0.1 percentage points, and +0.1 percentage points [2][4]. Financial Performance Summary - The main revenue for 2025 is projected at 435.2 billion CNY, with a year-on-year growth rate of 7.7%. The net profit attributable to shareholders is expected to reach 53.5 billion CNY, reflecting a growth rate of 19% [4]. - Earnings per share (EPS) for 2025 is estimated at 5.6 CNY, with a price-to-earnings (P/E) ratio of 6.7 times [4]. - The total assets of the company are projected to be 3.14 trillion CNY by 2025, with a debt-to-asset ratio of 89.37% [5][9]. Business Segment Insights - The life insurance segment saw a significant increase in NBV, driven by a 40.1% rise in new business value, attributed to adjustments in the preset interest rate and the integration of individual insurance sales [2][8]. - The property insurance segment reported a 0.1% increase in original premium income, with a notable improvement in the COR, leading to an 81% increase in underwriting profit to 4.8 billion CNY [2][8]. - The company is actively reallocating its investment portfolio, increasing its equity investments, particularly in FVOCI stocks, which now account for 37% of its equity investments, reflecting a strategic focus on stable returns [2][8].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 20.70 [5][7]. Core Insights - The company reported a net profit of RMB 40.4 billion for 2025, representing a year-on-year growth of 25.5%, driven by both underwriting and investment performance [1]. - The combined ratio (COR) improved to 97.5%, with underwriting profit doubling to RMB 12.535 billion, reflecting a 119.4% increase year-on-year [1]. - The total investment return rate remained high at 5.8%, with a year-on-year increase of 0.1 percentage points, supporting profit growth [4]. Summary by Sections Underwriting Performance - The auto insurance COR was 95.3%, showing significant improvement with a year-on-year decrease of 1.5 percentage points, leading to an underwriting profit of RMB 14.258 billion, up 53.6% year-on-year [2]. - The non-auto insurance COR was estimated at 100.8%, improving by 1.1 percentage points, although still in an underwriting loss state [3]. Investment Performance - The company achieved a total investment return of RMB 31.841 billion in 2025, a year-on-year increase of 14.2% [11]. - The end-of-year net assets reached RMB 286 billion, reflecting a year-on-year growth of 10.9% [4]. Profit Forecast and Valuation - EPS forecasts for 2026, 2027, and 2028 have been adjusted to RMB 1.99, RMB 2.16, and RMB 2.34 respectively, with a downward adjustment of 14% for the first two years [5]. - The projected gross premium income for 2025 is RMB 511.594 billion, with a growth rate of 5.43% [11].

Investment Rating - The report maintains a "Recommend" rating for the company, with a target price of HKD 21 [2][8]. Core Insights - In 2025, the company achieved a net profit of CNY 40.4 billion, representing a year-on-year increase of 25.5%. The comprehensive cost ratio improved to 97.5%, down by 1.3 percentage points. The total investment return rate was 5.8%, up by 0.1 percentage points, and the return on equity was 14.7%, an increase of 1.7 percentage points. A final dividend of CNY 0.44 per share (before tax) is proposed [2][8]. - The company maintained its leading position in the insurance market with a market share of 31.6%, achieving original premium income of CNY 555.8 billion, a year-on-year increase of 3.3% [8]. - The company’s investment assets reached CNY 760.4 billion by the end of 2025, a 12.4% increase from the previous year. The investment strategy was adjusted to increase equity allocation, which helped mitigate bond losses due to rising interest rates [8]. Financial Performance Summary - The company’s insurance service performance is projected to grow significantly, with expected revenues of CNY 51.2 billion in 2025, increasing to CNY 59.8 billion by 2028, reflecting a compound annual growth rate [4]. - The earnings per share (EPS) are forecasted to be CNY 1.82 for 2025, increasing to CNY 2.44 by 2028, with a price-to-earnings (P/E) ratio projected to decrease from 7.29 in 2025 to 5.42 in 2028 [4][8]. - The company’s solvency remains strong, with a debt-to-asset ratio of 65.07% and a net asset value per share of CNY 12.51 [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a significant increase in underwriting profit, which doubled, and maintained a stable dividend payout ratio [1] - The total revenue for 2025 is projected to be 550.93 billion yuan, with a year-on-year growth of 6.03% [1] - The net profit attributable to shareholders is expected to reach 40.37 billion yuan in 2025, reflecting a year-on-year increase of 25.48% [1] - The book value per share (BVPS) is projected to be 12.86 yuan, with a price-to-book (P/B) ratio of 1.03 at the current price [1] Financial Performance Summary - Total revenue (in million yuan) for 2024A is 519,570, with a projected increase to 550,926 in 2025A [1] - Net profit attributable to shareholders (in million yuan) is forecasted to grow from 32,173 in 2024A to 40,370 in 2025A [1] - The company’s comprehensive cost ratio improved to 97.5% in 2025, a decrease of 1.3 percentage points year-on-year [7] - The total investment income increased by 12.8% year-on-year, with an investment return rate of 5.8% [7][19] Business Segment Performance - The total premium income for property insurance is projected to be 555.8 billion yuan in 2025, with a year-on-year growth of 3.3% [7] - The non-auto insurance premium grew by 3.9%, with health insurance showing the fastest growth at 6.4% [7] - The auto insurance segment saw a premium increase of 2.8%, with a notable growth in new energy vehicle insurance premiums by 31.9% [7] Investment Strategy - The company has increased its allocation to bonds and equity investments, leading to a significant rise in total investment returns [7][19] - The asset allocation includes 57.6% in fixed income and 25.9% in equity, with a notable increase in the proportion of government bonds [7][19]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 20.70 [5][7]. Core Insights - The company reported a net profit of RMB 40.4 billion for 2025, representing a year-on-year growth of 25.5%, driven by both underwriting and investment performance [1]. - The combined ratio (COR) improved to 97.5%, a 1.3 percentage point improvement year-on-year, with underwriting profit doubling to RMB 12.535 billion, reflecting a 119.4% increase [1]. - The total investment return rate remained high at 5.8%, with a year-on-year increase of 0.1 percentage points, supporting profit growth [4]. Summary by Sections Underwriting Performance - The auto insurance COR was 95.3%, showing significant improvement with a year-on-year decrease of 1.5 percentage points, achieving an underwriting profit of RMB 14.258 billion, up 53.6% [2]. - The non-auto insurance COR was estimated at 100.8%, improving by 1.1 percentage points year-on-year, although still in an underwriting loss state [3]. Investment Performance - The company achieved a total investment return of RMB 31.841 billion in 2025, a 14.2% increase year-on-year, primarily benefiting from strong equity market performance [11]. - The end-of-year net assets reached RMB 286 billion, reflecting a year-on-year growth of 10.9% [4]. Profit Forecast and Valuation - The EPS forecasts for 2026, 2027, and 2028 have been adjusted to RMB 1.99, RMB 2.16, and RMB 2.34 respectively, with a downward adjustment of 14% for 2026 and 2027 [5]. - The target price of HKD 20.70 is based on a discounted cash flow (DCF) valuation method [5][12].

（於中華人民共和國註冊成立之股份有限公司） （股份代號：1339） 海外監管公告 本公告乃中國人民保險集團股份有限公司根據《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，僅供參閱。 承董事會命 中國人民保險集團股份有限公司 。 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 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 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 董事长 中國北京，二零二六年三月二十六日 於本公告日，公司執行董事為丁向群女士、趙鵬先生及肖建友先生，非執行董事為 徐向先生、王少群先生、喻強先生及宋洪軍先生，獨立非執行董事為徐麗娜女士、 王鵬程先生、高平陽先生、賈若先生、楊長纓女士。 公司代码：601319 公司简称：中国人保 中国人民保险集团股份有限公司 2025 年年度报告摘要 1 一、重要提示 1. 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者应当 到上海证券交易所网站等中国证监会指定媒体上仔细阅读年度报告全文。 丁向群 2. 本公 ...

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 份 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。 ( 在中華人民共和國註冊成立之股份有限公司 ) (股份代號: 2328) 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第 13.10B 條作出。 茲載列本公司《二零二五年度信息披露報告》如下，僅供參閱。 承董事會命 中國人民財產保險股份有限公司 畢欣 董事會秘書 中國北京，2026 年 3 月 26 日 於 本 公 告 日 ， 本 公 司 董 事 長 為 丁 向 群 女 士 （ 非 執 行 董 事 ） ， 執 行 董 事 為 張 道 明 先 生 、 降 彩 石 先 生 及 胡 偉 先 生 ， 職 工 董 事 為 李 玲 女 士 （ 非 執 行 董 事 ） ， 獨 立 董 事 為 程 鳳 朝 先 生、魏晨陽先生、李偉斌先生、曲小波先生及薛爽女士 ...