Core Insights - China Pacific Insurance (CPIC) reported a mid-year revenue of CNY 200.5 billion, reflecting a year-on-year growth of 3.0% [1] - The net profit attributable to shareholders reached CNY 27.9 billion, marking an 11.0% increase compared to the previous year [1] - The company's embedded value grew by 4.7% to CNY 588.9 billion, indicating a steady increase in overall asset management scale, which reached CNY 3.77 trillion, up 6.5% from the end of the previous year [1] Life Insurance Segment - CPIC's life insurance core operating indicators showed positive trends, with premium income for the first half of 2025 reaching CNY 193.5 billion, a 13.1% increase year-on-year [1] - The embedded value for life insurance was CNY 445.0 billion, up 5.3% from the end of the previous year, while new business value increased by 5.6% to CNY 9.5 billion, with a comparable growth of 32.3% [1] - The new business value margin was 15.0%, reflecting a 0.4 percentage point increase on a comparable basis [1] Health Insurance Segment - The health insurance business of CPIC experienced rapid growth, with service and health management fee income reaching CNY 1.74 billion, a significant year-on-year increase of 39.3% [1] - The net profit from health insurance operations was CNY 39 million for the first half of 2025 [1] Property and Casualty Insurance Segment - CPIC's property and casualty insurance segment achieved original insurance premium income of CNY 112.8 billion, a 0.9% increase year-on-year, with insurance service income growing by 4.0% to CNY 96.8 billion [2] - The underwriting profit for this segment was CNY 3.55 billion, reflecting a substantial year-on-year increase of 30.9% [2] - The combined ratio improved to 96.3%, a decrease of 0.8 percentage points year-on-year, with the loss ratio at 69.5% and expense ratio at 26.8% [2] Agricultural Insurance - CPIC's agricultural insurance business, under the Pacific Anxin brand, reported original insurance premium income of CNY 1.24 billion, a 1.1% increase, with agricultural insurance premiums reaching CNY 899 million, up 7.7% [2] - The insurance service income for agricultural insurance declined by 3.3% to CNY 1.16 billion, while the combined ratio remained stable at 100.9% [2] International Operations - CPIC Hong Kong's total assets reached CNY 1.38 billion, with net assets of CNY 384 million, and original insurance premium income for the first half of 2025 was CNY 187 million, a 6.9% increase [2] - The combined ratio for CPIC Hong Kong was 98.0%, with a net profit of CNY 16 million [2]