Summary of China Pacific Insurance Conference Call Company Overview - **Company**: China Pacific Insurance (中国人保) - **Industry**: Insurance Key Points Non-Motor Insurance Performance - Personal non-motor insurance maintains double-digit growth with good profitability, and the combined cost ratio is below 90% [2][3] - Corporate non-motor insurance is significantly affected by natural disasters, leading to structural adjustments to reduce losses [2][3] - Agricultural insurance shows good profitability, while social insurance business incurs losses, with efforts to minimize these losses [2][3] Impact of Regulatory Changes - The "reporting and operation integration" policy, effective from November 1, 2023, is expected to exert short-term pressure on premium growth but will optimize the combined cost ratio and promote industry standardization in the long term [2][3][5] - Personal non-motor insurance is less affected due to its strong profitability and growth rate, while corporate non-motor insurance, particularly commercial property and liability insurance, will see more significant improvements [3][5] New Energy Vehicle Insurance - New energy vehicle insurance accounts for 20% of total motor insurance premium income, with new business premiums making up 50% [2][6] - The company expects to achieve overall profitability in new energy vehicle insurance by 2025, with a 4 percentage point decrease in the claim rate year-on-year [2][6] Overseas Market Expansion - In the first nine months of 2025, the company generated approximately 1.6 billion RMB in overseas premium income, achieving over double-digit growth and profitability [2][7] - The goal is to reach 20 billion RMB in annual overseas premium income by 2030, with an average annual growth rate exceeding 20% [2][7] Asset Management Strategy - The company focuses on absolute returns and investment income targets rather than specific allocations between growth and value stocks [2][8] - The current duration gap for life insurance business is 6 years, which is narrowing, and the company plans to increase long-duration government bond allocations [2][4][13] Investment Returns and Strategies - The company aims to maintain a stable net investment return rate around 3%, with the mid-year net investment return rate reported at 3.3% [2][14] - The strategy includes enhancing the proportion of FVOCI (Financial Assets at Fair Value through Other Comprehensive Income) stocks to ensure stable cost profitability [2][10] Dividend Policy and Shareholder Returns - The dividend policy considers net profit fluctuations, subsidiary capital strength, solvency, and business stability [2][23] - The company aims to provide sustainable, stable, and predictable returns to shareholders while enhancing profitability [2][23] Sales and Distribution Channels - The bancassurance channel has seen a 68% increase in new single premiums in the first nine months of 2025, driven by strong cooperation with major banks and growing resident financial needs [2][20] - The company is expanding its bank branch network to further support new single premium growth [2][20] Regulatory Compliance and Future Outlook - The company is actively working on compliance with the new expense-sharing guidelines, which are expected to reduce channel costs and promote new business value growth [2][18][19] - The integration of reporting and operation is ongoing, with plans to enhance internal systems to meet regulatory requirements [2][19] Conclusion - China Pacific Insurance is strategically positioned to navigate regulatory changes, expand into new markets, and enhance profitability through effective asset management and a focus on sustainable growth in both domestic and international markets [2][7][8][23]

未来，个人存取现金超过5万元，将不再"一刀切"式地被问询。 询问资金来源仍有必要 机构尽职调查与个人隐私保护不矛盾 金融机构是否还有必要询问客户资金来源？事实上，客户尽职调查是金融机构履行反洗钱义务的核心环 节，也是识别异常情形、阻断洗钱活动的重要防线。 在实际案例中，不法分子组织批量开户、控制他人银行和第三方支付账户转移资金、安排人员多次分散 取现等做法并不鲜见。他们通过伪装业务场景、分拆交易、复杂化资金流转路径等，规避监测打击。 11月28日，央行联合金融监管总局、证监会发布《金融机构客户尽职调查和客户身份资料及交易记录保 存管理办法》（下称《管理办法》）。此次《管理办法》正式稿中延续了征求意见稿中取消"个人存取 现金超5万元需登记资金来源"的规定，同时围绕"基于风险"的核心原则，根据客户行为与反洗钱风险相 关性来决定是否要"多问几句"。 过去一段时间，有人抱怨部分银行对客户取钱存在过度询问、登记烦琐的情况，引起了社会的关注。尽 管这些举措最终目的是保障银行客户资金的安全，但在实际操作过程中也造成了客户办理存取款业务的 不便。 有业内人士指出，《管理办法》强调金融机构基于风险开展客户尽职调查，避免采取与洗 ...

Core Viewpoint - The central theme of the news is the release of the "Management Measures for Customer Due Diligence and Management of Customer Identity Information and Transaction Records" by the central bank, which emphasizes a risk-based approach to customer due diligence in financial institutions to balance anti-money laundering efforts with the optimization of financial services [1][3]. Group 1: Regulatory Framework - The new regulations require financial institutions to conduct customer due diligence based on customer characteristics and the nature of transactions to avoid mismatched measures against money laundering risks [1]. - The regulations aim to address complaints about excessive questioning by banks during cash withdrawals, which have raised social concerns [1][2]. Group 2: Distinction Between Anti-Money Laundering and Anti-Fraud - Industry experts highlight the differences between anti-money laundering (AML) and anti-fraud measures, noting that AML is governed by the Anti-Money Laundering Law, while anti-fraud efforts are based on the Anti-Telecom Network Fraud Law [1][2]. - The mechanisms for AML and anti-fraud differ, with AML focusing on customer due diligence and transaction monitoring, while anti-fraud measures are more reactive [2]. Group 3: Risk-Based Approach - The central bank emphasizes a "risk-based" principle in conducting customer due diligence, allowing for simplified measures for lower-risk situations and enhanced scrutiny for higher-risk scenarios [3][4]. - For example, pension accounts for elderly clients are often considered low-risk, requiring only basic identity verification, while unusual transaction patterns in a student's account may trigger further investigation [3][4]. Group 4: Importance of Customer Due Diligence - Customer due diligence is identified as a core component of financial institutions' obligations to combat money laundering and is crucial for identifying suspicious activities [4][5]. - The complexity and concealment of money laundering methods necessitate rigorous customer due diligence to prevent financial crime [5]. Group 5: Privacy Concerns - Experts assert that customer due diligence, aimed at protecting public interest, does not conflict with personal privacy rights [6][7]. - Financial institutions are required to gather necessary customer information within reasonable limits to prevent misuse of the financial system, aligning with international standards [6][7]. Group 6: Balancing Security and Convenience - The challenge of balancing security and convenience in financial services is highlighted, with the new regulations aiming to address this tension by promoting a risk-based approach [8]. - The management measures encourage financial institutions to provide services while ensuring adequate security against money laundering and related crimes [8].

Core Viewpoint - The company aims to enhance its role as a leading insurance provider by aligning with national strategies and focusing on high-quality development to support China's modernization efforts [1][11]. Group 1: Economic Strategy and Insurance Services - The company emphasizes the importance of deepening supply-side structural reforms and enhancing the functional construction of the insurance industry to align with national economic strategies [2]. - The company plans to expand domestic demand by increasing insurance coverage in various sectors, particularly in social security and new employment forms, to stabilize public expectations and boost consumption [3]. Group 2: Technological and Green Insurance Development - The company prioritizes technology insurance to support the development of new productive forces, aiming to cover the entire lifecycle of technology activities and promote innovation [4]. - The company is committed to developing green insurance, with a reported risk coverage of 161.9 trillion yuan in 2024, reflecting a 10.5% year-on-year increase, and aims to support sustainable development initiatives [5]. Group 3: Disaster Risk Management and Rural Development - The company is enhancing its disaster risk management capabilities, expanding coverage to include various natural disasters and aiming to protect over 4.1 billion people through comprehensive disaster insurance [6]. - The company is focused on rural revitalization by providing agricultural insurance to over 55 million households, with a total risk coverage of 2.1 trillion yuan [7]. Group 4: International Expansion and Risk Management - The company is actively participating in the "Belt and Road" initiative, providing risk coverage of 1.9 trillion yuan across 143 countries and regions, and aims to strengthen its international service network [8]. - The company is committed to maintaining financial stability by enhancing risk management practices and ensuring compliance with regulatory standards [10]. Group 5: Governance and Leadership - The company emphasizes the importance of strong party leadership and governance to ensure effective implementation of national policies and high-quality development [9]. - The company aims to enhance its operational efficiency and international competitiveness by focusing on structural reforms and innovative practices [10].