China Pacific Insurance Company (601601) investor relations material

Executive summary

• Operating income reached CNY 435.156 billion in 2025, up 7.7% year-over-year, with insurance revenue at CNY 288 billion, and net profit rose 19% to CNY 53.505 billion.

• Embedded Value (EV) grew 9.1% to CNY 613.365 billion, and assets under management (AUM) increased 9.8% to CNY 3,891.033 billion.

• Customer base expanded by 3.5% to 190 million, with a focus on high-end and mid-tier segments and improved service quality.

• MSCI ESG rating upgraded to AAA, reflecting strong sustainability practices and the launch of 40 green insurance products.

• Achieved steady improvement in business performance and enhanced core competitiveness amid a complex macroeconomic environment.

Financial highlights

• Group net assets rose 3.7% to CNY 302.143 billion as of Dec 31, 2025.

• Comprehensive and core solvency margins under C-ROSS II were 273% and 206%, well above regulatory minimums.

• Investment income reached CNY 141 billion, up 17.6%, with a net investment yield of 3.4% and total investment yield of 5.7%.

• Dividend per share increased 6.5% to CNY 1.15, with a new interim dividend authorization.

• Assets under management up 9.8% to CNY 3,891.033 billion.

Outlook and guidance

• 2026 focus on quality growth, operational efficiency, and fostering new growth drivers in health, elderly care, and AI.

• Aims to enhance corporate governance, deepen reform, and foster new growth drivers to become a top-tier insurance conglomerate with international competitiveness.

• NBV expected to deliver stable growth, driven by digitalization, AI empowerment, and improved product mix.

• Will focus on improving operational efficiency and service capabilities in 2026, the 35th anniversary year.

• Continued commitment to steady progress, risk management, and sustainable value creation for shareholders.