China Pacific Insurance Company (601601) H1 2024 earnings summary

Executive summary

• Group operating income rose 10.9% year-over-year to RMB 194.634 billion, with net profit up 37.1% to RMB 25.13 billion and OPAT up 3.3%, reflecting strong business performance amid China's economic recovery.

• Embedded Value (EV) increased 7.4% from end-2023 to RMB 568.77 billion, and customer base reached 181 million.

• Group assets under management (AUM) expanded 11.7% to RMB 3.26 trillion, with robust capital positions under C-ROSS II.

• Achieved solid business results in H1 2024, maintaining secure market standings and increased comprehensive strength.

Financial highlights

• Net adjusted net worth rose 10.1% to RMB 320 billion; value of in-force business up 4.2% to RMB 247 billion.

• Total investment income jumped 46.5% year-over-year to RMB 56 billion; comprehensive investment yield reached 3%, up 0.9 percentage points.

• Net investment income was RMB 39.1 billion, up 1.67%, with a net investment yield of 1.8%.

• Group comprehensive solvency adequacy ratio stood at 251%, with all core and comprehensive solvency ratios above regulatory minimums.

• Basic EPS was RMB 2.61, up 37.1% year-over-year.

Outlook and guidance

• CSM margin improved by 2.7% in H1; base scenario projects slight CSM and OPAT growth over the next 2–3 years, with net profit closely correlated to OPAT excluding market volatility.

• Focus remains on high-quality growth, digital transformation, risk management, and strategies in insurance, healthcare, regional development, and technology.