China Pacific Insurance (group) Co., Ltd. Class A · SSE:601601
China Pacific Insurance (group) Co., Ltd. Class A — H1 2026 Earnings Presentation
29 slides from China Pacific Insurance (group) Co., Ltd. Class A's earnings presentation, Aug 28, 2026
Slide 1: 2026 Interim Results Announcement
2026 Interim Results Announcement China Pacific Insurance (Group) Co., Ltd. August 28, 2026
Slide 2: Disclaimer
Disclaimer n These materials are for information purposes only and do not constitute or form part of an offer or invitation to sell or issue or the solicitation of an offer or invitation to buy or subscribe for securities of China Pacific Insurance (Group) Co., Ltd. (the “Company”) or any holding co
Slide 3: Overview: Steady improvement in overall business results
Overview: Steady improvement in overall business results (unit: RMB yuan) Group operating income Group OPAT2) Group net profit2) Group net assets2) 212.136bn 21.149bn 30.775bn 319.196bn +5.8% +6.2% +10.4% +5.6% Underwriting New business value combined ratio Group AuM3) Group core solvency margin rat
Slide 4: Group OPAT maintained steady growth, with more balanced contribution from life and P/C insurance
Group OPAT maintained steady growth, with more balanced contribution from life and P/C insurance business Group OPAT1) OPAT by Main Business Segments2) （unit: RMB million） +6.2% Share +7.1% 1H 1H +3.3% YoY in 2025 2026 1H 2026 Life 15,000 15,887 +5.9% 75.1% insurance P/C 4,967 6,263 +26.1% 29.6% ins
Slide 5: Growing CSM underpins stable and sustainable OPAT growth
Growing CSM underpins stable and sustainable OPAT growth CSM since Adoption of New Accouting Standards Movement of CSM in 1H 2026 （unit: RMB million） （unit: RMB million） +3.3% +3.3% +3.3% +6.0% 356,842 368,780 9,978 345,366 -13,807 368,780 325,726 3,510 356,842 12,256 31 Dec. 31 Dec. 31 Dec. 30 Jun.
Slide 6: Sustained growth in net assets under New Accounting Standards
Sustained growth in net assets under New Accounting Standards Group Net Assetsnote （unit: RMB million） +5.6% 319,196 291,417 302,143 249,586 230,329 1 Jan. 2023 31 Dec. 2023 31 Dec. 2024 31 Dec. 2025 30 Jun. 2026 Note: Attributable to shareholders of the parent. 6
Slide 7: Maintained sound solvency positions with strong resilience to market volatility
Maintained sound solvency positions with strong resilience to market volatility Comprehensive Solvency Margin Ratio （unit: %） 255 240 209 Regulatory minimum: 100% CPIC Group CPIC Life CPIC P/C Core Solvency Margin Ratio （unit: %） 191 197 143 Regulatory minimum: 50% CPIC Group CPIC Life CPIC P/C Note
Slide 8: Implemented interim dividend for the first time
Implemented interim dividend for the first time Cumulative Dividends Paid to Shareholders since IPO in 2007: over RMB 130bn Interim DPS RMB 0.42 yuan DPS (unit: RMB yuan) 1.20 1.30 1.15 1.08 1.00 1.00 1.00 1.02 1.02 0.80 0.70 Total Interim 0.50 Dividend Amounts 0.30 0.30 0.30 0.35 0.35 0.35 0.40 RMB
Slide 9: Performance Analysis
Performance Analysis
Slide 10: Life Insurance: Rapid growth in regular FYPs, with improving business quality
Life Insurance: Rapid growth in regular FYPs, with improving business quality 1H 2026 Policy Persistency Written Premiums Regular FYPs Ratios of Individual Customers （unit: RMB million） （unit: RMB million） （unit: %） Renewed premiums Agency channel Bancassurance First-year premiums Group channel and
Slide 11: Life Insurance: Pursued value-oriented strategies, with sustained NBV growth and margin expansion
Life Insurance: Pursued value-oriented strategies, with sustained NBV growth and margin expansion New Business Value New Business Value Margin （unit: RMB million） （unit: %） +12.7% +2.5pt 17.5 10,758 15.0 9,544 1H 2025 1H 2026 1H 2025 1H 2026 11
Slide 12: Life Insurance: Stable agent headcount, with continued gains in core agent productivity
Life Insurance: Stable agent headcount, with continued gains in core agent productivity Monthly Avg. Agent Headcount 1H 2026 Core Agent Productivity and Income AI Empowerment (unit: '0000) （unit: RMB yuan） Xiao Lan, a proprietary AI assistant +39.5% Empowering agent development flat across CRM, team
Slide 13: Life Insurance: Bancassurance adopts value-oriented strategy
Life Insurance: Bancassurance adopts value-oriented strategy, consolidating foundations for high-quality development Monthly Avg. No. of Bank Outlets with Sales Quarterly Growth of Regular FYPs of Regular-Premium Business Health & Elderly Care Empowerment （unit: %） +4.9% An exclusive programme for b
Slide 14: Life Insurance: Deepened customer segmentation and continued to optimise product mix
Life Insurance: Deepened customer segmentation and continued to optimise product mix Share of Mid-Tier Customers and Above Product Mix by Written Premiums （unit: %） 1H 2026 +5.6pt 34.2 15% 1H 2025 28.5 5% 13% 5% Traditional 12% 64% Participating Product Mix 48% 19% Universal 35% Unit-linked Short-te
Slide 15: P/C Insurance: Steady premium growth, with momentum gaining quarter on quarter
P/C Insurance: Steady premium growth, with momentum gaining quarter on quarter Direct Written Premiums Quarterly Growth of Direct Written Premiums （unit: RMB million） （unit: %） Auto insurance Non-auto insurance +1.4% 3.6 112,760 114,358 59,154 60,639 +2.5% 53,606 +0.2% 53,719 -0.3 1H 2025 1H 2026 Q1
Slide 16: P/C Insurance: Stepped up business quality control, with marked improvement in combined ratio
P/C Insurance: Stepped up business quality control, with marked improvement in combined ratio and considerable growth in u/w profits Underwriting Combined Ratio Underwriting Profits （unit: %） （unit: RMB million） Underwriting expense ratio Underwriting loss ratio +35.7% 96.3 -1.3pt 95.0 4,817 3,550 6
Slide 17: P/C Insurance: Auto business strengthened professional capacity-building
P/C Insurance: Auto business strengthened professional capacity- building, with continuous improvement in precise management Underwriting CoR of Renewal Ratio of Auto Insurance Auto Insurance for Individual Customers NEV Premiums （unit: %） （unit: %） （unit: RMB million） Underwriting expense ratio Und
Slide 18: P/C Insurance: Non-auto business stepped up transition of growth drivers
P/C Insurance: Non-auto business stepped up transition of growth drivers and optimised product mix, with positive results Underwriting CoR of Non-auto Insurance Health Insurance （unit: %） • Accelerated the development of commercial health 97.6 insurance, and contributed to a multi-tiered -2.3pt 95.3
Slide 19: Asset Management: Steady increase in Group AuM
Asset Management：Steady increase in Group AuM, with strategic asset allocation largely stable Group AuM1) Group investment assets （unit: RMB million） Group investment assets 30 Jun. 2026 (%) Change (pt) Third-party AuM1） Cash and cash equivalents 3.4 0.5 Group investment assets Term deposits 6.4 0.2
Slide 20: Asset management: Persisted in asset liability management
Asset management: Persisted in asset liability management, with long- term investment yields consistently covering costs of liabilities Long-term Investment Yields Consistently Covered Costs of Liabilities2) Duration Gap Modified duration gap Effective duration gap Guaranteed YTM of newly Guaranteed
Slide 21: Asset management: Maintained resilience in investment results
Asset management: Maintained resilience in investment results, with overall credit risk of investment assets under control External Credit Ratings of Enterprise and Non Investment Yields1) government-sponsored Bank Financial Bonds （unit: %） Share of AA and Share of AAA 1H 1H above Change 2025 2026 N
Slide 22: Outlook
Outlook Vision: A top-notch insurance and financial services group with market leadership and global competitiveness Life Insurance P/C Insurance Asset Management Strive for steady NBV growth Continue to enhance profitability for Generate steady, sustainable for 2026 sustainable development investme
Slide 23: Q&A
Q&A
Slide 24: Appendix 1: Profit analysis of CPIC Life
Appendix 1: Profit analysis of CPIC Life （Unit: RMB million)） For the 6 months ended 30 June 2026 2025 Changes (%) Insurance service performance and others 15,757 15,148 4.0 Insurance revenue 43,073 42,274 1.9 Insurance service expenses (26,326) (26,337) (0.0) Total investment income 1） 56,118 46,74
Slide 25: Appendix 2: Profit analysis of CPIC P/C
Appendix 2: Profit analysis of CPIC P/C （Unit: RMB million） For the 6 months ended 30 June 2026 2025 Changes (%) Insurance revenue 96,987 96,831 0.2 Insurance service expenses (89,558) (91,183) (1.8) Net income/(losses) from reinsurance contracts held 1） (1,020) (829) 23.0 Underwriting finance losse
Slide 26: Appendix 3: Embedded Value Movement Analysis
Appendix 3: Embedded Value Movement Analysis Movement of Embedded Value in 1H 2026 （unit: RMB million） +3.8% 4,183 676 90 912 (2,411) (11,063) 10,758 6,521 636,938 13,908 613,365 Group EV Expected NBV for Investment Operating Change in Diversific- Change Shareholder Others Group EV as as of the retu
Slide 27: Appendix 4: Sensitivity Analysis
Appendix 4: Sensitivity Analysis The sensitivity results of the value of in-force business (VIF) and the new business value (NBV) of life insurance business after cost of required capital held as at 30 June 2026 （Unit: RMB million） VIF Half-year NBV Base 255,122 10,758 Risk discount rate “+50 basis
Slide 28: Appendix 5: Honours & Awards
Appendix 5: Honours & Awards 1 Consumer Protection and Service Innovation 4 Sina Golden Kylin Insurance Industry Awards CPIC Group and its multiple subsidiaries were recognised as CPIC Group: Most Socially Responsible Insurance Group of the Year Exemplary Cases at the 2026 Financial Consumer Protect
Slide 29: THANKS
THANKS WES (D CD ACE FF tie hin China Pacific Insurance
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