People's Insurance Co. (group) Of China Ltd. Class A · SSE:601319
People's Insurance Co. (group) Of China Ltd. Class A — The People's Insurance Company (Group) of China — H1 2026 Earnings Presentation
32 slides from People's Insurance Co. (group) Of China Ltd. Class A's earnings presentation, Aug 28, 2026
Slide 1: 2026 Interim Results Announcement
PICC Group 601319.SH PICC Group 1339.HK PICC P&C 2328.HK 2026 Interim Results Announcement
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by the People’s Insurance Company (Group) of China Limited (the “Company”). No representation or warranty, expressed or implied, is given as to the fairness, accuracy, completeness or correctness of any information contained herein and they should not b
Slide 3: Terminology
Terminology New Accounting Standards: The Group has implemented the Accounting Standards for Business Enterprises No.25 – Insurance Contracts (Cai Kuai [2020] No.20), the Accounting Standards for Business Enterprises No. 22 – Recognition and Measurement of Financial Instruments (Cai Kuai [2017] No.7
Slide 4: Overview
Overview 2 Overview 3 Results Segment Key Work Focus for the second half of the year
Slide 5: Results Overview
Results Overview Insurance Revenue Net Profit Net Assets bn RMB bn RMB bn RMB 2026H1 286.9 +2.4 % 2026H1 49.8 +38.8 % 20260630 461.4 +9.8 % 2025H1 280.3 2025H1 35.9 20251231 420.2 Interim Cash Dividend per Share ROE Total Investment Yield (Incl. tax) RMB 2026H1 11.2% +1.7 pp 2026H1 3.7% +1.1 pp 2026
Slide 6: Enhanced Insurance Business Quality and Operational Efficiency
1.1 Enhanced Insurance Business Quality and Operational Efficiency Insurance Services Performance P&C Business Life & Health Business +3.8 % Auto insurance renewal rate 3.3 pp Regular premiums 2.5 % income 76.9% 28.8 89.2bn RMB 27.7 Individual non-auto premiums income 18.2% Regular premiums 1.9 pp c
Slide 7: Significantly Improved Investment Performance
1.2 Significantly Improved Investment Performance Investment Performance Total Insurance bn RMB Investment Assets Total Investment Income +5.1 % bn RMB 1,997.7 +59.9 % 1,901.6 66.3 +113.7 +113.7% 41.5 37.3 373 2025H1 2026H1 20251231 20260630 17.5 175 Net Investment Income Equity Investment Income bn
Slide 8: Continuously Strengthened Profitability
1.3 Continuously Strengthened Profitability P&C Business Life & Health Business Underwriting Profits 19.8 % Contractual Service Margin 9.5 bn RMB bn RMB Contractual Service Margin 127.9 as of the End of 2025 Effect of Insurance Contracts on Initial Recognition in the 13.6 14.0 Current Period Adjustm
Slide 9: Continuous Enhancement of Capital Strength
1.4 Continuous Enhancement of Capital Strength Group Net Assets bn RMB P&C Net Assets bn RMB Group Solvency Comprehensive 9.8 % 5.8 % Core Solvency Margin Ratio Solvency Margin Ratio 461.4 420.2 305.1 288.4 198 % 247 % 20251231 20260630 20251231 20260630 Core Solvency Comprehensive Solvency Life Net
Slide 10: Effective Risk Prevention and Control
1.5 Effective Risk Prevention and Control Comprehensive Risk Compliance Operations Management System Enhanced Improved • Strengthened policed and frameworks for concentration risk • All insurance subsidiaries maintained Grade A or above in the management, internal controls and related areas comprehe
Slide 11: Fully Leveraged the Function and Role of Insurance (1/2)
1.6 Fully Leveraged the Function and Role of Insurance (1/2) Actively Performed the Functions of Insurance as an Economic Shock Absorber and Social Stabilizer Risk Protection Claims Paid 2,046 tnRMB 241 bnRMB Daily average claims paid Ranked No.1in the industry reaches RMB 1.33bn 14.9 % 3.2 % Risk R
Slide 12: Fully Leveraged the Function and Role of Insurance (2/2)
1.6 Fully Leveraged the Function and Role of Insurance (2/2) Green Finance Technology Finance • Number of new energy vehicles underwritten 30.9% • MSCI ESG Rating AAA • Premiums income from technology insurance 18.5% • Risk coverage reached RMB 132tn • Serving over 260,000 technology enterprises • S
Slide 13: Segment Overview
1 Results Overview Segment Overview 3 Key Work Focus for the second half of the year
Slide 14: P&C: Results Highlights
P&C: Results Highlights Insurance Revenue Net Profit Net Assets bn RMB bn RMB bn RMB 2.2 % 33.2 % 5.8 % 305.1 254.6 249.0 288.4 31.2 23.5 2025H1 2026H1 2025H1 2026H1 20251231 20260630 Interim cash dividend Combined Ratio ROE per share (including tax) ） RMB 0.8 pp 1.8 pp 41.7 % 0.34 95.3% 94.5% 10.6%
Slide 15: Competitive Advantage in Auto Insurance Remains Solid
2.1.1 Competitive Advantage in Auto Insurance Remains Solid Structure Optimization Profitability Enhancement Number of household vehicles Expense Ratio 43.89mn vehicles 3.8 % 19.9% 1.2 pp Household vehicles renewal rate Combined Ratio 78.7% 2.1 pp 93.5% 0.7 pp Market share of household new 0.3 pp Un
Slide 16: Improved Quality and Profitability in Non-Auto Insurance Business
2.1.2 Improved Quality and Profitability in Non-Auto Insurance Business Profitability improved Rapid growth of Improving quality of year-on-year individual business institutional business Premiums 18.2 % Expense Ratio 3.9 pp 31.5bn RMB Combined Ratio 1.2 pp Combined Ratio 1.5 pp Claim Ratio 1.9 pp U
Slide 17: Solid Financial Strength
2.1.3 Solid Financial Strength Net Loss and LAE Net cash flow from Net Assets Reserves operating activities 5.8 % bn RMB 9.0 % bn RMB bn RMB 2.6 % 222.8 305.1 204.5 27.6 288.4 26.9 20251231 20260630 20251231 20260630 2025H1 2026H1 ROE Net Loss and LAE Reserves Solvency Margin Ratio Ratio 1.8 pp 3.3
Slide 18: Life: Results Highlights
Life: Results Highlights Total Assets Net Profit Net Assets bn RMB bn RMB bn RMB 5.5 % 97.6 % 28.2 % 901.7 70.8 854.8 13.6 55.2 6.9 2026H1 20251231 20260630 2025H1 20251231 20260630 25-month Persistency Ratio of ROE Contractual Service Margin Premuims bn RMB 4.5 pp 7.3 % 0.7 pp 21.5% 112.1 95.0% 104
Slide 19: Business development resilience has increased
2.2.1 Business development resilience has increased NBV Margin Six-month NBV Regular Premiums 4.0 pp bn RMB Contribution 83.5% 2.2 pp 5.2 % 5.2 First-year Regular Premiums of ten- year or more 1.88bn RMB 95.4 % 2025H1 2026H1 2025H1 2026H1 VIF bn RMB EV bn RMB 39.6 % 19.2 % 147.9 Renewal Premiums of
Slide 20: Channel Transformation Toward Innovation and Excellence
2.2.2 Channel Transformation Toward Innovation and Excellence Personal insurance premiums Bancassurance channels • Six-month NBV 2.5bn RMB 23.4 % • Proportion of preimiums from four major 13.0 pp state-owned banks is 54.1% • Average Monthly High-quality Headcount 8,958 25.7 % • Total channel workfor
Slide 21: Health: Results Highlights
Health: Results Highlights Insurance Revenue Regular Premiums Income Net Profit bn RMB bn RMB bn RMB 7.1 % 20.0 % 18.1 16.7 15.6 15.1 5.15 5.13 2025H1 2026H1 2025H1 2026H1 2025H1 2026H1 Total Assets Net Assets Contractual Service Margin 8.3 % bn RMB bn RMB bn RMB 16.9 % 7.7 % 167.4 25.2 154.5 28.1 2
Slide 22: Sustainable Growth in Business Value
2.3.1 Sustainable Growth in Business Value Six-month NBV NBV Margin of Personal 12.0 % bn RMB Premiums Income Insurance 45.6bn RMB 1.3 % 0.5 pp 3.9 • First-year regular 20.4 % Premiums of 6.8bn RMB 2025H1 2026H1 2025H1 2026H1 VIF EV • Renewal Premiums of 19.8 % bn RMB bn RMB 11.4bn RMB 15.4 % 15.3 %
Slide 23: Continuously Strengthened Channel Ecosystem Development
2.3.2 Continuosly Strengthened Channel Ecosystem Development Personal Insurance Group insurance • Social Insurance • Internet Premiums income from innovative insurance businesses, such as long-term care, 18.4 % Premiums income outpatient chronic and special diseases 12.5 % 12.1bn RMB 3.5bn RMB • Gro
Slide 24: Asset Management: Results Highlights
Asset Management: Results Highlights Allocation to Government and Total Investment Yield Treasury Bonds OCI Equity bn RMB 1.1 pp 1.4 pp 19.0 % 29.3% 84.0 27.9% 3.7% 70.5 2.6% 2025H1 2026H1 20251231 20260630 20251231 20260630 TPL Secondary Equity NAV Total AUM of the first, second, Equity Dividend In
Slide 25: Continued Enhancement of Investment Capabilities
2.4.1 Continued Enhancement of Investment Capabilities ๏ Further improved the matrix management system of “segmented accounts + segmented asset Asset-liability classes” Matching ๏ The Group’s three-year average total investment yield reached 5.0%, providing effective coverage of liability costs ๏ En
Slide 26: Enhanced Service Quality and Effectiveness to Support Industry-Wide Priorities
Enhanced Service Quality and Effectiveness to Support 2.4.2 Industry-Wide Priorities Promote technological self-reliance and Support the stability of the capital market self-strengthening • Net increase in A-share equity holdings of • Actively advanced investments aligned with approximately RMB30bn
Slide 27: Key Work Focus for the second half of the year
Key Work Focus 1 Results Overview 2 Segment Overview for the second half of the year
Slide 28: Key Work Focus for Second Half of 2026
Key Work Focus for Second Half of 2026 Greater Focus on Strengthening Core 1 Functions • Expand financial support for consumption, investment, enterprise development, employment Greater Focus on Risk Prevention stabilization, and other underserved 3 • Advance “consistency between areas regulatory fi
Slide 29: STARA
STARA HAAN i | i A \
Slide 30: Appendix: Differences between CAS and IFRS
Appendix: Differences between CAS and IFRS (mn RMB) Net Profit Attributable to Equity Holder of the Company Net Assets Attributable to Equity Holder of the Company Item 2026H1 2025H1 As of Jun 30, 2026 As of Dec 31, 2025 Under CAS 36,745 26,530 340,139 308,991 Items and adjustments under IFRS: Premi
Slide 31: Appendix: Key Financials of PICC Group (CAS)
Appendix: Key Financials of PICC Group (CAS) (mn RMB, unless otherwise noted) 2026H1 2025H1 Change Insurance revenue 286,873 280,250 2.4% Of which: PICC P&C 254,617 249,040 2.2% PICC Life 13,611 14,018 -2.9% PICC Health 16,717 15,603 7.1% Total profit 61,579 42,468 45.0% Net profit attributable to e
Slide 32: Appendix: Key Financials of PICC Group (IFRS)
Appendix: Key Financials of PICC Group (IFRS) (mn RMB, unless otherwise noted) 2026H1 2025H1 Change Insurance revenue 286,873 280,250 2.4% Of which: PICC P&C 254,617 249,040 2.2% PICC Life 13,611 14,018 -2.9% PICC Health 16,717 15,603 7.1% Total profit 62,945 43,064 46.2% Net profit attributable to
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