The People's Insurance Company (Group) of China (1339) investor relations material

Science and technology insurance

• 2025 broad science and technology insurance premiums exceeded RMB20.9bn, ranking No. 1 by market share; served 360,000+ sci-tech enterprises and paid RMB11.6bn in claims. Jan-Sep 2026 sum insured exceeded RMB39tn.

• Industry expectations point to ~20% CAGR for sci-tech activity insurance over the next 3–5 years; an optimistic 15th Five-Year Plan scenario sees activity premiums exceeding RMB10bn and broader science and technology insurance premiums potentially topping RMB100bn.

• Underwriting strategy combines co-insurance pools, joint risk research and shared capacity; pools have expanded into integrated circuits, commercial aerospace, low-altitude economy, quantum technology, biomedicine, robotics and pilot testing.

• Risk capabilities span technology due diligence, data- and AI-supported pricing, preventive intervention and full-lifecycle cover; a 2024 specialist centre has 15 regional sub-centres and access to 8,000+ experts.

• Profit contribution is expected to build over the 15th Five-Year Plan: stability-led contributions in 2026-2027, gradually improving underwriting costs in 2028-2029, then a value-realization phase supporting corporate-business profitability.

Personal non-auto insurance

• Premiums grew at a 23.9% CAGR during the 14th Five-Year Plan; Jan-Sep 2026 written premiums were RMB50.3bn, up 16.3% YoY, with RMB7.0bn incremental premiums representing 97% of total business increment.

• The 15th Five-Year Plan targets double-digit annual growth, sound combined ratio and scale toward RMB100bn; premiums exceeded RMB50bn in 2025 and are expected to exceed RMB60bn in 2026.

• Growth drivers are shifting to five expansion markets—health, vehicle-person-home, NEV, consumption and inclusive insurance; expansion programs supplied 68% of Jan-Sep 2026 segment increment, versus 40% in the same 2025 period.

• Five-year growth aims include at least RMB1.0bn annual increment from key personal commercial health products, 1pp annual gains in vehicle-person-home customer penetration and doubling new-consumption premiums.

• Plans also target doubling people covered by new inclusive insurance over five years, while expanding NEV-chain products and insurance for intelligent driving and vehicle exports.

Health insurance and services

• Strategy shifts health insurance from passive claims payment toward prevention, health management and integrated insurance-service-technology offerings; a wholly owned health management platform launched in Dec 2025 with RMB200mn registered capital, targeting initial results in five years and full impact in ten.

• Four capabilities underpin the approach: medical services for screening and chronic care, pharmaceutical access and cost control, nursing benefits and services, and research partnerships to strengthen risk-reduction methods.

• Health-management targets include reducing overall medical insurance claims ratio by 2pp and reaching a 60% early-diagnosis rate for key cancers during the 15th Five-Year Plan.

• Drug-service plans target a 50% direct-payment share, discounts from one-quarter of pharma partners and RMB600mn cumulative specialty-drug loss reduction during the 15th Five-Year Plan.

• Nursing-benefit coverage targets 30mn people by 2030, from a current base of around 3.3mn; corporate health-management coverage targets over 50% of corporate clients and RMB600mn service revenue from jointly developed corporate clients.