On August 27, China Pacific Insurance (Group) Co., Ltd. (601601.SH) released its interim results for the first half of 2026. During this period, the company recorded total operating revenue of 212.136 billion yuan, a year-on-year increase of 5.8%, with insurance service revenue reaching 143.296 billion yuan, up 1.0% from the prior year. Net profit attributable to shareholders rose 10.4% to 30.775 billion yuan.

As of the end of June, the company's embedded value stood at 636.938 billion yuan, reflecting a 3.8% growth compared to the end of last year. The group operates through multiple subsidiaries, with life insurance products and services delivered via its life arm and property insurance offerings provided through its P/C and agricultural insurance units. Based on original premium income in the first half of 2026, both the life and property segments ranked third in their respective markets.

Looking at business segments, the life insurance division reported scale premiums of 190.351 billion yuan for the first half, a decline of 1.6% year-on-year. Within this, new business regular premiums surged 28.6% to 30.669 billion yuan. New business value grew 12.7% to 10.758 billion yuan, with the new business value margin improving by 2.5 percentage points to 17.5%. Participating insurance products accounted for 55.5% of new business premiums during the period. In the property insurance segment, original premium income increased 1.4% to 115.819 billion yuan, while the combined ratio improved by 1.3 percentage points to 95.0%.

By distribution channel, the agency channel generated scale premiums of 138.565 billion yuan in the first half, up 0.9% year-on-year, with new regular premiums climbing 23.2% to 17.347 billion yuan. As of June 30, the life unit had 185,000 insurance agents. During the first half, average monthly core manpower stood at 45,000, with core manpower monthly per-capita first-year scale premiums reaching 101,646 yuan, up 39.5%, and monthly per-capita first-year commission income of 8,026 yuan, rising 12.7%.

The bancassurance channel posted scale premiums of 37.935 billion yuan in the first half, down 8.9% year-on-year, although new regular premiums jumped 32.6% to 11.720 billion yuan. The average monthly number of outlets achieving regular premium performance was 4,956, up 4.9% year-on-year, with per-outlet monthly productivity rising 4.1% to 289,000 yuan.

On the investment front, the comprehensive investment yield on investment assets was 1.8% in the first half, down 0.6 percentage points year-on-year, while the total investment yield edged up 0.1 percentage points to 2.4%. As of June 30, total managed assets reached 4.08 trillion yuan, up 4.8% from the end of 2025, with third-party managed assets growing 6.3% to 907.818 billion yuan.

Regarding dividends, the interim distribution plan announced a cash dividend of 0.42 yuan per share (pre-tax) based on the total share capital of 9.62 billion shares, amounting to approximately 4.04 billion yuan in total.