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 industry investment rating is "Recommended," indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [23]. Core Insights - The insurance industry experienced a significant increase in premium income, with total original premium income reaching 16,422 billion yuan in January-February 2026, representing a year-on-year growth of 8.4% [7][8]. - Life insurance showed strong performance, with premium income of 11,323 billion yuan, a year-on-year increase of 10.9%, driven mainly by bank insurance and participating insurance [7][8]. - Property insurance faced slight pressure, with premium income of 2,405 billion yuan, a year-on-year decrease of 1.4%, attributed to a decline in auto sales impacting auto insurance [7][8]. Summary by Sections Key Company Profit Forecasts, Valuation, and Investment Ratings - China Pacific Insurance (601601.SH): 2026E EPS of 6.05 yuan, PE of 6.14, PB of 1.10, rated "Recommended" [3]. - China Life Insurance (601628.SH): 2026E EPS of 5.63 yuan, PE of 6.63, PB of 1.60, rated "Recommended" [3]. - Ping An Insurance (601318.SH): 2026E EPS of 8.12 yuan, PE of 7.02, PB of 1.00, rated "Strongly Recommended" [3]. - China Property & Casualty Insurance (02328.HK): 2026E EPS of 1.98 yuan, PE of 6.59, PB of 0.92, rated "Recommended" [3]. Industry Basic Data - The total market capitalization of the insurance industry is 29,710.59 billion yuan, with a circulating market capitalization of 20,355.31 billion yuan [4]. Performance Analysis - The absolute performance of the insurance index showed a decline of 10.7% over the past month, but a growth of 13.5% over the past year [5]. - The relative performance compared to the benchmark index was -6.3% over the past month and -1.0% over the past year [5]. Premium Income and Growth Rates - The life insurance sector's premium income growth was primarily driven by new business performance, with a notable increase in investment-linked insurance contributions [7][8]. - The property insurance sector saw a shift in premium contributions, with health insurance growing by 20.5% year-on-year, while auto insurance premiums decreased by 0.9% due to declining auto sales [7][8]. Asset Changes - As of the end of February 2026, the total assets of the insurance industry reached 42.5 trillion yuan, a year-on-year increase of 2.9% [7][8]. - The net assets of the insurance industry reached 4 trillion yuan, reflecting a year-on-year growth of 10% [7][8]. Liability Analysis and Outlook - The life insurance sector is expected to maintain double-digit growth in new business, driven by bank insurance and participating insurance [7][8]. - The property insurance sector may face challenges in the short term but is expected to improve profitability in the long term as the penetration rate of new energy vehicles increases [7][8].

Performance Overview - The company's net profit attributable to shareholders for 2025 is projected to be 134.8 billion yuan, representing a year-on-year increase of 6.5%. However, Q4 saw a significant decline in net profit by 74% due to losses from growth stock investments and non-recurring gains. Excluding one-time disturbances, the net profit excluding non-recurring items increased by 22.5% [1] - The operating profit attributable to shareholders increased by 10.3%, with the new business value (NBV) and embedded value (EV) for life insurance rising by 29.3% and 11.2% respectively. The combined ratio (COR) for property insurance improved by 1.5 percentage points to 96.8%, and the dividend per share (DPS) reached 2.7 yuan, up by 5.9% year-on-year [1] Life Insurance - The company optimized its channel structure and improved the quality of its workforce. The NBV from bank insurance channels increased by 138% year-on-year, accounting for 25.5% of total NBV, becoming a core growth driver. The number of individual insurance agents decreased by 3.3% to 351,000, but the per capita NBV increased by 17.2%, indicating a significant improvement in workforce quality. The annual NBV margin increased by 4.9 percentage points to 23.4%, with both individual and bank insurance channels achieving notable value rate improvements [1] Property Insurance - The underwriting profitability of property insurance continued to improve, with total premiums increasing by 6.6% year-on-year. The COR for auto insurance decreased to 95.8%, and premiums for new energy vehicles rose by 39%, achieving underwriting profitability. Most non-auto insurance products also reported underwriting profits, with only liability insurance showing a slight loss, indicating a continuous optimization of overall underwriting profitability [1] Solvency - The core solvency ratios for the group, life insurance, and property insurance are robust, standing at 160.7%, 123.3%, and 173.5% respectively. The comprehensive solvency ratios are 193.3%, 175.7%, and 217.1%, all within a reasonable industry range, providing a solid foundation for sustainable development [2] Investment - The core equity position reached a historical high, with the proportion of core equities (stocks + equity funds) increasing by 9.2 percentage points to 19.1%. The bond allocation decreased by 6.7 percentage points, and real estate investment exposure fell to 3.1%. The investment income showed stability, with net interest income (NII) at 3.7% (down 0.1 percentage points year-on-year) and comprehensive investment income (CII) at 6.3% (up 0.5 percentage points year-on-year), resulting in a total investment income increase of 13.5% year-on-year. The proportion of OCI stocks in total stocks is 57.2%, showing a significant decrease since the beginning of the year, indicating a shift towards a more balanced investment structure [2] Investment Recommendation - The company is positioned as a dual-purpose stock with synergistic asset-liability management and high dividend attributes. As of March 27, the static dividend yield is 4.7%. Projected net profits attributable to shareholders for 2026-2028 are 155.3 billion, 170.9 billion, and 178.1 billion yuan, reflecting year-on-year growth rates of 15.2%, 10.1%, and 4.2% respectively. The corresponding price-to-embedded value (PEV) ratios are 0.64, 0.59, and 0.56, maintaining a "buy" rating [2]

Core Viewpoint - China Ping An reported a 2025 annual operating profit attributable to shareholders (OPAT) of 134.415 billion yuan, a year-on-year increase of 10.3%, with a significant quarterly increase of 35.3% in Q4; net profit attributable to shareholders reached 134.778 billion yuan, up 6.5% year-on-year, but down 74.1% in Q4 [1] Group 1: Financial Performance - The growth in OPAT for 2025 was primarily driven by strong performances in life and health insurance, property insurance, asset management, and financial empowerment businesses, with year-on-year increases of 2.9%, 13.2%, a 68.2% reduction in losses, and a return to profitability, respectively [2] - The difference between Q4 operating profit and net profit was mainly due to a 94.8 billion yuan decrease in short-term investment fluctuations and an 8.32 billion yuan reduction in one-time gains from significant projects and other factors [2] - The life and health insurance segment achieved an OPAT of 99.752 billion yuan, a year-on-year increase of 2.9%, with new business value (NBV) reaching 36.897 billion yuan, up 29.3% [3] Group 2: Life and Health Insurance - The NBV growth was attributed to a significant increase in value rates, with the NBV margin (NBVM) rising by 4.9 percentage points to 23.4%, while the first-year premium used to calculate NBV increased by 2.5% [3] - The agent channel's NBV grew by 10.4%, with the NBVM increasing by 6.4 percentage points to 30.8%, despite a 12.5% decline in first-year premiums [3] - The bank insurance channel saw a substantial NBV increase of 138.0%, contributing 25.5% to the new business value, an increase of 11.6 percentage points year-on-year [3] Group 3: Property Insurance - The property insurance segment achieved an OPAT of 16.923 billion yuan, a year-on-year increase of 13.2%, with total insurance service revenue reaching 338.912 billion yuan, up 3.3% [4] - The overall combined cost ratio (COR) improved by 1.5 percentage points to 96.8%, driven by optimized costs in auto insurance and a return to profitability in guarantee insurance [4] Group 4: Investment Performance - The total investment income increased by 13.5%, with a comprehensive investment return rate of 6.3%, up 0.5 percentage points year-on-year [5] - The investment portfolio size exceeded 6.49 trillion yuan, a year-on-year increase of 13.2%, with a notable shift in asset allocation towards equities [5] - The net investment income rose by 7.3%, with a net investment return rate of 3.7%, slightly down by 0.1 percentage points due to the maturity of existing assets and declining yields on new fixed-income assets [5] Investment Outlook - The company maintains a stable overall operation with a high-quality development trend in core businesses, projecting insurance service revenues of 607.5 billion yuan for 2026 and 635.1 billion yuan for 2027, with an additional forecast of 653.6 billion yuan for 2028 [5] - The forecast for net profit attributable to shareholders is set at 147.1 billion yuan for 2026 and 160.6 billion yuan for 2027, with a new estimate of 169.7 billion yuan for 2028 [5] - The earnings per share (EPS) estimates for 2026 and 2027 have been adjusted to 8.12 yuan and 8.87 yuan, respectively, with a new forecast of 9.37 yuan for 2028 [5]

来源：环球网 【环球网财经综合报道】3月26日，中国平安保险（集团）股份有限公司（以下简称"中国平安"）发布 2025年年度业绩报告。数据显示，中国平安全年实现归属于母公司股东的营运利润1,344.15亿元，同比 增长10.3%；扣除非经常性损益后净利润达1,437.73亿元，同比增长22.5%，核心财务指标持续改善，高 质量发展成色更足。 在股东回报方面，中国平安拟派发2025年末期现金股息每股1.75元，全年分红总额达488.91亿元，连续 第14年实现现金分红增长，彰显其稳健的盈利能力和对投资者长期价值的重视。 寿险改革深化新业务价值强劲回升 寿险及健康险业务成为业绩亮点。2025年，该板块新业务价值达368.97亿元，同比大幅增长29.3%；新 业务价值率提升至28.5%，同比上升5.8个百分点。多渠道协同发展成效显著：银保渠道新业务价值同比 增长138.0%，贡献占比快速提升；代理人渠道产能持续优化。业务品质同步改善，13个月和25个月保 单继续率分别达97.4%和94.9%，创近年新高。 产险稳健增长综合成本率持续优化 财产保险业务坚持"质量优先、效益为先"策略。2025年，平安产险实现原保险保费 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [7] Core Views - The company reported a net profit of RMB 134.8 billion for 2025, representing a year-on-year growth of 6.5%, which aligns with expectations [1] - The operating profit after tax (OPAT) reached RMB 134.4 billion, showing a year-on-year increase of 10.3%, slightly exceeding expectations [1] - The total investment return rate is estimated at 4.6%, although this may be offset by one-time factors [1] - Non-loan impairments decreased significantly to RMB 19.7 billion from RMB 36.5 billion in the previous year, indicating improved asset quality in the asset management sector [1] - The new business value (NBV) for life insurance grew by 29%, indicating strong growth momentum [2] - The comprehensive cost ratio (COR) for property insurance improved to 96.8%, reflecting better underwriting performance [3] - The company is expected to maintain strong NBV growth in 2026, with a target price of RMB 76 and HKD 75 [5] Summary by Sections Life Insurance - The NBV for life and health insurance increased by 29.3%, with a significant improvement in profit margins [2] - The new business value profit margin reached 28.5%, up by 5.8 percentage points year-on-year [2] - The individual insurance channel saw a 10.4% increase in NBV, while the bancassurance channel experienced a remarkable growth of 138% [2] - The company anticipates a 30% growth in NBV for life and health insurance in 2026 [2] Property Insurance - Property insurance premium income grew by 6.6%, with auto insurance premiums increasing by 3.2% [3] - The COR improved by 1.5 percentage points to 96.8%, with loss and expense ratios also showing improvements [3] - The company expects a COR of 96.5% for property insurance in 2026 [3] Investment Performance - The net investment return rate for insurance funds was 3.7%, a slight decrease of 0.1 percentage points year-on-year [4] - The total investment return rate is estimated to have increased slightly, while the comprehensive investment return rate rose by 0.5 percentage points to 6.3% [4] - The company's net assets exceeded RMB 1 trillion, growing by 7.7% year-on-year [4] Profit Forecast and Valuation - The net profit for the banking business decreased by 4.2% year-on-year due to a decline in net interest margins and non-interest income [5] - EPS forecasts for 2026, 2027, and 2028 have been slightly adjusted downwards to RMB 7.30, RMB 7.55, and RMB 7.72 respectively [5] - The target price based on DCF remains unchanged at RMB 76 and HKD 75, maintaining a "Buy" rating [5]

Core Viewpoint - China Ping An reported strong financial performance for 2025, with significant growth in both operating profit and net profit, alongside a notable increase in equity and dividend distribution [1] Financial Performance - The company achieved an operating profit of 134.415 billion yuan, a year-on-year increase of 10.3% [1] - The net profit attributable to shareholders, excluding non-recurring items, was 143.773 billion yuan, reflecting a year-on-year growth of 22.5% [1] - By the end of 2025, the equity attributable to shareholders surpassed 1 trillion yuan, reaching 1,000.419 billion yuan, a growth of approximately 7.7% compared to the end of 2024 [1] Dividend Distribution - China Ping An proposed a final cash dividend of 1.75 yuan per share for 2025, leading to a total annual cash dividend of 2.70 yuan per share, which is a 5.9% increase year-on-year [1] - The total cash dividend payout is approximately 48.891 billion yuan, marking 14 consecutive years of dividend growth [1] Investment Performance - The company's investment portfolio for insurance funds reached approximately 6.49 trillion yuan, a growth of about 13.2% from the end of 2024 [1] - The comprehensive investment return rate for the insurance fund investment portfolio was 6.3%, up 0.5 percentage points year-on-year [1] - The book value of stock assets was 958.089 billion yuan, more than doubling from the end of 2024, with stock assets accounting for 14.8% of total investment assets, an increase of 7.2 percentage points [1] Life Insurance and Health Insurance Growth - The new business value for life and health insurance reached approximately 36.897 billion yuan, a year-on-year increase of 29.3% [1] - The new business value from bank insurance channels grew by 138% year-on-year, while the agent channel saw a 10.4% increase [1] - The number of customers using medical and elderly care services reached 18.298 million, with a 13-month policy continuation rate of 97.4%, up 1.0 percentage points year-on-year [1] Property Insurance Performance - The comprehensive cost ratio for property insurance was approximately 96.8%, a decrease of 1.5 percentage points year-on-year, indicating improved underwriting profitability [1] - The underwriting profit for property insurance reached approximately 10.717 billion yuan, a year-on-year increase of 96.2% [1] - In the context of overall underwriting losses in the new energy vehicle insurance sector, the company achieved underwriting profitability in this segment, insuring approximately 12.84 million new energy vehicles, a year-on-year increase of 44.8% [1]

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。 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條而作出。 茲載列中國平安保險（集團）股份有限公司的「2025年業績報告」如下，僅 供參考。 承董事會命 盛瑞生 公司秘書 2025年业绩报告 高值增长，服务创新 2026年 3 月 有关前瞻性陈述之提示声明 除历史事实陈述外，本演示材料中包括了某些"前瞻性陈述"。所有本公司预计或期待未来可能发生的(包括但不限于)预测、目标、 估计及经营计划都属于前瞻性陈述。某些字词，例如「潜在」、「估计」、「预期」、「预计」、「目的」、「有意」、「计 划」、「相信」、「将」、「可能」、「应该」，以及这些字词的其他组合及类似措辞，均显示相关文字为前瞻性陈述。 前瞻性陈述涉及一些通常或特别的已知和未知的风险与不明朗因素。读者务请注意这些因素，其大部分不受本公司控制，影响着 公司的表现、运作及实际业绩。受上述因素的影响，本公司未来的实际结果可能会 ...

Core Viewpoint - China Ping An's performance metrics highlight a strong growth trajectory in personal customer numbers, which is a key focus for the company, alongside significant increases in operational profits and shareholder equity [2]. Financial Performance - For the year ending December 31, 2025, China Ping An reported a net operating profit of 134.415 billion RMB, a year-on-year increase of 10.3% - The net profit attributable to shareholders, excluding non-recurring items, reached 143.773 billion RMB, reflecting a year-on-year growth of 22.5% - Shareholder equity surpassed 1 trillion RMB for the first time, growing by 7.7% from the beginning of the year [2]. - The proposed final dividend for 2025 is 1.75 RMB per share, with a total cash dividend of 2.70 RMB per share, marking a 5.9% increase year-on-year, totaling 48.891 billion RMB in cash dividends, which represents 36.4% of the net operating profit [2]. Customer Growth - The number of personal customers increased from 222 million at the end of 2021 to 251 million by the end of 2025, a growth of 3.5%, equating to approximately 18 customers per 100 people [2]. - The composition of customers showed growth in protection, asset, and service categories by 3.9%, 2.5%, and 4.0% respectively, while credit customers decreased due to strategic adjustments in response to industry cycles [2]. Product Engagement - The average number of contracts per customer in 2025 was 2.94, an improvement from 2024 but still below the levels seen in 2022 and 2023 - Higher contract numbers correlate with increased customer retention, with retention rates of 97% for customers holding two product types and 99% for those with three or more [3]. - The new business value for life and health insurance reached 36.897 billion RMB, a year-on-year increase of 29.3%, with a new business value rate of 28.5%, up by 5.8 percentage points [3]. Investment Performance - As of the end of 2025, the investment portfolio of insurance funds totaled 6.49 trillion RMB, a growth of 13.2% from the beginning of the year - The comprehensive investment return rate was 6.3%, an increase of 0.5 percentage points year-on-year, attributed to a balanced asset allocation strategy and an increased proportion of equity investments - The net investment return rate was 3.7%, a slight decline of 0.1 percentage points, primarily due to the maturity of existing assets and a decrease in yields from newly added fixed-income assets [4].

（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 ...