August 28, 2026
Overview: Steady improvement in overall business results
(unit: RMB yuan)
Group operating income
212.136bn
+5.8%
New business value
10.758bn
Group OPAT2)
21.149bn
+6.2%
Underwriting combined ratio
95.0%
Group net profit2)
30.775bn
+10.4%
Group AuM3)
4.08tn
Group net assets2)
319.196bn
+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 OPAT1) OPAT by Main Business Segments2)
（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 changes1)
30 Jun.
20262)
Sustained growth in net assets under New Accounting Standards
Group Net Assetsnote
+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 130bn
RMB
0.42 yuanDPS (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
4.041bn yuan07Y 08Y 09Y 10Y 11Y 12Y 13Y 14Y 15Y 16Y 17Y 18Y 19Y 20Y 21Y 22Y 23Y 24Y 25Y
Performance AnalysisLife 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: ~10,0002), 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 regular 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 ratio96.3
-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 ratioRenewal 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
79.21H 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: RMB17.137 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: RMB13.713 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 AuM1)
（unit: RMB million）
Third-party AuM1）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 plans2） | 6.7 | (1.0) |
Wealth management products3） | 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 products3） | 0.6 | (0.2) |
Others | 2.6 | 0.1 |
Long-term equity investments | 0.5 | (0.0) |
Investment properties | 0.8 | (0.1) |
Other investments4） | 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 Liabilities2)
Duration Gap
Modified duration gap Effective duration gapcost 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 Yields1)
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 Instruments2)
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
OutlookVision: 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 effects1）
Change in market value
adjustment
Shareholder dividends
Others
Group EV as of the end of June 20262）
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 veitySchemewon 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
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