China Pacific Insurance : CPIC 2026 Interim Results Presentation Materials

About this update from China Pacific Insurance (group) Co., Ltd. Class A

2026 Interim Results Announcement China Pacific Insurance (Group) Co., Ltd. August 28, 2026 Overview: Steady improvement in overall business results (unit: RMB yuan) Group operating income 212.136 bn +5.8% New business value 10.758 bn Group OPAT 2) 21.149 bn +6.2% Underwriting combined ratio 95.0% Group net profit 2 ) 30.775 bn +10.4% Group AuM 3) 4.08 tn Group net assets 2 ) 319.196 bn +5.6% Group core solvency margin ratio +12.7% Improved by 1.3pt +4.8% 191% Notes：1) Unless otherwise indicated, life insurance business in this material refers to CPIC Life and CPIC Life (HK), while P/C insurance business only refers to CPIC P/C. 2) Attributable to shareholders of the parent. 3 3) Figures for the comparative period have been restated. Group OPAT maintained steady growth, with more balanced contribution from life and P/C insurance business Group OPAT 1) OPAT by Main Business Segments 2) （unit: RMB million） +3.3% 1H 1H Share 2025 2026 YoY in 1H 2026 Life insurance 15,000 15,887 +5.9% 75.1% P/C insurance 4,967 6,263 +26.1% 29.6% Others -59 -1,001 N/A -4.7% Total 19,909 21,149 +6.2% 100.0% +7.1% +6.2% 1H 2023 1H 2024 1H 2025 1H 2026 Growing CSM underpins stable and sustainable OPAT growth CSM since Adoption of New Accouting Standards （unit: RMB million） Movement of CSM in 1H 2026 （unit: RMB million） +6.0% +3.3% +3.3% 368,780 325,726 345,366 356,842 +3.3% 3,510 -13,807 368,780 356,842 12,256 9,978 31 Dec. 31 Dec. 31 Dec. 30 Jun. CSM as at New Expected CSM Amorti- CSM as at 2023 2024 2025 2026 31 Dec. 2025 business contribution interest growth adjustments sation from estimate changes 1) 30 Jun. 2026 2) Sustained growth in net assets under New Accounting Standards Group Net Assets note +5.6% （unit: RMB million） 291,417 302,143 319,196 230,329 249,586 1 Jan. 2023 31 Dec. 2023 31 Dec. 2024 31 Dec. 2025 30 Jun. 2026 Note: Attributable to shareholders of the parent. Maintained sound solvency positions with strong resilience to market volatility Comprehensive Solvency Margin Ratio （unit: %） 255 209 240 Regulatory minimum: 100% CPIC Group CPIC Life CPIC P/C Core Solvency Margin Ratio （unit: %） 191 143 197 Regulatory minimum: 50% CPIC Group CPIC Life CPIC P/C Note: Data of CPIC Life on this slide do not include CPIC Life (HK). Implemented interim dividend for the first time Interim DPS Cumulative Dividends Paid to Shareholders since IPO in 2007: over RMB 130 bn RMB 0.42 yuan DPS (unit: RMB yuan) 1.20 1.15 1.00 1.00 1.00 1.02 1.02 1.08 0.80 0.70 0.50 0.30 0.30 0.30 0.35 0.35 0.35 0.40 1.30 Total Interim Dividend Amounts RMB 4.041 bn yuan 07Y 08Y 09Y 10Y 11Y 12Y 13Y 14Y 15Y 16Y 17Y 18Y 19Y 20Y 21Y 22Y 23Y 24Y 25Y Performance Analysis Life Insurance: Rapid growth in regular FYPs, with improving business quality Written Premiums Regular FYPs 1H 2026 Policy Persistency Ratios of Individual Customers （ unit: RMB million ） Renewed premiums First-year premiums -1.6% 127,969 -0.9% 129,093 62,382 64,377 193,470 190,351 -3.1% （ unit: RMB million ） Agency channel Bancassurance Group channel and other channels +28.6% 23,848 931 +32.6% 8,840 17,347 14,077 11,720 30,669 1,602 （unit: %） +0.2pt +0.3pt 96.8 94.8 +23.2% 1H 2025 1H 2026 1H 2025 1H 2026 13-month 25-month Life Insurance: Pursued value-oriented strategies, with sustained NBV growth and margin expansion New Business Value （unit: RMB million） +12.7% New Business Value Margin （unit: %） 17.5 15.0 +2.5pt 10,758 9,544 1H 2025 1H 2026 1H 2025 1H 2026 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) flat 18.3 18.3 （unit: RMB yuan） +39.5% Notable improvement in business capabilities of Xiao Lan -enabled users Monthly average ◇ ◇ ◇ ◇ +39.1pt +32.2% +19.1% +4.3% active ratio Monthly average FYP per agent Monthly average FYC per agent Monthly average No. of long-term policies per agent Empowering agent development across CRM , team management and training , driving an upgrade from point-solution tools to end-to-end intelligent applications Monthly average agent count using Xiao Lan 87K 101,646 Xiao Lan , a proprietary AI assistant 8,026 +12.7% 1H 2025 1H 2026 Monthly average FYP per core agent Monthly average FYC per core agent Agent headcount as of the end of June 2026: 185,000 Monthly average core agent headcount for 1H 2026：45,000 Systematically improved CRM capabilities, product/service offerings and agent development, driving sustained growth in core agent productivity 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 （unit: %） 27.0 29.3 Q1 2026 Q2 2026 of Regular-Premium Business 4,724 4,956 +4.9% 1H 2025 1H 2026 Health & Elderly Care Empowerment An exclusive programme for bancassurance, integrating premium healthcare resources for full-life-cycle health management services Service visits from mid-tier customers and above: ~10,000 2) , y-o-y growth of 103% Premium retirement communities: full continuum of elderly care soluitons from independent living through assisted living to rehab nursing Facilitated RMB 6.4bn+ in FYPs in 1H 2026, accounting for ~30% of new business from bancassurance Improving quarterly growth of r egular FYPs Accelerated regular-premium business, with active bank outlets generating an average of RMB289,000 in regular premiums, up by 4.1% year on year Notes: 1) Data of CPIC Life on this slide do not include CPIC Life (HK). 2) In this report, mid-tier customers are defined as those with total payable premiums between RMB300,000 (inclusive) and RMB2.4 million on in-force new insurance policies during the current reporting period; HNW customers are defined as those with total payable premiums between RMB2.4 million (inclusive) and RMB10 million on in-force new insurance Life Insurance: Deepened customer segmentation and continued to optimise product mix Share of Mid-Tier Customers and Above （unit: %） +5.6pt Product Mix by Written Premiums 1H 2026 1H 2025 34.2 28.5 5% 13% 5% Traditional 12% Product 64% 48% Participating 1H 2025 1H 2026 19% 35% Mix Universal Unit-linked Short-term insurance Agency channel: focused on mid-to-high-end customers with the number and share of mid-tier customers and above rising steadily Bancassurance: continued to enhance CRM for HNW customers with the number and share of HNW customers and above rising steadily Accelerated variable products development, with the share of new business premiums from par insurance rising to 55.5% Participating insurance in regular FYPs grew by 168% year on year Note: Figures may not add up due to rounding. P/C Insurance: Steady premium growth, with momentum gaining quarter on quarter Direct Written Premiums （unit: RMB million） Quarterly Growth of Direct Written Premiums （ unit: % ） Auto insurance Non-auto insurance +1.4% 53,719 +0.2% 53,606 60,639 59,154 112,760 114,358 3.6 +2.5% -0.3 1H 2025 1H 2026 Q1 2026 Q2 2026 P/C Insurance: Stepped up business quality control, with marked improvement in combined ratio and considerable growth in u/w profits Underwriting Combined Ratio （unit: %） Underwriting Profits （unit: RMB million） Underwriting expense ratio Underwriting loss ratio 96.3 -1.3pt 95.0 +35.7% 26.3 -0.5pt 26.8 68.7 69.5 4,817 3,550 -0.8pt 1H 2025 1H 2026 1H 2025 1H 2026 P/C Insurance: Auto business strengthened professional capacity-building, with continuous improvement in precise management Underwriting CoR of Auto Insurance （ unit: % ） Underwriting expense ratio Underwriting loss ratio Renewal Ratio of Auto Insurance for Individual Customers （ unit: % ） +2.0pt NEV Premiums （ unit: RMB million ） 12,812 10,596 +20.9% 72.9 flat 72.9 22.4 -0.7pt 21.7 95.3 -0.7pt 94.6 77.2 79.2 1H 2025 1H 2026 1H 2025 1H 2026 1H 2025 1H 2026 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 （unit: %） Health Insurance 97.6 -2.3pt 95.3 Accelerated the development of commercial health insurance, and contributed to a multi-tiered medical security system Direct written premiums: RMB 17.137 billion , y-o-y +10.4% Underwriting combined ratio: 98.3% , improved by 1.0pt y-o-y Liability Insurance Accelerated the development of liability insurance products for new technologies and business forms, strengthened refined management of high-risk business Direct written premiums: RMB 13.713 billion , y-o-y +6.6% Underwriting combined ratio: 99.0% , improved by 0.4pt y-o-y 1H 2025 1H 2026 Top four non-auto business lines - health insurance, agricultural insurance, liability insurance and commercial property insurance all posted u/w profitability, with combined ratios improved Asset Management ： Steady increase in Group AuM, with strategic asset allocation largely stable Group AuM 1) （unit: RMB million） Third-party AuM 1） Group investment assets 907,818 +6.3% 854,075 3,039,987 3,172,982 +4.8% 4,080,800 3,894,062 +4.4% 31 Dec. 2025 30 Jun. 2026 Group investment assets Group investment assets 30 Jun. 2026 (%) Change (pt) Cash and cash equivalents 3.4 0.5 Term deposits 6.4 0.2 Debt category financial assets 71.4 (1.0) Debt securities 61.4 0.4 Bond funds 0.3 0.0 Preferred shares 1.4 (0.1) Debt investment plans 2） 6.7 (1.0) Wealth management products 3） 0.9 (0.2) Others 0.7 (0.1) Equity category financial assets 17.1 0.4 Stocks 11.7 0.6 Equity funds 2.2 (0.1) Wealth management products 3） 0.6 (0.2) Others 2.6 0.1 Long-term equity investments 0.5 (0.0) Investment properties 0.8 (0.1) Other investments 4 ） 0.4 (0.0) Notes: 1）Figures for the comparative period have been restated. Debt investment plans mainly include infrastructure and real estate projects. 19 Wealth management products mainly include wealth management products issued by commercial banks, products by insurance asset management companies, collective trust plans by trust firms, special asset management plans by securities firms and credit assets backed securities by banking institutions, etc. Other investments mainly include restricted statutory deposits and derivative financial assets, etc. Asset management: Persisted in asset liability management, with longterm investment yields consistently covering costs of liabilities Long-term Investment Yields Consistently Covered Costs of Liabilities 2) Duration Gap Modified duration gap Effective duration gap cost of comprehensive liabilities investment 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 30 Jun. yields 2021 2022 2023 2024 2025 2026 Guaranteed YTM of newly Guaranteed 3-year Total 3-year average interest added fixed- interest average net rate on new income assets rate investment policies in current year yields Developed a new ALM method centering on "net investment yield plus" , aiming for account-specific alignment of assets and liabilities As of 30 Jun. 2026, the duration of the Group's fixed-income assets stood at 11.7 years Notes: 1) Data of CPIC Life on this slide do not include CPIC Life (HK). 2) Guaranteed interest rate on new policies, guaranteed interest rate and total cost of liabilities are figures as of 30 Jun. 2026; YTM of newly added fixed-income assets in current Asset management: Maintained resilience in investment results, with overall credit risk of investment assets under control External Credit Ratings of Enterprise and Non Investment Yields 1) 1H 2025 1H 2026 Change Net investment yield 1.7 1.5 ↓ 0.2pt Total investment yield 2.3 2.4 ↑ 0.1pt Comprehensive investment yield 2.4 1.8 ↓ 0.6pt （unit: %） government-sponsored Bank Financial Bonds Share of AAA 96.7% Share of AA and above 97.8% External Credit Ratings of Non-public Financing Instruments 2) Share of AAA 96.5% Share of AA+ and above 96.8% Given a divergent equity market, the comprehensive investment yield faced short-term pressure Amid a highly volatile equity market, CPIC ensured a margin of safety and effective drawdown control to deliver steady and sustainable investment returns. Notes:1) Net/total investment yield and comprehensive investment yield were not annualised. 2) Non-public financing instruments include wealth management products issued by commercial banks, debt investment plans, collective Outlook Vision: A top-notch insurance and financial services group with market leadership and global competitiveness Life Insurance Strive for steady NBV growth for 2026 Adhere to value growth, further enhance quality and productivity of the agency channel, and strengthen competitiveness of regular-premium business from bancassurance P/C Insurance Continue to enhance profitability for sustainable development Prioritise profitability, continuously strengthen business quality control, and actively explore insurance models for emerging sectors Asset Management Generate steady, sustainable investment returns Embrace long-termism, persist in ALM, and seize investment opportunities Continue to create value for shareholders, customers, employees and the society 22 Q&A 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 46,746 20.0 Finance underwriting gains/(losses) 2） (47,341) (39,646) 19.4 Investment performance 8,777 7,100 23.6 Pre-tax profit 24,534 22,248 10.3 Income tax (504) (1,549) (67.5) Net profit 24,030 20,699 16.1 Notes: 1) Total investment income includes investment income, interest income, gains/(losses) arising from change in fair value, rental income from investment properties, interest expenses on securities sold under agreements to repurchase, impairment losses on financial assets, impairment losses on other assets, and taxes and surcharges applicable to investment business, etc. 2) Finance underwriting gains/(losses) include insurance finance expenses for insurance contracts issued and reinsurance finance income for reinsurance contracts held. 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 losses and others 2） (1,592) (1,269) 25.5 Underwriting profit 4,817 3,550 35.7 Underwriting combined ratio(%) 95.0 96.3 (1.3pt) Total investment income 3 ） 3,314 4,151 (20.2) Net of other income and expenses (503) (445) 13.0 Pre-tax profit 7,628 7,256 5.1 Income tax (1,556) (1,523) 2.2 Net profit 6,072 5,733 5.9 Notes: 1) Net income/(losses) from reinsurance contracts held include allocation of reinsurance premiums, recoveries of insurance service expenses from reinsurers, reinsurance finance income for reinsurance contracts held, etc. Underwriting finance losses and others include insurance finance income or expenses and changes in insurance premium reserves, etc. Total investment income includes investment income, interest income, gains/(losses) arising from change in fair value, rental income from investment properties, interest expenses on securities sold under agreements to repurchase, interest expense on capital replenishment bonds, taxes and surcharges applicable to investment business and impairment losses on financial assets, etc. Appendix 3: Embedded Value Movement Analysis Movement of Embedded Value in 1H 2026 （unit: RMB million） +3.8% 90 912 (2,411) 10,758 4,183 676 (11,063) 6,521 636,938 13,908 613,365 Group EV as of the end of 2025 Expected return on EV NBV for 1H 2026 Investment experience variance Operating experience variance Change in methodology assumption and models Diversification effects 1） Change in market value adjustment Shareholder dividends Others Group EV as of the end of June 2026 2） 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 points" 244,405 10,237 Risk discount rate "-50 basis points" 266,666 11,323 Investment return "+50 basis points" 325,038 12,575 Investment return "-50 basis points" 185,684 8,972 Mortality "+10%" 253,679 10,709 Mortality "-10%" 256,559 10,809 Morbidity "+10%" 246,534 10,690 Lapse and surrender rates "+10%" 259,042 10,773 Lapse and surrender rates "-10%" 251,067 10,750 Expenses "+10%" 251,289 10,436 Appendix 5: Honours & Awards 1 Consumer Protection and Service Innovation CPIC Group and its multiple subsidiaries were recognised as Exemplary Cases at the 2026 Financial Consumer Protection & Service Innovation Annual Cases Competition hosted by China Financial Media Corporation (CFMC) 4 Sina Golden Kylin Insurance Industry Awards CPIC Group: Most Socially Responsible Insurance Group of the Year Award CPIC P/C: Exemplary Green Finance Insurers of the Year Award CPIC Life: Excellence in Elderly Care Service of the Year Award MSCI ESG AAA / Wind ESG AA CPIC maintained an MSCI ESG AAA Rating (the highest level) in 2026, and its Wind ESG Rating was upgraded to AA, ranking among the leaders of China's insurance industry Consumer Satisfaction Brand CPIC Health won the Consumer Satisfaction Brand in the Insurance Industry at the 2026 China Brand Influence Evaluation - Consumer Satisfaction Pension Asset Manager of the Year At the 2026 Best of the Best Awards sponsored by the Asia Asset Management magazine, Changjiang Pension won the "China, Best Pension Manager" award, and its Golden tcuhsrioipltSeinECAseun veityScheme won the "China, Best Enterprise Annuity Scheme" award Shareholder Returns Award CPIC won the Shareholder Returns Award at the 17th Tianma Awards for Investor Relations of Listed Companies sponsored by Securities Times 28 THANKS Attention : This is an excerpt of the original content. 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