China Pacific Insurance Company (601601) Q1 2026 earnings summary

Executive summary

• Net profit for Q1 rose 4.3% year-on-year to RMB 10.041 billion, with operating profit after tax up 3.6%.

• Insurance revenue reached RMB 70.234 billion, up 1.0% year-on-year, driven by life insurance growth and stable P&C performance.

• CPIC Life achieved steady business results, with regular premium new business value up 41.4% and new business value up 9.6% year-on-year.

• P&C total premium was RMB 63.028 billion, down 0.3% year-on-year, while auto insurance remained stable at RMB 26.871 billion.

• Total assets grew 2.6% from year-end to RMB 3,227.1 billion; equity attributable to shareholders rose 5.8%.

Financial highlights

• Group investment assets reached RMB 3.12384 trillion, up 2.8% from year-end; non-annualized net investment yield was 0.7%, down 0.1 percentage points year-on-year.

• Combined ratio for P&C improved to 96.4%, a 1 percentage point improvement.

• Operating income for Q1 was RMB 92.547 billion, down 1.2% year-on-year.

• Basic EPS increased to RMB 1.04 from RMB 1.00; diluted EPS decreased to RMB 0.94.

• Convertible bonds contributed RMB 500 million to profit; non-recurring profit or loss for Q1 was RMB 522 million, mainly from convertible bond revaluation gains.

Outlook and guidance

• Expectation for positive NBV growth in the bank channel as product mix and compliance improve.

• P&C business growth anticipated to return to normal in Q2 and Q3 after business mix adjustments.

• Profit and pre-tax profit expected to rise in subsequent quarters as deductible income is evenly released.

• The company expects continued high-quality development, focusing on value growth and risk management amid market volatility and geopolitical risks.