China Pacific Insurance Company (601601) H1 2025 earnings summary

Executive summary

• Operating income for H1 2025 reached RMB 200.5 billion, up 3.3% year-over-year, with net profit at RMB 27.89 billion, up 11.0%.

• Embedded value rose 4.7% to RMB 588.93 billion; assets under management increased 6.5% to RMB 3.77 trillion.

• Dividend per share for 2024 was RMB 1.08, up 5.9%, with a new policy linking dividends to OPAT; no interim dividend for H1 2025.

• Strategic focus on high-quality growth, digitalization, health and elderly care, internationalization, and AI integration.

• Consolidated market position and brand influence amid global uncertainty and a resilient Chinese economy.

Financial highlights

• Group OPAT was RMB 19.91 billion, up 7.1% year-over-year; net profit increased 11.0% to RMB 27.89 billion.

• Written premium for life insurance reached RMB 193.5 billion, up 13.1%; new business value (NBV) grew 32.3%.

• P&C premium income was RMB 112.8 billion, up 0.9%; combined ratio improved to 96.3%, with underwriting profit up 30.9%.

• Net investment yield was 1.7%, down 0.1 pt; comprehensive investment yield was 2.4%, down 0.6 pt.

• Operating cash flow reached RMB 120.50 billion, up 34.0% year-over-year.

Outlook and guidance

• OPAT and net profit expected to maintain steady growth for the full year, with a focus on prudent business growth, digital transformation, and asset-liability management.

• Strategies emphasize health, elderly care, internationalization, and AI+ for market leadership.

• Dividend payout will be linked to OPAT and investment performance.

• Anticipates further reduction in liability costs due to regulatory pricing caps.

• Cautious on macroeconomic and regulatory risks, with strengthened risk management.