China Pacific Insurance Company (601601) Q1 2026 earnings summary

Executive summary

• Insurance revenue reached RMB 70.23 billion in Q1, up 1.0% year-on-year, with net profit rising 4.3% to RMB 10.04 billion.

• Operating profit after tax was RMB 10.22 billion, down 11.5% year-on-year.

• Life business transformation focused on value growth, with strong regular premium new business and new business value increases.

• P&C premium was RMB 63.03 billion, down 0.3% year-on-year, with auto insurance stable and non-auto business declining due to business mix optimization.

• Total assets grew to RMB 3,227.1 billion, up 2.6% from year-end.

Financial highlights

• Total premium income for life business was RMB 116 billion; regular premium new business value rose 41.4% to RMB 18.9 billion.

• New business value reached RMB 6.3 billion, up 9.6% year-on-year.

• Group investment assets grew to RMB 3,123.84 billion, up 2.8% from year-end; non-annualized net investment yield was 0.7%, and total investment yield was 0.8%, both slightly down year-on-year.

• Basic EPS was RMB 1.04, up 4.3%; diluted EPS was RMB 0.94, down 6.0%.

• Shareholders’ equity increased by 5.8% to RMB 319.6 billion.

Outlook and guidance

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

• Anticipate stronger performance in Q2 and Q3, with more even business growth across quarters.

• Confident in P&C business growth returning to normal in Q2 and Q3 after slow Q1.

• The company continues to focus on value growth and high-quality development, with ongoing transformation in life and property insurance segments.

• Asset management strategy emphasizes risk control, strategic asset allocation, and diversified investment.