China Pacific Insurance Company (601601) H1 2026 earnings summary

Executive summary

• Achieved steady improvement in operating profit and comprehensive strengths, with group operating income of RMB 212.14 billion, up 5.8% year-over-year, and net profit of RMB 30.8 billion, up 10.4%.

• Life insurance new business value grew 12.7% year-over-year to RMB 10.8 billion, and group assets under management surpassed RMB 4 trillion for the first time, reaching RMB 4.08 trillion.

• Implemented interim dividend for the first time, with RMB 0.42 per share and a total payout of RMB 4.04 billion.

• Embedded value increased 3.8% to RMB 636.94 billion; effective business value up 4.2% to RMB 250.77 billion.

• Group solvency ratios remain robust, with comprehensive solvency at 255%.

Financial highlights

• Group OPAT reached RMB 21.15 billion, up 6.2% year-over-year.

• Net assets attributable to parent shareholders stood at RMB 319.2 billion, up 5.6% from end-2025.

• Life business OPAT was RMB 15.9 billion, up 5.9%; P&C business OPAT was RMB 6.3 billion, up 26%.

• Group investment assets: RMB 3.17 trillion, up 4.4% from year-end 2025; third-party assets under management: RMB 907.82 billion, up 6.3%.

• Basic EPS: RMB 3.20, up 10.4% year-over-year.

Outlook and guidance

• Remains optimistic about NBV growth despite regulatory pressures, focusing on customer segmentation, product mix, and digital empowerment.

• Expects continued stable growth in CSM amortization and P&C underwriting profitability to drive OPAT.

• Strategic focus on health, pension, technology, and internationalization; aims to further enhance asset-liability management and risk control.

• Asset management to maintain long-termism and seize investment opportunities.

• Plans to further improve agency channel quality, bank channel competitiveness, and P&C profitability.