People's Insurance Co. (group) Of China Ltd. Class A · SSE:601319
People's Insurance Co. (group) Of China Ltd. Class A — PICC Group — H1 2025 Earnings Presentation
33 slides from People's Insurance Co. (group) Of China Ltd. Class A's earnings presentation, Aug 27, 2025
Slide 1: Interim Results Presentation
PICC Group 601319.SH PICC Group 1339.HK PICC P&C 2328.HK INTERIM RESULTS PRESENTATION
Slide 2: 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 be relied up
Slide 3: 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), Accountin
Slide 4: Results Overview
1 Results Overview 2 Segment Overview 3 Key Work Focus for 2025 H2
Slide 5: Results Overview
Results Overview Net Profit Attributable to Equity Insurance Revenue Holders of the Company Consolidated Net Assets bn RMB bn RMB bn RMB 2025H1 280.3 +7.1 % 2025H1 26.7 +14.0 % 20250630 390.6 +6.3 % 2024H1 261.6 2024H1 23.4 20241231 367.4 Interim Cash Dividend per 10 Shares ROE Total Investment Yiel
Slide 6: Remarkable Achievements in High-Quality Development
1.1 Remarkable Achievements in High-Quality Development 601319.SH PICC Group A-shares reached a nearly six-year high RMB 9.06 1339.HK PICC Group H-shares reached the highest price since listing, HKD 6.11 reaching a 13-year high 2328.HK PICC P&C reached the highest price since listing, HKD 15.92 reac
Slide 7: Steady Growth in Business Scale
1.2 Steady Growth in Business Scale Group Premiums Income P&C Premiums Income +6.4 % +3.6 % bn RMB bn RMB 454.6 323.3 427.3 312.0 2024H1 2025H1 2024H1 2025H1 Life & Health Premiums Income Total Insurance Investment Assets +13.8 % +7.2 % bn RMB bn RMB 131.2 1,760.7 115.3 1,641.8 2024H1 2025H1 2024123
Slide 8: Continuous Structural Optimization
1.3 Continuous Structural Optimization Group Premiums Structure P&C Household vehicles premiums 28.9 % contribution 73.4% 1.0 pp 1.9 pp 13.0 pp 71.1 % Individual non-auto premiums income 16.6% (Higher than the overall 人身险 Life & Health 财产险 P&C premium growth rate) Life & Health Business Synergy 8.9
Slide 9: Continuously Strengthened Profitability
1.4 Continuously Strengthened Profitability Group P&C Underwriting Profits Net Loss and LAE Reserves Insurance Service Performance 13.0bn RMB Ratio +1.7 % 2.8 pp bn RMB 44.6 % 29.1 28.6 21.6 Life & Health Contractual Service Margin 13.5bn RMB Contractual Service Margin 112.7 as of the End of 2024 20
Slide 10: Continuous Enhancement of Capital Strength
1.5 Continuous Enhancement of Capital Strength Group Consolidated bn RMB P&C Net Assets bn RMB Net Assets 6.3 % 7.8 % 219 % 276 % 390.6 367.4 281.1 260.6 Group Core Solvency Group Comprehensive Margin Ratio Solvency Margin Ratio 20241231 20250630 20241231 20250630 Core Solvency Comprehensive Life Ne
Slide 11: Effective Risk Prevention and Control
1.6 Effective Risk Prevention and Control Key Risk Prevention Group net cash flow from operating 6.9 % 0.6 pp Enhanced Risk activities of 74.8bn RMB Control Mechanism P&C net premiums receivables rate Cost of liabilities of new business for 0.51 PP P&C SARMRA Rating PICC Life Adhered to Compliant Li
Slide 12: Effectively Leveraged the Function and Role of Insurance
1.7 Effectively Leveraged the Function and Role of Insurance Actively Performed the Functions of Insurance as an Economic Shock Absorber and Social Stabilizer • Claims paid 233.5bn RMB 14 % • Investment scale in support of the • Number of claims cases over 110mn, real economy Risk Protection over 1,
Slide 13: Solidly Serving the Five Major Areas of Finance
1.8 Solidly Serving the Five Major Areas of Finance Technology Finance Green Finance • Established the first national verification and • Number of new energy vehicles underwritten evaluation center of scientific and technological reached 6.16mn 36.8%, New energy achievements and intellectual propert
Slide 14: Segment Overview
1 Results Overview 2 Segment Overview 3 Key Work Focus for 2025 H2
Slide 15: P&C: Results Highlights
P&C: Results Highlights Insurance Revenue Net Profit Net Assets 249.0bn RMB 24.5bn RMB 281.1bn RMB +5.6 % +32.3 % +7.8 % Interim Cash Dividend per 10 Combined Ratio ROE Shares (Incl. tax) 94.8 % 9.0 % 2.4RMB -1.4 pp +1.3 pp +15.4 % Note: Unless otherwise specified, “P&C" refers to PICC Property and
Slide 16: Competitive Advantage in Auto Insurance Business Remains Solid
2.1.1 Competitive Advantage in Auto Insurance Business Remains Solid Steady Premiums Growth Structure Optimization Profitability Enhancement • Premiums • Household vehicles • Expense Ratio 144.1bn RMB 3.4 % premiums contribution 1.0 pp 4.1 pp 73.4 % 21.1 % • Household • New cars premiums 4.7 % 0.2 p
Slide 17: Improved Profitability in Non-Auto Insurance Business
2.1.2 Improved Profitability in Non-Auto Insurance Business Rapid development of Strengthening control of Year-on-year profitability individual business institutional business improvement • Premiums 16.6 % 4.3 % 1.6 pp • Premiums • Expense Ratio 26.7bn RMB 47.5bn RMB 25.9% • Individual non-auto insu
Slide 18: Solid Financial Strength
2.1.3 Solid Financial Strength Net Assets bn RMB Net Loss and LAE Reserves bn RMB Net cash flow from bn RMB operating activities 7.8 % 9.5 % 26.6 % 208.1 190.1 281.1 26.9 260.6 21.2 20241231 20250630 20241231 20250630 2024H1 2025H1 ROE Net Loss and LAE Reserves Ratio Solvency Margin Ratio 1.3 pp 2.8
Slide 19: Life: Results Highlights
Life: Results Highlights Insurance Revenue Regular Premiums Income Total Assets 14.0bn RMB 71.9bn RMB 784.5bn RMB +32.5 % +15.8 % +6.0 % New Business Contractual Contractual Service Margin Net Assets Service Margin 103.1bn RMB 10.2 bn RMB 41.3bn RMB +11.4 % +28.1 % +4.3 % 19
Slide 20: Continuous Improvement in Business Quality
2.2.1 Continuous Improvement in Business Quality NBV Margin NBV bn RMB 4.0 pp 71.7 % Premiums Income 90.5bn RMB 14.5 % 5.0 First-year Regular 25.6 % 2024H1 2025H1 2024H1 2025H1 Premiums of 22.7bn RMB VIF EV 11.7 % bn RMB bn RMB Renewal Premiums of 49.3bn RMB 19.8 % 9.0 % 130.6 Regular Premiums 0.9 p
Slide 21: Capabilities in Channels
Enhancement of Professional Development 2.2.2 Capabilities in Channels Individual Insurance Bancassurance Premiums Income Premiums Income 3.0 % 53.1bn RMB 24.1% 35.4bn RMB • First-year Premiums of 15.3bn RMB 53.9 % 10-year-and-above Regular Premiums • Five-year and above premium income 11.3 % • Comp
Slide 22: Health: Results Highlights
Health: Results Highlights Insurance Revenue Net Profit ROE 15.6bn RMB 5.1bn RMB 29.9 % +13.2 % +49.6 % +3.2 pp New Business Contractual Contractual Service Margin Service Margin Net Assets 23.1bn RMB 7.1bn RMB 19.5bn RMB +14.6 % +37.1 % +31.7 % 22
Slide 23: Business Value Increased Significantly
2.3.1 Business Value Increased Significantly NBV Margin NBV bn RMB Premiums Income 40.7bn RMB 12.2 % 3.9 pp 51.0 % 3.8 First-year Regular 52.3 % Premiums 5.6bn RMB 2024H1 2025H1 2024H1 2025H1 12.0 % Renewal Premiums 9.5bn RMB VIF bn RMB EV bn RMB 32.6 % 30.9 % Regular Premiums 3.6 pp 35.7 Contributi
Slide 24: Continuously Strengthen Channel Development
2.3.2 Continuously Strengthen Channel Development Premiums income from online business Bancassurance Premiums • Cumulative customers 79mn • First-year Regular Premiums 23.7 % 2025H1 10.2 +9.5 % 2025H1 14.0 +18.8 % Health 2024H1 9.4 management 2024H1 11.8 bn RMB services bn RMB 4.80mn personnel times
Slide 25: Asset Management: Performance Overview
Asset Management: Performance Overview OCI Equity Investment Yield Total Insurance Outperformed the CSI 300 Investment Assets A-share Asset Holdings Scale Dividend Index 1,760.7bn RMB +26.1 % 780 bp +7.2 % Total Investment Yield Total Investment Income (annualized) Net Investment Income 40.8bn RMB 5
Slide 26: Ongoing Optimization of Asset Allocation Structure
2.4.1 Ongoing Optimization of Asset Allocation Structure, Continued Enhancement of Active Investment Strategy Asset Structure Optimization Further enhance asset-liability matching, • Adhere to the philosophy of “Long-Term capitalize on interest rate peaks, increase Investment and Value Investment“ a
Slide 27: Effective Utilization of Insurance Funds to Support Long-Term Capital Market Investment
2.4.2 Effective Utilization of Insurance Funds to Support Long-Term Capital Market Investment Implemented the decisions of Supported the development of entry of medium and long-term a multi-layer and multi-pillar capital into the market pension insurance system Pursued innovative transformation to s
Slide 28: Key Work Focus for 2025 H2
1 Results Overview 2 Segment Overview 3 Key Work Focus for 2025 H2
Slide 29: Key Work Focus for Second Half of 2025
Key Work Focus for Second Half of 2025 Focus on strengthening core functions Focus on high-quality development • Support the development of new quality • Consolidate the leading position in the P&C market, productive forces promote the professionalization and career • Support stable foreign trade an
Slide 30: Q&A
Q&A
Slide 31: 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 2025H1 2024H1 As of Jun 30, 2025 As of Dec 31, 2024 Under CAS 26,530 22,687 285,111 268,733 Items and adjustments under IFRS: Catas
Slide 32: Appendix: Key Financials of PICC Group (CAS)
Appendix: Key Financials of PICC Group (CAS) (mn RMB, unless otherwise noted) 2025H1 2024H1 Change Insurance revenue 280,250 261,629 7.1% Of which: PICC P&C 249,040 235,841 5.6% PICC Life 14,018 10,576 32.5% PICC Health 15,603 13,786 13.2% Total profit 42,468 34,969 21.4% Net profit attributable to
Slide 33: Appendix: Key Financials of PICC Group (IFRS)
Appendix: Key Financials of PICC Group (IFRS) (mn RMB, unless otherwise noted) 2025H1 2024H1 Change Insurance revenue 280,250 261,629 7.1% Of which: PICC P&C 249,040 235,841 5.6% PICC Life 14,018 10,576 32.5% PICC Health 15,603 13,786 13.2% Total profit 43,064 36,348 18.5% Net profit attributable to