Listed insurers have seen a broad uplift in net profits in their half-year results this year. Mirroring the performance of the other three A-share listed insurers that have already published their reports, China Pacific Insurance (Group) Co., Ltd. released its own half-year scorecard on the evening of August 27, showing a year-on-year increase in net profit. Data reveals that in the first half of this year, China Pacific Insurance achieved a net profit attributable to shareholders of RMB 30.775 billion, up 10.4% year-on-year, while its operating profit attributable to shareholders reached RMB 21.149 billion, a 6.2% increase from the prior year.

"This year, we will implement our first interim dividend to further enhance the stability, sustainability, and predictability of shareholder returns," said Fu Fan, Chairman of China Pacific Insurance, in the half-year report. During participation in the 2025 annual general meeting on June 10, it was noted that a proposal—"Regarding Requesting Shareholders' Meeting to Authorize the Board to Determine the 2026 Interim Profit Distribution Plan"—was passed by shareholder vote on-site, signaling the company's move toward interim dividends. According to the half-year report, the initial interim dividend will distribute cash of RMB 0.42 per share (pre-tax), totaling approximately RMB 4.041 billion. As of the end of 2025, cumulative dividends since China Pacific Insurance's listing have surpassed RMB 130 billion.

On the life insurance front, despite a 1.6% decline in scale premiums during the first half, the core value metric—new business value—grew 12.7% year-on-year to RMB 10.758 billion. The new business value margin improved to 17.5%, up 2.5 percentage points year-on-year. By channel, the 8.9% year-on-year drop in bancassurance scale premiums was the main driver behind the overall decline in life insurance premiums. China Pacific Insurance explained that amid intensifying market competition, the bancassurance channel focused on structural adjustments and accelerating regular premium business in the first half, with new regular premiums reaching RMB 11.720 billion, a 32.6% increase year-on-year. In terms of product mix, the transition toward participating insurance has not slowed. In the first half, scale premiums for participating insurance products surged 76.1% year-on-year to RMB 65.687 billion, with their share of new business rising to 55.5%.

In the property and casualty segment, the combined ratio continued to improve, declining 1.3 percentage points year-on-year to 95.0% in the first half. Among these, the auto insurance combined ratio stood at 94.6%, down 0.7 percentage points year-on-year, with effective profitability improvements in new energy vehicle insurance. Non-auto insurance saw its combined ratio fall to 95.3%, a significant 2.3 percentage-point improvement year-on-year, as major lines such as health, agriculture, liability, and corporate property all achieved underwriting profits.

On the investment side, as of the end of the first half, China Pacific Insurance's managed assets surpassed RMB 4 trillion for the first time, up 4.8% from the end of the prior year. The company realized total investment income of RMB 66.022 billion in the first half, a 16.1% year-on-year increase, primarily driven by a substantial rise in securities trading gains. This lifted the non-annualized total investment return rate by 0.1 percentage points year-on-year to 2.4%. However, the non-annualized net investment return rate and comprehensive investment return rate declined by 0.2 and 0.6 percentage points year-on-year, respectively. In terms of major asset allocation, as of the end of the first half, equity-type financial assets accounted for 17.1% of total assets, up 0.4 percentage points from the end of last year, with stocks rising 0.6 percentage points to 11.7%.