Interim / Quarterly Report • Aug 28, 2025
Interim / Quarterly Report
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(A joint stock company incorporated in the People's Republic of China with limited liability)
(Trading Symbol:CPIC)
| Important information 3 |
|---|
| Corporate information and definitions5 |
| Business overview 8 |
| Chairman's statement 13 |
| Operating results17 |
| Highlights of accounting and operation data17 |
| Review and analysis of operating results19 |
| Embedded value51 |
| Corporate governance62 |
| Report of the Board of Directors and significant events62 |
| Changes in the share capital and shareholders' profiles 72 |
| Directors, supervisors and senior management 74 |
| Corporate governance76 |
| Environmental and social responsibilities83 |
| Other Information 89 |
| Documents available for inspection89 |
Financial Reports
Certain statements included in this report, including future plans and development strategies, are not historical facts and are "forward-looking". Forward-looking statements are based upon various assumptions, including, without limitation, the management's examination of historical operating trends, data contained in its records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and which are beyond its control, and the Company may not achieve or accomplish these expectations, beliefs or projections. The occurrence or nonoccurrence of an assumption could cause the Company's actual financial condition and results to differ from or fail to meet expectations expressed or implied by, such forward-looking statements. None of the Company or its management can guarantee or give any assurance to investors regarding the future accuracy of the opinions set forth herein or as to the actual occurrence of any predicted developments. Investors and other related parties are advised to be mindful of the risk, and be aware of the difference between the Company's plans or projections and its commitments.
Such forward-looking statements speak only as at the date on which they are made and are not intended to give any assurances as to future results. You are advised to exercise caution and should not rely on the forward-looking statements in this report.
I. The Board of Directors, the Board of Supervisors, the directors, the supervisors and the senior management of the Company warrant that the contents of this interim report are true, accurate and complete and that there is no false representation, misleading statement or material omission in this interim report; and they severally and jointly accept responsibility for the contents of this interim report.
II. The Company's 2025 Interim Report was considered and approved at the 16th session of the 10th Board of Directors on 28 August 2025, which 13 Directors were required to attend and all of them attended in person. For the purposes of the United Kingdom's Financial Conduct Authority's Disclosure Guidance and Transparency Rule 4.1.12(3), each of the Directors of the Company named in the section "Directors, supervisors and senior management" of this report, to the best of his or her knowledge, confirm that: (1) the financial statements, prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the consolidation taken as a whole; and (2) the interim report includes a fair view of the development and performance of the business and the position of the Company and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that the Company faces.
III. The 2025 Interim Financial Report of the Company has not been audited.
IV. Mr. FU Fan (person in charge of the Company), Mr. SU Gang (principal in charge of accounting) and Ms. XU Zhen (head of the Accounting Department) warrant the truthfulness, accuracy and completeness of the financial statements contained in this interim report.
V. The Company did not propose to distribute any profit, nor did it transfer any capital reserves to share capital for the reporting period.
VI. The Company was exposed to various risks, including insurance risk, market risk, credit risk, liquidity risk, operational risk, reputational risk, strategic risk, capital management risk and other Group specific risks. For details of the risks that the Company may face, please refer to the section "Review and analysis of operating results" of this report.
VII. There were no non-operating funds misappropriated by major shareholders or related parties of the Company.
VIII. The Company did not provide external guarantees in violation of the prescribed decisionmaking procedures.
CHINA PACIFIC INSURANCE (GROUP) CO., LTD. BOARD OF DIRECTORS
Legal Name in Chinese: 中国太平洋保险(集团)股份有限公司 ("中国太保")
Legal Name in English: CHINA PACIFIC INSURANCE (GROUP) CO., LTD. ("CPIC")
Legal Representative: FU Fan
Board Secretary: SU Shaojun Securities Representative: CHEN Haozhi Contact for Shareholder Enquiries: Investor Relations Dept. of the Company Tel: +86-21-58767282 Fax: +86-21-68870791 Email: [email protected] Address: 1 South Zhongshan Road, Huangpu, Shanghai, PR China Registered Office: 1 South Zhongshan Road, Huangpu, Shanghai, PR China Office Address: 1 South Zhongshan Road, Huangpu, Shanghai, PR China Postal Code: 200010 Website: http://www.cpic.com.cn Email: [email protected]
Selected Newspapers for Disclosure (A Share): China Securities, Shanghai Securities and Securities Times Announcements for A Share Published at: http://www.sse.com.cn Announcements for H Share Published at: http://www.hkexnews.hk Announcements for GDR Published at: http://www.londonstockexchange.com
Report Available at: Investor Relations Dept. of the Company
Stock Exchange for A Share Listing: The Shanghai Stock Exchange
Stock Name for A Share: 中国太保
Stock Code for A Share: 601601
Stock Exchange for H Share Listing: The Stock Exchange of Hong Kong Limited
Stock Name for H Share: 中國太保
Stock Code for H Share: 02601
Stock Exchange for GDR Listing: London Stock Exchange
Stock Name for GDR: China Pacific Insurance (Group) Co., Ltd.
Trading symbol for GDR: CPIC
Accountant (A Share): Ernst & Young Hua Ming LLP
Office address: Level 17, Ernst & Young Tower, Oriental Plaza, No.1 East Changan Ave. Dongcheng District, Beijing, PR China
Signing Certified Public Accountants: GUO Hangxiang, MO Aiqi
Accountant (H Share): Ernst & Young Hua Ming LLP (Recognised PIE Auditor)
Office address: Level 17, Ernst & Young Tower, Oriental Plaza, No.1 East Changan Ave. Dongcheng District, Beijing, PR China
Accountant (GDR): Ernst & Young Hua Ming LLP
Office address: Level 17, Ernst & Young Tower, Oriental Plaza, No.1 East Changan Ave. Dongcheng District, Beijing, PR China
Signing Certified Public Accountants: GUO Hangxiang
In this report, unless the context otherwise requires, the following terms shall have the meanings set out below:
| "The Company", "the | |
|---|---|
| Group", "CPIC" or "CPIC | China Pacific Insurance (Group) Co., Ltd. |
| Group" | |
| "CPIC Life" | China Pacific Life Insurance Co., Ltd., a subsidiary of China Pacific Insurance (Group) Co., Ltd. |
| "CPIC P/C" | China Pacific Property Insurance Co., Ltd., a subsidiary of China Pacific Insurance (Group) Co., Ltd. |
| "CPIC AMC" | Pacific Asset Management Co., Ltd., a subsidiary of China Pacific Insurance (Group) Co., Ltd. |
| "CPIC HK" | China Pacific Insurance Co., (H.K.) Limited, a subsidiary of China Pacific Insurance (Group) Co., Ltd. |
| "Changjiang Pension" | Changjiang Pension Insurance Co., Ltd., a subsidiary of China Pacific Insurance (Group) Co., Ltd. |
| "CPIC Fund" | CPIC Fund Management Co., Ltd., a subsidiary of China Pacific Insurance (Group) Co., Ltd. |
| "CPIC Anxin Agricultural" | Pacific Anxin Agricultural Insurance Co., Ltd., a subsidiary of China Pacific Insurance (Group) Co., Ltd. |
| "CPIC Health" | Pacific Health Insurance Co., Ltd., a subsidiary of China Pacific Insurance (Group) Co., Ltd. |
| "CPIC Capital" | CPIC Capital Company Limited, a subsidiary of China Pacific Insurance (Group) Co., Ltd. |
| "CPIC Technology" | Pacific Insurance Technology Co., Ltd., a wholly-owned subsidiary of China Pacific Insurance |
| (Group) Co., Ltd. | |
| "CPIC Life (HK)" | China Pacific Life Insurance (H.K.) Company Limited, a subsidiary of China Pacific Insurance (Group) Co., Ltd. |
| "CPIC Investment (HK) " | CPIC Investment Management (H.K.) Company Limited, a subsidiary of China Pacific Insurance (Group) Co., Ltd. |
| "C-ROSS II" | China Risk Oriented Solvency System Phase II |
| "CBIRC" | Former China Banking and Insurance Regulatory Commission |
| "NFRA" | National Financial Regulatory Administration |
| "CSRC" | China Securities Regulatory Commission |
| "SSE" | Shanghai Stock Exchange |
| "SEHK" | The Stock Exchange of Hong Kong Limited |
| "LSE" | London Stock Exchange |
| "PRC GAAP" | China Accounting Standards for Business Enterprises issued by Ministry of Finance of the People's Republic of China, and the application guide, interpretation and other related regulations issued afterwards |
| "New Accounting Standards" | The Accounting Standard for Business Enterprises Nos. 22, 23, 24, 37 and 25 promulgated and revised by the Ministry of Finance of the People's Republic of China in 2017 and 2020 sequentially |
| "Articles of Association" | The articles of association of China Pacific Insurance (Group) Co., Ltd. |
| "Hong Kong Listing Rules" | The Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited |
| "Model Code for Securities Transactions" |
Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong |
| "Corporate Governance Code" "SFO" |
Limited Corporate Governance Code as set out in Appendix C1 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited The Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) |
| "Substantial Shareholder" | Has the meaning given to it under the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong), being a person who has an interest in the relevant share capital of the Company, the nominal value of which is equal to or more than 5% of the nominal value of the relevant share capital of the Company |
| "GDR" | Global depositary receipts |
| "ESG" | Environmental, Social and Governance |
| "RMB" | Renminbi |
| "pt" | Percentage point |
Unit: RMB million
| Group operating income 200,496 +3.0% |
Group embedded valuenote 1 588,927 +4.7% |
|---|---|
| NBV margin of life businessnote 1 15.0% +0.4ptnote 2 businessnote 1 NBV of life note 2 9,544 +32.3% |
Underwriting combined ratio of P/C businessnote 3 96.4% -0.7pt |
| Group total investment yieldnote 4 2.3% -0.4pt investment yieldnote 4 Group net 1.7% -0.1pt Group comprehensive investment yieldnote 4 2.4% -0.6pt |
Group OPAT attributable to shareholders of the parentnote 5 19,909 +7.1% |
| Group net profit attributable to shareholders of the parent 27,885 +11.0% |
Groupcore solvency margin ratio 190% +8pt Groupcomprehensive solvency margin ratio 264% +8pt |
| Group AuM 3,772,961 +6.5% |
Number of insurance policies per customer 2.35 Group number of customers ('000) 181,382 |
Notes:
Consolidated data of CPIC Life and CPIC Life (HK), the comparative period figures were restated on a consistent basis for accurate comparison.
Consolidated data of CPIC P/C, CPIC Anxin Agricultural and CPIC HK.
Net/total investment yield, or comprehensive investment yield was not annualised.
Figures for the same period of the previous year were restated.
2. Figures for the same period of the previous year were restated based on valuation assumptions as at the end of 2024.
As a leading integrated insurance group in China, we stay focused on the core business of insurance, with commitment to value and profitability; continuously strengthen our core competencies; deepen the ecosystem of "insurance + healthcare + elderly care", which builds distinctive advantages in high-quality services. With steady growth of overall business results, consolidation of market standings and sustained improvement of comprehensive strength, we have made increased contribution to China's social and economic development and people's well-being, further cemented our market leadership and brand influence.
We stay focused on insurance, with relatively balanced development of various business segments. We are in a position to leverage the synergy across business segments to meet customers' diverse needs. Our life/health insurance business is committed to boosting people's welfare via diversified products/service offerings centering on "health protection, retirement provision and wealth management"; build competitive advantage in channel diversification, with efforts to foster a career-based, professional sales force and improve customer resources management (CRM) capabilities. The property and casualty insurance business, committed to serving the New Development Pattern, promotes product innovation for technology and China's green transformation, steps up support for the Rural Invigoration and Belt and Road Initiatives, further strengthens climate-related risk management capability and strives to improve the risk reduction system. As for investment, we adhere to value, long-term, prudent and responsible investing, continuously strengthen the long-term mechanism for coordination of assets and liabilities, intensify precise control of cost of liabilities, improve capabilities for Strategic Asset Allocation (SAA), refine the asset allocation framework across market cycles based on profiles of liabilities so as to facilitate steady value growth of the Company.
We persist in sustainable development, with sound systems of corporate governance, performance evaluation and risk management. We continuously improve the corporate governance structure with legal entities shouldering the primary responsibility; optimise relevant rules and policies of the Shareholders' Meeting, the Board of Directors and senior management to ensure a clear division of responsibilities and checks and balances, with wellcoordinated operation of relevant governance bodies. We establish and refine the performance evaluation system and incentive & restraint mechanisms balancing the current period and long
term, development and risk management, which cements the foundation of high-quality development and stimulates organisational vitality. We continuously improve the risk management system, adopt a pro-active, "look-through" approach towards risk management and compliance, so as to ensure healthy, sustainable development of the Company.
We are customer-oriented and forge ahead with transformation & innovation in a bid to foster new drivers for high-quality development. We put in place an ecosystem of "preventive care, diagnosis, treatment, rehabilitation and elderly care"; boost the integration of insurance products and healthcare services to meet customers' needs across their entire life cycles. We diversify the health insurance product matrix, with an upgrade of capabilities from insuring only those under social medical insurance to out-of-pocket expenses, and from insuring only preexisting conditions to existing illnesses. We advance digitalisation in an all-around way, building the industry's first fully independent and controllable infrastructure which supports optimisation of 100-billion-parameter large models, and training a 65-billion-parameter large model for the insurance sector. We develop an intelligent disaster prevention and loss reduction service system, an end-to-end smart assistance system for CRM, and an intelligent claims settlement solution. The integration of "insurance + service + technology" effectively promotes business model innovation, enhances customer experience and improves operational efficiency.
We uphold the philosophy of "insurance for people", align ourselves with China's social and economic development, and strive to create value for customers, employees, shareholders and the society. We strengthen the system of consumer rights protection to enhance consumer experience, with increased visibility of "Responsible, Smart and Caring" CPIC Service. We optimise the human resources management system, step up training and development of young talent, enhance professional team-building to facilitate employees' career advancement. We provide employees with access to an innovative learning platform in a bid to enhance the sense of fulfillment, belonging and satisfaction among employees. We are committed to protecting shareholder interests, continue to improve transparency in information disclosure, and strive to generate stable, sustainable and predictable returns to shareholders. We push for integration of ESG philosophy into the full process of business management, support green, low-carbon economic and social transition, cement our win-win cooperation with partners both upstream and downstream, so as to fulfill our corporate social responsibilities.
In the first half of 2025, global economic recovery faltered, with the world economic and trade system facing formidable challenges. In the face of mounting external pressures, China maintained an overall stable economic performance, contributing a valuable degree of certainty to the global economy. Domestically, the Chinese modernisation drive has been proceeded, with integrated development of technological innovation and industrial upgrading and New Quality Productive Forces gaining momentum. In particular, there has been growing demand for diversified financial services and risk solutions amid advancement of technological innovation, progress of industrial upgrade, steady growth of foreign trade and the emergence of the silver and digital economy, which, in turn, creates great opportunities for the insurance industry. At the same time, the industry itself is in a critical stage of transformation. Tightening supervision and risk prevention have featured even more prominently in the landscape of financial regulation. New policy initiatives, such as enforcing "consistency" between filed and actual commissions, accelerating the reform of the life insurance tied-agent system and exploring long-cycle performance evaluation of commercial insurance companies, would further guide insurers towards high-quality development, foster rational market competitions and create an enabling environment for healthy and sustainable development of the industry.
CPIC stayed confident and consistent, and pressed ahead with its transformation. We made steadfast efforts to build long-term capabilities and pursue high-quality development, with steady improvement in business results and sustained increase in overall strength. In the first half of 2025, Group operating income totalled RMB200.496 billion, representing a 3.0% year-on-year growth, of which insurance revenue reached RMB141.824 billion, up by 3.5%, maintaining stable growth momentum. Group net profitnote 1 amounted to RMB27.885 billion, rising 11.0% year on year; Group OPATnotes 1,2 RMB19.909 billion, a growth of 7.1% year on year. Group embedded value note 3 stood at RMB588.927 billion, up by 4.7% from the end of the previous year. Total assets under management rose steadily to RMB 3,772.961 billion, up by 6.5% from the end of the previous year.
We optimised the mix of core businesses, with sustained improvement in operational resilience. In life insurance business, we steadily advanced the "2+N" channel strategy, with more diversified value contribution across channels. In the first half of the year, new business value grew rapidly, with value contribution from the agency channel and bancassurance channel reaching 60% and 37.8% respectively, indicating a more balanced mix; enhanced alignment of market interest rates and product pricing rates, accelerated product change and asset liability
management, with pick-up in development of variable products, evidenced by substantial growth of regular-premium business of new participating policies. In property and casualty insurance, we proactively adapted to shifts of market cycles, optimised cost structures, reduced/eliminated high-risk and high-loss-ratio business, strengthened operational management, with declines in both loss and expense ratios, improvement in the combined ratio and significant growth of underwriting profit; we also enhanced accounts receivables management and achieved record net cash flows from operating activities. In health insurance, we capitalised on the opportunities arising from the integration of social and private insurance, promoted product innovation, diversified product offerings for substandard risks and accelerated online business development. On the investment side, we seized opportunities of the H-share market, made full use of the dividend strategy in a low interest rate environment, which supported stable investment returns.
We embraced market trends and further enhanced service capabilities. In the context of the "5 Financial Priorities," we continuously optimised the supply of products and services. Stepped up innovation in technology insurance and launched the "Kechuang Wuyou" integrated service solution for tech SMEs, serving 75,000 enterprises in the first half of the year. Strengthened funding support for technological innovation, with investment in the area reaching RMB119.7 billion as of the end of the reporting period. Enriched offerings of green financial products, with issuance of over 5.3 million NEV auto insurance policies and sustained growth of green investments. Expanded the coverage of inclusive insurance; issued 460 million insurance policies under terminal illness, long-term care, and Huiminbao programmes across 240 cities; provided RMB400 billion in agricultural insurance protection; provided risk cover to more than 2,700 transactions in domestic and foreign trade by small- and micro-enterprises. We further advanced the integration of "insurance + healthcare & elderly care," with 10 "CPIC Home" retirement communities officially up and running in 9 Chinese cities, admitting more than 2,000 residents. We explored the "Longevity Retreat" home-based elderly care to enhance customer experience; our Xiamen Rehabilitation Hospital recently opened for business, adding impetus to the development of the healthcare ecosystem. We deepened presence in pension finance, with nearly double-digit growth in pension assets under management; successfully participated in the Xiong An Talent Annuity project, accelerated the development of private pension insurance, diversified product offerings and achieved significant growth in new premiums from private annuity insurance.
We deepened technological innovation, with impressive results in core business empowerment. The application of large-scale AI models is growing exponentially, helping to optimise insurance processes, improve production efficiency and reshape the entire insurance
value chain. We rolled out large models under specific scenarios, developing multiple solutions in key areas such as sales, operations and risk control. In customer resources management, technology helped with customer needs identification and precise matching of products/services; instead of reaching out to customers indiscriminately, we can now conduct targeted, data-driven screening, avoiding redundant investments and significantly improving sales conversion and chances of up-sell. In terms of operational efficiency, AI now handles nearly half of all customer service requests; 16% of claims cases of health insurance are now settled automatically, with large models achieving 99% accuracy in liability assessment, and claims costs per case lowered by 47%. As for risk detection, we developed image-recognitionbased tools for risk control of auto insurance claims, which effectively identifying fraudulent risk and allowing regional differences in claims, and cumulatively detected risk totaling tens of millions of yuan.
In the first half of the year, we were pleased to see more positive changes within the Company, as the intrinsic drivers for its high-quality development accumulated rapidly. We further optimised the Group's organisational structure, defined boundaries of responsibilities, streamlined decision-making processes and improved operational efficiency. We strengthened leadership and talent development, completed the succession of senior management of major subsidiaries, formulated medium- and long-term talent development plans to support career advancement of more professionals and young talent, as part of our effort to improve the human resources management system. As for senior executives, we strengthened term-based, contractual management, improved comprehensive performance appraisal and incentive mechanisms, ensured their accountability for operational targets so as to fully stimulate organisational vitality. We continued to enhance our integrated risk management framework, strengthened risk appetite transmission from head-office to front-line business units, and improved risk control in key areas. We proceeded with the building of demonstration zones for consumer rights protection and smart consumer protection initiatives. Both CPIC Life and CPIC P/C maintained a leading position at regulator's consumer protection evaluation, while our health insurance subsidiary also achieved top rankings among major industry peers.
In the first half of the year, we completed the distribution of dividends for 2024, paying out over RMB10.3 billion in cash dividends, maintaining a stable dividend level and sharing the "fruits" of the Company's development with investors. We also announced our medium- to long-term dividend policy, which links dividends with growth of Group OPATnote 1 , while considering other factors such as positive investment contributions, underscoring our commitment to generating stable, sustainable and predictable returns to shareholders.
Today, China's insurance industry is still in a strategic window for high-quality development. It will play an increasingly important part in China's modernisation drive, with a clear mandate to support national strategies, safeguard national rejuvenation and improve people's well-being, while contributing to the healthy and stable development of the economy and society.
Looking ahead, we will stay focused on the core business to live up to our missions and responsibilities; deepen reforms to promote the transition of growth drivers. In particular, we will advance the three Key Strategies of "health service & elderly care", "internationalization" and "AI+" in a bid to foster new core competencies, coordinate between effective improvement in quality and reasonable growth of quantity and achieve high-quality development. The health & elderly care strategy will fully capture opportunities in the sector and build a sustainable ecosystem of premium services, enhancing abilities to meet customer needs across their entire life cycle. The strategy also aims to promote mutual development of healthcare services and core insurance business, such as health insurance and pension finance. The internationalization strategy, in the context of the Belt and Road Initiative and Shanghai's effort to build itself into an international financial center, seeks to leverage Hong Kong as a "strategic stepping stone" and "launch base" for gradual integration into global markets, establish a coordinated model of domestic and overseas development, and enhance capacity for cross-border services and global asset allocation. The "AI+" strategy will build enterprise-level AI capabilities, promote largescale application of AI technology under core business scenarios, and drive efficiency gains, process re-engineering, customer experience enhancement, and service model innovation.
Next, we will adhere to the principle of "pursuing progress while maintaining stable fundamentals", uphold the core values of "integrity, prudence, pursuit of excellence and winwin innovation", and fully leverage the role of insurance as "a cushion of economic shocks" and "a social stabiliser". We will further deepen reforms to unleash vitality, and move firmly towards the vision of "a top-notch insurance and financial services group with market leadership and global competitiveness". We will strive to be a pioneer in serving national strategies, a leader in industry high-quality development and an example of excellence, opening a new chapter for our future development and contributing to the Chinese modernisation.
Notes:
Attributable to shareholders of the parent.
Figures for the same period of the preceding year were restated.
Consolidated data of CPIC Life and CPIC Life (HK), the comparative period figures were restated on a consistent basis for accurate comparison.
FU Fan Chairman of the Board of Directors CPIC Group
| Unit: RMB million | |||
|---|---|---|---|
| Key accounting data | January to June 2025 | January to June 2024 | Changes (%) |
| Operating income | 200,496 | 194,634 | 3.0 |
| Profit before tax | 32,259 | 29,395 | 9.7 |
| Net profitnote | 27,885 | 25,132 | 11.0 |
| Net profit net of non-recurring profit or lossnote |
26,224 | 25,142 | 4.3 |
| Net cash flows from operating activities | 120,503 | 89,925 | 34.0 |
| 30 June 2025 | 31 December 2024 | Changes (%) | |
| Total assets | 3,030,100 | 2,834,907 | 6.9 |
| Equitynote | 281,871 | 291,417 | (3.3) |
Note: Attributable to shareholders of the parent.
| Key accounting indicators | January to June 2025 | January to June 2024 | Unit: RMB Changes (%) |
|---|---|---|---|
| Basic earnings per sharenote 1 | 2.90 | 2.61 | 11.0 |
| Basic earnings per share net of non recurring profit or lossnote 1 |
2.73 | 2.61 | 4.3 |
| Diluted earnings per sharenote 1 | 2.90 | 2.61 | 11.0 |
| Weighted average return on equity (%)note 1 |
9.6 | 9.5 | 0.1pt |
| Weighted average return on equity net of non-recurring profit or loss(%)note 1 |
9.0 | 9.5 | (0.5pt) |
| Net cash flows per share from operating activitiesnote 2 |
12.53 | 9.35 | 34.0 |
| 30 June 2025 | 31 December 2024 | Changes (%) | |
| Net assets per sharenote 1 | 29.30 | 30.29 | (3.3) |
Notes:
1.Attributable to shareholders of the parent.
2.Calculated by the weighted average number of ordinary shares in issue.
| Unit: RMB million | |
|---|---|
| Non-recurring items | January to June 2025 |
| Gains on disposal of non-current assets | 73 |
| Government grants recognised in current profit or loss | 66 |
| Other net non-operating income and expenses other than aforesaid items | (14) |
| Other items confirming to the definition of non-recurring profit or lossnote | 1,603 |
| Effect of income tax relating to non-recurring profit or loss | (38) |
| Net non-recurring profit or loss attributable to non-controlling interests | (29) |
| Total | 1,661 |
Note: Shanghai Ruiyongjing Real Estate Development Co., Ltd. has become a subsidiary of the Group during the current reporting period. Shanghai Ruiyongjing Real Estate Development Co., Ltd. was included in the scope of the Group's consolidated financial statements, resulting in a one-time profit or loss impact of approximately RMB1,603 million.
| Unit: RMB million | |||
|---|---|---|---|
| 30 June 2025/ | 31 December 2024/ | ||
| Indicators | January to June 2025 | January to June 2024 | |
| The Group | |||
| Investment assetsnote 1 | 2,924,728 | 2,734,457 | |
| Three-year average investment yield (%)note 2 | 3.9 | 3.3 | |
| Insurance revenue | 141,824 | 137,019 | |
| Insurance service expenses | 120,169 | 116,298 | |
| Insurance contract assets | - | 22 | |
| Insurance contract liabilities | 2,428,583 | 2,229,514 | |
| Liabilities for incurred claims | 110,972 | 105,497 | |
| Liabilities for remaining coverage | 2,317,611 | 2,124,017 | |
| Reinsurance contract assets | 44,068 | 46,081 | |
| Allocation of reinsurance premiums | 7,290 | 7,962 | |
| Recoveries of insurance service expenses from reinsurers |
6,245 | 7,602 | |
| Insurance finance expenses for insurance contracts issued |
40,698 | 44,030 | |
| Reinsurance finance income for reinsurance contracts held |
715 | 1,036 | |
| CPIC Lifenote 3 | |||
| Contractual service margin of insurance contracts issued | 346,362 | 342,149 | |
| Contractual service margin of the issued insurance contracts initially recognised in the period |
10,821 | 8,949 | |
| CPIC P/C | |||
| Three-year average underwriting combined ratio (%)note 4 | 97.1 | 97.4 | |
| Three-year average underwriting loss ratio (%)note 5 | 69.8 | 69.8 |
Notes:
Investment assets include cash at bank and on hand, etc.
The Company adopted the new insurance standard and the new financial instruments standards from 1 January 2023. Threeyear average investment yield was calculated according to the data based on the new insurance standard and the new financial instruments standards.
Consolidated data of CPIC Life and CPIC Life (HK), the comparative period figures were restated on a consistent basis for accurate comparison.
Underwriting combined ratio = (insurance service expenses + insurance finance income or expenses + changes in insurance premium reserves + (allocation of reinsurance premiums paid – recoveries of insurance service expenses from reinsurers reinsurance finance income or expenses)) / insurance revenue.
5. Underwriting loss ratio = (incurred claims + changes in liability for incurred claims + gains or losses on the onerous contracts + insurance finance income or expenses + changes in insurance premium reserves + (allocation of reinsurance premiums paid recoveries of insurance service expenses from reinsurers - reinsurance finance income or expenses)) / insurance revenue.
We provide, through our subsidiaries, a broad range of risk protection solutions, wealth management and asset management services. In particular, we provide life/health insurance products & services through CPIC Life, property and casualty insurance products & services through CPIC P/C and CPIC Anxin Agricultural, and health insurance products & health management services through CPIC Health. We manage insurance funds, including third-party assets, through our investment arm, CPIC AMC. We provide retirement financial solutions and other related asset management service via Changjiang Pension, carry out private equity fund management and related consulting services through CPIC Capital, and also engage in mutual fund management business through CPIC Fund. We provide market-oriented technological empowerment service via CPIC Technology.
In the first half of 2025, China's insurance marketnote realised a primary premium income of RMB3.74 trillion, up by 5.3% from the same period of 2024. Of this, premiums from life/health insurance companies amounted to RMB2.77 trillion, a growth of 5.4%, and that from property and casualty insurance companies RMB0.96 trillion, up by 5.1%. Measured by primary premium income, CPIC Life and CPIC P/C are both China's 3rd largest insurers for life and property and casualty insurance, respectively.
Note: Data for insurance industry came from the official website of NFRA.
| II. Main items on consolidated financial statements with change of over 30% and reasons | |
|---|---|
| Unit: RMB million |
| Balance sheet items | 30 June 2025 | 31 December 2024 Changes (%) | Main reason for the changes | |
|---|---|---|---|---|
| Cash at bank and on hand | 46,404 | 29,357 | 58.1 | Timing difference |
| Securities purchased under agreements to resell |
21,349 | 10,905 | 95.8 | Timing difference |
| Long-term equity investments | 13,148 | 22,520 | (41.6) | Change from joint ventures to subsidiaries |
| Investment properties | 28,396 | 8,951 | 217.2 | Impact of change from joint ventures to subsidiaries |
| Construction in progress | 3,357 | 2,489 | 34.9 | Purchase and construct properties |
| Right-of-use assets | 1,837 | 2,921 | (37.1) | Impact of change from joint ventures to subsidiaries |
| Deferred income tax assets | 6,919 | 3,464 | 99.7 | Increase in deductible temporary differences |
| Premium received in advance | 6,192 | 18,044 | (65.7) | Timing difference |
| Taxes payable | 4,283 | 2,480 | 72.7 | Timing difference |
| Insurance premium reserves | 652 | 129 | 405.4 | Timing difference and growth in insurance business |
| Lease liabilities | 1,638 | 2,722 | (39.8) | Impact of change from joint ventures to subsidiaries |
| Deferred income tax liabilities | 2,707 | 7,362 | (63.2) | Decrease in taxable temporary differences |
| Other liabilities | 67,830 | 47,987 | 41.4 | Increase in dividends payable and payables related to asset-backed securities |
| Other comprehensive income/(loss) | (12,390) | 14,917 | (183.1) | Change in fair value of financial investments at fair value through other comprehensive income due to capital market fluctuation |
| Income statement items | January to June 2025 |
January to June 2024 |
Changes (%) Main reason for the changes | |
| Investment income | 21,671 | 6,893 | 214.4 | Increase in gains from securities trading, etc. |
| Investment income | 21,671 | 6,893 | 214.4 | Increase in gains from securities trading, etc. |
|---|---|---|---|---|
| Gains arising from changes in fair value |
5,856 | 20,945 | (72.0) | Fluctuation of market value of financial assets at fair value through profit or loss |
| Reinsurance finance income for reinsurance contracts held |
715 | 1,036 | (31.0) | Change in financial assumption |
| Interest expenses | (2,217) | (1,192) | 86.0 | Increase in interest expenses of securities sold under agreements to repurchase |
| Other comprehensive income/(loss) |
(27,500) | 2,455 | (1,220.2) | Change in fair value of financial investments at fair value through other comprehensive income due to capital market fluctuation |
We stayed focused on the core business of insurance, pursued value growth and long-termism, deepened the customer-oriented strategic transformation, and delivered positive overall business results, with sustained growth of comprehensive strength. CPIC Life pressed ahead with the Changhang Transformation, proceeded with channel diversification, optimised product mix, and achieved solid value growth; CPIC P/C continued to improve business mix, pursued highquality development in an all-around way, with marked improvement in underwriting profitability and steady growth of premium income; asset management persisted in asset liability management (ALM) across market cycles, enhanced professional investment expertise and reported sound investment results.
During the reporting period, Group operating income amounted to RMB200.496 billion, up by 3.0% year on year, of which, insurance revenue reached RMB141.824 billion, a growth of 3.5%. Group net profitnote 1 reached RMB27.885 billion, up by 11.0% year on year, with Group OPATnotes 1,2,3 of RMB19.909 billion, a growth of 7.1%. Group EVnote 4 amounted to RMB588.927 billion, an increase of 4.7% from the end of 2024. Of this, Group value of in-force businessnotes 4,5 amounted to RMB223.433 billion, up by 4.9%. Life insurance businessnote 4 delivered RMB9.544 billion in new business value (NBV), up by 5.6% year on year, or 32.3% on a comparable basis, with an NBV margin of 15.0%, up by 0.4pt on a comparable basis. Property and casualty insurance businessnote 6 recorded an underwriting combined ratio of 96.4%, down by 0.7pt from the first half of 2024. Comprehensive investment yieldnote 7 on Group investment assets went down by 0.6pt year on year to 2.4%.
Notes:
| Indicators | As at 30 June 2025 /for the period between January and June in 2025 |
As at 31 December 2024/for the period between January and June in 2024 |
Changes (%) |
|---|---|---|---|
| Key value indicators | |||
| Group embedded valuenote 1 | 588,927 | 562,250 | 4.7 |
| Value of in-force business notes 1,2 |
223,433 | 212,957 | 4.9 |
| Group net assetsnote 3 | 281,871 | 291,417 | (3.3) |
| NBV of CPIC Lifenotes 1,4 | 9,544 | 7,213 | 32.3 |
| NBV margin of CPIC Life (%)notes 1,4 | 15.0 | 14.7 | 0.4pt |
| Underwriting combined ratio of CPIC P/C (%) | 96.3 | 97.1 | (0.8pt) |
| Group comprehensive investment yield (%)note 5 | 2.4 | 3.0 | (0.6pt) |
| Key operating indicators | |||
| Insurance revenue | 141,824 | 137,019 | 3.5 |
| CPIC Lifenote 1 | 42,274 | 41,863 | 1.0 |
| CPIC P/C | 96,831 | 93,076 | 4.0 |
| note 6 Group number of customers ('000) |
181,382 | 183,176 | (1.0) |
| Average number of insurance policies per customer | 2.35 | 2.34 | 0.4 |
| Monthly average agent number ('000) | 183 | 183 | - |
| Surrender rate of CPIC Life (%)note 1 | 0.8 | 0.9 | (0.1pt) |
| Total investment yield (%)note 5 | 2.3 | 2.7 | (0.4pt) |
| Net investment yield (%)note 5 | 1.7 | 1.8 | (0.1pt) |
| Third-party AuM | 848,233 | 808,203 | 5.0 |
| Key financial indicators | |||
| Net profit attributable to shareholders of the parent | 27,885 | 25,132 | 11.0 |
| CPIC Lifenote 1 | 20,699 | 20,058 | 3.2 |
| CPIC P/C | 5,733 | 4,792 | 19.6 |
| Basic earnings per share (RMB)note 3 | 2.90 | 2.61 | 11.0 |
| Net assets per share (RMB)note 3 | 29.30 | 30.29 | (3.3) |
| Comprehensive solvency margin ratio (%) | |||
| CPIC Group | 264 | 256 | 8pt |
| CPIC Life | 215 | 210 | 5pt |
| CPIC P/C | 241 | 222 | 19pt |
Unit: RMB million
Notes:
Figures for CPIC Life include CPIC Life (HK), the comparative period figures were restated on a consistent basis for accurate comparison.
Based on the Group's share of life business's value of in-force business after solvency.
Attributable to shareholders of the parent.
Figures for the same period of the previous year were restated based on valuation assumptions as at the end of 2024.
Net/total investment yield, or comprehensive investment yield was not annualised.
The Group number of customers refers to the number of applicants and insureds who hold at least one insurance policy within the insurance period issued by one or any of CPIC subsidiaries as at the end of the reporting period. In the event that the applicants and insureds are the same person, they shall be deemed as one customer.
Numbers of change may not totally add up due to rounding.
CPIC Life forged ahead with the Changhang Transformation, deepened customer segmentation, upgraded the channel diversification model, with rapid NBV growth; continued to optimise product mix and strengthened asset liability matching. CPIC Health further promoted the core strategy of "new products, new channels and new technology", with breakthroughs in proprietary business and improvement in development quality.
CPIC Life showed improvement in its key performance indicators, with steady growth of both value and volume, as well as stable business quality. In the first half of 2025, it reported RMB193.470 billion in written premiums, an increase of 13.1% year on year; EV amounted to RMB445.024 billion, up by 5.3% from the end of 2024; NBV reached RMB9.544 billion, a growth of 5.6% from the same period of 2024, or 32.3% on a comparable basis, with an NBV margin of 15.0%, up by 0.4pt on a comparable basis; net profit reached RMB20.699 billion, a growth of 3.2% year on year, with OPATnote 2 of RMB15.000 billion, up by 5.0%.
Overall, under the guidance of the new business philosophy of "creating value for customers with suitable products/services delivered by professional sales teams", the subsidiary deepened the Changhang Transformation and delivered tangible results. First, stepped up customer segmentation to increase the focus on mid-tier and high-net-worth (HNW) customers, which further optimised the customer mix; as a result, the number of mid-tier customersnote 3 and above from the agency channel reached 27.3% as of the end of June 2025, up by 3.8pt year on year; HNW customersnote 3 from bancassurance channel grew by 75.4% and ultra HNW customersnote 3 by 85.4%. Second, upgraded the "2+N" channel diversification strategy so as to build a professional sales force and improve operational quality, with stabilisation of agency force headcount, improvement in core manpower productivity, considerable value growth of and increased value contribution from bancassurance and work-site marketing. Third, built on a differentiated product/service system with multiple measures to optimise business mix, including guiding for an increased share of variable products through the KPI system, with growth of regular-pay FYP from participating products. In the first half of 2025, the share of participating business in regular-pay FYP rose to 42.5% and of this, its share of the agency channel reached 51.0%.
Notes:
CPIC Life seeks to build a diversified channel mix with agency channel and bancassurance channel at the core, in order to expand avenues of value growth.
| Unit: RMB million | |||
|---|---|---|---|
| For 6 months ended 30 June | 2025 | 2024 | Changes (%) |
| Written premiums | 193,470 | 171,050 | 13.1 |
| Agency channel | 137,380 | 136,211 | 0.9 |
| New policies | 22,622 | 24,520 | (7.7) |
| Renewed policies | 114,758 | 111,691 | 2.7 |
| Bancassurance channel | 41,660 | 22,821 | 82.6 |
| New policies | 29,038 | 14,844 | 95.6 |
| Renewed policies | 12,622 | 7,977 | 58.2 |
| Group channel | 12,892 | 11,752 | 9.7 |
| New policies | 11,351 | 10,520 | 7.9 |
| Renewed policies | 1,541 | 1,232 | 25.1 |
| Other channelsnote | 1,538 | 266 | 478.2 |
Note: Other channels include telemarketing & internet sales, and brokerage business.
CPIC Life optimised distribution of agents, stepped up systematic capacity-building and digital empowerment to drive high-quality development of the agency channel. It put in place a quantifiable system that measures customer satisfaction and value contribution, pushed for CRM based on customer segmentation; continued to diversify products/service offerings to meet diverse needs of customers; focused on manager-level and high-performing agents in key regional markets, stepped up high-quality recruitment, enhanced basic management and agent training to promote improvement in agency force mix and productivity. In the reporting period, the channel realised RMB137.380 billion in written premiums, a year-on-year growth of 0.9%.
In the first half of 2025, monthly average number of agents reached 183,000, with a headcount of 186,000 as at the end of June, a growth of 1.6%. Of this, the number of newly-recruited agents was 39,000, a growth of 19.8% year on year. The subsidiary faithfully implemented the regulatory requirement for "consistency between filed and actual commissions", with continued effort to optimise expense mix and input-and-output ratios. Core agent headcount stood at 49,000 on a monthly average basis, with monthly average FYC per core agent of RMB7,120, down by 13.4% year on year. It continued to strengthen basic management and foster capabilities for sales of participating products, with year-on-year improvement in core manpower productivity. Monthly average FYP per core agent amounted to RMB72,870, up by 12.7%.
| For 6 months ended 30 June | 2025 | 2024 | Changes (%) |
|---|---|---|---|
| Monthly average FYP per core agent (RMB) | 72,870 | 64,637 | 12.7 |
| Monthly average FYC per core agent (RMB) | 7,120 | 8,219 | (13.4) |
CPIC Life persisted in value-oriented bancassurance and vigourously explored new modes of channel integration. It optimised product/service offerings to meet needs of strategic partners and customers; stepped up channel development, cemented partnerships with joint-stock banks, especially with SOE banks so as to deepen presence in bank outlets and maintain its competitive advantage in productivity; focused on building professionalism of sales teams, persisted in highquality team building, team management and training, and enhanced their digital & AI capabilities. During the reporting period, the channel realised RMB41.660 billion in written premiums, up by 82.6% year on year, and of this, regular premium of new policies amounted to RMB8.840 billion, a growth of 58.6%. A total of 13,000 bank outlets reported sales of regularpremium business, up by 28.9% year on year. The number on a monthly average basis grew by 70.2%, and of this, that of SOE bank outlets by as much as 164.9%.
CPIC Life adhered to the business strategy of "fully leveraging strengths and balancing between long-term and short-term business" for group channel. In work-site marketing, it focused on key industries and regions, leveraged Group synergy for access to more potential business opportunities, fostered professional teams, diversified business scenarios so as to improve the overall value contribution from customers. The subsidiary deepened matrix-based precise management and enhanced support for major business programmes. As for inclusive finance, it aligned ourselves with government guidelines, expanded presence in long-term care, optimised service models and improved operational efficiency, covering a total of 220 million people. During the reporting period, the channel recorded RMB12.892 billion in written premiums, a growth of 9.7% from the same period of 2024. Of this, regular premiums of new policies from work-site marketing reached RMB611 million, a growth of 21.8%.
CPIC Life seeks to build a comprehensive product/service system centering on "health protection, retirement/education and wealth inheritance", in a bid to provide integrated "products + services" solutions to customers across their entire life cycles. In health protection, it improved the product matrix of critical illness insurance and medical insurance, focusing on medical products for mid-tier and HNW customers. In terms of retirement & education, it deepened the supply-side reform of pension finance and strived to meet needs for sound retirement provision of key customer segments. In wealth inheritance, the company launched a suite of whole-life participating products to satisfy diverse needs for death protection, wealth inheritance and management.
At the same time, the subsidiary stepped up sales promotion of variable products, private pension products and health insurance products, as part of its efforts to optimise the business mix. For the reporting period, its participating business recorded RMB10.128 billion in written premiums from new regular-pay business, a strong growth year on year, accounting for 42.5% of total new regular-pay business written premiums; private pension products generated RMB29.030 billion in written premiums from new policies, up by 165.1% year on year; health insurance products delivered RMB10.434 billion in written premiums from new policies, an increase of 5.8%.
CPIC Life seeks to enhance its health & elderly care service system integrating "preventive care, diagnosis, treatment, rehabilitation and elderly care" to meet customers' diverse needs across their entire life cycles. In terms of health services, it continuously upgraded its "signature" service programmes, including the "CPIC Blue Passport", a one-stop medical assistance programme, early screening for nodules and carotid arteries, and health checks both at home and abroad for HNW customers. It also streamlined service processes integrating health services with direct claims payments and hospitalization advance payments, with health services covered 13.58 million customers, a year-on-year increase of 12.6%. The subsidiary explored the integrated model of medical care, health service and elderly care, with Yuanshen Rehabilitation Hospitals up and running in Xiamen, Jinan, and Guangzhou. In particular, the facility in Xiamen officially opened for business in the first half of 2025. Regarding elderly care services, CPIC Life completed the construction of 15 "CPIC Home" retirement communities in 13 cities across China, spanning the gamut from independent living to nursing care. In the first half of 2025, the number of residents, bed capacity, and occupancy rates all showed significant improvement. Besides, the company established over 220 brick-and-mortar smart experience centers for the "Longevity Retreat" home-based care programme, so as to enhance customer experience and empower its
| Unit: RMB million | |||
|---|---|---|---|
| For 6 months ended 30 June | 2025 | 2024 | Changes (%) |
| Written premiums | 193,470 | 171,050 | 13.1 |
| Traditional | 123,250 | 107,064 | 15.1 |
| New regular-pay business | 13,725 | 23,640 | (41.9) |
| Participating | 37,299 | 38,446 | (3.0) |
| New regular-pay business | 10,128 | 684 | 1,380.7 |
| Universal | 23,046 | 16,399 | 40.5 |
| Short-term insurance | 9,875 | 9,141 | 8.0 |
We intensified business quality control, and as a result, the 13-month policy persistency ratio of individual customers stood at 96.6%, maintaining healthy levels; while the 25-month policy persistency ratio rose by 2.8pt year on year to 94.5%.
| For 6 months ended 30 June | 2025 | 2024 | Changes |
|---|---|---|---|
| Individual customers 13-month persistency ratio (%)note 1 | 96.6 | 96.9 | (0.3pt) |
| Individual customers 25-month persistency ratio (%)note 2 | 94.5 | 91.7 | 2.8pt |
13-month persistency ratio: premiums from in-force policies 13 months after their issuance as a percentage of premiums from policies which entered into force during the same period.
25-month persistency ratio: premiums from in-force policies 25 months after their issuance as a percentage of premiums from policies which entered into force during the same period.
Written premiums of CPIC Life mainly came from economically developed regions or populous areas.
| Unit: RMB million | |||
|---|---|---|---|
| For 6 months ended 30 June | 2025 | 2024 | Changes (%) |
| Written premiums | 193,470 | 171,050 | 13.1 |
| Jiangsu | 23,230 | 20,613 | 12.7 |
| Zhejiang | 19,918 | 16,052 | 24.1 |
| Henan | 14,430 | 14,193 | 1.7 |
| Shandong | 14,165 | 13,464 | 5.2 |
| Shanghai | 12,041 | 7,813 | 54.1 |
| Guangdong | 11,662 | 9,687 | 20.4 |
| Hebei | 9,858 | 9,282 | 6.2 |
| Beijing | 7,585 | 6,006 | 26.3 |
| Shanxi | 7,302 | 6,915 | 5.6 |
| Hubei | 7,157 | 6,616 | 8.2 |
| Subtotal | 127,348 | 110,641 | 15.1 |
| Others | 66,122 | 60,409 | 9.5 |
| Unit: RMB million | |||
|---|---|---|---|
| For 6 months ended 30 June | 2025 | 2024 | Changes (%) |
| Insurance service performance and others | 15,148 | 15,570 | (2.7) |
| Insurance revenue | 42,274 | 41,863 | 1.0 |
| Insurance service expenses | (26,337) | (25,971) | 1.4 |
| Total investment incomenote 1 | 46,746 | 47,761 | (2.1) |
| Finance underwriting gains/(losses)note 2 | (39,646) | (41,324) | (4.1) |
| Investment performance | 7,100 | 6,437 | 10.3 |
| Pre-tax profit | 22,248 | 22,007 | 1.1 |
| Income tax | (1,549) | (1,949) | (20.5) |
| Net profit | 20,699 | 20,058 | 3.2 |
Notes:
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.
Finance underwriting gains/(losses) includes insurance finance expenses for insurance contracts issued and reinsurance finance income for reinsurance contracts held.
Insurance revenue for the reporting period was RMB42.274 billion, up by 1.0% from the same period of 2024. Insurance revenue is recognised based on the insurance contract service provided during the current period and strips out investment componentsnote .
Note: Investment components refer to the amounts paid to policyholders irrespective of the occurrence of insurance events.
| Unit: RMB million | ||||
|---|---|---|---|---|
| For 6 months ended 30 June | 2025 | 2024 | Changes (%) | |
| Insurance revenue | 42,274 | 41,863 | 1.0 | |
| Long-term insurance | 36,654 | 36,541 | 0.3 | |
| Short-term insurance | 5,620 | 5,322 | 5.6 |
Insurance service expenses amounted to RMB26.337 billion, up by 1.4%. Insurance service expenses include claims payment and other related expenses incurred during the current period, excluding investment components.
| Unit: RMB million | ||||
|---|---|---|---|---|
| For 6 months ended 30 June | 2025 | 2024 | Changes (%) | |
| Insurance service expenses | 26,337 | 25,971 | 1.4 | |
| Long-term insurance | 20,871 | 20,527 | 1.7 | |
| Short-term insurance | 5,466 | 5,444 | 0.4 |
Investment performance for the reporting period amounted to RMB7.100 billion, up by 10.3% year on year. The metric is defined as the part of investment income in excess of the return required by reserves. It grew as a result of increase in scale of investment assets.
In the first half of 2025, CPIC Life achieved a net profit of RMB20.699 billion, up by 3.2% year on year.
In the first half of 2025, CPIC Health maintained rapid business growth, with breakthroughs in proprietary business, improvement in combined ratios and progress in overall development quality. It delivered RMB1.744 billion in insurance revenue and health management fee income, a year-on-year growth of 39.3%, and a net profit of RMB39 million.
The subsidiary accelerated strategic transformation centering on "new products, new channels and new technology". It upheld the value proposition of "products are service" and strived to provide customers with caring, professional health protection and related services. It continued with product innovation: Diversified the "Lan Yi Bao" product matrix, including upgrading the million-yuan medical insurance to meet needs of sub-standard risks, realigning premium healthcare resources and developing medical insurance products for mid-tier and HNW customers to effectively enhance customer satisfaction. Strengthened coordinated development of "medical + pharmaceutical + insurance", promoted the application of medical data, expanded cooperation with care providers and achieved breakthroughs in gaining access to leading Chinese hospitals by commercial insurance products for people with pre-existing conditions. Promoted "Yi Pei Tong", an on-line, one-stop solution combining "medical treatment" and "claims settlement", as part of the company's effort to enhance customer experience in both health care and claims payment application.
Continued to leverage the middle platform of medical insurance to support CPIC P/C and CPIC Life in product development, operation and customer services. In the first half of the year, the subsidiary teamed up with CPIC Life and upgraded the "Le Xiang Bai Wan 2025", and launched exclusive high-end medical insurance products for bancassurance to drive business growth; in cooperation with CPIC P/C, it launched the family version of "Tai Jian Kang All-Around Insurance" to improve the penetration of health insurance among auto insurance customers.
CPIC P/C put profitability first and pursued high-quality development in an all-around way, with optimisation of business mix, marked improvement in underwriting profitability and steady growth of premium income. Auto insurance strengthened NEV business operation, stepped up precise cost control to improve operational resilience; non-auto insurance optimised business mix and advanced the risk reduction system to drive business growth. CPIC Anxin Agricultural and CPIC HK realised steady development.
During the reporting period, CPIC P/C recorded primary premium income of RMB112.760 billion, up by 0.9% from the same period of 2024, with insurance revenue of RMB96.831 billion, a growth of 4.0% year on year. It posted underwriting profits of RMB3.550 billion, a growth of 30.9% year on year, with an underwriting combined ratio of 96.3%, down by 0.8pt year on year. Of this, underwriting loss ratio stood at 69.5%, down by 0.1pt; underwriting expense ratio 26.8%, down by 0.7pt.
| Unit: RMB million | |||
|---|---|---|---|
| For 6 months ended 30 June | 2025 | 2024 | Changes (%) |
| Primary premium income | 112,760 | 111,803 | 0.9 |
| Automobile insurance | 53,606 | 52,167 | 2.8 |
| Compulsory automobile insurance | 14,300 | 13,877 | 3.0 |
| Commercial automobile insurance | 39,306 | 38,290 | 2.7 |
| Non-automobile insurance | 59,154 | 59,636 | (0.8) |
| Health insurance | 15,519 | 16,132 | (3.8) |
| Agricultural insurance | 14,293 | 13,650 | 4.7 |
| Liability insurance | 12,865 | 12,459 | 3.3 |
| Commercial property insurance | 5,081 | 4,542 | 11.9 |
| Others | 11,396 | 12,853 | (11.3) |
| Personal credit guarantee insurance | (612) | 2,045 | (129.9) |
| Others | 12,008 | 10,808 | 11.1 |
Automobile insurance business maintained steady growth. CPIC P/C strengthened professional development of distribution channels, adopted precise management of business quality and advanced operational digitalisation, with optimised business mix, effective cost control and improved profitability. In the first half of 2025, it reported primary premium income of RMB53.606 billion from automobile business, a growth of 2.8% year on year, with the share of household vehicles increasing by 1.4pt. Premiums from NEV business amounted to RMB10.596 billion, accounting for 19.8% of total auto premiums. Underwriting combined ratio of the business stood at 95.3%, down by 1.8pt from the same period of 2024.
CPIC P/C stepped up efforts to optimise business mix of non-auto insurance, advanced the integrated risk reduction system of "prevention, reduction, relief and compensation" in an allaround way. During the reporting period, it posted RMB59.154 billion in primary premium income from non-auto insurance, down by 0.8% year on year. Due to proactive adjustment of business mix, primary premium income from personal credit guarantee insurance was RMB-612 million, down by 129.9% from the same period of 2024. Underwriting combined ratio of nonautomobile insurance stood at 97.6%, up by 0.4pt year on year. Excluding the impact of personal credit guarantee insurance, overall underwriting combined ratio of non-auto business was 94.8%, down by 2.3pt. Of the major business lines, health insurance achieved a turnaround in profitability, with commercial property insurance seeing further improvement in u/w profitability.
Health insurance continued to cement cooperation with governments, enhanced business quality control, improved risk management and customer service capabilities, so as to consolidate the foundation of government-sponsored business. As for commercial business, it strived to put in place a broad-based system of growth drivers via scenario-based sales model innovation, precise product matching and AI-enabled process re-engineering. During the reporting period, health insurance reported RMB15.519 billion in primary premium income, down by 3.8% year on year, with an underwriting combined ratio of 99.3%, down by 1.5pt.
Agricultural insurance continued to roll out full-cost indemnity insurance of the 3 staple crops and other important agricultural products to safeguard China's agricultural production; focused on livestock and fishery insurance, developed new products for specialty agricultural products in order to build a multi-tiered agricultural insurance system; strengthened the application of new technologies, including the use of AI-enabled insurance application and claims settlement processes, and continuously improved the quality and efficiency of insurance services. During the reporting period, the business line delivered RMB14.293 billion in primary premium income,
up by 4.7% year on year, with an underwriting combined ratio of 98.8%, up by 1.0pt.
Liability insurance centred on needs of China's new development stage, stepped up support for modernisation of state governance, the real economy and society. At the same time, it exercised stringent control of high-risk business, including launching special campaigns to eliminate or improve projects/business with high claims ratios, so as to boost high-quality development of the business. During the reporting period, the business line delivered RMB12.865 billion in primary premium income, up by 3.3% from the same period of 2024, with an underwriting combined ratio of 99.4%, the same as that of the first half of 2024.
Commercial property insurance continued to consolidate its leading position in traditional business, including maintaining competitive edge in sectors of power generation and petrochemicals, as well as in business from blanket insurance policies. On the other hand, CPIC P/C fostered growth drivers from strategic and emerging sectors such as green energy and semiconductors, while boosting business development from high-quality micro- and small-sized businesses, bancassurance and cross-sell. At the same time, it made efforts to establish an integrated risk management system, built capabilities in risk survey, u/w and claims management under the model of "insurance + technology + service". In the first half of 2025, the company generated RMB5.081 billion in primary premium income from the business line, up by 11.9% year on year, with an underwriting combined ratio of 92.8%, down by 1.3pt.
| (3) Key financials of major business lines | ||
|---|---|---|
| For 6 months ended 30 June 2025 | ||||
|---|---|---|---|---|
| Name of insurance | Primary premium income |
Amounts insured | Underwriting profit |
Underwriting combined ratio (%) |
| Automobile insurance | 53,606 | 57,083,886 | 2,512 | 95.3 |
| Health insurance | 15,519 | 267,834,550 | 37 | 99.3 |
| Agricultural insurance | 14,293 | 405,723 | 97 | 98.8 |
| Liability insurance | 12,865 | 2,196,639,291 | 64 | 99.4 |
| Commercial property insurance | 5,081 | 12,677,481 | 319 | 92.8 |
CPIC P/C derived RMB73.785 billion in primary premium income from the top 10 regional markets, up by 3.0% year on year and accounting for 65.4% of total premiums.
| Unit: RMB million | ||||
|---|---|---|---|---|
| For 6 months ended 30 June | 2025 | 2024 | Changes (%) | |
| Primary premium income | 112,760 | 111,803 | 0.9 | |
| Guangdong | 14,415 | 13,804 | 4.4 | |
| Jiangsu | 13,178 | 12,284 | 7.3 | |
| Zhejiang | 10,779 | 10,497 | 2.7 | |
| Shanghai | 8,183 | 7,667 | 6.7 | |
| Shandong | 5,809 | 6,165 | (5.8) | |
| Sichuan | 4,699 | 4,539 | 3.5 | |
| Hunan | 4,253 | 4,110 | 3.5 | |
| Beijing | 4,197 | 3,765 | 11.5 | |
| Hebei | 4,159 | 4,335 | (4.1) | |
| Henan | 4,113 | 4,441 | (7.4) | |
| Subtotal | 73,785 | 71,607 | 3.0 | |
| Others | 38,975 | 40,196 | (3.0) |
3.Premium income by channels
The primary premium income by channels during the reporting period is set out below.
| Unit: RMB million | |||
|---|---|---|---|
| For 6 months ended 30 June | 2025 | 2024 | Changes (%) |
| Primary premium income | 112,760 | 111,803 | 0.9 |
| Agency | 60,293 | 58,003 | 3.9 |
| Direct | 35,594 | 37,974 | (6.3) |
| Brokerage | 16,873 | 15,826 | 6.6 |
| Unit: RMB million | |||
|---|---|---|---|
| For 6 months ended 30 June | 2025 | 2024 | Changes (%) |
| Insurance revenue | 96,831 | 93,076 | 4.0 |
| Insurance service expenses | (91,183) | (88,119) | 3.5 |
| Net income/(losses) from reinsurance contracts heldnote 1 |
(829) | (234) | 254.3 |
| Underwriting finance losses and othersnote 2 | (1,269) | (2,011) | (36.9) |
| Underwriting profit | 3,550 | 2,712 | 30.9 |
| Underwriting combined ratio (%) | 96.3 | 97.1 | (0.8pt) |
| Total investment incomenote 3 | 4,151 | 3,742 | 10.9 |
| Net of other income and expenses | (445) | (423) | 5.2 |
| Pre-tax profit | 7,256 | 6,031 | 20.3 |
| Income tax | (1,523) | (1,239) | 22.9 |
| Net profit | 5,733 | 4,792 | 19.6 |
Notes:
Insurance revenue for the reporting period amounted to RMB96.831 billion, up by 4.0% year on year, higher than the growth rate of premium income. Of this, insurance revenue of automobile insurance reached RMB53.931 billion, up by 3.0%, and that of non-auto insurance RMB42.900 billion, an increase of 5.4%.
| For 6 months ended 30 June | 2025 | 2024 | Changes (%) | ||
|---|---|---|---|---|---|
| Insurance revenue | 96,831 | 93,076 | 4.0 | ||
| Automobile insurance | 53,931 | 52,361 | 3.0 | ||
| Non-automobile insurance | 42,900 | 40,715 | 5.4 |
Insurance service expenses for the reporting period amounted to RMB91.183 billion, up by 3.5% from the same period of 2024. Of this, insurance service expenses of automobile insurance reached RMB50.836 billion, up by 1.9%, and that of non-auto insurance RMB40.347 billion, an increase of 5.5% year on year.
| Unit: RMB million | |||||
|---|---|---|---|---|---|
| For 6 months ended 30 June | 2025 | 2024 | Changes (%) | ||
| Insurance service expenses | 91,183 | 88,119 | 3.5 | ||
| Automobile insurance | 50,836 | 49,884 | 1.9 | ||
| Non-automobile insurance | 40,347 | 38,235 | 5.5 |
Net losses from reinsurance contracts held amounted to RMB829 million, an increase by RMB595 million year on year, largely due to impact of scale and mix of business ceded, and loss ratios of related business.
Underwriting finance losses and others amounted to RMB1.269 billion, down by 36.9% year on year, mainly because of interest rate movements, which led to a decrease in the time value of liabilities.
Total investment income. CPIC P/C continued with capacity-building for investment outsourcing, optimised dividend strategy of equity investments, and enhanced its ability to capture opportunities on the bond market. Total investment income for the reporting period reached RMB4.151 billion, up by 10.9% year on year, mainly as a result of increased gains from securities trading and dividend income.
As a result, in the first half of 2025, CPIC P/C reported a net profit of RMB5.733 billion, up by 19.6% from the same period of 2024.
As a specialised agricultural insurance company, CPIC Anxin Agricultural continued to expand government-sponsored business, rolled out full-cost indemnity insurance for the 3 staple crops and accelerated the development of niche commercial agricultural insurance. In the first half of 2025, it recorded RMB1.239 billion in primary premium income, up by 1.1% year on year; and of this, agricultural insurance reported primary premium income of RMB899 million, up by 7.7%. Insurance revenue amounted to RMB1.156 billion, down by 3.3%, with an underwriting combined ratio of 100.9%, staying flat versus the same period of 2024. Net profit amounted to RMB99 million, an increase of 39.4% from the same period of the preceding year.
We conduct overseas P/C business via CPIC HK. As at 30 June 2025, its total assets stood at RMB1.382 billion, with net assets of RMB384 million. Primary premium income for the reporting period amounted to RMB187 million, up by 6.9% year on year, with an underwriting combined ratio of 98.0%, and a net profit of RMB16 million.
We persisted in value, long-term, prudent and responsible investing, with long-term commitment to value investing, global awareness of asset allocation, "big picture" mindset for insurance asset management, optimal balance between risk and return, forward-looking approach towards emerging sectors and market-based mechanisms of incentives and constraint, which enabled us to maintain excellence in ALM. To ensure long-term and sustainable ALM, we explored new approaches and further enhanced the ALM system across market cycles, continued to build capabilities in professional investment research, risk control and compliance management. Within the SAA framework, we conducted disciplined and yet flexible Tactical Asset Allocation (TAA), exercised stringent control of credit risk and extended duration of fixed income assets to mitigate the reinvestment risk; made vigourous effort to diversify investment channels and enhanced pro-active management of equity assets, with initial success in overseas investment. As a result, we achieved solid investment performance, with Group AuM on steady increase.
As of the end of June 2025, Group AuM totalled RMB3,772.961 billion, rising 6.5% from the end of 2024. Of this, Group in-house investment assets amounted to RMB2,924.728 billion, a growth of 7.0%, and third-party AuM RMB848.233 billion, an increase of 5.0%, with a management fee income of RMB1.138 billion, up by 10.5% from the same period of 2024.
| Unit: RMB million | |||
|---|---|---|---|
| 30 June 2025 | 31 December 2024 | Changes (%) | |
| Group AuM | 3,772,961 | 3,542,660 | 6.5 |
| Group in-house investment assets | 2,924,728 | 2,734,457 | 7.0 |
| Third-party AuM | 848,233 | 808,203 | 5.0 |
| CPIC AMC | 298,787 | 294,187 | 1.6 |
| Changjiang Pension | 429,925 | 406,401 | 5.8 |
| CPIC Fund | 109,636 | 99,806 | 9.8 |
| CPIC Capital | 951 | 936 | 1.6 |
| CPIC Investment (HK) | 8,934 | 6,873 | 30.0 |
In the first half of 2025, given increased support from China's macro-economic policies and continued efforts in industrial upgrade, China's economy further unleashed its potential, exhibiting strong resilience and a positive momentum of recovery. On the back of favourable government policies and a pickup in consumption, market demand stabilised and started to recover. New Quality Productive Forces, such as artificial intelligence, the digital economy and the green economy, added impetus to China's economic growth. In the field of equity assets, the A-share market, driven by policy support and improved economic fundamentals, overall showed an upward trend amid fluctuations, which created structural opportunities for investors. In fixed income assets, the market evolved around the themes of fundamental restoration and the intensity of policy intervention, with interest rates fluctuating at low levels and within a narrower band.
In recent years, we have been exploring a new approach towards ALM, i.e., multi-dimensional matching of assets and liabilities, and have initially developed a new ALM method known as "net investment yield plus". Considering a wide range of factors such as product management, investment management, financial and capital management, it seeks to establish a unified platform of systems with standardized terminology and unified management tools to optimise coordination of assets and liabilities.
Based on our outlook for long-term macro-economic trends, we followed and fine-tuned the "dumbbell-shaped" asset allocation strategy, i.e., continuously increasing allocation into long-
term T-bonds to extend duration of fixed income assets, while moderately increasing investments in secondary-market equity assets and alternative assets including private equity to enhance long-term returns. At the same time, to manage credit risk, we continued to control the share of investment in corporate debt securities. We conducted disciplined and yet flexible TAA under the guidance of SAA, pro-actively responded to the dual challenge of equity market volatility and secular decline of interest rates.
Committed to value growth, we continued with capacity-building in professional investment management, maintained a rigorous investment management system and explored a wide range of strategies including overseas investment and innovative investment instruments; coordinated between improving asset allocation capabilities and strengthening capital constraints so as to cement the foundation of capital and investment management in an all-around way; further improved credit risk early-warning and mitigation to enhance overall risk management; continued to strengthen ESG investment management, stepped up green investment, and explored incorporating climate factors into SAA.
In terms of investment concentration, our investments are concentrated in financial services, communications & transport, infrastructure and energy, demonstrating resilience in the face of risks. Our equity investments spread across a wide range of instruments; as for fixed income assets, the debt issuers boasted strong overall strength, and apart from government bonds, our counter-parties mainly include China State Railway Group Co., Ltd., and large SOEs such as major state-owned commercial banks.
| Unit: RMB million | ||||
|---|---|---|---|---|
| 30 June 2025 | Share (%) | 31 December 2024 | Share (%) | |
| Group investment assets (total) | 2,924,728 | 100.0 | 2,734,457 | 100.0 |
| By investment category | ||||
| Cash and cash equivalents | 67,753 | 2.3 | 40,262 | 1.5 |
| Term deposits | 178,219 | 6.1 | 173,818 | 6.4 |
| Debt category financial assets | 2,193,540 | 75.0 | 2,074,168 | 75.9 |
| -Debt securities | 1,826,050 | 62.5 | 1,642,181 | 60.1 |
| -Bond funds | 5,583 | 0.2 | 9,663 | 0.4 |
| -Preferred shares | 47,993 | 1.6 | 49,227 | 1.8 |
| -Debt investment plansnote 1 | 259,477 | 8.9 | 265,403 | 9.7 |
| -Wealth management productsnote 2 | 29,684 | 1.0 | 71,421 | 2.6 |
| -Others | 24,753 | 0.8 | 36,273 | 1.3 |
| Equity category financial assets | 433,533 | 14.8 | 398,210 | 14.5 |
| -Stocks | 283,125 | 9.7 | 255,065 | 9.3 |
| -Equity funds | 61,166 | 2.1 | 52,679 | 1.9 |
| -Wealth management productsnote 2 | 16,006 | 0.5 | 20,795 | 0.8 |
| -Others | 73,236 | 2.5 | 69,671 | 2.5 |
| Long-term equity investments | 13,148 | 0.4 | 22,520 | 0.8 |
| Investment properties | 28,396 | 1.0 | 8,951 | 0.3 |
| Other investments note 3 | 10,139 | 0.4 | 16,528 | 0.6 |
| By accounting measurement | ||||
| Financial assets at amortised costnote 4 | 55,357 | 1.9 | 64,844 | 2.4 |
| Financial assets at fair value through other comprehensive incomenote 5 |
1,900,545 | 65.0 | 1,749,986 | 64.0 |
| Financial assets at fair value through profit or lossnote 6 |
674,412 | 23.1 | 667,225 | 24.4 |
| Long-term equity investments | 13,148 | 0.4 | 22,520 | 0.8 |
| Othersnote 7 | 281,266 | 9.6 | 229,882 | 8.4 |
Notes:
Debt investment plans mainly include infrastructure and real estate projects.
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.
Financial assets at amortised cost include financial assets at amortised cost on consolidated financial statements.
Financial assets at fair value through other comprehensive income include debt investments at fair value through other comprehensive income and equity investments at fair value through other comprehensive income on consolidated financial statements.
Financial assets at fair value through profit or loss include financial assets at fair value through profit or loss and derivative financial assets on consolidated financial statements.
Others mainly include cash at bank and on hand, securities purchased under agreements to resell, term deposits, restricted statutory deposits and investment properties, etc.
As of the end of the reporting period, the share of bond securities investments was 62.5%, an increase of 2.4pt from the end of 2024. Of this, treasury bonds, local government bonds and financial bonds issued by government-sponsored banks made up 47.4% of total investment assets. The duration on fixed income assets reached 12.0 years, extended by 0.6 years versus the end of 2024. Moreover, 98.3% of enterprise bonds and financial bonds issued by nongovernment-sponsored banks had an issuer/debt rating of AA or above. Of this, the share of AAA reached 96.3%. We boasted a professional internal credit-rating team and sound credit risk management systems covering the entire bond securities investment process, namely, before, during and after the investment. We continued to improve the Group-wise integrated creditrating management system, evaluated the credit-ratings of both the debt and debt issuers and identified the credit risk based on our internal credit-rating systems, while considering other factors such as macroeconomic conditions and external credit-ratings in order to make wellinformed investment decisions. At the same time, to pro-actively control the credit risk of the stock of bond holdings, we followed a uniform and standardised set of regulations and procedures, combining both regular and unscheduled follow-up tracking post the investment. Our corporate/enterprise bond holdings spread over a wide range of sectors with good diversification effect; we set great store by credit risk management, strictly control the exposure to the real estate sector, and carefully select investment targets to ensure that the risk is manageable. Overall, the debt issuers of our investments all boasted sound financial strength, with credit risk under control.
The share of equity financial assets stood at 14.8%. Of this, stocks and equity funds accounted for 11.8% of total investment assets, up by 0.6pt from the end of 2024. On the back of disciplined and yet flexible TAA processes, we continued to promote resource realignment for investment research and the building of investment research platforms, enhanced tracking and analysis of market conditions; fully considered the impact of the New Accounting Standards, made effective use of accounting classification of assets, conducted pro-active management of equity assets, strengthened the core share-dividend strategy while developing satellite strategies around it, with solid investment results.
As of the end of the reporting period, non-public financing instruments (NPFIs) totalled RMB292.964 billion, accounting for 10.0% of total investment assets. While ensuring full compliance with regulatory requirements and internal risk control policies, we persisted in prudent management as is inherently required of insurance companies, staying highly selective of debt issuers and projects. The underlying projects spread across sectors like infrastructure, communications & transport, non-bank financial institutions and real estate, which were geographically concentrated in China's economically prosperous areas such as Beijing, Sichuan, Hubei, Shandong, Jiangsu, etc.
Overall, the credit risk status of our NPFI holdings is in the comfort zone. 98.3% of NPFIs had external credit-ratings, and of these, the share of AAA reached 98.3%, and that of AA+ and above 98.3%. 73.7% of NPFIs were exempt from debt issuer external credit-ratings, and the rest was secured with credit-enhancing measures such as guarantee or pledge of collateral, with the overall credit risk under control.
| Sectors | Share of investments (%) |
Nominal yield (%) |
Average duration (year) |
Average remaining duration (year) |
|---|---|---|---|---|
| Infrastructure | 38.9 | 4.2 | 8.8 | 5.3 |
| Communications & transport | 23.1 | 4.2 | 9.5 | 5.6 |
| Non-bank financial institutions | 16.0 | 3.5 | 5.0 | 4.4 |
| Real estate | 11.2 | 4.1 | 9.5 | 6.3 |
| Energy and manufacturing | 4.1 | 4.4 | 9.1 | 4.9 |
| Others | 6.7 | 4.4 | 9.1 | 5.0 |
| Total | 100.0 | 4.1 | 8.4 | 5.3 |
Note: Non-public financing instruments include wealth management products issued by commercial banks, debt investment plans, collective trust plans by trust firms, special asset management plans by securities firms and credit assets backed securities by banking institutions, etc.
Under the New Accounting Standards, investment assets of the Company are mainly classified into 3 categories: financial assets at fair value through other comprehensive income, financial assets at fair value through profit or loss, and others. The share of financial assets at fair value through other comprehensive income increased by 1.0pt from the end of 2024, mainly because of increased share of bond and stock investments in the category; that of financial assets at fair value through profit or loss fell by 1.3pt from end of the preceding year, mainly due to decrease in the share of bonds, bond funds and wealth management products in the category; the proportion of financial assets at amortised cost fell by 0.5pt, largely because of reduced share of debt investment plans in the category; the share of long-term equity investments fell by 0.4pt from the end of 2024, mainly due to slightly decreased share of assets under joint ventures of the Company; that of others rose by 1.2pt, mainly as a result of increase in the share of cash and cash equivalents in the category.
For the reporting period, net investment income totalled RMB42.567 billion, up by 8.9% from the same period of 2024. This stemmed mainly from increased dividend income. Net investment yield reached 1.7%, down by 0.1pt year on year.
Total investment income amounted to RMB56.889 billion, up by 1.5% year on year, mainly attributable to net investment income and a sharp increase in securities trading gains, which partially offset declines in other aspects. Total investment yield and comprehensive investment yield stood at 2.3% and 2.4% respectively, down by 0.4pt and 0.6pt respectively year on year, largely due to reduced gains from fair value movement of fixed income assets through profit or loss.
| Unit: RMB million | |||
|---|---|---|---|
| For 6 months ended 30 June | 2025 | 2024 | Changes (%) |
| Interest income | 29,061 | 27,769 | 4.7 |
| Dividend incomenote 1 | 13,195 | 10,974 | 20.2 |
| Rental income from investment properties | 311 | 346 | (10.1) |
| Net investment income | 42,567 | 39,089 | 8.9 |
| Gains/(losses) from securities trading | 7,018 | (3,957) | (277.4) |
| Gains arising from changes in fair value | 5,856 | 20,945 | (72.0) |
| Impairment losses of financial assets | (10) | 84 | (111.9) |
| Other incomenote 2 | 1,458 | (124) | (1,275.8) |
| Total investment income | 56,889 | 56,037 | 1.5 |
| Net investment yield (%)note 3 | 1.7 | 1.8 | (0.1pt) |
| Total investment yield (%)note 3 | 2.3 | 2.7 | (0.4pt) |
| Comprehensive investment yield (%)notes 3,4 | 2.4 | 3.0 | (0.6pt) |
Notes:
Dividend income included dividend income and gains from financial instruments held for trading and other financial instruments at fair value through profit or loss during the holding period, etc.
Other income included share of profit/(loss) of associates and joint ventures, etc.
The impact of securities sold under agreements to repurchase was considered in the calculation of net investment yield. Net/total investment yield and comprehensive investment yield were not annualised. Average investment assets as the denominator in the calculation of net/total investment yield and comprehensive investment yield were computed based on the Modified Dietz method and did not consider the impact of the fair value change of debt investments at fair value through other comprehensive income.
The figure as the numerator in the calculation of comprehensive investment yield included total investment income, the change of equity investments at fair value through other comprehensive income at current period and amounts of transferring to retained profits at current period caused by the impact of equity investments at fair value through other comprehensive income, etc.
Group third-party AuM amounted to RMB848.233 billion, and of this, that of CPIC AMC totalled RMB298.787 billion, with a share of 35.2%; and that of Changjiang Pension RMB429.925 billion, accounting for 50.7%.
In the first half of 2025, amid a complex, fast-changing economic environment, there was rising uncertainty and volatility on the market. As such, CPIC AMC focused on value creation, seized structural opportunities of the market, and strived for steady development of third-party asset management business. As of the end of the reporting period, its third-party AuM amounted to RMB298.787 billion, an increase of 1.6% from the end of 2024.
During the reporting period, though interest rates stayed at low levels, financing needs of businesses were relatively subdued. In alternative investment business, the subsidiary continued to focus on borrowers with high credit-ratings, boosted the development of ABS business to support the real economy. As of the end of the reporting period, the scale of newlyregistered alternative investment products by CPIC AMC amounted to around RMB6 billion. It steadily proceeded with exchange-based ABS and infrastructure REITs, and completed the registration and issuance of 3 ABS products cumulatively, involving a total sum of around RMB2 billion.
In the first half of 2025, CPIC AMC focused on customers' needs in a low interest rate environment. In particular, it strived to satisfy diverse needs for investment of its key customers via a range of strategies, from pure debt to "fixed income +" and "share dividend", which reinforced the competitive edge of its core strategies while diversifying its overall product lineup. As of the end of the reporting period, CPIC AMC reported RMB265.744 billion in AuM under third-party portfolio asset management products and dedicated accounts combined, a growth of 3.1% from the end of 2024.
During the reporting period, Changjiang Pension stayed committed to its core business of pension finance, continued to build long-term capabilities, focusing particularly on enhancing its competitive advantage, with further progress on multiple fronts. As at 30 June 2025, its thirdparty assets under trustee management amounted to RMB522.264 billion, up by 8.5% from the end of 2024; third-party assets under investment management reached RMB429.925 billion, up by 5.8% from the end of 2024.
The subsidiary made steadfast efforts to diversify its pension fund management strategies, with steady increase in scale of corporate debt portfolios under social pension schemes and leading cumulative investment performance in industry. Its corporate annuity business continued to grow. It was among the first batch of service providers of Xiong An New Area after the establishment of "opt-in" mechanisms for corporate annuities. Two corporate annuity schemes were chosen for Xiong An for the first batch, and Changjiang Pension's "Jinse Wanqing (collective) Corporate Annuity Plan" was one of them. According to data on 3-year cumulative investment yields released by the Ministry of Human Resources and Social Security, the company ranked 1st and 2nd place for collective-plan and single-plan fixed income portfolios respectively. It was also among the top 1/3 of the industry for performance of single-plan portfolios with equity assets.
The financial instruments measured at fair value are detailed in notes XI and XII of financial statements.
The structured entities controlled by the Company are detailed in note IV-3 of financial statements.
As per regulatory requirements, we calculate and disclose our core capital, actual capital, minimum required capital and solvency margin ratios. As at 30 June 2025, the solvency margin ratios of the Group, CPIC Life, CPIC P/C, CPIC Health, and CPIC Anxin Agricultural were all above regulatory minimum levels.
| 30 June 2025 | 31 December 2024 | Reasons of change | |
|---|---|---|---|
| CPIC Group | |||
| Core capital | 385,700 | 358,078 | Change in interest rates, capital market fluctuations and profit for the period |
| Actual capital | 534,478 | 503,745 | Change in interest rates, capital market fluctuations and profit for the period |
| Minimum required capital | 202,581 | 197,079 | Growth of insurance business and changes to asset allocation |
| Core solvency margin ratio (%) | 190 | 182 | |
| Comprehensive solvency margin ratio (%) | 264 | 256 | |
| CPIC Life | |||
| Core capital | 232,439 | 213,418 | Change in interest rates, capital market fluctuations and profit for the period |
| Actual capital | 366,386 | 345,510 | Change in interest rates, capital market fluctuations and profit for the period |
| Minimum required capital | 170,640 | 164,313 | Growth of insurance business and changes to asset allocation |
| Core solvency margin ratio (%) | 136 | 130 | |
| Comprehensive solvency margin ratio (%) | 215 | 210 |
Unit: RMB million
CPIC P/C
| Core capital | 59,987 | 58,153 | Change in interest rates, capital market fluctuations and profit for the period |
|---|---|---|---|
| Actual capital | 73,696 | 70,698 | Change in interest rates, capital market fluctuations and profit for the period |
| Minimum required capital | 30,629 | 31,852 | Growth of insurance business and changes to asset allocation |
| Core solvency margin ratio (%) | 196 | 183 | |
| Comprehensive solvency margin ratio (%) | 241 | 222 | |
| CPIC Health | |||
| Core capital | 3,658 | 3,294 | Change in interest rates, capital market fluctuations and profit for the period |
| Actual capital | 4,468 | 4,040 | Change in interest rates, capital market fluctuations and profit for the period |
| Minimum required capital | 2,045 | 1,716 | Growth of insurance business and changes to asset allocation |
| Core solvency margin ratio (%) | 179 | 192 | |
| Comprehensive solvency margin ratio (%) | 218 | 235 | |
| CPIC Anxin Agricultural | |||
| Core capital | 2,787 | 2,868 | Change in interest rates, capital market fluctuations and profit for the period |
| Actual capital | 3,099 | 3,153 | Change in interest rates, capital market fluctuations and profit for the period |
| Minimum required capital | 991 | 940 | Growth of insurance business and changes to asset allocation |
| Core solvency margin ratio (%) | 281 | 305 | |
| Comprehensive solvency margin ratio (%) | 313 | 335 |
Please refer to the summaries of solvency reports (excerpts) published on the websites of SSE (www.sse.com.cn), SEHK (www.hkexnews.hk), LSE (www.londonstockexchange.com) and the Company (www.cpic.com.cn) for more information about the solvency of CPIC Group and its main insurance subsidiaries.
Insurance contract liabilities of the Company consist of liabilities for remaining coverage (LRC) and liabilities for incurred claims (LIC). LRC comprises "excluding loss component" and "loss component".
As at 30 June 2025, the remaining balance of LRC amounted to RMB2,317.611 billion, representing an increase of 9.1% from the end of 2024. The remaining balance of LIC amounted to RMB110.972 billion, up by 5.2% from the end of 2024. The rise in insurance contract liabilities was mainly caused by business growth and accumulation of insurance liabilities.
| 31 December 2024 | Change during the period |
30 June 2025 | |
|---|---|---|---|
| Total insurance contract liabilities | 2,229,514 | 199,069 | 2,428,583 |
| Liabilities for remaining coverage | 2,124,017 | 193,594 | 2,317,611 |
| Excluding loss component | 2,109,847 | 193,730 | 2,303,577 |
| Loss component | 14,170 | (136) | 14,034 |
| Liabilities for incurred claims | 105,497 | 5,475 | 110,972 |
| Total insurance contract liabilities | 2,229,514 | 199,069 | 2,428,583 |
| Component not measured by PAA | 2,092,549 | 193,286 | 2,285,835 |
| Component measured by PAA | 136,965 | 5,783 | 142,748 |
We determine retained insured amounts and reinsurance ratio according to insurance regulations and our business development and risk management needs. To lower the concentration risk of reinsurance, we also entered into reinsurance agreements with various industry-leading reinsurance companies. The criteria for the selection of reinsurance companies include their financial strength, professional expertise, service level, claims settlement efficiency and price. Generally speaking, we prefer domestic and overseas reinsurance/insurance companies with proven records and in compliance with regulatory regulations, including international reinsurance companies with ratings of A- or above. Our reinsurance partners mainly include China Reinsurance (Group) Corporation and its subsidiaries, i.e., China Property & Casualty Reinsurance Company Ltd. and China Life Reinsurance Company Ltd., Swiss Reinsurance Company Ltd and Munich Reinsurance Company.
As of the end of the reporting period, the Company's mains subsidiaries, associates and equity participation are set out as below:
| Unit: RMB million | ||||||||
|---|---|---|---|---|---|---|---|---|
| Company | Main business scope | Registered capital |
Group shareholdingnote 2 |
Total assets | Net assets | Operating income |
Operating profit |
Net profit |
| China Pacific Property Insurance Co., Ltd. |
Property indemnity insurance; liability insurance; credit and guarantee insurance; short-term health and accident insurance; reinsurance of the above said insurance; insurance funds investment as approved by relevant laws and regulations; other business as approved by CBIRC. |
19,948 | 98.5% | 244,389 | 65,594 | 101,370 | 7,255 | 5,733 |
| China Pacific Life Insurance Co., Ltd. |
Personal lines insurance including life insurance, health insurance, accident insurance, etc. denominated in RMB or foreign currencies; reinsurance of the above said insurance; statutory life/health insurance; agency and business relationships with domestic and overseas insurers and organisations, loss adjustment, claims and other business entrusted from overseas insurance organisations; insurance funds investment as prescribed by Insurance Law of the PRC and relevant laws and regulations; international insurance activities as approved; other business as approved by CBIRC. |
8,628 | 98.3% | 2,654,227 | 154,684 | 91,745 | 22,204 | 20,658 |
|---|---|---|---|---|---|---|---|---|
| Changjiang Pension Insurance Co., Ltd. |
Outsourced money management business denominated in RMB or foreign currencies for the purpose of pension provisions; asset management of owner's equity funds denominated in RMB or foreign currencies; advisory business pertaining to asset management; other business as approved by NFRA; other business as approved by other departments of the State Council. |
3,000 | 61.1% | 6,736 | 4,209 | 827 | 347 | 263 |
| Pacific Asset Management Co., Ltd. |
Asset management of owner's equity funds and insurance funds; outsourcing of fund management; advisory services relating to asset management; other asset management business as allowed by the PRC laws and regulations. |
2,100 | 99.7% | 5,847 | 4,662 | 789 | 454 | 358 |
| Pacific Health Insurance Co., Ltd. |
Health and accident insurance denominated in RMB or foreign currencies; health insurance sponsored by the government or supplementary to state medical insurance policies; reinsurance of the above said insurance; health insurance-related advisory and agency business; insurance funds investment as approved by PRC laws and regulations; other business as approved by CBIRC. |
3,600 | 99.7% | 10,257 | 3,311 | 1,933 | 62 | 39 |
|---|---|---|---|---|---|---|---|---|
| Pacific Anxin Agricultural Insurance Co., Ltd. |
Agricultural insurance; property indemnity insurance; liability insurance; statutory liability insurance; credit and guarantee insurance; short-term health insurance and accident insurance; property insurance relating to rural areas and farmers; reinsurance of the above said insurance; insurance agency business. |
1,080 | 66.8% | 6,161 | 3,009 | 1,262 | 101 | 99 |
| CPIC Fund Management Co., Ltd. |
Fund management business; the launch of mutual funds and other business as approved by competent authorities of the PRC. |
150 | 50.8% | 1,129 | 874 | 255 | 72 | 57 |
Notes:
Figures for companies in the table are on an unconsolidated basis. For other information pertaining to the Company's main subsidiaries, associates or invested entities, please refer to "Review and analysis of operating results" of this report, and "Scope of consolidation" and "Long-term equity investments" in Notes of the Financial Report.
Figures for Group shareholding include direct and indirect shareholdings.
The Company's assets are mainly financial assets. The repurchase of bonds forms part of the Company's day-to-day securities investment activities, and as of the end of the reporting period, no abnormality was detected.
| 30 June 2025 | 31 December 2024 | Changes | ||
|---|---|---|---|---|
| Gearing ratio (%)note | 90.7 | 89.7 | 1.0pt | |
Note: Gearing ratio = (total liabilities + non-controlling interests)/total assets.
Since the beginning of this year, the world has experienced significant change. Though facing multiple risks and challenges, China's economy remained stable, with New Quality Productive Forces gaining momentum, pointing to strong economic vitality and resilience. The fundamentals and long-term prospects of China's economic growth remain unchanged. The Chinese insurance industry is in a strategic window of opportunity for high-quality development, with insurance playing an increasingly important role as a "cushion of economic shocks" and a "social stabilizer", which will further unlock insurance demand and market potential. Meanwhile, tightening of financial regulation, the priority assigned to risk prevention, and a business philosophy centering on quality and profitability would pave the way for the return to the basics of the industry, which will help with long-term, healthy development of China's insurance market, especially the leading players.
We will adhere to high-quality development, advance reforms in an all-around way, focusing particularly on implementing the 3 Key Strategies of "health service & elderly care", "internationalization" and "AI+"; continue to strengthen the "Five Financial Priorities", uphold value creation, coordinate significant bottom-line improvement and reasonable top-line growth, continuously enhance service capabilities and operational efficiency, as part of our efforts to transform ourselves into a top-notch insurance and financial services conglomerate with strong market leadership and international competitiveness.
In 2025, the international landscape remains complex and severe, with persistent flaring of geopolitical conflicts. The insurance industry's transformation is in a critical phase, facing arduous tasks such as reform of the life insurance tied-agent system and resolution of risks of small- and medium-sized financial institutions. While a low-interest-rate environment continues to put pressure on asset liability matching, extreme weather events and natural disasters will drive up the combined ratio of P/C insurance business, and pilot programmes of insurance fund investment and use of new technologies require more effective risk management.
In the face of such risks, we will stay prudent in our risk appetite to pursue high-quality development based on effective risk control. We will continue to carefully handle risks and uncertainties in our business operation and leverage insurance as a "cushion of economic shocks" and a "social stabiliser". To this end, first, we shall adhere to value growth, enhance the constraint of risk appetite for business development, continue to strengthen the risk management system and integrated risk management capabilities; second, focus on key risk areas, adopt a "look-through" approach, improve coordination in control of major risks to solidify the "line of defence"; third, enhance digitalisation and use of AI technology, roll out digital, on-line systems for risk identification, risk assessment, risk monitoring and risk early warning, so as to improve the effectiveness of forward-looking risk management in an allaround way.
To: China Pacific Insurance (Group) Co., Ltd.
Board of Directors
Towers Watson Management Consulting (Shenzhen) Co. Ltd Beijing Branch ("WTW" or "we") has been engaged by China Pacific Insurance (Group) Company Limited ("CPIC Group") to review the embedded value information of CPIC Group as of 30 June 2025.
This review opinion is addressed solely to CPIC Group in accordance with the terms of our engagement letter, and sets out the scope of our work and our conclusions. To the fullest extent permitted by applicable law, we do not accept or assume any responsibility, duty of care or liability to anyone other than CPIC Group for or in connection with our review work, the opinions we have formed, or for any statement set forth in this report.
WTW's scope of work comprised:
a review of the results of CPIC Group's calculation of the value of in-force business, the value of half year's sales of CPIC Life and CPIC Life (HK), the results of the analysis of movement of embedded value of CPIC Group, and the sensitivity results of the value of in-force business and value of half year's sales of CPIC Life and CPIC Life (HK).
As a result of our review of the embedded value of CPIC Group as of 30 June 2025 and the value of half year's sales of CPIC Life and CPIC Life (HK) prepared by CPIC Group, WTW has concluded that:
WTW has performed reasonableness checks and analysis of CPIC Group's embedded value and value of half year's sales of CPIC Life and CPIC Life (HK) as of 30 June 2025, and WTW has concluded that these results have been determined in a manner consistent with the methodology and assumptions described in the Embedded Value Section of CPIC Group's 2025 interim report and that the aggregate results are reasonable in this context.
WTW confirms that the results shown in the Embedded Value section of CPIC Group's 2025 interim report are consistent with those reviewed by WTW.
In carrying out our review we have relied on the accuracy of audited and unaudited data and information provided by CPIC Group.
For and on behalf of WTW
Sean Deehan, FFA, FASHK
11th August 2025
In order to provide investors with an additional tool to understand our economic value and business results, we have prepared CPIC Group Embedded Value as at 30 June 2025 in accordance with the disclosure rules set by the China Securities Regulatory Commission ("CSRC") for publicly listed insurer and, for the business in Mainland China only, the "CAA Standard of Actuarial Practice: Appraisal of Embedded Value" issued by the China Association of Actuaries ("CAA") in 2016 (thereafter referred to as "Appraisal of Embedded Value" standard) and have disclosed information relating to our group embedded value in this section. We have engaged Willis Towers Watson, an independent firm of consultants, to review the reasonableness of the valuation methodology, the valuation assumptions as well as the valuation results, and to issue their independent embedded value review report, which is contained in our 2025 interim report.
The Group Embedded Value is defined as the sum of the Group Adjusted Net Worth and the value of in force business of CPIC Life and CPIC Life (HK) attributable to the shareholders of CPIC Group. The value of in force business and the value of half year's sales of CPIC Life and CPIC Life (HK) are defined as the discounted value of the projected stream of future after-tax distributable shareholder profits for existing business in force at the valuation date and for half year's sales in the 6 months immediately preceding the valuation date, where distributable shareholder profits are determined based on policy liability, required capital in excess of policy liability and minimum capital requirement quantification standards prescribed by the regulatory. Embedded value does not allow for any value attributable to future new business sales.
The value of in force business and the value of half year's sales of CPIC Life and CPIC Life (HK) are determined by using a traditional deterministic discounted cash flow methodology. This methodology makes implicit allowance for the risk of investment guarantees and policyholder options, asset/liability mismatch risk, credit risk and the economic cost of capital through the use of a risk-adjusted discount rate.
The embedded value and the value of half year's sales provide valuable information to investors in two aspects. First, the value of in force business of CPIC Life and CPIC Life (HK) represents the total amount of after-tax distributable shareholder profits in present value terms, which can be expected to emerge over time, in accordance with the assumptions used. Second, the value of half year's sales of CPIC Life and CPIC Life (HK) provides an indication of the value created for investors by current new business activity and hence the potential value of the business. However, the information on embedded value and the value of half year's sales should not be viewed as a substitute of other financial measures on the Company. Investors should not make investment decisions based solely on embedded value and the value of half year's sales information.
The embedded value is an estimation of a component of an insurance company's economic value using actuarial techniques, based on a series of assumptions. As there is uncertainty in selecting assumptions, estimates of embedded value could vary materially as key assumptions are changed, and future actual experience would differ from assumed valuation assumption. Therefore, special care is advised when interpreting embedded value results.
The table below shows the Group Embedded Value of CPIC Group as at 30 June 2025, and the value of half year's sales of CPIC Life and CPIC Life (HK) in the 6 months to 30 June 2025 at a risk discount rate of 8.5%.
| Unit: RMB million | ||
|---|---|---|
| Valuation Date | 30 June 2025 | note 2 31 December 2024 |
| Group Adjusted Net Worth | 365,494 | 349,292 |
| Adjusted Net Worth of Life Business | 217,709 | 205,863 |
| Value of In Force Business Before Cost of Required Capital Held |
238,551 | 228,037 |
| Cost of Required Capital | (11,236) | (11,380) |
| Value of In Force Business After Cost of Required Capital Held | 227,315 | 216,657 |
| CPIC Group's Equity Interest in Life Business | 98.29% | 98.29% |
|---|---|---|
| Value of In Force Business After Cost of Required Capital Held attributable to the shareholders of CPIC Group |
223,433 | 212,957 |
| Group Embedded Value | 588,927 | 562,250 |
| Life Business Embedded Value | 445,024 | 422,520 |
| Valuation Date | 30 June 2025 | 30 June 2024 (Restatednote 3) |
note 4 30 June 2024 |
|
|---|---|---|---|---|
| Value of Half Year's Sales Before Cost of | ||||
| Required Capital Held | 10,331 | 10,347 | ||
| Cost of Required Capital Held | (787) | (991) | (1,306) | |
| Value of Half Year's Sales After Cost of Required Capital Held |
9,544 | 7,213 | 9,041 |
Notes:
Figures may not be additive due to rounding.
Results in column "31 December 2024" are those reported in the 2024 annual report, plus the results of CPIC Life (HK).
Results in column "Restated" are the 2024 value of half year's sales restated for adopting valuation assumptions by the end of 2024.
Results in column "30 June 2024" are those reported in the 2024 interim report, plus the results of CPIC Life (HK).
The Group Adjusted Net Worth represents the shareholder net equity of the Company, inclusive of adjustments of the value of certain assets to market value and adjusted for the relevant differences, such as difference between reserves and policy liabilities valued under "Appraisal of Embedded Value" standard published by the CAA. It should be noted that the Group Adjusted Net Worth incorporates the shareholder net equity of the Company as a whole (including CPIC Life, CPIC Life (HK) and other operations of the Company), and the value of in force business and the value of half year's sales are of CPIC Life and CPIC Life (HK). The Group Embedded Value also does not include the value of in force business that is attributable to minority shareholders of CPIC Life and CPIC Life (HK).
In determining the embedded value as at 30 June 2025, we have assumed the Company continues to operate on a going concern basis under the current economic and regulatory environment in Mainland China market and Hong Kong market. For the business in Mainland China, policy liability and required capital have been calculated according to relevant requirements described in "Appraisal of Embedded Value" standard published by the CAA. The various operational assumptions are mainly based on the results of experience analyses, together with reference to the overall experience of the insurance industry in Mainland China market and Hong Kong market, as well as with regard to expected future operating experience. As such, these assumptions represent our best estimate of the future based on information currently available at the valuation date.
The following describes the key assumptions used in determining the value of in force business and the value of half year's sales of CPIC Life and CPIC Life (HK) as at 30 June 2025:
The risk discount rate used to determine the value of in force business and the value of half year's sales of CPIC Life and CPIC Life (HK) is 8.5%.
The investment returns for long term business of CPIC Life are assumed to be 4.0% in 2025 and 4.0% thereafter. The investment return for short term business is based on the recent one-year bank deposit benchmark interest rate as published by the People's Bank of China before the valuation date. The investment return assumptions for long term business of CPIC Life (HK) are derived by the expected return of 10-year local government bond 3.0% and stock 8.5%.
The assumptions of long term business have been derived based on the current capital market environment, our current and expected future asset mix and the assumed investment returns for each major class of assets.
Mortality assumptions have been developed based on industrial experience table or pricing assumptions, considering mortality experience analysis and expectation of future mortality
trends, and vary by product. For business of CPIC Life, the industrial experience table is China Life Insurance Mortality Table (2010-2013).
Morbidity assumptions have been developed based on industrial experience table or pricing assumptions, considering morbidity experience analysis and expectation of future morbidity trends, taking into considering deterioration of morbidity rates in the long term, and vary by product. For business of CPIC Life, the industrial experience table is China Life Insurance Morbidity Table.
Assumptions have been developed based on lapse and surrender experience analysis, and expectation of future trends, and assumptions vary by pricing interest rates, product types, premium payment periods and distribution channels.
Unit cost assumptions have been developed based on the results of an analysis of CPIC Life and CPIC Life (HK)'s past non-commission related expenses and future expectations. Future inflation of 2.5% pa in respect of per policy expenses is also assumed.
Policyholder dividends have been developed by investment return and dividend policy, considering the reasonable expectations from policyholders etc. of the participating business, and vary by product.
For CPIC Life, tax has been assumed to be payable at 25% of profits. The proportion of investment income assumed to be exempt from income tax is 20% for all future years. The tax exemption assumptions are based on our current and expected future asset mix and assumed investment returns for each major class of assets.
In addition, the tax of the accident business is based on related tax regulation.
For CPIC Life (HK), tax rate has been assumed to be 16.5%.
The table below shows the volume of new business sold in terms of first year annual premium and value of half year's sales after cost of required capital held based on valuation assumptions by the end of 2024.
| Unit: RMB million | |||||
|---|---|---|---|---|---|
| First Year Annual Premium (FYAP) in the First Half of Year |
Value of Half Year's Sales After Cost of Required Capital Held |
||||
| 2025 | 2024 | 2025 | 2024 (Restatednote) |
||
| Total | 63,448 | 49,116 | 9,544 | 7,213 | |
| Of which: Agency channel | 21,693 | 23,608 | 5,724 | 5,869 | |
| Bancassurance channel | 29,039 | 14,844 | 3,604 | 1,408 |
Note: Results in column "Restated" are the 2024 value of half year's sales restated for adopting valuation assumptions by the end of 2024.
The following table shows the change in the Group Embedded Value from 31 December 2024
to 30 June 2025.
| No. | Item | Value | Comments |
|---|---|---|---|
| 1 | Embedded Value of the life business at 31 December 2024 |
422,520 | Results reported in the 2024 annual report, plus the results of CPIC Life (HK) |
| 2 | Expected Return on Embedded Value |
12,469 | Expected returns on the 2024 embedded value and the value of half year's sales in first half of 2025 |
|---|---|---|---|
| 3 | Value of Half Year's Sales | 9,544 | Value of half year's sales in respect of new business written in the 6 months prior to 30 June 2025 |
| 4 | Investment Experience Variance |
2,650 | Reflects the difference between actual and assumed investment return in first half of 2025 |
| 5 | Operating Experience Variance |
3,760 | Reflects the difference between actual and assumed operating experience |
| 6 | Change in methodology, assumptions and models |
4 | Reflects assumption and methodology changes, together with model enhancements |
| 7 | Diversification effects | 1,312 | Changes in diversification benefits on cost of required capital from new business and different business mix |
| 8 | Change in market value adjustment |
(10) | Reflects the change in value of certain assets not valued on a market value basis |
| 9 | Shareholder Dividends | (6,989) | Shareholder dividends distributed to shareholders of CPIC Life |
| 10 | Others | (236) | |
| Embedded Value of the life | |||
| 11 | business at 30 June 2025 | 445,024 | |
| 12 | Adjusted net worth of other businesses as at 31 December 2024 |
151,643 | |
| 13 | Change in Adjusted Net Worth before payment of shareholder dividends to shareholders of CPIC Group |
18,897 | |
| 14 | Shareholder dividends | (10,390) | Dividend distributed to shareholders of CPIC Group |
| 15 | Change in market value adjustment |
583 | Reflects the change in value of assets not valued on a market value basis |
| 16 | Adjusted net worth of life businesses as at 30 June |
160,734 | |
| 17 | 2025 Minority interests relating to equity and market value adjustments |
(16,831) | Minority interests on Embedded Value as at 30 June 2025 |
| 18 | Group Embedded Value as at 30 June 2025 |
588,927 |
Note: Figures may not be additive due to rounding.
In consideration of the uncertainties as to future experience, we have evaluated the sensitivity of the value of in force business and the value of half year's sales as at 30 June 2025 to changes in key assumptions. In determining the sensitivity results, only the relevant cashflow assumption and risk discount rate assumption has been changed, while all other assumptions have been left unchanged.
Alternative sensitivity scenarios are shown for the following:
The following table shows the sensitivity results of the value of in force business and the value of half year's sales after cost of required capital held.
| Unit: RMB million | ||
|---|---|---|
| Value of In Force Business After Cost of Required Capital Held |
Value of Half Year's Sales After Cost of Required Capital Held |
|
| Base | 227,315 | 9,544 |
| Risk discount rate "+50 basis points" | 218,242 | 9,095 |
| Risk discount rate "-50 basis points" | 237,231 | 10,032 |
| Investment return "+50 basis points" | 290,974 | 11,682 |
| Investment return "-50 basis points" | 163,979 | 7,410 |
| Mortality "+10%" | 226,009 | 9,478 |
| Mortality "-10%" | 228,609 | 9,612 |
| Morbidity "+10%" | 218,793 | 9,446 |
| Lapse and surrender rates "+10%" | 231,203 | 9,508 |
| Lapse and surrender rates "-10%" | 223,271 | 9,588 |
| Expenses "+10%" | 223,636 | 9,222 |
The Company distributed a cash dividend of RMB1.08 per share (tax included) in accordance with the "Resolution on Profit Distribution Plan for the Year of 2024" approved at the 2024 annual general meeting.
Information of the shareholders' general meetings (SGM) of the Company during the reporting period is set out in the Section "Corporate governance".
The Company did not propose to distribute any profit, nor did it transfer any capital reserves to share capital for the reporting period.
During the reporting period, there were no undertakings the Company was required to disclose.
During the reporting period, the Company did not engage in any material litigation or arbitration which was required to be disclosed.
During the reporting period, there were no penalties or subsequent rectification the Company was required to disclose.
During the reporting period, the Company had no outstanding obligations such as unfulfilled obligations under rulings by courts of laws or payment in arrears involving large amounts.
During the reporting period, there was no non-operating occupation of capital of the Company by controlling shareholders or other related parties.
During the reporting period, the Company did not enter into any guarantee contract that violated laws, administrative regulations or the external guarantee resolution procedures prescribed by the CSRC.
During the reporting period, the Company did not have any share option scheme, employee stock ownership plan, or other employee incentive measure which required disclosure.
In the ordinary course of business, at fair market price, the Company and its holding subsidiaries conducted daily transactions related to the fund utilization and the sales of financial products such as bond trading, securities investment funds, bond pledge-type repurchase, trust products, asset management products with multiple counterparties as well as daily related party transactions related to reinsurance business with Swiss Reinsurance Company Ltd ("Swiss Reinsurance Company"). The 8th meeting of the 10th board of directors approved daily related party transactions related to fund utilization, financial products sales business and reinsurance business under the 2025 annual estimated cap of the Company and its holding subsidiaries with the related parties, and each single transaction was not required to be submitted separately to the board of directors or the shareholders' general meeting for consideration and approval any more. The categorized summary of the daily related party transactions related to fund utilization, financial products sales business, and reinsurance business as of 30 June 2025 was as follows:
| No. | Related Parties |
Content of Transaction |
Estimated Cap of Daily Related Party Transactions in 2025 |
Actual Amount as of 30 June 2025 |
Percentage (%) of the Amount of Transactions of the Same Type |
|---|---|---|---|---|---|
| 1 | Orient Securities Company Limited |
Bond trading | 6,000 | 1,066 | 0.17% |
| 2 | Hwabao Trust Co., Ltd. |
Sales of Financial Products |
500 | 8 | 0.00% |
| 3 | Swiss Reinsurance Company |
Reinsurance Business |
8,600 | 2,109 | 12.18% |
Unit: RMB million
The above-mentioned related party transactions related to daily operations were settled in cash, which were carried out by the Company in the ordinary course of business in accordance with normal commercial terms, and would not affect the independence of the Company. The abovementioned daily related party transactions did not exceed the amount approved by the board of directors or the shareholders' general meeting, and were summarized in categories and disclosed in the interim report of the Company pursuant to the Listing Rules of the SSE and other regulatory provisions.
Entrusted investment management. Investment is one of the main businesses of the Company, and the Company adopts a model of entrusted investment management. At present, a diversified entrusted investment management structure has been developed which is based on the internal managers within CPIC and supplemented by external managers. The internal investment managers mainly include, among others, CPIC AMC and Changjiang Pension; external investment managers include professional investment management agencies such as fund companies and securities firms and asset management companies. The Company selects investment managers based on the investment objectives and risk characteristics of a specific account or asset class, as well as investment manager's capabilities, and appropriately mitigates risks through the diversification and decentralization of asset types, investment strategies, and investment managers. The Company signs an entrusted investment management agreement with the investment managers, and guides their investment behaviour through investment guidelines, dynamic tracking communication, performance evaluation and other measures, and take targeted risk management measures based on the profile of investment assets.
Save as disclosed above, during the reporting period, the Company did not have any material contracts which were required to be disclosed.
The Company completed the initial offering of its GDRs on 22 June 2020, and partially exercised over-allotment on 9 July 2020. A total of 111,668,291 GDRs were issued through the initial offering and the over-allotment at the price of USD17.60 per GDR, and the total proceeds raised were USD1,965,361,921.60. The differences between the beginning and ending balance of proceeds unused are mainly the interest income generated by the raised funds. As of the end of the reporting period, the use of proceeds was as stated in the prospectus.
As of the end of the reporting period, details of use of the above-said proceeds are as follows:
| Total proceeds raised |
Proceeds unused as at the beginning of the reporting period |
The intended use of proceeds raised |
Proceeds used during the reporting period |
Proceeds unused as at the end of the reporting period |
Plan for use of the unused funds |
|---|---|---|---|---|---|
| USD 1,965,361,921.60 |
USD622,053,190.19 and RMB 491,342,568.44note |
(1) 70% or more of the net proceeds will be used for gradually developing the Group's businesses overseas, in the form of equity investments, partnerships and alliances, and mergers and acquisitions in both developed and emerging markets, supporting core insurance business growth. (2) Up to 30%, or the remainder of the net proceeds, will be used for developing an overseas investment platform to invest in innovative businesses, such as healthcare, elderly care, and technology, leveraging CPIC's offshore investment capabilities. |
- - |
USD635,204,647.11 and RMB 491,585,651.71note |
(i) Less than USD127.5 million will be used to subscribe to the fund interests of HTCP CAPITAL LPF (泰保新经 济有限合伙基金);(ii) Approximately RMB0.7 billion will be used for the establishment of a new company (上海市 健康养老发展(集团) 有限公司) conducting health and retirement business; (iii) Less than RMB0.432 billion will be used to subscribe for shares in Nanjing CPIC Phase II Health Care Industry Fund Management Partnership (Limited Partnership) (南京太保 二期大健康产业基金管 理合伙企业(有限合 伙)) (iv) Less than RMB0.48 billion will be used to subscribe for shares in CPIC Health Industry Private |
| If the Company deems that the plan in any particular areas described above to be unachievable, the corresponding intended portion of the proceeds will be used to replenish its capital and for general corporate purposes. |
- | Investment Fund (Shanghai) Partnership (Limited Partnership) 太 保大健康产业私募投资 基金(上海)合伙企业 (有限合伙)) (v) The remaining will be used in line with the Company's business development and market situation. |
Note: The balance of the raised funds that have been settled and not yet used.
So far as the directors of the Company are aware, as at 30 June 2025, the following directors, supervisors or senior management of the Company had an interest or short position in shares, underlying shares or debentures of the Company which was required, pursuant to Section 352 of the SFO, to be entered in the register maintained by the Company or which was required to be notified to the Company and SEHK pursuant to the Model Code for Securities Transactions.
| Name | Position | Capacity | Type of shares |
Number of shares | Percentage of shareholdings in the class of shares issued (%) |
Percentage of the total shares issued (%) |
|---|---|---|---|---|---|---|
| FU Fan | Chairman and an executive director |
Beneficial owner |
H shares | 210,400 (L) | 0.01 (L) | 0.00 (L) |
| ZHAO Yonggang | Executive director and president |
Beneficial owner |
A shares | 12,900 (L) | 0.00 (L) | 0.00 (L) |
(L) denotes a long position
The detailed shareholdings of directors, supervisors and senior management are set out in the section "Directors, Supervisors and Senior Management" of this report. Save as disclosed in this report, as at 30 June 2025, the directors of the Company were not aware that there was any directors, supervisors or senior management of the Company who had any interest or short position in shares, underlying shares or debentures of the Company or any of its associated corporations (within the meaning of Part XV of the SFO) which was required, pursuant to Section 352 of the SFO, to be entered in the register maintained by the Company or which was required to be notified to the Company and SEHK pursuant to the Model Code for Securities Transactions.
So far as the directors of the Company are aware, as at 30 June 2025, the following persons (excluding the directors, supervisors or senior management of the Company) had an interest or short position in the shares or underlying shares of the Company which shall be disclosed to the Company under the provisions of Divisions 2 and 3 of Part XV of the SFO, or which, pursuant to Section 336 of the SFO, shall be entered in the register maintained by the Company:
| Name of substantial shareholders |
Capacity | Type of shares |
Number of shares | Percentage of shareholdings in the class of shares issued (%)note 1 |
Percentage of the total shares issued (%)note 1 |
|---|---|---|---|---|---|
| 上海国际集团有限 公司 note 2 |
Beneficial owner | H shares | 192,068,400 (L) | 6.92 (L) | 2.00 (L) |
| Interest of corporation controlled by 上海 国际集团有限公司 |
H shares | 6,428,400 (L) | 0.23 (L) | 0.07(L) | |
| JPMorgan Chase & Co. note 3 |
Beneficial owner | H shares | 29,373,582 (L) 26,434,203 (S) |
1.06 (L) 0.95 (S) |
0.31 (L) 0.27 (S) |
| Investment manager | H shares | 68,245,318 (L) | 2.46 (L) | 0.71 (L) | |
| Person having a security interest in shares |
H shares | 1,008,899 (L) | 0.04 (L) | 0.01 (L) | |
| Approved lending agent |
H shares | 89,755,930 (L) 89,755,930 (P) |
3.23 (L) 3.23 (P) |
0.93 (L) 0.93(P) |
|
| Schroders PLC note 4 | Investment manager | H shares | 166,017,534 (L) | 5.98 (L) | 1.73 (L) |
| BlackRock, Inc. note 5 | Interest of corporation controlled by BlackRock, Inc. |
H shares | 154,714,568 (L) 4,107,800 (S) |
5.57 (L) 0.15 (S) |
1.61 (L) 0.04 (S) |
(L) denotes a long position; (S) denotes a short position; (P) denotes a lending pool
Notes:
As at 30 June 2025, the Company issued a total of 9,620,341,455 shares, including 6,845,041,455 A shares and 2,775,300,000 H shares.
Pursuant to Part XV of the SFO, as at 30 June 2025, 上海国际集团有限公司 is deemed or taken to be interested in a total of 198,496,800 H shares (long position) of the Company. The details of the shareholding interests of the company directly or indirectly controlled by 上海国际集团有限公司 are set out below:
| Name of controlled company | Number of shares |
|---|---|
| 上海國際集團(香港)有限公司 | 6,428,400 (L) |
(L) denotes a long position
| Name of controlled company | Number of shares | |
|---|---|---|
| JPMorgan Asset Management (China) Company Limited | 69,800 (L) | |
| JPMorgan Asset Management (Taiwan) Limited | 2,560,800 (L) | |
| J.P. Morgan SE | 1,640 (L) | |
| J.P. Morgan Securities LLC | 5,297,672 (L) |
| 4,318,773 (S) | |
|---|---|
| JPMORGAN ASSET MANAGEMENT (UK) LIMITED | 2,853,759 (L) |
| J.P. Morgan Investment Management Inc. | 12,449,359 (L) |
| JPMorgan Chase Bank, National Association | 93,711,330 (L) |
| JPMorgan Asset Management (Asia Pacific) Limited | 46,354,600 (L) |
| J.P. MORGAN SECURITIES PLC | 25,084,769 (L) 22,115,430 (S) |
| JPMorgan Asset Management Holdings Inc. | 64,288,318 (L) |
| JPMorgan Chase Holdings LLC | 69,585,990 (L) 4,318,773 (S) |
| JPMorgan Asset Management (Asia) Inc. | 48,915,400 (L) |
| J.P. Morgan International Finance Limited | 25,086,409 (L) 22,115,430 (S) |
| JPMorgan Chase Bank, National Association | 25,086,409 (L) 22,115,430 (S) |
| J.P. Morgan Broker-Dealer Holdings Inc. | 5,297,672 (L) 4,318,773 (S) |
| JPMORGAN ASSET MANAGEMENT INTERNATIONAL LIMITED | 2,853,759 (L) |
| J.P. MORGAN CAPITAL HOLDINGS LIMITED | 25,084,769 (L) 22,115,430 (S) |
(L) denotes a long position; (S) denotes a short position
| Name of controlled company | Number of shares |
|---|---|
| Schroder Administration Limited | 166,017,534 (L) |
| Schroder International Holdings Limited | 166,017,534 (L) |
| Schroder Investment Management (Hong Kong) Limited | 12,695,600 (L) |
| Schroder Investment Management (Singapore) Ltd. | 61,968,800 (L) |
| Schroder Investment Management Limited | 59,105,800 (L) |
| Schroder Investment Management Limited | 32,247,334 (L) |
| Schroder Investment Management North America Limited | 32,247,334 (L) |
(L) denotes a long position
| Name of controlled company | Number of shares |
|---|---|
| ---------------------------- | ------------------ |
| 154,714,568 (L) | |
|---|---|
| BlackRock Finance, Inc. | 4,107,800 (S) |
| Trident Merger, LLC | 1,087,400 (L) |
| BlackRock Investment Management, LLC | 646,600 (L) |
| BlackRock Investment Management, LLC | 440,800 (L) |
| BlackRock Holdco 2, Inc. | 153,627,168 (L) 4,107,800 (S) |
| BlackRock Financial Management, Inc. | 150,965,368 (L) 2,161,600 (S) |
| BlackRock Financial Management, Inc. | 2,661,800 (L) 1,946,200 (S) |
| BlackRock Holdco 4, LLC | 90,766,605 (L) 1,645,400 (S) |
| BlackRock Holdco 6, LLC | 90,766,605 (L) 1,645,400 (S) |
| BlackRock Delaware Holdings Inc. | 90,766,605 (L) 1,645,400 (S) |
| BlackRock Institutional Trust Company, National Association | 30,458,605 (L) 1,645,400 (S) |
| BlackRock Fund Advisors | 60,308,000 (L) |
| BlackRock Capital Holdings, Inc. | 96,200 (L) |
| BlackRock Advisors, LLC | 96,200 (L) |
| BlackRock International Holdings, Inc. | 60,102,563 (L) 516,200 (S) |
| BR Jersey International Holdings L.P. | 58,055,563 (L) 516,200 (S) |
| BlackRock Lux Finco S.à r.l. | 2,997,483 (L) |
| BlackRock Japan Holdings GK | 2,997,483 (L) |
| BlackRock Japan Co., Ltd. | 2,997,483 (L) |
| BlackRock Holdco 3, LLC | 47,554,990 (L) 516,200 (S) |
| BlackRock Canada Holdings ULC | 2,047,000 (L) |
| BlackRock Asset Management Canada Limited | 2,047,000 (L) |
| BlackRock Australia Holdco Pty. Ltd. | 1,655,000 (L) |
| BlackRock Investment Management (Australia) Limited | 1,655,000 (L) |
| BlackRock (Singapore) Holdco Pte. Ltd. | 8,845,573 (L) |
| BlackRock HK Holdco Limited | 7,607,893 (L) |
| BlackRock Asset Management North Asia Limited | 4,610,410 (L) |
| BlackRock Cayman 1 LP | 47,554,990 (L) 516,200 (S) |
| BlackRock Cayman West Bay Finco Limited | 47,554,990 (L) 516,200 (S) |
| BlackRock Cayman West Bay IV Limitied | 47,554,990 (L) 516,200 (S) |
|---|---|
| BlackRock Group Limited | 47,554,990 (L) 516,200 (S) |
| BlackRock Finance Europe Limited | 15,356,277 (L) |
| BlackRock (Netherlands) B.V. | 115,600 (L) |
| BlackRock (Netherlands) B.V. | 6,048,675 (L) |
| BlackRock Advisors (UK) Limited | 49,000 (L) |
| BlackRock International Limited | 161,800 (L) |
| BlackRock Group Limited-Luxembourg Branch | 32,036,913 (L) 516,200 (S) |
| BlackRock Luxembourg Holdco S.à r.l. | 32,036,913 (L) 516,200 (S) |
| BlackRock Investment Management Ireland Holdings Unlimited Company |
31,886,713 (L) |
| BlackRock Asset Management Ireland Limited | 31,886,713 (L) |
| BLACKROCK (Luxembourg) S.A. | 111,800 (L) 516,200 (S) |
| BlackRock Investment Management (UK) Limited | 4,484,468 (L) |
| BlackRock Investment Management (UK) Limited | 4,658,534 (L) |
| BlackRock (Netherlands) B.V. – German Branch – Frankfurt BlackRock |
115,600 (L) |
| BlackRock Asset Management Deutschland AG | 115,600 (L) |
| BlackRock Fund Managers Limited | 4,484,468 (L) |
| BlackRock Life Limited | 161,800 (L) |
| BlackRock (Singapore) Limited | 1,237,680 (L) |
| BlackRock UK Holdco Limited | 38,400 (L) |
| BlackRock Asset Management Schweiz AG | 38,400 (L) |
| EG Holdings Blocker, LLC | 646,600 (L) |
| Amethyst Intermediate, LLC | 646,600 (L) |
| Aperio Holdings, LLC | 646,600 (L) |
| Aperio Holdings, LLC | 646,600 (L) |
| Aperio Group, LLC | 646,600 (L) |
(L) denotes a long position; (S) denotes a short position
Save as disclosed above, as at 30 June 2025, the directors of the Company were not aware that there was any other person (other than the directors, supervisors or senior management of the Company) who had interests or short positions in the shares or underlying shares of the Company which were required, pursuant to Section 336 of the SFO, to be entered in the register maintained by the Company.
Specifics on the shareholdings by the Company's top 10 shareholders are set out in the section "Changes in the Share Capital and Shareholders' Profile" of this report.
During the reporting period, neither the Company nor its subsidiaries purchased, sold or redeemed any listed securities of the Company (including any treasury shares). As at the end of the reporting period, the Company did not hold any treasury shares.
The table below shows the Company's share capital as at the end of the reporting period:
| Unit: share | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Before change | Increase or decrease (+ or -) | After change | |||||||
| Amount | Percent age (%) |
New shares issued |
Bonus shares |
Transfer from reserves |
Others | Sub-total | Amount | Percen tage (%) |
|
| 1. Shares with selling restrictions | |||||||||
| (1) State-owned shares | – | – | – | – | – | – | – | – | – |
| (2) State-owned | |||||||||
| enterprises shares | – | – | – | – | – | – | – | – | – |
| (3) Other domestic | |||||||||
| shares | – | – | – | – | – | – | – | – | – |
| held by | |||||||||
| legal entities | – | – | – | – | – | – | – | – | – |
| natural persons | – | – | – | – | – | – | – | – | – |
| (4) Foreign shares | – | – | – | – | – | – | – | – | – |
| held by | |||||||||
| legal entities | – | – | – | – | – | – | – | – | – |
| natural persons | – | – | – | – | – | – | – | – | – |
| Total | – | – | – | – | – | – | – | – | – |
| 2. Shares without selling restrictions | |||||||||
| (1) Ordinary shares denominated in RMB |
6,845,041,455 | 71.15 | – | – | – | – | – | 6,845,041,455 | 71.15 |
| (2) Domestically listed foreign shares |
– | – | – | – | – | – | – | – | – |
| (3) Overseas listed foreign shares (H share) |
2,775,300,000 | 28.85 | – | – | – | – | – | 2,775,300,000 | 28.85 |
| (4) Others | – | – | – | – | – | – | – | – | – |
| Total | 9,620,341,455 | 100.00 | – | – | – | – | – | 9,620,341,455 100.00 | |
| 3. Total number of shares |
9,620,341,455 | 100.00 | – | – | – | – | – | 9,620,341,455 100.00 |
As at the end of the reporting period, the Company had no shares with selling restrictions.
| Unit: share | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Total number of shareholders as at the end of the reporting period: 87,564 (including 83,784 A share holders and 3,780 H shareholders) |
|||||||||
| Shares held by top 10 shareholders as at the end of the reporting period | |||||||||
| Name of shareholders | Nature of shareholders |
Percentage of the shareholding |
Total number of shares held |
Increase or decrease (+ or -) of shareholding during the reporting period |
Number of shares held with selling restriction |
Number of shares subject to pledge or lock-up period |
Type of shares |
||
| HKSCC Nominees Limited | Overseas legal entity |
28.82% | 2,772,670,817 | +54,460 | - | - H Share | |||
| Shenergy (Group) Co., Ltd. | State-owned legal person |
14.05% | 1,352,129,014 | - | - | - A Share |
| Hwabao Investment Co., Ltd. | State-owned legal person |
13.35% | 1,284,277,846 | - | - | - A Share | |
|---|---|---|---|---|---|---|---|
| Shanghai State-Owned Assets Operation Co., Ltd. |
State-owned legal person |
6.34% | 609,929,956 | - | - | - A Share | |
| Shanghai Haiyan Investment Management Company Limited |
State-owned legal person |
4.87% | 468,828,104 | - | - | - A Share | |
| China Securities Finance Co., Ltd. | Others | 2.82% | 271,089,843 | - | - | - A Share | |
| HKSCC | Others | 2.27% | 218,698,985 | -53,321,375 | - | - A Share | |
| Shanghai International Group | State-owned legal person |
1.69% | 162,718,700 | +2,718,700 | - | - A Share | |
| Yunnan Hehe (Group) Co., Ltd. | State-owned legal person |
0.95% | 91,868,387 | - | - | - A Share | |
| Shanghai Jiushi (Group) Co., Ltd. | State-owned legal person |
0.95% | 90,949,460 | - | - | - A Share | |
| Description of the stock repurchase accounts of the top 10 shareholders |
None. | ||||||
| Description of the aforesaid shareholders' proxy voting rights, entrusted voting rights, and waiver of voting rights |
Entrusted by its parent company, China Baowu Steel Group, Hwabao Investment Co., Ltd. exercises the voting rights corresponding to 68,818,407 ordinary shares (A share) of China Baowu Steel Group. Apart from this, the Company is not aware of any other proxy voting rights, entrusted voting rights, and waiver of voting rights of the aforesaid shareholders. |
||||||
| Description of related relations or concerted actions among the aforesaid shareholders |
HKSCC Nominees Limited and HKSCC are related, as the former is a wholly-owned subsidiary of the latter. Shanghai State-Owned Assets Operation Co., Ltd. is a wholly-owned subsidiary of Shanghai International Group, they act in concert. As is confirmed by relevant shareholders regarding the Company's inquiry, the Company is not aware of any other related relations or concerted actions among the above-mentioned shareholders. |
||||||
| Description of securities margin trading and refinancing business by top 10 shareholders and top 10 shareholders without selling restrictions. |
None. |
Notes:
As at the end of the reporting period, the Company did not issue any preferred shares.
The shareholding of the top 10 shareholders is based on the lists of registered shareholders provided by China Securities Depository and Clearing Corporation Limited Shanghai Branch (A share) and Computershare Hong Kong Investor Services Limited (H share) respectively. The nature of A shareholders is the same as the nature of their accounts registered with China Securities Depository and Clearing Corporation Limited Shanghai Branch.
The shares held by HKSCC Nominees Limited are held on behalf of its clients. As SEHK does not require such shareholders to disclose to HKSCC Nominees Limited whether the shares held by them are subject to pledge or lock-up period, HKSCC Nominees Limited is unable to calculate, or make available such data. Pursuant to Part XV of the SFO, a Substantial Shareholder is required to give notice to SEHK and the Company on the occurrence of certain events including a change in the nature of its interest in shares such as the pledging of its shares. As at the end of the reporting period, the Company is not aware of any such notices from Substantial Shareholders under Part XV of the SFO.
HKSCC is the nominal holder of shares traded through Shanghai-Hong Kong Connect Programme.
The ownership structure of the Company is diversified. The ultimate controllers of the Company's major shareholders do not exercise control over the Company and the Company has no controlling shareholder, nor de facto controllers.
| Unit: share | |||||||
|---|---|---|---|---|---|---|---|
| Name | Position | Type of shares |
Shareholding at the beginning of the reporting period |
Increase in shareholding during the reporting period |
Decrease in shareholding during the reporting period |
Shareholding at the end of the reporting period |
Reason for the change |
| FU Fan | Chairman, executive director |
H share | 210,400 | - | - | 210,400 | - |
| ZHAO Yonggang |
Executive director, president |
A share | 12,900 | - | - | 12,900 | - |
| YU Bin Vice president |
A share | 5,900 | - | - | 5,900 | - | |
| H share | 169,800 | - | - | 169,800 | - | ||
| MA Xin | A share | 15,000 | - | - | 15,000 | - | |
| Vice president | H share | 142,000 | - | - | 142,000 | - |
As of the end of the reporting period, the Company had 13 Directors. Among them, there were 2 Executive Directors, i.e., Mr. FU Fan and Mr. ZHAO Yonggang; 6 Non-executive Directors, namely, Mr. HUANG Dinan, Mr. WANG Tayu, Mr. CHEN Ran, Mr. ZHOU Donghui, Ms. LU Qiaoling, and Mr. John Robert DACEY; 5 Independent Non-executive Directors, Ms. CHEN Xin, Ms. LAM Tyng Yih, Elizabeth, Ms. LO Yuen Man, Elaine, Mr. CHIN Hung I, David, and Mr. JIANG Xuping. Relevant changes during the reporting period were as follows:
| Name | New Position assumed |
Notes |
|---|---|---|
| CHEN Xin | Independent Non executive Director |
In October 2024, Ms. CHEN Xin was elected as Independent Non executive Director of the 10th Board of Directors of the Company at the Company's second extraordinary general meeting of 2024. In April 2025, the appointment qualification of Ms. CHEN Xin to serve as Independent Non-executive Director of the Company was approved by the NFRA. |
| Name | Positions vacated |
Notes |
| LIU Xiaodan | Independent Non executive Director |
In August 2024, Ms. LIU Xiaodan submitted her resignation to the Board of Directors of the Company, proposing to step down as Independent Non-executive Director of the Company due to work-related reasons. Ms. LIU Xiaodan continued to perform her duties until the appointment qualification of the new independent non-executive director was approved by the NFRA. In April 2025, Ms. CHEN Xin's appointment qualification as Independent Non-executive Director of the Company was approved by the NFRA. Ms. CHEN Xin formally succeeded Ms. LIU Xiaodan as Independent Non-executive Director of the 10th Board of Directors of the Company, while Ms. LIU Xiaodan ceased to serve as Independent Non-executive Director of the Company. |
| CAI Qiang (John) |
Non-executive Director |
In April 2025, Mr. CAI Qiang (John) submitted his resignation to the Board of Directors of the Company and resigned as Non-executive Director of the Company due to work changes. |
|---|---|---|
| XIE Weiqing | Non-executive Director |
In June 2025, Mr. XIE Weiqing submitted his resignation to the Board of Directors of the Company and stepped down as Non-executive Director of the Company due to work-related reasons. |
As of the end of the reporting period, the Company had 4 Supervisors. Among them, there were 2 Shareholder Representative Supervisors, Mr. ZHU Yonghong and Mr. DONG Zhiqiang; and 2 Employee Representative Supervisors, Ms. ZHOU Liyun and Mr. GU Qiang.
As of the end of the reporting period, the Company had 12 members of senior management. They were Mr. FU Fan, Chairman; Mr. ZHAO Yonggang, President; Mr. YU Bin and Mr. MA Xin, Vice Presidents; Mr. SU Gang, Vice President, Chief Investment Officer and Finance Responsible Person; Mr. ZHANG Weidong, Chief Internal Auditor, Internal Audit Responsible Person and General Counsel; Mr. WANG Mingchao, HR Director; Mr. ZHANG Yuanhan, Chief Actuary; Mr. CHEN Wei, Compliance Responsible Person and Chief Risk Officer; Mr. SU Shaojun, Board Secretary; Mr. ZHANG Yuhua, Market Development Director; and Mr. WANG Lei, Chief Information Officer. Relevant changes during the reporting period were as follows:
| Name | New Position assumed |
Notes |
|---|---|---|
| SU Gang | Vice President Finance Responsible Person |
In October 2024, Mr. SU Gang was appointed as Vice President and Finance Responsible Person of the Company at the 6th session of the Company's 10th Board of Directors. In January 2025, Mr. SU Gang's appointment qualification was approved by the NFRA. |
| ZHANG Weidong |
Internal Audit Responsible Person |
In August 2024, Mr. ZHANG Weidong was appointed as Internal Audit Responsible Person of the Company at the 5th session of the Company's 10th Board of Directors. In January 2025, Mr. ZHANG Weidong's appointment qualification was approved by the NFRA. |
| WANG Mingchao |
HR Director | In March 2025, Mr. WANG Mingchao was appointed as HR Director of the Company at the 10th session of the Company's 10th Board of Directors. In May 2025, Mr. WANG Mingchao's appointment qualification was approved by the NFRA. |
| WANG Lei | Chief Information Officer |
In March 2025, Mr. WANG Lei was appointed as Chief Information officer of the Company at the 10th session of the Company's 10th Board of Directors. In June 2025, Mr. WANG Lei's appointment qualification was approved by the NFRA. |
In March 2025, Mr. John Robert Dacey, the Company's Non-executive Director, ceased to serve as Chief Financial Officer and Member of the Executive Committee at Swiss Reinsurance Company Ltd. In April 2025, Mr. John Robert Dacey was appointed as Senior Advisor to Swiss Reinsurance Company Ltd; Ms. LO Yuen Man, Elaine, the Company's Independent Nonexecutive Director, ceased to serve as Non-executive Director of Urban Renewal Authority in Hong Kong and Chairman of its Land, Rehousing and Compensation Committee. In May 2025, Mr. ZHOU Donghui, Non-executive Director of the Company, ceased to serve as Supervisor of China Aviation Development Commercial Aviation Engine Co., Ltd.; Ms. LU Qiaoling, Nonexecutive Director of the Company, ceased to serve as General Manager of the Industry and Finance Development Centre and the Capital Operation Department of China Baowu Steel Group Corporation Limited. In March 2025, Mr. ZHU Yonghong, Chairman of the Board of Supervisors of the Company, ceased to serve as Chief Accountant and Board Secretary of China Baowu Steel Group Corporation Limited, and was appointed as Chief Accountant of China State Shipbuilding Corporation Limited. In March 2025, Mr. CHEN Wei, the Company's Compliance Officer and Chief Risk Officer, was appointed as Director of CPIC P/C. In June 2025, Mr. YU Bin, the Company's Vice President, was appointed as Chairman of CPIC P/C.
The Company has established a corporate governance system comprising the SGM, the Board of Directors, the Board of Supervisors and the senior management in accordance with the provisions of relevant laws and regulations such as the Company Law of the PRC, the Securities Law of the PRC and the Insurance Law of the PRC, and has formed operational mechanisms with coordination and checks and balances among the governing body, the decision-making body, the supervisory body and the executive body. The Company improves its corporate governance structure by constant optimisation of its Group management structure, realignment of internal resources and increased interaction with the capital market.
Under the Articles of Association, the main responsibilities of the SGM are: to formulate the Company's strategic direction and investment plans; elect and replace directors and supervisors other than those who are employees of the Company and decide their remuneration; consider and approve annual financial budgets and financial accounts; consider and approve profit distribution plans and loss compensation plans of the Company; adopt proposals regarding increase or decrease in the registered capital of the Company and any merger, separation, dissolution or liquidation or change of corporate form of the Company; consider and approve the listing of all or any part of the shares on stock exchanges as well as any proposed issuance of bonds or other securities of the Company; adopt proposals regarding engagement and dismissal of the accountant of the Company which conducts statutory audits of the Company on a regular basis; amend the Articles of Association.
Under the Articles of Association, the Board of Directors is accountable to the SGM and exercises, among others, the following powers: to convene annual general meetings and implement their resolutions; determine the business and operation plans and investment plans of the Company; formulate annual financial budgets and financial accounts; formulate profit distribution and loss compensation plans; formulate proposals on increase or decrease in the registered share capital, issuance of bonds, or listing of other securities of the Company; appointment or dismissal of President, appointment or dismissal of Board Secretary based on Chairman's nomination, appointment or dismissal of Chief Internal Auditor and Internal Audit Responsible Person based on nomination of Chairman or the Audit and Related Party Transactions Control Committee, appointment or dismissal of Vice President, Chief Actuary, General Counsel, Finance Responsible Person, Compliance Responsible Person and other senior executives based on President's nomination and determine their remuneration and rewards; and develop the basic policies and systems of the Company.
As of the end of the reporting period, the Company had 13 Directors, including 2 Executive Directors, 6 Non-executive Directors, and 5 Independent Non-executive Directors. The number of directors and composition of the Board of Directors are in compliance with regulatory rules and requirements.
Under the Articles of Association, the Board of Supervisors is vested by law to exercise the following rights and powers: examine the finances of the Company; supervise behaviours of directors, president, vice presidents and other senior management during their performance of duties; review financial information including financial reports, operation reports and profit distribution plans to be submitted to the SGM; propose to convene extraordinary sessions of the SGM and propose resolutions to it; conduct investigation when detecting any major abnormality in the Company's operation.
As of the end of the reporting period, the Company had 4 Supervisors, including 2 Shareholder Representative Supervisors and 2 Employee Representative Supervisors. The number of supervisors and composition of the Board of Supervisors comply with regulatory rules and requirements.
During the reporting period, the Company held 1 shareholder general meeting, 6 Board meetings, and 3 meetings of the Board of Supervisors. Relevant resolutions were announced on the websites of the SSE and SEHK, and relevant information disclosure media in accordance with regulatory requirements.
On 11 June 2025, the Company held its 2024 Annual General Meeting, at which resolutions including the Resolution on the Report of Board of Directors for 2024 of China Pacific Insurance (Group) Co., Ltd., the Resolution on the 2024 Annual Report of China Pacific Insurance (Group) Co., Ltd., and the Resolution on the 2024 Annual Financial Report of China Pacific Insurance (Group) Co., Ltd. were considered and approved. The shareholders attending the meeting held a total of 5,987,492,610 voting shares, accounting for 62.24% of the Company's total voting shares. All the resolutions of this meeting were passed (for details, please refer to the announcements published on the websites of SSE, SEHK, LSE and the Company).
At present, there are 5 special committees under the Board of Directors of the Company, namely, the Strategic and Investment Decision-Making & ESG Committee, the Audit and Related Party Transactions Control Committee, the Nomination and Remuneration Committee, the Risk Management Committee, and the Technological Innovation and Consumer Rights Protection Committee. These special committees conduct in-depth research on professional topics and put forward recommendations to the Board of Directors.
During the reporting period, the Strategic and Investment Decision-Making & ESG Committee held 3 meetings, at which directors expressed views and made recommendations on important matters such as profit distribution and the Sustainable Development Report for 2024.
During the reporting period, the Audit and Related Party Transactions Control Committee held 5 meetings and reviewed resolutions including the 2024 Annual Report, the First Quarter Report of 2025, and the 2025 Internal Audit Work Plan of the Company. The Committee discussed and agreed with the external auditors on the schedule for audit of the financial report of the Company for the year 2024, based on overall requirements for the preparation of the annual report of the Company. It held a meeting to review the financial statements prepared by the Company and issued a written opinion on it before the external auditors commenced their work on-site. While maintaining adequate and timely communication with the external auditors, it held a meeting to conduct a second review of the financial report of the Company after issuance of preliminary audit opinions by the external auditors. The Audit and Related Party Transactions Control Committee then issued its written opinion on the report and agreed to submit it to the Board of Directors for consideration.
During the reporting period, the Nomination and Remuneration Committee convened 3 meetings and reviewed such matters as the Resolution on Performance Appraisal Results for 2024, and the Resolution on the 2025 Annual Performance Appraisal Plan of the Company.
During the reporting period, the Risk Management Committee convened 2 meetings and reviewed resolutions on the 2024 Annual Solvency Report, the 2024 Annual Compliance Report, and the 2024 Annual Risk Assessment Report of the Company, etc.
During the reporting period, the Technological Innovation and Consumer Rights Protection Committee held 2 meetings and reviewed resolutions including the Resolution on the 2024 Consumer Rights Protection Work Report and Priorities for Consumer Rights Protection for 2025, and the Resolution on the Information Technology Outsourcing Strategy and Major Outsourcing Items of the Company.
The 10th Board of Directors of the Company has 5 Independent Non-executive Directors, which consist of professionals in accounting, finance, auditing and legal affairs. The proportion of Independent Non-executive Directors exceeded one-third of all board members, in compliance with applicable regulatory requirements and the provisions of the Articles of Association.
The Company's Independent Non-executive Directors possess the required expertise and work experience and are able to perform their duties strictly in accordance with the requirements of applicable laws and regulations, regulatory documents, the Articles of Association and Provisions on Performance of Duties by Independent Non-executive Directors. They have made comments and suggestions on a wide range of aspects such as corporate governance, business operation, risk management and internal control. They have faithfully performed their duties, played a meaningful role and offered an independent and impartial perspective in the Company's decision making process, and safeguarded the interests of the Company and all shareholders, particularly minority shareholders.
Under the Articles of Association, the Company's senior management exercises the following powers: organise the implementation of Board resolutions and reports to the Board of Directors; be responsible for the Company's business management, organise the implementation of the Company's annual business plan and investment plan; draft the organisational plan and develop the basic management systems of the Company; formulate the Company's basic rules; appoint or dismiss managers other than those that fall within the remit of the Board of Directors; other powers granted by the Articles of Association and Board of Directors; and other duties prescribed by insurance regulators or the law.
As of the end of the reporting period, the Company had 12 members of senior management. According to the Articles of Association, the Company's senior management includes Executive Director, President, Vice President, Chief Actuary, Chief Internal Auditor, General Counsel, Chief Risk Officer, Board Secretary, Finance Responsible Person, Compliance Responsible Person, Internal Audit Responsible Person, as well as other management personnel as determined by the Board of Directors. Please refer to the "Directors, supervisors and senior management" section of this report for details.
During the reporting period, the Company adhered to rules and policies such as the Investor Relations Management Measures and its implementing rules, and Regulations on Shareholder Communication to improve the reach, effectiveness and efficiency of two-way investor communication. After reviewing the current status of implementation of the above rules and regulations, and in view of measures taken to optimise channels of communication and investor feedback, the Company concluded that its policies on shareholder communication have been effectively enforced during the reporting period.
The Company is committed to building a diversified, investor-centered platform of communication. During the reporting period, it held a wide range of investor relations events including online/offline results announcements, NDRs for 2024 annual results, and joint results presentations. These efforts improved connection with the global capital market while maximising direct engagement opportunities between investors and company management; it hosted about 70 IR events including strategy meetings, investor meetings, and visits from investors, over half of which were conducted face to face, with continued efforts to enhance investor communication. During the reporting period, we communicated with investors on topics concerning the foundation for the Company's high-quality development and the logic behind its long-term value creation, such as our strategic initiatives and their implementation
progress, strengthened management of market expectations, and helped investors better assess the value of the Company.
The Company adheres to fair treatment of all types of investors, ensures easy communication channels for retail investors, and enhances the protection of their rights and interests. During the reporting period, it solicited questions from investors in advance before holding results announcements, which would then be answered by management during the events. Meanwhile, retail investors could access such events via video streaming, or may choose to post their questions online, and would receive replies to all their questions on the same day. Moreover, to handle investors' inquiries, collect their comments and suggestions, the Company assigned personnel for IR hotline, fax, email, and the IR column on its official website. In the first half of 2025, it prepared and published 6 issues of Investor's Newsletters in both Chinese and English, and responded to 14 investor questions on the E-communication platform of the SSE, released briefing documents on IR events, which ensured fair access to latest information/developments of the Company by the entire investor community regardless of investor types, geographic locations or time zones.
Moreover, the Company continually refines its market value management framework and mechanisms, diversifies its market value management tools, strengthens the relay of capital market voices to management, and leverages IR as a two-way communication conduit to support company management in decision-making.
The Company strictly abides by the regulatory rules of its listing venues, continues to enhance its transparency via efficient, compliant, well-organised information disclosure. During the reporting period, it prepared and released regular reports and interim announcements based on principles of truthfulness, accuracy, completeness, timeliness and fairness. In response to investors' needs, it continued to expand the scope of voluntary information disclosure, adopted new modes for disclosure and dissemination of non-financial information, and maintained continuity and consistency in information disclosure so that the results of its business development and its efforts in corporate social responsibility, particularly sustainable development can be communicated to investors and other stakeholders in a clear, concise, complete, effective and easy-to-understand manner, and in a way that reflects industry characteristics. That helped to improve the overall relevance and effectiveness of information disclosure. The Company continued to exercise control over insider information to ensure fair
treatment of all securities markets and types of investors. During the reporting period, it closely followed latest regulatory developments, enriched the content of information disclosure in view of its own corporate governance as an insurance group and latest information disclosure requirements for the insurance industry. In the first half of 2025, the Company received no penalties from the securities regulator and committed no major errors or omissions in information disclosure.
In addition, the Company has complied with the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority and the Regulation (EU) 596/2014 on market abuse in connection with its issuance of GDRs on the LSE.
Risk management is a core element of the Company's operation and management. The Company has established an overarching risk management framework that covers all organizations and positions in which the Board of Directors bears the ultimate responsibility, management provides direct leadership, risk management departments execute and coordinate, and relevant functional departments closely work together. The board of directors of the subsidiaries shoulder the ultimate responsibility for their respective risk management systems and status of operation.
The Company coordinated efforts and put in place unified risk management objectives, risk management policies, key risk measurement tools, risk management planning and information systems, and provided guidance and oversight over subsidiaries in their risk management work. While maintaining their independence in risk governance and setting up necessary firewalls, each subsidiary adheres to the risk management objectives and policies, systems and processes, methods and tools of the Group and at the same time is responsible for managing their own business risks.
In response to China's "dual-carbon" strategy, we continuously improve our green financial management system and leverage our strengths in investment, underwriting and operations to facilitate the green transformation of China's economy and society.
We provide multiple insurance products in green energy, green transport, pollution and carbon emissions reduction, and ecological environment, with total sum assured (SA) on green insurance exceeding RMB97 trillion in the first half of 2025. We pioneered in the development of green insurance products, including carbon income loss insurance, carbon information disclosure liability insurance, and guarantee insurance for water rights pledged loans.
We provide cover against various types of natural disasters and accidents during the construction and operation of green energy projects. During the reporting period, SA on clean energy insurance totalled over RMB18 trillion, including over RMB350 billion for wind power projects, over RMB400 billion for photovoltaic power projects, above RMB140 billion for hydropower projects, and over RMB100 billion for nuclear power projects.
We continuously innovate business models and enhance service capabilities to support the global expansion of Chinese automakers. In the first half of 2025, we insured over 5.36 million new energy vehicles.
As one of the major catastrophe insurers in China, we developed multiple types of locally customised catastrophe insurance solutions including those for relief assistance, those driven by innovation and those linked to indexes. In the first half of 2025, SA on our catastrophe insurance was over RMB600 billion, protecting society against catastrophe risks.
During the reporting period, we offered environmental pollution liability insurance with more than RMB5 billion in SA to over 2,000 chemical and electric power businesses.
The Company developed a suite of ecological carbon sink insurance products to enhance carbon sequestration capacity, providing timely financial compensation for ecosystem management
and accelerating ecological restoration, thereby unlocking the value of ecological products. We launched multiple industry-first carbon sink insurance solutions covering forests, grassland, wetland, oceans, and bamboo forests, fully aligned with the needs of China's ecological civilization. In June 2025, we signed the agreement on Jiangkou County Afforestation Carbon Sink CCER (China Certified Emission Reduction) Insurance Project in Guizhou Province.
The Company adopted international ESG investment principles and built a green investment management system, with sustained efforts in clean transport, clean energy, resource conservation, recycling and reuse, pollution prevention and control, ecological environment and infrastructure through debt investment schemes, equity investment schemes, asset-backed plans and industry funds.
CPIC formulated the Responsible Investing Policy and Regulations on ESG Investment Management for investment activities in various asset classes, industries and markets. It also formulated the Guidelines for Investment Stewardship to ensure that the Group and its subsidiaries fulfil their duty of due diligence as active shareholders, and promote the ESG performance of investees. Our subsidiaries formulated relevant rules and policies such as the Regulations on Green Finance Investment Management, Policies on ESG Bond Investment, and Regulations on Sustainable Development Risk Management to incorporate ESG factors into the whole process of investment and risk management.
The Company established and continued to improve its ESG Ratings Analytics System. In 2025, it launched ESG assessment of third-party asset managers and PRI reporting, optimised asset identification tagging to improve the smartness and standardization of ESG investment management.
As of the end of June 2025, we invested RMB2.5 billion in the CPIC-Wuhan Metro Infrastructure Debt Investment Plan (Phase II) for the construction of the Wuhan Metro Line 7 (Phase I) and Caidian Line projects. The plan obtained (the highest) G1 green certification from Lianhe Equator Environmental Assessment Co., Ltd.
A sum of RMB1.85 billion was invested in the CPIC-Wuhan Metro Infrastructure Debt Investment Plan (Phase III) for the construction of the Wuhan Metro Line 9 project. The plan obtained (the highest) G1 green certification from Lianhe Equator Environmental Assessment Co., Ltd.
An amount of RMB1.3 billion was invested in the CPIC-Chengdu Rail Transit Infrastructure Debt Investment Plan (Phase II) for the construction of the Chengdu Metro Line 6 Phase I & II projects. The plan obtained (the highest) G1 green certification from Lianhe Equator Environmental Assessment Co., Ltd.
The Changjiang Pension-Hunan Rail Transit Infrastructure Green Debt Investment Plan received RMB400 million in contribution, bringing the total fundraising scale to RMB1.2 billion, and the proceeds was to used for debt restructuring of the Changsha-Zhuzhou-Xiangtan Intercity Railway Project. The plan obtained (the highest) G1 green certification from Lianhe Equator Environmental Assessment Co., Ltd.
We completed the filing and issuance of the Changjiang Pension ESG Asset Management Product, with a size of RMB467 million.
More target-driven. The Company emulated domestic and international best practices, systematically reviewed historical patterns and characteristics of carbon emissions, explored possibilities of decarbonisation across all emission sources, and evaluated various reduction pathways based on its actual conditions. The effort resulted in a clear quantitative target: a 20% reduction in the Group's total operational carbon emissions (excluding CPIC Home retirement communities and rehabilitation hospitals) by 2028 compared with 2023 levels.
Accelerating the development of a carbon-emission-centric management system. The Company formulated the Carbon Accounting Management Rules for Operations, which clearly defined carbon data statistics and management requirements; continuously optimised the operational carbon footprint management platform to support standardized carbon data management; and conducted regular carbon data statistical analysis to ensure orderly implementation of carbon emissions targets.
We completed a low-carbon and energy-efficient renovation project for the CPIC 929 Low-Carbon Operation Demonstration Park to effectively reduce and control energy consumption of the workplace. CPIC Home retirement communities in Chengdu, Nanjing, Hangzhou, Shanghai Putuo, Shanghai Chongming all obtained the 3-star green building design labelling. In the first half of 2025, the Beijing Pacific Insurance Tower and Chengdu Pacific Insurance Financial Plaza achieved LEED Platinum certification.
In compliance with relevant laws and regulations such as the Environmental Protection Law of the People's Republic of China, the Energy Conservation Law of the People's Republic of China and Guidelines on Green Operation of Self-Use Headquarters Properties of CPIC Group, we incorporated "green development, energy conservation and emissionsreduction" into our daily operation, with development of relevant KPIs. We focused on smart building construction, energy efficiency management, resource conservation, energy-saving technology application, green travel and low-carbon office/life, so as to boost sustainable development.
The Company is not in a high-pollution industry and its main business activities do not have any material negative impact on the ecological environment or natural resources. In the first half of 2025, CPIC strictly complied with environmental laws and regulations and incurred no penalties due to environmental violations, nor did it receive any complaints about environmental issues.
We continued to promote the CPIC Tan Pu Hui platform for inclusive carbon management, which enabled the measurement and incentivization of low-carbon behaviours and encouraged users to embrace green and low-carbon philosophies. By the end of June 2025, the system had covered over 300 Chinese cities, with more than 600,000 users.
The Company contributes to biodiversity and ecological well-being in an all-around way.
We underwrote public liability insurance against damage caused by wild Asian elephants in Xishuangbanna and Pu'er, Yunnan Province for over 10 consecutive years, paying out a total of over RMB460 million in claims to over 280,000 farmers.
With the support of local forestry authorities in Zhejiang and Jiangsu, we rolled out the mechanism of "Forest Chiefs + Ancient & Rare Trees Insurance", which indemnifies costs incurred as a result of rescue / treatment of trees whose normal growth is stunted by accidents, weather disasters, geological hazards, diseases and insect pests, etc.
We jointly released the "Belt and Road" Biodiversity Conservation White Paper with CAS StarTech (Beijing) Co., Ltd. We used the advanced remote-sensing satellite technology to collect accurate data for environmental monitoring, as part of our effort to build a "Belt and Road" biodiversity analytics framework.
We collaborated with the Sichuan Ruoergai Wetland National Nature Reserve Administration to explore insurance mechanisms addressing risks such as local grassland degradation.
We continued to preserve the Sanjiangyuan Ecological Park to protect local environment. Over 90% of the nearly 120,000 trees we planted across an area of 134 hectares have survived, reducing 1,600 tons of carbon emissions each year.
Medical assistance. To contribute to the Healthy China Initiative, we rolled out terminal illness and long-term care insurance programmes in remote rural areas to help prevent local farmers from falling into poverty or returning to poverty due to illnesses. We also promoted Huiminbao, an affordable medical insurance programme, in rural areas.
Village-based assistance teams. As of the end of June 2025, CPIC had deployed 279 on-site rural assistance volunteers across more than 20 provinces and autonomous regions in China, including 65 "first secretaries" assigned to villages.
Assistance through purchase. To increase farmers' income, we helped with the sales of farm produce by various means - purchase by the Company for employee benefits, purchase by CPIC employee cafeteria or directly by CPIC employees, live-stream selling, exclusive sales and so on.
We strived to improve the coverage and efficiency of agricultural insurance and cumulatively developed a total of about 5,000 agricultural insurance products, spanning agriculture, forestry, animal husbandry and fishery. In the first half of 2025, we developed 771 new agricultural insurance products and provided RMB442.93 billion in agricultural risk cover via issuance of 11.103 million insurance policies, and made payments on 1.23 million insurance claims.
Safeguarding national food security. We continued to expand risk coverage for rice, wheat, corn, and other strategic agricultural products vital to the national economy and people's livelihoods as part of our efforts to build a multi-tiered agricultural insurance system. In the first half of 2025, CPIC provided RMB113.8 billion in SA for the three core staple crops.
Serving local niche agribusiness. We rolled out local specialty insurance programmes under the target of "one county, one specialty product", and "one county, multiple specialty products", providing insurance services for emerging industries under new scenarios to meet demand of modern agricultural businesses across their full life-cycles. In the first half of 2025, we provided risk protection to over 100 specialty agricultural products across 31 provinces, autonomous regions, and municipalities directly under the central government.
Digitally-enabled agricultural insurance: CPIC continuously refined its disaster response mechanisms which integrated "insurance, prevention, reduction, relief, and compensation" as well as the organisational support system for agricultural insurance. The Company developed the "CPIC e-Agricultural Insurance" digital intelligent operational system, and built multiple risk management technology platforms, including the Crop Insurance Risk Management Platform ("Huiyan·Zhiyuan"), Livestock Insurance Risk Management Platform ("Jiebian"), Fisheries Risk Management Platform ("Yu Zhi Yuan"), and Meteorological Risk Early Warning Platform ("Zhi Tian Hui Nong"), which leveraged big data, AI, and IoT technologies to enhance risk reduction. In the first half of 2025, our risk reduction platforms handled a total of 206,000 visits or service requests from farming households, and of this, the wheat growth monitoring service covered 459,533 hectares of land across 409 townships in 16 provinces.
The Company led the industry in digitalisation of agricultural insurance archives, which significantly enhanced the efficiency of product development and risk protection capabilities. In July 2025, oursingle-set digital archive management pilot project for agricultural insurance won the first prize at the 5th Information Technology Service Application Skills Competition organised by the China Information Association.
I. Sealed financial statements signed by the legal representative, principal in charge of accounting and head of accounting department
II. Original copies of all publicly disclosed announcements and documents of the Company during the reporting period
III. Interim reports disclosed in other security markets
CHINA PACIFIC INSURANCE (GROUP) CO., LTD. INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2025
| Pages | ||
|---|---|---|
| I | REVIEW REPORT | 1 |
| II | INTERIM FINANCIAL STATEMENTS | |
| Interim Consolidated Balance Sheet | 2 - 3 | |
| Interim Consolidated Income Statement | 4 - 5 | |
| Interim Consolidated Statement of Changes in Equity | 6 - 7 | |
| Interim Consolidated Cash Flow Statement | 8 - 9 | |
| Interim Company Balance Sheet | 10 | |
| Interim Company Income Statement | 11 | |
| Interim Company Statement of Changes in Equity | 12 | |
| Interim Company Cash Flow Statement | 13 | |
| Notes to the Interim Financial Statements | 14 - 88 | |
| Net Asset Return and Earnings per Share | A1 |
|---|---|
| ----------------------------------------- | ---- |
(A joint stock company incorporated in the People's Republic of China with limited liability)
We have reviewed the interim financial information set out on pages 2 to 88, which comprises the interim consolidated and company balance sheets of China Pacific Insurance (Group) Co., Ltd. (hereinafter "CPIC") as at 30 June 2025, and the related interim consolidated and company income statements, the interim consolidated and company statements of changes in equity and the interim consolidated and company cash flow statements for the six-month period then ended, and the explanatory notes. Management of CPIC is responsible for the preparation of the interim financial information in accordance with the requirements of Accounting Standards for Business Enterprises 32 Interim Financial Reporting ("CAS 32"). Our responsibility is to express a conclusion on this interim financial information based on our review. Our report is made solely to you, as a body, in accordance with our agreed terms of engagement, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report.
We conducted our review in accordance with International Standard on Review Engagements 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Based on our review, nothing has come to our attention that causes us to believe that the interim financial information is not prepared, in all material respects, in accordance with CAS 32.
Ernst & Young Hua Ming LLP
Certified Public Accountants Beijing, the People's Republic of China 28 August 2025
AS AT 30 JUNE 2025
(All amounts expressed in RMB million unless otherwise specified)
| ASSETS | Note V | 30 June 2025 | 31 December 2024 |
|---|---|---|---|
| (Unaudited) | (Audited) | ||
| Cash at bank and on hand | 1 | 46,404 | 29,357 |
| Derivative financial assets | 11 | 26 | |
| Securities purchased under agreements to resell | 2 | 21,349 | 10,905 |
| Term deposits | 3 | 178,219 | 173,818 |
| Financial investments: | 2,630,303 | 2,482,029 | |
| Financial assets at fair value through profit or loss | 4 | 674,401 | 667,199 |
| Financial assets at amortised cost | 5 | 55,357 | 64,844 |
| Debt investments at fair value through other | |||
| comprehensive income | 6 | 1,746,373 | 1,607,972 |
| Equity investments at fair value through other | |||
| comprehensive income | 7 | 154,172 | 142,014 |
| Insurance contract assets | 15 | - | 22 |
| Reinsurance contract assets | 16 | 44,068 | 46,081 |
| Long-term equity investments | 8 | 13,148 | 22,520 |
| Restricted statutory deposits | 9 | 6,898 | 6,851 |
| Investment properties | 28,396 | 8,951 | |
| Fixed assets | 22,715 | 20,255 | |
| Construction in progress | 3,357 | 2,489 | |
| Right-of-use assets | 1,837 | 2,921 | |
| Intangible assets | 6,993 | 7,347 | |
| Goodwill | 1,357 | 1,357 | |
| Deferred income tax assets | 10 | 6,919 | 3,464 |
| Other assets | 11 | 18,126 | 16,514 |
| TOTAL ASSETS | 3,030,100 | 2,834,907 |
AS AT 30 JUNE 2025
(All amounts expressed in RMB million unless otherwise specified)
| LIABILITIES AND EQUITY | Note V | 30 June 2025 | 31 December 2024 | |
|---|---|---|---|---|
| (Unaudited) | (Audited) | |||
| Derivative financial liabilities | 60 | 96 | ||
| Securities sold under agreements to repurchase | 12 | 180,205 | 181,695 | |
| Premium received in advance | 6,192 | 18,044 | ||
| Employee benefits payable | 7,810 | 10,169 | ||
| Taxes payable | 13 | 4,283 | 2,480 | |
| Bonds payable | 14 | 10,103 | 10,286 | |
| Insurance contract liabilities | 15 | 2,428,583 | 2,229,514 | |
| Commission and brokerage payable | 6,674 | 5,942 | ||
| Insurance premium reserves | 652 | 129 | ||
| Lease liabilities | 1,638 | 2,722 | ||
| Deferred income tax liabilities | 10 | 2,707 | 7,362 | |
| Long-term borrowings | 157 | - | ||
| Other liabilities | 67,830 | 47,987 | ||
| Total liabilities | 2,716,894 | 2,516,426 | ||
| Issued capital | 17 | 9,620 | 9,620 | |
| Capital reserves | 18 | 79,939 | 79,948 | |
| Other comprehensive income/(loss) | 34 | (12,390) | 14,917 | |
| Surplus reserves | 19 | 5,114 | 5,114 | |
| General reserves | 20 | 30,008 | 29,928 | |
| Retained profits | 21 | 169,580 | 151,890 | |
| Equity attributable to shareholders of the parent | 281,871 | 291,417 | ||
| Non-controlling interests | 31,335 | 27,064 | ||
| Total equity | 313,206 | 318,481 | ||
| TOTAL LIABILITIES AND EQUITY | 3,030,100 | 2,834,907 |
The financial statements are signed by the persons below:
| FU Fan | SU Gang | XU Zhen |
|---|---|---|
| Legal representative | Principal in charge of accounting | Head of accounting department |
FOR THE SIX MONTHS ENDED 30 JUNE 2025
(All amounts expressed in RMB million unless otherwise specified)
| Note V | For the six months ended 30 June 2025 |
For the six months ended 30 June 2024 |
|
|---|---|---|---|
| (Unaudited) | (Unaudited) | ||
| Operating income | 200,496 | 194,634 | |
| Insurance revenue | 22 | 141,824 | 137,019 |
| Interest income | 23 | 29,061 | 27,769 |
| Investment income | 24 | 21,671 | 6,893 |
| Including: Share of losses of associates and joint | |||
| ventures | (145) | (124) | |
| Gains on derecognition of financial | |||
| assets measured at amortised cost | - | 4 | |
| Other income | 106 | 86 | |
| Gains arising from changes in fair value | 25 | 5,856 | 20,945 |
| Exchange (losses)/gains | (13) | 32 | |
| Other operating income | 26 | 1,918 | 1,889 |
| Gains on disposal of assets | 73 | 1 | |
| Operating expenses | (168,224) | (165,187) | |
| Insurance service expenses | 27 | (120,169) | (116,298) |
| Allocation of reinsurance premiums | (7,290) | (7,962) | |
| Less: Recoveries of insurance service expenses | |||
| from reinsurers | 6,245 | 7,602 | |
| Insurance finance expenses for insurance | |||
| contracts issued | (40,698) | (44,030) | |
| Less: Reinsurance finance income for reinsurance | |||
| contracts held | 715 | 1,036 | |
| Changes in insurance premium reserves | (523) | (449) | |
| Interest expenses | 28 | (2,217) | (1,192) |
| Commission and brokerage expenses Taxes and surcharges |
29 | (3) (216) |
(15) (178) |
| Operating and administrative expenses | 30 | (3,462) | (3,065) |
| Impairment losses on financial assets | 31 | (14) | 52 |
| Other operating expenses | 32 | (592) | (688) |
| Operating profit | 32,272 | 29,447 | |
| Add: Non-operating income | 36 | 24 | |
| Less: Non-operating expenses | (49) | (76) | |
| Profit before tax | 32,259 | 29,395 | |
| Less: Income tax | 33 | (3,453) | (3,537) |
| Net profit | 28,806 | 25,858 | |
| Classified by continuity of operations: | |||
| Net profit from continuing operations | 28,806 | 25,858 | |
| Net profit from discontinued operations | - | - | |
| Classified by ownership of the equity: | |||
| Attributable to shareholders of the parent | 27,885 | 25,132 | |
| Non-controlling interests | 921 | 726 |
FOR THE SIX MONTHS ENDED 30 JUNE 2025 (All amounts expressed in RMB million unless otherwise specified)
| Note V | For the six months ended 30 June 2025 |
For the six months ended 30 June 2024 |
|
|---|---|---|---|
| (Unaudited) | (Unaudited) | ||
| Other comprehensive income/(loss) | 34 | ||
| Other comprehensive income/(loss) that will not be reclassified to profit or loss: |
1,478 | 5,083 | |
| Changes in the fair value of equity investments at fair value through other comprehensive income Insurance finance income/(expenses) for insurance |
1,889 | 5,831 | |
| contracts issued that will not be reclassified to profit or loss |
(411) | (748) | |
| Other comprehensive income/(loss) that will be reclassified to profit or loss: Share of other comprehensive income/(loss) that |
(28,978) | (2,628) | |
| will be reclassified to profit or loss of investees accounted for using the equity method Changes in the fair value of debt instruments at |
- | 4 | |
| fair value through other comprehensive income Changes in provisions for credit risks of debt |
5,388 | 50,673 | |
| instruments at fair value through other comprehensive income |
102 | (98) | |
| Exchange differences on translation of foreign operations Insurance finance income/(expenses) for insurance |
(17) | 7 | |
| contracts issued that will be reclassified to profit or loss Insurance finance income/(expenses) for |
(34,484) | (53,195) | |
| reinsurance contracts held that will be reclassified to profit or loss |
33 | (19) | |
| Other comprehensive income/(loss) | (27,500) | 2,455 | |
| Total comprehensive income | 1,306 | 28,313 | |
| Attributable to shareholders of the parent | 853 | 27,541 | |
| Attributable to non-controlling interests | 453 | 772 | |
| Earnings per share | 35 | ||
| Basic earnings per share (RMB per share) | 2.90 | 2.61 | |
| Diluted earnings per share (RMB per share) | 2.90 | 2.61 |
(All amounts expressed in RMB million unless otherwise specified)
| For the six months ended 30 June 2025 (Unaudited) | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Attributable to shareholders of the parent | |||||||||
| Issued capital |
Capital reserves |
Other comprehensive income/(loss) |
Surplus reserves |
General reserves |
Retained profits |
Sub-total | Non controlling interests |
Total equity | |
| Balance at the beginning of the period | 9,620 | 79,948 | 14,917 | 5,114 | 29,928 | 151,890 | 291,417 | 27,064 | 318,481 |
| Movements in the current period Net profit Other comprehensive income/(loss) |
- - |
(9) - |
(27,307) - |
- - |
80 - |
17,690 27,885 |
(9,546) 27,885 |
4,271 921 |
(5,275) 28,806 |
| (Note V 34) | - | - | (27,032) | - | - | - | (27,032) | (468) | (27,500) |
| Total comprehensive income Acquisition of subsidiaries Other equity changes caused by |
- - |
- - |
(27,032) - |
- - |
- - |
27,885 - |
853 - |
453 4,670 |
1,306 4,670 |
| equity method accounting Profit distribution |
- - |
(9) - |
- - |
- - |
- 80 |
- (10,470) |
(9) (10,390) |
- (852) |
(9) (11,242) |
| Appropriations to general reserves Profit distribution to shareholders |
- - |
- - |
- - |
- - |
80 - |
(80) (10,390) |
- (10,390) |
- (347) |
- (10,737) |
| Profit distribution to other equity instrument holders Transfer of other comprehensive |
- | - | - | - | - | - | - | (505) | (505) |
| income/(loss) to retained profits Balance at the end of the period |
- 9,620 |
- 79,939 |
(275) (12,390) |
- 5,114 |
- 30,008 |
275 169,580 |
- 281,871 |
- 31,335 |
- 313,206 |
(All amounts expressed in RMB million unless otherwise specified)
| For the six months ended 30 June 2024 (Unaudited) | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Attributable to shareholders of the parent | |||||||||
| Issued capital |
Capital reserves |
Other comprehensive income/(loss) |
Surplus reserves |
General reserves |
Retained profits |
Sub-total | Non controlling interests |
Total equity | |
| Balance at the beginning of the period | 9,620 | 79,950 | 7,992 | 5,114 | 25,462 | 121,448 | 249,586 | 18,118 | 267,704 |
| Movements in the current period | - | (4) | 2,490 | - | 74 | 15,164 | 17,724 | 8,228 | 25,952 |
| Net profit Other comprehensive income/(loss) |
- | - | - | - | - | 25,132 | 25,132 | 726 | 25,858 |
| (Note V 34) | - | - | 2,409 | - | - | - | 2,409 | 46 | 2,455 |
| Total comprehensive income Other equity changes caused by |
- | - | 2,409 | - | - | 25,132 | 27,541 | 772 | 28,313 |
| equity method accounting Capital invested and reduced by |
- | (2) | - | - | - | - | (2) | - | (2) |
| holders | - | (2) | - | - | - | - | (2) | 8,002 | 8,000 |
| Capital invested by other equity instrument holders |
- | (2) | - | - | - | - | (2) | 8,002 | 8,000 |
| Profit distribution | - | - | - | - | 74 | (9,887) | (9,813) | (546) | (10,359) |
| Appropriations to general reserves Profit distribution to shareholders Profit distribution to other equity |
- - |
- - |
- - |
- - |
74 - |
(74) (9,813) |
- (9,813) |
- (231) |
- (10,044) |
| instrument holders Transfer of other comprehensive |
- | - | - | - | - | - | - | (315) | (315) |
| income/(loss) to retained profits |
- | - | 81 | - | - | (81) | - | - | - |
| Balance at the end of the period | 9,620 | 79,946 | 10,482 | 5,114 | 25,536 | 136,612 | 267,310 | 26,346 | 293,656 |
FOR THE SIX MONTHS ENDED 30 JUNE 2025 (All amounts expressed in RMB million unless otherwise specified)
| Note V | For the six months ended 30 June 2025 |
For the six months ended 30 June 2024 |
|
|---|---|---|---|
| (Unaudited) | (Unaudited) | ||
| Cash flows from operating activities | |||
| Cash received from premium of insurance contracts | |||
| issued | 277,867 | 253,730 | |
| Net cash received from reinsurance contracts held | 2,142 | - | |
| Net decrease in policy loans | 2,201 | 1,498 | |
| Refund of taxes and surcharges | 228 | 57 | |
| Cash received relating to other operating activities | 2,712 | 2,887 | |
| Sub-total of cash inflows | 285,150 | 258,172 | |
| Cash paid for claims under insurance contracts issued | (93,624) | (92,514) | |
| Net cash paid under reinsurance contracts issued | (985) | (740) | |
| Net cash paid under reinsurance contracts held | - | (586) | |
| Cash paid for commission and brokerage expenses | (16,647) | (17,669) | |
| Cash paid to and on behalf of employees | (14,600) | (14,930) | |
| Payments of taxes and surcharges | (5,076) | (5,667) | |
| Cash paid relating to other operating activities | (33,715) | (36,141) | |
| Sub-total of cash outflows | (164,647) | (168,247) | |
| Net cash flows from operating activities | 120,503 | 89,925 | |
| Cash flows from investing activities | |||
| Cash received from disposal of investments | 369,732 | 372,772 | |
| Cash received from returns on investments and | |||
| interest income | 34,954 | 35,093 | |
| Net cash received from disposal of subsidiaries and | |||
| other business entities | 133 | 48 | |
| Net cash received from disposal of fixed assets, | |||
| intangible assets and other long-term assets | 52 | 14 | |
| Cash received relating to other investing activities | 112 | - | |
| Sub-total of cash inflows | 404,983 | 407,927 | |
| Cash paid to acquire investments | (496,360) | (448,159) | |
| Net cash paid to acquire subsidiaries and other | |||
| business entities | (278) | (161) | |
| Cash paid to acquire fixed assets, intangible assets | |||
| and other long-term assets | (2,061) | (1,380) | |
| Cash paid relating to other investing activities | (1,673) | (13) | |
| Sub-total of cash outflows | (500,372) | (449,713) | |
| Net cash flows used in investing activities | (95,389) | (41,786) |
FOR THE SIX MONTHS ENDED 30 JUNE 2025 (All amounts expressed in RMB million unless otherwise specified)
| Note V | For the six months ended 30 June 2025 (Unaudited) |
For the six months ended 30 June 2024 (Unaudited) |
|
|---|---|---|---|
| Cash flows from financing activities Cash received from capital contributions |
- | 8,000 | |
| Cash received relating to other financing activities | 8,700 | 3,667 | |
| Sub-total of cash inflows | 8,700 | 11,667 | |
| Cash repayments of borrowings | (1,070) | (8,218) | |
| Cash payments for distribution of dividends, profits or interest expenses |
(2,522) | (1,416) | |
| Decrease in securities sold under agreements to repurchase, net |
(1,437) | (19,201) | |
| Cash paid relating to other financing activities | (1,223) | (803) | |
| Sub-total of cash outflows | (6,252) | (29,638) | |
| Net cash flows from/(used in) financing activities | 2,448 | (17,971) | |
| Effects of exchange rate changes on cash and cash | |||
| equivalents | (43) | 39 | |
| Net increase in cash and cash equivalents | 27,519 | 30,207 | |
| Add: Cash and cash equivalents at the beginning of the period |
39,673 | 33,740 | |
| Cash and cash equivalents at the end of the period | 36 | 67,192 | 63,947 |
AS AT 30 JUNE 2025
(All amounts expressed in RMB million unless otherwise specified)
| ASSETS | 30 June 2025 |
31 December 2024 |
|---|---|---|
| (Unaudited) | (Audited) | |
| Cash at bank and on hand | 5,516 | 5,163 |
| Securities purchased under agreements to resell | 600 | - |
| Term deposits | 8,370 | 6,997 |
| Financial investments: | 56,056 | 57,394 |
| Financial assets at fair value through profit or loss | 22,517 | 22,725 |
| Financial assets at amortised cost | 6,595 | 8,301 |
| Debt investments at fair value through other | ||
| comprehensive income | 22,261 | 21,729 |
| Equity investments at fair value through other | ||
| comprehensive income | 4,683 | 4,639 |
| Long-term equity investments | 69,972 | 70,213 |
| Investment properties | 1,999 | 2,131 |
| Fixed assets | 1,843 | 1,840 |
| Construction in progress | 3 | 3 |
| Right-of-use assets | 259 | 288 |
| Intangible assets | 238 | 267 |
| Other assets | 10,952 | 561 |
| Total assets | 155,808 | 144,857 |
| LIABILITIES AND EQUITY | ||
| Securities sold under agreements to repurchase | 950 | 910 |
| Employee benefits payable | 155 | 244 |
| Taxes payable | 95 | 13 |
| Lease liabilities | 296 | 329 |
| Deferred income tax liabilities | 466 | 475 |
| Other liabilities | 11,077 | 780 |
| Total liabilities | 13,039 | 2,751 |
| Issued capital | 9,620 | 9,620 |
| Capital reserves | 79,312 | 79,312 |
| Other comprehensive income/(loss) | 1,231 | 1,260 |
| Surplus reserves | 4,810 | 4,810 |
| Retained profits | 47,796 | 47,104 |
| Total equity | 142,769 | 142,106 |
| TOTAL LIABILITIES AND EQUITY | 155,808 | 144,857 |
FOR THE SIX MONTHS ENDED 30 JUNE 2025 (All amounts expressed in RMB million unless otherwise specified)
| For the six months ended 30 June 2025 (Unaudited) |
For the six months ended 30 June 2024 (Unaudited) |
|
|---|---|---|
| Operating income | 12,049 | 11,070 |
| Interest income Investment income |
736 11,010 |
895 9,482 |
| Including: Share of gains/(losses) of associates and | ||
| joint ventures | 1 | (7) |
| Other income | 2 | 6 |
| Gains arising from changes in fair value | 30 | 334 |
| Exchange (losses)/gains | (36) | 27 |
| Other operating income | 307 | 326 |
| Operating expenses | (835) | (885) |
| Interest expenses | (18) | (19) |
| Taxes and surcharges | (35) | (39) |
| Operating and administrative expenses | (697) | (718) |
| Impairment losses on financial assets | 26 | 10 |
| Other operating expenses | (111) | (119) |
| Operating profit | 11,214 | 10,185 |
| Add: Non-operating income | 3 | 6 |
| Less: Non-operating expenses | (5) | (16) |
| Profit before tax | 11,212 | 10,175 |
| Less: Income tax | (127) | (148) |
| Net profit | 11,085 | 10,027 |
| Classified by continuity of operations: Net profit from continuing operations |
11,085 | 10,027 |
| Net profit from discontinued operations | - | - |
| Other comprehensive income/(loss) | ||
| Other comprehensive income/(loss) that will not be | ||
| reclassified to profit or loss: | 41 | 275 |
| Changes in the fair value of equity investments at | ||
| fair value through other comprehensive income | 41 | 275 |
| Other comprehensive income/(loss) that will be | ||
| reclassified to profit or loss: | (73) | 346 |
| Share of other comprehensive income/(loss) that will | ||
| be reclassified to profit or loss of investees | ||
| accounted for using the equity method | - | 1 |
| Changes in the fair value of debt instruments at fair | ||
| value through other comprehensive income | (73) | 348 |
| Changes in provisions for credit risks of debt instruments at fair value through other |
||
| comprehensive income | - | (3) |
| Other comprehensive income/(loss) | (32) | 621 |
| Total comprehensive income | 11,053 | 10,648 |
FOR THE SIX MONTHS ENDED 30 JUNE 2025 (All amounts expressed in RMB million unless otherwise specified)
| For the six months ended 30 June 2025 (Unaudited) | ||||||
|---|---|---|---|---|---|---|
| Issued capital |
Capital reserves |
Other comprehensive income/(loss) |
Surplus reserves |
Retained profits |
Total equity |
|
| Balance at the beginning of the period | 9,620 | 79,312 | 1,260 | 4,810 | 47,104 | 142,106 |
| Movements in the current period Net profit |
- - - |
- - - |
(29) - (32) |
- - - |
692 11,085 - |
663 11,085 (32) |
| Other comprehensive income/(loss) Total comprehensive income Profit distribution |
- - |
- - |
(32) - |
- - |
11,085 (10,390) |
11,053 (10,390) |
| Profit distribution to shareholders Transfer of other comprehensive income/(loss) to retained profits |
- - |
- - |
- 3 |
- - |
(10,390) (3) |
(10,390) - |
| Balance at the end of the period | 9,620 | 79,312 | 1,231 | 4,810 | 47,796 | 142,769 |
| For the six months ended 30 June 2024 (Unaudited) | ||||||
|---|---|---|---|---|---|---|
| Issued capital |
Capital reserves |
Other comprehensive income/(loss) |
Surplus reserves |
Retained profits |
Total equity |
|
| Balance at the beginning of the period | 9,620 | 79,312 | 423 | 4,810 | 46,114 | 140,279 |
| Movements in the current period Net profit |
- - |
- - |
619 - |
- - |
216 10,027 |
835 10,027 |
| Other comprehensive income/(loss) | - | - | 621 | - | - | 621 |
| Total comprehensive income Profit distribution |
- - |
- - |
621 - |
- - |
10,027 (9,813) |
10,648 (9,813) |
| Profit distribution to shareholders Transfer of other comprehensive |
- | - | - | - | (9,813) | (9,813) |
| income/(loss) to retained profits | - | - | (2) | - | 2 | - |
| Balance at the end of the period | 9,620 | 79,312 | 1,042 | 4,810 | 46,330 | 141,114 |
FOR THE SIX MONTHS ENDED 30 JUNE 2025 (All amounts expressed in RMB million unless otherwise specified)
| For the six months ended 30 June 2025 |
For the six months ended 30 June 2024 |
|
|---|---|---|
| (Unaudited) | (Unaudited) | |
| Cash flows from operating activities Refund of taxes and surcharges Cash received relating to other operating activities |
195 242 |
- 335 |
| Sub-total of cash inflows | 437 | 335 |
| Cash paid to and on behalf of employees Payments of taxes and surcharges Cash paid relating to other operating activities |
(390) (135) (283) |
(406) (164) (418) |
| Sub-total of cash outflows | (808) | (988) |
| Net cash flows used in operating activities | (371) | (653) |
| Cash flows from investing activities Cash received from disposal of investments Cash received from returns on investments and interest income |
8,920 1,051 |
11,984 1,261 |
| Net cash received from disposal of subsidiaries and other business entities Net cash received from disposal of fixed assets, intangible assets and other long-term assets |
391 1 |
- - |
| Sub-total of cash inflows | 10,363 | 13,245 |
| Cash paid to acquire investments Cash paid to acquire fixed assets, intangible assets and |
(8,943) | (8,528) |
| other long-term assets | (85) | (67) |
| Sub-total of cash outflows | (9,028) | (8,595) |
| Net cash flows from investing activities Cash flows from financing activities Increase in securities sold under agreements to repurchase, net |
1,335 40 |
4,650 - |
| Sub-total of cash inflows | 40 | - |
| Cash payments for distribution of dividends, profits or interest expenses Decrease in securities sold under agreements to repurchase, net Cash paid relating to other financing activities |
(13) - (19) |
(14) (2,025) (33) |
| Sub-total of cash outflows | (32) | (2,072) |
| Net cash flows from/(used in) financing activities | 8 | (2,072) |
| Effects of exchange rate changes on cash and cash equivalents |
(19) | 27 |
| Net increase in cash and cash equivalents Add: Cash and cash equivalents at the beginning of |
953 | 1,952 |
| the period | 5,163 | 6,286 |
| Cash and cash equivalents at the end of the period | 6,116 | 8,238 |
China Pacific Insurance (Group) Co., Ltd. (the "Company") was restructured from China Pacific Insurance Co., Ltd. in October 2001 pursuant to the approval of the State Council of the People's Republic of China (the PRC) and Circular [2001] No. 239 issued by the former China Insurance Regulatory Commission (the "CIRC"). After the restructuring, the Company obtained a business licence (No. 1000001001110) on 24 October 2001 newly issued by the former State Administration for Industry and Commerce of the PRC, and had an original issued capital of RMB 2,006.39 million, with its registered address and headquarters in Shanghai. The Company increased its issued capital to RMB 6,700 million through issuance of new shares to its then existing shareholders and new shareholders in 2002 and from February to April 2007.
In December 2007, the Company conducted a public offering of 1,000 million A shares on the Shanghai Stock Exchange to increase its issued capital to RMB 7,700 million. On 25 December 2007, the Company's A shares were listed and traded on the Shanghai Stock Exchange.
In December 2009, the Company conducted a global offering of overseas listed foreign shares ("H shares"). Upon the completion of the H share offering, the issued capital was increased to RMB 8,600 million. On 23 December 2009, the Company's H shares were listed and traded on the Hong Kong Stock Exchange.
In November 2012, the Company conducted a non-public offering of 462 million H shares. Upon completion of the H share offering, the issued capital was increased to RMB 9,062 million, and the Company received the approval from the former CIRC in December 2012 for the change of its registered capital. The Company obtained the business licence (registration No. 100000000011107) on 5 February 2013. The Company renewed its business licence on 15 December 2015, and its unified social credit code is No. 91310000132211707B.
In June 2020, the Company issued 102,873,300 Global Depositary Receipts ("GDRs") on the London Stock Exchange (the "LSE") and became listed on the LSE. In July 2020, the Company further issued 8,794,991 GDRs. Each GDR represents five A shares of the Company. After the GDR issuance, the issued capital of the Company was increased to approximately RMB 9,620 million.
The authorised business scope of the Company includes investing in insurance enterprises; supervising and managing the domestic and overseas reinsurance businesses of subsidiaries and their utilisation of funds; and participating in approved international insurance activities. The principal activities of the Company and its subsidiaries (the "Group" or "CPIC Group") are property and casualty insurance businesses, life and health insurance businesses, pension and annuity insurance businesses, as well as investments with insurance funds, etc.
Major subsidiaries included in the consolidation scope in the current period are detailed in Note IV.
(All amounts expressed in RMB million unless otherwise specified)
The interim financial statements have been prepared in accordance with Accounting Standards for Business Enterprises - Basic Standards, the specific accounting standards promulgated and revised subsequently, the Guidelines for the Application of Accounting Standards for Business Enterprises, the Interpretation of Accounting Standards for Business Enterprises and other relevant provisions (hereinafter collectively referred to as "CASs") promulgated by the Ministry of Finance of the People's Republic of China. These interim financial statements are presented and disclosed in accordance with the requirements of CAS No. 32 - Interim Financial Reporting promulgated by the Ministry of Finance of the People's Republic of China, Standard on the Content and Format of Information Disclosure by Companies Offering Securities to the Public No. 3 - Content and Format of Interim Reports (revised in 2025) promulgated by the China Securities Regulatory Commission ("CSRC") and Appendix XVI of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. Therefore, they do not include all information and disclosures in the annual financial statements.
The financial statements have been prepared on a going concern basis.
They have been prepared under the historical cost convention, other than financial instruments that have been measured at fair value, insurance contracts and reinsurance contracts held that have been measured primarily based on actuarial methods. If the assets are impaired, corresponding provisions for impairment shall be made according to relevant regulations.
The accounting policies applied in the preparation of the interim financial statements are consistent with those followed in the preparation of the Group's annual financial statements for the year ended 31 December 2024. These financial statements should be read in conjunction with the Group's financial statements for 2024.
The main types of taxes and tax rates applicable to the Group in China are set out below:
| Corporate income tax | - | 25% on its taxable income under current tax laws and relevant regulations |
|---|---|---|
| Value-added tax ("VAT") |
- | The taxable value-added amount (Tax payable is calculated using the taxable sales amount multiplied by the applicable tax rate less deductible VAT input of the current period) determined under current tax laws and relevant regulations, applicable tax rates: 3%, 5%, 6%, 9% or 13% |
| City maintenance and construction tax |
- | 1%, 5% or 7% of the VAT actually paid |
| Educational supplementary tax |
- | 3% of the VAT actually paid |
| Local educational supplementary tax |
- | 2% of the VAT actually paid |
The main types of taxes and tax rates of payable by the Group with regard to its overseas businesses are paid in accordance with relevant regulations of local tax laws.
The taxes to be paid by the Group will be verified by relevant tax authorities.
(All amounts expressed in RMB million unless otherwise specified)
| Name | Type of legal entity |
Business scope and principal activities |
Place of incorporation/ registration |
Place of operations |
Registered capital (RMB thousand, unless otherwise specified) |
Issued capital /Paid-up capital (RMB thousand, unless otherwise specified) |
equity attributable | Percentage of to the Company (%) |
Percentage of voting rights attributable to the Company (%) |
Note |
|---|---|---|---|---|---|---|---|---|---|---|
| Direct | Indirect | |||||||||
| China Pacific Property Insurance Co., Ltd. ("CPIC Property") China Pacific Life Insurance Co., Ltd. |
Joint stock limited company Joint stock limited |
Property and casualty insurance |
Shanghai | The PRC | 19,948,088 | 19,948,088 | 98.50 | - | 98.50 | |
| ("CPIC Life") |
company | Life and health insurance | Shanghai | The PRC | 8,628,200 | 8,628,200 | 98.29 | - | 98.29 | |
| Pacific Asset Management Co., Ltd. ("CPIC Asset Management") |
Limited liability company |
Investment management | Shanghai | Shanghai | 2,100,000 | 2,100,000 | 80.00 | 19.67 | 100.00 | |
| China Pacific Insurance Co., (H.K.) Ltd. ("CPIC H.K.") Shanghai Pacific Insurance Real Estate |
Limited liability company |
Property and casualty insurance |
Hong Kong | Hong Kong | HKD 250,000 thousand |
HKD 250,000 thousand |
- | 98.50 | 100.00 | (1) |
| Management Co., Ltd. ("CPIC Real Estate") Changjiang Pension Insurance Co., Ltd. |
Limited liability company Joint stock limited |
Real estate management Pension fund and insurance |
Shanghai | Shanghai | 115,000 | 115,000 | 100.00 | - | 100.00 | |
| ("Changjiang Pension") CPIC Investment Management (H.K.) |
company | asset management | Shanghai | Shanghai | 3,000,000 | 3,000,000 | - | 61.10 | 62.16 | |
| Company Limited ("CPIC | Limited liability | HKD 200,000 | HKD 200,000 | |||||||
| Investment (H.K.)") | company | Investment management | Hong Kong | Hong Kong | thousand | thousand | 12.25 | 87.46 | 100.00 | |
| City Island Developments Limited | Limited liability | The British Virgin | The British Virgin | |||||||
| ("City Island") | company Limited liability |
Investment holding | Islands The British Virgin |
Islands The British Virgin |
USD 50,000 |
USD 1,000 |
- | 98.29 | 100.00 | |
| Great Winwick Limited* | company Limited liability |
Investment holding | Islands | Islands | USD 50,000 |
USD 100 |
- | 98.29 | 100.00 | |
| Great Winwick (Hong Kong) Limited * | company Limited liability |
Investment holding | Hong Kong The British Virgin |
Hong Kong The British Virgin |
HKD 10,000 |
HKD 1 |
- | 98.29 | 100.00 | |
| Newscott Investments Limited * Newscott (Hong Kong) Investments |
company Limited liability |
Investment holding | Islands | Islands | USD 50,000 |
USD 100 |
- | 98.29 | 100.00 | |
| Limited * | company | Investment holding | Hong Kong | Hong Kong | HKD 10,000 |
HKD 1 |
- | 98.29 | 100.00 |
(All amounts in RMB million unless otherwise stated)
| Name | Type of legal entity |
Business scope and principal activities |
Place of incorporation/ registration |
Place of operations |
Registered capital (RMB thousand, unless otherwise specified) |
Issued capital /Paid-up capital (RMB thousand, unless otherwise specified) |
equity attributable | Percentage of to the Company (%) |
Percentage of voting rights attributable to the Company (%) Note |
|
|---|---|---|---|---|---|---|---|---|---|---|
| Direct | Indirect | |||||||||
| Shanghai Xin Hui Property | ||||||||||
| Development Co., Ltd. * ("Xin Hui | Limited liability | USD 15,600 | USD 15,600 | |||||||
| Property") | company | Real estate | Shanghai | Shanghai | thousand | thousand | - | 98.29 | 100.00 | |
| Shanghai He Hui Property | ||||||||||
| Development Co., Ltd. * ("He Hui | Limited liability | USD 46,330 | USD 46,330 | |||||||
| Property") | company | Real estate | Shanghai | Shanghai | thousand | thousand | - | 98.29 | 100.00 | |
| Pacific Insurance Online Services | ||||||||||
| Technology Co., Ltd. ("CPIC | Limited liability | |||||||||
| Online Services") | company | Consulting services, etc. | Shandong | The PRC | 200,000 | 200,000 | 100.00 | - | 100.00 | |
| Tianjin Trophy Real Estate Co., Ltd. | Limited liability | |||||||||
| ("Tianjin Trophy") | company | Real estate | Tianjin | Tianjin | 353,690 | 353,690 | - | 98.29 | 100.00 | |
| Pacific Insurance Senior Living | Senior living property | |||||||||
| Investment Management Co., Ltd. | Limited liability | investment and | ||||||||
| ("CPIC Senior Living Investment") |
company | management, etc. | Shanghai | Shanghai | 5,000,000 | 5,000,000 | - | 98.29 | 100.00 | |
| Pacific Health Insurance Co., Ltd. | Joint stock limited | |||||||||
| ("CPIC Health") |
company | Health insurance | Shanghai | The PRC | 3,600,000 | 3,600,000 | 85.05 | 14.69 | 100.00 | |
| Pacific Anxin Agricultural Insurance | Joint stock limited | Property and casualty | ||||||||
| Co., Ltd. ("PAAIC") | company | insurance | Shanghai | The PRC | 1,080,000 | 1,080,000 | - | 66.76 | 67.78 | |
| Pacific Medical & Healthcare | ||||||||||
| Management Co., Ltd. ("Pacific | Limited liability | Medical consulting | ||||||||
| Medical & Healthcare") | company | services, etc. | Shanghai | Shanghai | 1,000,000 | 1,000,000 | - | 98.29 | 100.00 | |
| Pacific Insurance Agency Co., Ltd. | Limited liability | |||||||||
| ("Pacific Insurance Agency") | company | Insurance agency | Shanghai | Shanghai | 50,000 | 50,000 | - | 100.00 | 100.00 | |
| CPIC Fund Management Co., Ltd. | Limited liability | |||||||||
| ("CPIC Funds") | company | Fund management | Shanghai | Shanghai | 150,000 | 150,000 | - | 50.83 | 51.00 | |
| CPIC Senior Living Development | Senior living property | |||||||||
| (Chengdu) Co., Ltd. ("Chengdu | Limited liability | investment and | ||||||||
| Project Company") | company | construction, etc. | Chengdu | Chengdu | 1,083,475 | 1,035,000 | - | 98.29 | 100.00 (2) |
|
| CPIC Senior Living Development | Senior living property | |||||||||
| (Hangzhou) Co., Ltd. ("Hangzhou | Limited liability | investment and | ||||||||
| Project Company") | company | construction, etc. | Hangzhou | Hangzhou | 1,200,000 | 1,056,000 | - | 98.29 | (3) 100.00 |
|
(All amounts in RMB million unless otherwise stated)
| Percentage of | ||||||||
|---|---|---|---|---|---|---|---|---|
| Registered | Issued capital | voting rights | ||||||
| capital | /Paid-up capital | Percentage of | attributable | |||||
| Place of | (RMB thousand, | (RMB thousand, | equity attributable | to the | ||||
| Type of legal | Business scope and | incorporation/ | Place of | unless otherwise | unless otherwise | to the Company | Company | |
| Name | entity | principal activities | registration | operations | specified) | specified) | (%) Direct Indirect |
(%) Note |
| CPIC Senior Living Development | Senior living property | |||||||
| (Xiamen) Co., Ltd. ("Xiamen | Limited liability | investment and | ||||||
| Project Company") | company | construction, etc. | Xiamen | Xiamen | 900,000 | 900,000 | - 98.29 |
100.00 |
| Pacific Care Home (Chengdu) Senior | ||||||||
| Living Service Co., Ltd. ("Pacific | Limited liability | Seniors care and health | ||||||
| Care Home at Chengdu") | company | consultation, etc. | Chengdu | Chengdu | 60,000 | 43,000 | - 98.29 |
100.00 |
| CPIC Senior Living Development | Senior living property | |||||||
| (Nanjing) Co., Ltd. ("Nanjing | Limited liability | investment and | ||||||
| Project Company") | company | construction, etc. | Nanjing | Nanjing | 702,000 | 508,556 | - 98.29 |
(4) 100.00 |
| Pacific Care Home (Dali) Co., Ltd. | Limited liability | "Migrant-style" senior | ||||||
| ("Pacific Care Home at Dali") |
company | living, etc. | Dali | Dali | 608,000 | 608,000 | - 74.70 |
76.00 |
| CPIC (Shanghai) Senior Care | Senior living property | |||||||
| Development Co., Ltd. ("Shanghai | Limited liability | investment and | ||||||
| (Putuo) Project Company") | company | construction, etc. | Shanghai | Shanghai | 250,000 | 250,000 | - 98.29 |
100.00 |
| Pacific Care Home (Hangzhou) Senior | ||||||||
| Living Service Co., Ltd. ("Pacific | Limited liability | Seniors care and health | ||||||
| Care Home at Hangzhou") | company | consultation, etc. | Hangzhou | Hangzhou | 60,000 | 42,200 | - 98.29 |
100.00 |
| CPIC Senior Living Development | Senior living property | |||||||
| (Wuhan) Co., Ltd. ("Wuhan Project | Limited liability | investment and | ||||||
| Company") | company | construction, etc. | Wuhan | Wuhan | 980,000 | 980,000 | - 98.29 |
100.00 |
| Private equity | ||||||||
| CPIC Capital Company Limited. | Limited liability | investment fund | ||||||
| ("CPIC Capital") | company | management services | Shanghai | Shanghai | 100,000 | 100,000 | - 99.67 |
100.00 |
| Shanghai Chongming Pacific Care | ||||||||
| Home Senior Living Service Co., | ||||||||
| Ltd. ("Pacific Care Home at | Limited liability | "Migrant-style" senior | ||||||
| Shanghai (Chongming)") | company | living, etc. | Shanghai | Shanghai | 1,253,000 | 1,070,000 | - 98.29 |
100.00 |
(All amounts in RMB million unless otherwise stated)
| Name | Type of legal entity |
Business scope and principal activities |
Place of incorporation/ registration |
Place of operations |
Registered capital (RMB thousand, unless otherwise specified) |
Issued capital /Paid-up capital (RMB thousand, unless otherwise specified) |
equity attributable to the Company |
Percentage of (%) |
Percentage of voting rights attributable to the Company (%) Note |
|---|---|---|---|---|---|---|---|---|---|
| Direct | Indirect | ||||||||
| Shanghai (Putuo) Pacific Care Home | |||||||||
| Senior Living Service Co., Ltd. | Seniors care, nursing | ||||||||
| ("Pacific Care Home at Shanghai | Limited liability | service and health | |||||||
| (Putuo)") | company | consultation, etc. | Shanghai | Shanghai | 30,000 | 23,000 | - | 98.29 | 100.00 |
| Beijing Borui Heming Insurance | Limited liability | ||||||||
| Agency Co., Ltd. ("Borui Heming") | company | Insurance agency | Beijing | The PRC | 52,000 | 52,000 | - | 98.29 | 100.00 |
| China Pacific Life Insurance (H.K.) | |||||||||
| Company Limited ("CPIC Life | Limited liability | HKD 1,000,000 | HKD 1,000,000 | ||||||
| (H.K.)") | company | Life and health insurance | Hong Kong | Hong Kong | thousand | thousand | - | 98.29 | 100.00 |
| CPIC Senior Living Development | Elderly service, real estate |
||||||||
| (Qingdao) Co., Ltd. ("Qingdao | Limited liability | development and operation, | |||||||
| Project Company") | company | etc. | Qingdao | Qingdao | 227,000 | 193,000 | - | 98.29 | 100.00 |
| Pacific Care Home (Xiamen) Senior | |||||||||
| Living Service Co., Ltd. ("Pacific | Limited liability | Seniors care and health | |||||||
| Care Home at Xiamen") | company | consultation, etc. | Xiamen | Xiamen | 40,000 | 30,000 | - | 98.29 | 100.00 |
| CPIC Senior Living Development | Elderly service, real estate | ||||||||
| (Zhengzhou) Co., Ltd. ("Zhengzhou | Limited liability | development and operation, | |||||||
| Project Company") | company | etc. | Zhengzhou | Zhengzhou | 650,000 | 650,000 | - | 98.29 | 100.00 |
| CPIC Senior Living Development | Elderly service, real estate | ||||||||
| (Beijing) Co., Ltd. ("Beijing Project | Limited liability | development and operation, | |||||||
| Company") | company | etc. | Beijing | Beijing | 800,000 | 800,000 | - | 98.29 | 100.00 |
| Technical services, cloud | |||||||||
| Pacific Insurance Technology Co., Ltd. | Limited liability | computing services, big | |||||||
| ("CPIC Technology") | company | data services | Shanghai | Shanghai | 700,000 | 700,000 | 100.00 | - | 100.00 |
| Business service, property | |||||||||
| Xinbaoyu (Guangzhou) Co., Ltd. | Limited liability | management, and lease of | |||||||
| ("Xinbaoyu") | company | non-residential real estate | Guangzhou | Guangzhou | 3,650,000 | 3,649,990 | - | 98.46 | 100.00 |
| Pacific Insurance Technology Services | Technical services, | ||||||||
| (Wuhan) Co., Ltd. ("CPIC | Limited liability | technical consulting | |||||||
| Technology Wuhan") | company | services | Wuhan | Wuhan | 100,000 | 100,000 | - | 100.00 | 100.00 |
(All amounts in RMB million unless otherwise stated)
| Issued capital | Percentage of | |||||||
|---|---|---|---|---|---|---|---|---|
| Registered capital | /Paid-up capital | Percentage of | voting rights | |||||
| Place of | (RMB thousand, | (RMB thousand, | equity attributable | attributable to | ||||
| Type of legal | Business scope and | incorporation/ | Place of | unless otherwise | unless otherwise | to the Company | the Company | |
| Name | entity | principal activities | registration | operations | specified) | specified) | (%) | (%) Note |
| Direct Indirect |
||||||||
| Pacific Health Management (Sanya) | Elderly service, real estate | |||||||
| Co., Ltd. ("Sanya Project | Limited liability | development and operation, | ||||||
| Company") | company | etc. | Sanya | Sanya | 490,000 | 490,000 | - 98.29 |
100.00 |
| Pacific Care Home (Nanjing) Senior | ||||||||
| Living Service Co., Ltd. ("Pacific |
Limited liability | Elderly services, health | ||||||
| Care Home at Nanjing") | company | consulting services, etc. | Nanjing | Nanjing | 30,000 | 7,000 | - 98.29 |
100.00 |
| Shanghai (Jing'an) Pacific Care Home | ||||||||
| Senior Living Service Co., Ltd. | ||||||||
| ("Pacific Care Home at Shanghai | Limited liability | "Migrant-style" senior | ||||||
| (Jing'an)") | company | living, etc. | Shanghai | Shanghai | 426,367 | 426,367 | - 98.29 |
100.00 |
| Pacific Care Home (Wuhan) Senior | Seniors care, nursing | |||||||
| Living Service Co., Ltd. ("Pacific | Limited liability | service and health | ||||||
| Care Home at Wuhan") | company | consultation, etc. | Wuhan | Wuhan | 30,000 | 16,500 | - 98.29 |
(5) 100.00 |
| Xiamen Yuanshen Rehabilitation | ||||||||
| Hospital Co., Ltd. ("Xiamen | Limited liability | Medical service, hospital | ||||||
| Rehabilitation Hospital") |
company | management, etc. | Xiamen | Xiamen | 160,000 | 160,000 | - 98.29 |
100.00 |
| Pacific Care Home (Suzhou) Senior | Seniors care, nursing | |||||||
| Living Service Co., Ltd. ("Pacific | Limited liability | service and health | ||||||
| Care Home at Suzhou") |
company | consultation, etc. | Suzhou | Suzhou | 30,000 | 6,000 | - 98.29 |
100.00 |
| Pacific Care Home (Beijing) Senior | ||||||||
| Living Service Co., Ltd. ("Pacific | Limited liability | Seniors and disability | ||||||
| Care Home at Beijing") |
company | care | Beijing | Beijing | 30,000 | 3,000 | - 98.29 |
(6) 100.00 |
(All amounts in RMB million unless otherwise stated)
| Issued capital | Percentage of | |||||||
|---|---|---|---|---|---|---|---|---|
| Registered capital | /Paid-up capital | Percentage of | voting rights | |||||
| Place of | (RMB thousand, | (RMB thousand, | equity attributable | attributable to | ||||
| Type of legal | Business scope and |
incorporation/ | Place of | unless otherwise | unless otherwise | to the Company | the Company | |
| Name | entity | principal activities | registration | operations | specified) | specified) | (%) | (%) Note |
| Direct Indirect |
||||||||
| Pacific Care Home (Zhengzhou) Senior | ||||||||
| Living Service Co., Ltd ("Pacific | Limited liability | |||||||
| Care Home at Zhengzhou") | company | Seniors and disability care |
Zhengzhou | Zhengzhou | 45,000 | 5,000 | - 98.29 |
(7) 100.00 |
| CPIC Senior Living Development | Elderly services, lease of | |||||||
| (Guangzhou) Co., Ltd. ("Guangzhou | Limited liability | non-residential | ||||||
| Project Company") | company | real estate, etc. | Guangzhou | Guangzhou | 830,000 | 443,000 | - 98.29 |
(8) 100.00 |
| CPIC Senior Living Development | ||||||||
| (Suzhou) Co., Ltd. ("Suzhou Project | Limited liability | Elderly services, lease of | ||||||
| Company") | company | real estate, etc. | Suzhou | Suzhou | 300,000 | 250,000 | - 98.29 |
(9) 100.00 |
| Jinan Yuanshen Rehabilitation Hospital | ||||||||
| Co., Ltd. ("Jinan Rehabilitation | Limited liability | Medical service, hospital | ||||||
| Hospital") | company | management, etc. | Jinan | Jinan | 260,000 | 86,000 | - 98.29 |
(10) 100.00 |
| Shanghai Ruiyongjing Real Estate | Real estate development | |||||||
| Development Co., Ltd. | Limited liability | and operation, property | ||||||
| ("Ruiyongjing Real Estate") | company | management, etc. | Shanghai | Shanghai | 14,050,000 | 14,050,000 | - 68.80 |
(11) 70.00 |
| Pacific NanShanJu (Shanghai) Senior | ||||||||
| Care Service Co., Ltd. ("Pacific | Limited liability | Seniors care, nursing | ||||||
| Nanshanju") | company | service, etc. | Shanghai | Shanghai | 5,600 | 5,600 | - 98.29 |
(12) 100.00 |
| Pacific Care Home (Sanya) Senior | Elderly services, | |||||||
| Living Service Co., Ltd ("Pacific | Limited liability | lease of real estate, | - | (13) | ||||
| Care Home at Sanya") |
company | etc. | Sanya | Sanya | 30,000 | 2,000 | 98.29 | 100.00 |
| CPIC Zhiyuan (Shanghai) Private | Private securities | |||||||
| Equity Fund Management Co., Ltd ("CPIC Zhiyuan") |
Limited liability company |
investment fund management service |
Shanghai | Shanghai | 10,000 | 10,000 | - 99.67 |
(14) 100.00 |
| * Subsidiaries of City Island |
(All amounts expressed in RMB million unless otherwise specified)
In December 2023, the Company signed a share transfer agreement with CPIC Property, agreeing to transfer all the share of CPIC H.K held by the Company to CPIC Property for a consideration of HKD 430 million. As of 30 June 2025, the share transfer has completed all trading procedures, and CPIC Property holds 100% of the equity of CPIC H.K.
(2) Chengdu Project Company
Chengdu Project Company, a wholly-owned subsidiary funded by CPIC Life, with registered capital of approximately RMB 1,083 million. As of 30 June 2025, the paid-up investment amount of CPIC Life had increased to RMB 1,035 million.
(3) Hangzhou Project Company
Hangzhou Project Company, a wholly-owned subsidiary funded by CPIC Life, with registered capital of RMB 1,200 million. As of 30 June 2025, the paid-up investment amount of CPIC Life had increased to RMB 1,056 million.
(4) Nanjing Project Company
Nanjing Project Company, a wholly-owned subsidiary funded by CPIC Life, with registered capital of RMB 702 million. As of 30 June 2025, the paid-up investment amount of CPIC Life had increased to approximately RMB 509 million.
(5) Pacific Care Home at Wuhan
Pacific Care Home at Wuhan, a wholly-owned subsidiary funded by CPIC Senior Living Investment, with registered capital of RMB 30 million. As of 30 June 2025, the paid-up investment amount of CPIC Senior Living Investment had increased to approximately RMB 17 million.
(6) Pacific Care Home at Beijing
Pacific Care Home at Beijing, a wholly-owned subsidiary funded by CPIC Senior Living Investment, with registered capital of RMB 30 million. As of 30 June 2025, the paid-up investment amount of CPIC Senior Living Investment had increased to RMB 3 million.
(7) Pacific Care Home at Zhengzhou
Pacific Care Home at Zhengzhou, a wholly-owned subsidiary funded by CPIC Senior Living Investment, with registered capital of RMB 45 million. As of 30 June 2025, the paid-up investment amount of CPIC Senior Living Investment had increased to RMB 5 million.
(8) Guangzhou Project Company
Guangzhou Project Company, a wholly-owned subsidiary funded by CPIC Life, with registered capital of RMB 830 million. As of 30 June 2025, the paid-up investment amount of CPIC Life had increased to RMB 443 million.
(All amounts expressed in RMB million unless otherwise specified)
Suzhou Project Company, a wholly-owned subsidiary funded by CPIC Life, with registered capital of RMB 300 million. As of 30 June 2025, the paid-up investment amount of CPIC Life had increased to RMB 250 million.
(10)Jinan Rehabilitation Hospital
Jinan Rehabilitation Hospital, a wholly-owned subsidiary funded by Pacific Medical & Healthcare, with registered capital of RMB 260 million. As of 30 June 2025, the paid-up investment amount of Pacific Medical & Healthcare had increased to RMB 86 million.
(11)Ruiyongjing Real Estate
CPIC Life and two third-party companies jointly invested in the establishment of Ruiyongjing Real Estate, with a registered capital of RMB 14,050 million. Among them, the shareholding ratio of CPIC Life is 70.00%. As of 30 June 2025, CPIC Life has paid up the investment amount of RMB 9,835 million. CPIC Life obtained the control of Ruiyongjing Real Estate in the current period and included it in the scope of consolidation. For details, please refer to Note IV. 2.
(12)Pacific Nanshanju
CPIC Senior Living Investment and Orpea (Shanghai) Investment Co., Ltd. found the Pacific NanShanJu (Shanghai) Senior Care Service Co., Ltd.(originally named as Pacific Orpea (Shanghai) Senior Care Management Co., Ltd.) in together, holding the percentage of equity with 56.00% and 44.00% respectively, registered capital is RMB 10 million. In January 2025, Orpea (Shanghai) Investment Co., Ltd. withdrew its investment and exited. After the equity change, CPIC Senior Living Investment holds 100.00% of the shares. As of 30 June 2025, CPIC Senior Living Investment has paid up all the investment.
(13)Pacific Care Home at Sanya
Pacific Care Home at Sanya, a wholly-owned subsidiary funded by CPIC Senior Living Investment, obtained the business license for the legal entity with unified social credit code 91460000MAEB4AFU2U in January 2025, with registered capital of RMB 30 million. As of 30 June 2025, CPIC Senior Living has paid up the investment amount of RMB 2 million.
(14)CPIC Zhiyuan
CPIC Zhiyuan, a wholly-owned subsidiary funded by CPIC Asset Management, obtained the business license for the legal entity with unified social credit code 91310000MAEL1A7M9J in May 2025, with registered capital of RMB 10 million. As of 30 June 2025, CPIC Asset Management has paid up all the investment amount.
FOR THE SIX MONTHS ENDED 30 JUNE 2025
(All amounts expressed in RMB million unless otherwise specified)
The main business combination not under common control occurred in the current period is as follows,
| Equity | Equity | Percentage | Purchase | Acquisition | Acquisition | Acquiree's | Acquiree's | Acquiree's | |
|---|---|---|---|---|---|---|---|---|---|
| transaction | purchase | of equity | method | date | date basis | operating | net profit | net cashflow | |
| date | cost | purchased | income from | from | from | ||||
| (%) | acquisition | acquisition | acquisition | ||||||
| date to the | date to the | date to the | |||||||
| end of the | end of the | end of the | |||||||
| period | period | period | |||||||
| Ruiyongjing | 24 July | Cash | Actual | ||||||
| 30 June | transfer date | ||||||||
| Real Estate | 2018 | 9,835 | 70.00 | contribution | 2025 | of control | - | - | - |
(1) Acquisition cost and goodwill:
| Fair value | Carrying amount | |
|---|---|---|
| Fair value of equity interest held before acquisition date |
10,897 | 9,294 |
| Total acquisition cost | 10,897 | 9,294 |
| Less: Fair value of net assets acquired | 10,897 | |
| Goodwill/acquisition cost less than fair value of net assets acquired |
- |
(2) The fair value and carrying amount of the identifiable assets and liabilities of the acquiree as at the acquisition date are as below:
| Fair value | Carrying amount | |
|---|---|---|
| Cash at bank and on hand | 112 | 112 |
| Investment properties and long-term deferred | ||
| and prepaid expenses | 22,501 | 19,448 |
| Other assets | 235 | 235 |
| Long-term borrowings | (5,627) | (5,627) |
| Deferred tax liabilities | (763) | - |
| Other liabilities | (891) | (891) |
| Net assets | 15,567 | 13,277 |
| Less: Non-controlling interests | 4,670 | 3,983 |
| Net assets acquired | 10,897 | 9,294 |
When determining the fair value of the assets and liabilities of Ruiyongjing Real Estate on acquisition date, the buildings under investment properties are evaluated using the cost method and the income method. In addition to the above-mentioned separately assessed assets, the fair value of the remaining identifiable assets and liabilities of Ruiyongjing Real Estate is close to its carrying amount.
(All amounts expressed in RMB million unless otherwise specified)
| Initial transaction date |
Percentage of equity interest held(%) |
Purchase cost |
Purchase method |
||
|---|---|---|---|---|---|
| Ruiyongjing Real Estate |
24 July 2018 | 70.00 | 9,835 | Cash | |
| Carrying amount as at the acquisition date |
Fair value as at the acquisition date |
Profit or loss resulting from remeasurement |
Method and key assumptions of the fair value remeasurement |
The amount of other comprehensive income/(loss) transferred to investment income |
|
| Ruiyongjing Real Estate |
9,294 | 10,897 | 1,603 | Net asset adjustment method |
- |
(4) Net cash paid to acquire subsidiaries and other business entities:
| For the six months ended 30 June 2025 |
|
|---|---|
| Cash and cash equivalents held by subsidiaries and other operating entities as at the acquisition date Less: Cash and cash equivalents paid to acquire subsidiaries and other business entities |
112 - |
| Cash received relating to other investing activities | 112 |
| Collective | Product scale | ||
|---|---|---|---|
| holding by the | (units in RMB | ||
| Name | Group (%) | thousand) | Nature of business |
| China Pacific Changhang Equity Investment Fund (Wuhan) Partnership (Limited Partnership) |
Investing in equity investments, investment management and asset management activities with private funds (yet subject to related regulations of the Asset Management Association of China ("AMAC")) (except for projects subject to approval according to law, |
||
| ("China Pacific Changhang") | 99.98 | 10,424,462 | independently carry out business activities that are not prohibited or restricted by laws and regulations with business license). |
| CPIC Zengfu Annually Open Pure Debt Type Launching Securities Investment Fund |
100.00 | 8,062,610 | Investing in financial instruments with high liquidity including national bonds, government bonds, local treasury bonds, financial bonds, enterprise bonds, corporate bonds, Central Bank bills, medium term notes, short-term commercial paper, super short-term commercial paper, SME private debt, asset-backed security, subordinated debt, the debt part of the convertible bonds, bonds repo, bank deposits (including agreement deposits, notice deposits and term deposits), NCDs, money market instrument, treasury bond futures and other financial instruments that laws and regulations or the CSRC allow funds to invest (yet subject to related regulations of the CSRC). |
| CPIC Zengyu Annually Open Pure | Investing in financial instruments with high liquidity including national bonds, government bonds, local treasury bonds, financial bonds, enterprise bonds, corporate bonds, Central Bank bills, medium term notes, short-term commercial paper, super short-term commercial paper, SME private debt, asset-backed security, subordinated debt, the debt part of the convertible bonds, bonds repo, bank deposits (including agreement deposits, notice deposits and term deposits), NCDs, money market instrument, treasury bond |
||
| Debt Type Launching Securities Investment Fund |
87.47 | 7,635,690 | futures and other financial instruments that laws and regulations or the CSRC allow funds to invest (yet subject to related regulations of the CSRC). |
(All amounts expressed in RMB million unless otherwise specified)
| Name | Collective holding by the Group (%) |
Product scale (units in RMB thousand) |
Nature of business |
|---|---|---|---|
| CPIC Health Industry Private Investment Fund (Shanghai) Partnership (Limited Partnership) ("CPIC Health Fund") |
90.90 | 6,624,080 | Investing in equity investments, investment management and asset management activities with private funds (yet subject to related regulations of the Asset Management Association of China ("AMAC")). |
| Pacific-Ningbo Rail Transit Infrastructure Debt Investment Plan |
100.00 | 5,000,000 | Investing in the second phase of Ningbo Rail Transit Line 3 project operated by Ningbo Rail Transit Group Co., Ltd. in the form of debt. |
CPIC Asset Management, CPIC Funds and CPIC Capital, etc. are the asset managers of these consolidated structured entities included in the scope of the Group.
(All amounts expressed in RMB million unless otherwise specified)
| 30 June 2025 | ||||
|---|---|---|---|---|
| Original | ||||
| Currency | currency | Exchange rate | RMB | |
| Bank deposits | RMB | 37,754 | 1.00000 | 37,754 |
| USD | 873 | 7.15860 | 6,247 | |
| HKD | 1,062 | 0.91195 | 969 | |
| Others | 21 | |||
| Subtotal | 44,991 | |||
| Other cash balances | RMB | 1,413 | 1.00000 | 1,413 |
| Subtotal | 1,413 | |||
| Total | 46,404 | |||
| 31 December 2024 | ||||
| Original | ||||
| Currency | currency | Exchange rate | RMB | |
| Bank deposits | RMB | 22,045 | 1.00000 | 22,045 |
| USD | 810 | 7.18840 | 5,820 | |
| HKD | 295 | 0.92604 | 274 | |
| Others | 2 | |||
| Subtotal | 28,141 | |||
| Other cash balances | RMB | 1,214 | 1.00000 | 1,214 |
| USD | - | 7.18840 | 2 | |
| Subtotal | 1,216 | |||
| Total | 29,357 | |||
As at 30 June 2025, the Group's cash at bank and on hand deposited overseas amounted equivalent to RMB 2,045 million (31 December 2024: amounted equivalent to RMB 1,357 million). Under PRC's foreign exchange regulations, the Group is permitted to exchange RMB for other currencies through banks authorised to conduct foreign exchange business after obtaining approval from foreign exchange regulatory authorities.
(All amounts expressed in RMB million unless otherwise specified)
As at 30 June 2025, RMB 229 million were time deposits with original maturity of no more than three months (31 December 2024: RMB 221 million).
As at 30 June 2025, RMB 547 million in the Group's cash at bank and on hand balance were restricted for special-purpose use (31 December 2024: RMB 579 million).
Bank deposits comprise current deposits and short-term time deposits. Current deposits earn interest at rates based on daily bank deposit rates. Short-term time deposits are made for varying periods between one day and three months depending on the immediate cash requirements of the Group, and earn interest at respective short-term time deposit rates. The bank balances and deposits are deposited with creditworthy banks with no recent history of default. The carrying amount of the cash at bank and on hand approximate its fair value.
| 30 June 2025 | 31 December 2024 | |
|---|---|---|
| Securities - bonds | ||
| Inter-bank market | 17,960 | 10,380 |
| Stock exchange | 3,389 | 525 |
| Subtotal | 21,349 | 10,905 |
| Less: Impairment provisions | - | - |
| Total | 21,349 | 10,905 |
The Group does not sell or re-pledge the collateral underlying the securities purchased under agreements to resell.
(All amounts expressed in RMB million unless otherwise specified)
| Term to maturity | 30 June 2025 | 31 December 2024 |
|---|---|---|
| At amortised cost | ||
| Within 3 months (inclusive) | 204 | 3,452 |
| 3 months to 1 year (inclusive) | 3,313 | 5,386 |
| 1 to 2 years (inclusive) | 13,367 | 7,934 |
| 2 to 3 years (inclusive) | 4,314 | 9,744 |
| 3 to 4 years (inclusive) | 12,322 | 2,523 |
| 4 to 5 years (inclusive) | 8,861 | 11,910 |
| Less: Impairment provisions | (21) | (24) |
| Fair value through other comprehensive income |
||
| Within 3 months (inclusive) | - | 8,852 |
| 3 months to 1 year (inclusive) | 16,062 | 7,716 |
| 1 to 2 years (inclusive) | 33,193 | 29,026 |
| 2 to 3 years (inclusive) | 26,796 | 27,980 |
| 3 to 4 years (inclusive) | 39,282 | 20,781 |
| 4 to 5 years (inclusive) | 20,526 | 38,538 |
| Including: | ||
| Amortised cost | 133,435 | 129,338 |
| Accumulated changes in fair value | 2,424 | 3,555 |
| Total | 178,219 | 173,818 |
As at 30 June 2025, the impairment provision recognised for term deposits at fair value through other comprehensive income was RMB 82 million (31 December 2024: RMB 58 million).
(All amounts expressed in RMB million unless otherwise specified)
| 30 June 2025 | 31 December 2024 | ||
|---|---|---|---|
| Listed | 226,149 | 216,255 | |
| Unlisted | 448,252 | 450,944 | |
| Total | 674,401 | 667,199 | |
| Bonds | 276,167 | 274,335 | |
| Government bonds | 7,563 | 6,907 | |
| Finance bonds | 242,388 | 241,069 | |
| Enterprise bonds | 26,216 | 26,359 | |
| Stocks | 187,406 | 179,013 | |
| Funds | 69,839 | 70,472 | |
| Unlisted equity shares investments | 70,257 | 66,707 | |
| Debt investment plans | 42,362 | 42,150 | |
| Investment in asset management products | 19,583 | 28,238 | |
| Others | 8,787 | 6,284 | |
| Total | 674,401 | 667,199 | |
| 5. | Financial assets at amortised cost | ||
| 30 June 2025 | 31 December 2024 | ||
| Listed | 3,230 | 3,236 | |
| Unlisted | 53,595 | 63,205 | |
| Subtotal | 56,825 | 66,441 | |
| Less: Impairment provisions | (1,468) | (1,597) | |
| Net value | 55,357 | 64,844 | |
| Bonds | 19,723 | 21,852 | |
| Government bonds | 16,848 | 16,435 | |
| Enterprise bonds | 2,875 | 5,417 | |
| Debt investment plans | 32,051 | 35,482 | |
| Investment trust | 1,119 | 5,065 |
Others 3,932 4,042
Subtotal 56,825 66,441 Less: Impairment provisions (1,468) (1,597) Net value 55,357 64,844
(All amounts expressed in RMB million unless otherwise specified)
| 30 June 2025 | 31 December 2024 |
|---|---|
| 67,909 | |
| 1,672,289 | 1,540,063 |
| 1,746,373 | 1,607,972 |
| 1,530,160 | 1,345,995 |
| 1,309,303 | 1,139,037 |
| 77,957 | 68,666 |
| 142,900 | 138,292 |
| 163,085 | |
| 50,715 | |
| 34,478 | |
| 7,291 | 13,699 |
| 1,746,373 | 1,607,972 |
| 1,496,449 | 1,366,390 |
| 249,924 | 241,582 |
| 74,084 161,643 13,943 33,336 |
As at 30 June 2025, the impairment provision for the Group's debt investment at fair value through other comprehensive income was RMB 4,332 million (31 December 2024: RMB 4,220 million).
| 30 June 2025 | 31 December 2024 | |
|---|---|---|
| Stocks | 95,719 | 76,052 |
| Preferred shares | 12,604 | 12,642 |
| Perpetual bonds | 12,554 | 18,878 |
| Others | 33,295 | 34,442 |
| Total | 154,172 | 142,014 |
| Including: | ||
| Cost | 142,159 | 131,934 |
| Accumulated changes in fair value | 12,013 | 10,080 |
The equity investments at fair value through other comprehensive income, designated by the Group, are non-trading equity investments with the primary objective of being held for a long time or obtaining dividends during the holding period.
For the six months ended 30 June 2025, the Group disposed equity investments at fair value through other comprehensive income of RMB 9.926 billion (For the six months ended 30 June 2024: RMB 2.158 billion) because of the optimisation of asset allocation and asset and liability management. The amount transferred from other comprehensive income/(loss) to retained profits was RMB 425 million (For the six months ended 30 June 2024: RMB -68 million) due to the disposals, etc.
FOR THE SIX MONTHS ENDED 30 JUNE 2025 (All amounts expressed in RMB million unless otherwise specified)
| 30 June 2025 | 31 December 2024 | ||
|---|---|---|---|
| Joint ventures | |||
| Ruiyongjing Real Estate | - | 9,543 | |
| Pacific Euler Hermes Insurance Sales | |||
| Co., Ltd. ("Euler Hermes") | 30 | 28 | |
| Others | 14 | 18 | |
| Subtotal | 44 | 9,589 | |
| Associates | |||
| Taijiashan Health Industry Equity Investment Fund (Shanghai) LLP. |
|||
| ("Taijiashan") | 3,003 | 3,016 | |
| Yangtze River Delta Synergy Industry | |||
| Investment Fund | 2,160 | 2,353 | |
| Shanghai Hi-Tech Park United Development Co., Ltd. |
1,869 | 1,818 | |
| Shanghai Sci-Tech Innovation Centre | |||
| Capital II LLP. | 1,606 | 1,454 | |
| Shanghai Biomedical Industry Equity | |||
| Investment Fund LLP. | 954 | 952 | |
| Shanghai Lingang GLP International | |||
| Logistics Development Co., Ltd. | 924 | 987 | |
| Others | 2,588 | 2,351 | |
| Subtotal | 13,104 | 12,931 | |
| Total | 13,148 | 22,520 | |
| 9. | Restricted statutory deposits | ||
| 30 June 2025 | 31 December 2024 | ||
| CPIC Property | 3,989 | 3,989 | |
| CPIC Property | 3,989 | 3,989 |
|---|---|---|
| CPIC Life | 1,726 | 1,726 |
| CPIC Health | 720 | 720 |
| PAAIC | 260 | 260 |
| Subtotal | 6,695 | 6,695 |
| Add: Interest receivables | 204 | 158 |
| Less: Impairment provisions | (1) | (2) |
| Total | 6,898 | 6,851 |
In accordance with relevant provision of Insurance Law of the PRC, CPIC Property, CPIC Life, CPIC Health and PAAIC should place 20% of their issued capital as restricted statutory deposits, respectively.
(All amounts expressed in RMB million unless otherwise specified)
| 30 June 2025 | 31 December 2024 | |||
|---|---|---|---|---|
| Deferred | Temporary | Deferred | Temporary | |
| Deferred income tax assets | income tax | differences | income tax | differences |
| Insurance contract liabilities /assets | 58,081 | 232,318 | 50,712 | 202,848 |
| Changes in fair value of financial instruments | 171 | 685 | 169 | 676 |
| Commission and brokerage expenses | 833 | 3,334 | 853 | 3,412 |
| Provision for asset impairment | 599 | 2,394 | 624 | 2,496 |
| Deductible losses | 16,145 | 64,580 | 10,469 | 41,876 |
| Lease liabilities | 410 | 1,638 | 681 | 2,722 |
| Others | 2,231 | 8,927 | 2,578 | 10,312 |
| Total | 78,470 | 313,876 | 66,086 | 264,342 |
| Deferred | Temporary | Deferred | Temporary | |
| Deferred income tax liabilities | income tax | differences | income tax | differences |
| Changes in fair value of financial instruments Adjustment in fair value arising from acquisition of |
(72,104) | (288,415) | (68,364) | (273,456) |
| subsidiaries | (1,485) | (5,940) | (737) | (2,948) |
| Right-of-use assets | (459) | (1,837) | (730) | (2,921) |
| Others | (210) | (838) | (153) | (612) |
| Total | (74,258) | (297,030) | (69,984) | (279,937) |
Deferred income tax assets and liabilities of the Group set out as the net amount after offsetting:
| 30 June 2025 | 31 December 2024 | |||
|---|---|---|---|---|
| Offsetting amount |
Balance after offsetting |
Offsetting amount |
Balance after offsetting |
|
| Deferred income tax assets | (71,551) | 6,919 | (62,622) | 3,464 |
| Deferred income tax liabilities | 71,551 | (2,707) | 62,622 | (7,362) |
(All amounts expressed in RMB million unless otherwise specified)
Details of movements in deferred income tax assets and liabilities are as follows:
| Insurance contract liabilities /assets |
Changes in fair value of financial instruments |
Commission and brokerage expenses |
Provision for asset impairment |
Deductible losses |
Adjustment in fair value arising from acquisition of subsidiaries |
Others | Total | |
|---|---|---|---|---|---|---|---|---|
| Balance of | ||||||||
| 31 December 2023 | 22,300 | (21,942) | 790 | 611 | 3,198 | (797) | 1,797 | 5,957 |
| Recognised in profit | ||||||||
| or loss | (6,183) | (9,275) | 63 | 86 | 7,271 | 60 | 580 | (7,398) |
| Recognised in equity | 34,716 | (37,019) | - | (73) | - | - | (1) | (2,377) |
| Other changes of the year |
(121) | 41 | - | - | - | - | - | (80) |
| Balance of | ||||||||
| 31 December 2024 | 50,712 | (68,195) | 853 | 624 | 10,469 | (737) | 2,376 | (3,898) |
| Acquisition of | ||||||||
| subsidiaries | - | - | - | - | - | (763) | - | (763) |
| Recognised in profit | ||||||||
| or loss | (4,092) | (1,455) | (20) | 9 | 5,676 | 15 | (404) | (271) |
| Recognised in equity | 11,511 | (2,425) | - | (34) | - | - | - | 9,052 |
| Other changes | (50) | 142 | - | - | - | - | - | 92 |
| Balance of | ||||||||
| 30 June 2025 | 58,081 | (71,933) | 833 | 599 | 16,145 | (1,485) | 1,972 | 4,212 |
As at 30 June 2025, the deductible temporary differences and deductible losses not recognised as deferred income tax assets by the Group amounted to RMB 35.2 billion (31 December 2024: RMB 31.1 billion).
(All amounts expressed in RMB million unless otherwise specified)
| 30 June 2025 | 31 December 2024 | ||
|---|---|---|---|
| Other receivables | (1) | 11,946 | 12,694 |
| Improvements of right-of-use assets | 870 | 1,017 | |
| Others | 5,310 | 2,803 | |
| Total | 18,126 | 16,514 | |
| 30 June 2025 | 31 December 2024 | |
|---|---|---|
| Due from external undertakings | 4,571 | 3,344 |
| Due from related parties* | 1,772 | 1,772 |
| Receivable from securities sold but not settled | 1,250 | 4,323 |
| Due from agents | 857 | 314 |
| Deposits | 147 | 267 |
| Co-insurance premium receivables | 57 | 63 |
| Prepaid tax | 6 | 155 |
| Others | 3,616 | 2,787 |
| Subtotal | 12,276 | 13,025 |
| Less: Provision for bad debts | (330) | (331) |
| Net value | 11,946 | 12,694 |
* As at 30 June 2025, the payments made by the Group on behalf of Shanghai Binjiang-Xiangrui Investment and Construction Co., Ltd. ("Binjiang-Xiangrui") for the purchase of land and related taxes and expenses amounted to approximately RMB 1,772 million (31 December 2024: RMB 1,772 million), which accounting for 14% (31 December 2024: 14%) of the total other receivables.
The category of provision for bad debts of other receivables is analysed as below:
| 30 June 2025 | |||||
|---|---|---|---|---|---|
| Ending balance |
% of total balance |
Provision for bad debts |
Provision percentage |
||
| Considered on the grouping basis | 12,276 | 100% | (330) | 3% | |
| 31 December 2024 | |||||
| Ending balance |
% of total balance |
Provision for bad debts |
Provision percentage |
||
| Considered on the grouping basis | 13,025 | 100% | (331) | 3% |
(All amounts expressed in RMB million unless otherwise specified)
(1) Other receivables (continued)
The aging of other receivables and related provisions for bad debts are analysed as follows:
Aging 30 June 2025 Ending balance % of total balance Provision for bad debts Net value Within 3 months (inclusive) 6,535 53% (20) 6,515 3 months to 1 year (inclusive) 2,547 21% (27) 2,520 1 to 3 years (inclusive) 1,075 9% (75) 1,000 Over 3 years 2,119 17% (208) 1,911 Total 12,276 100% (330) 11,946 Aging 31 December 2024 Ending balance % of total balance Provision for bad debts Net value Within 3 months (inclusive) 8,381 64% (17) 8,364 3 months to 1 year (inclusive) 1,828 14% (22) 1,806 1 to 3 years (inclusive) 649 5% (91) 558 Over 3 years 2,167 17% (201) 1,966 Total 13,025 100% (331) 12,694
The top five other receivables of the Group are as follows:
| 30 June 2025 | 31 December 2024 | |
|---|---|---|
| Total amount of the top five other receivables | 2,842 | 2,499 |
| Total provision for bad debts | (8) | (13) |
| % of total other receivables | 23% | 19% |
The account balance does not include any amount attributable to shareholders holding 5% or more of the voting rights of the Company.
(All amounts expressed in RMB million unless otherwise specified)
| 30 June 2025 | 31 December 2024 | |
|---|---|---|
| Securities - bonds | ||
| Inter-bank market | 157,147 | 158,860 |
| Stock exchange | 23,058 | 22,835 |
| Total | 180,205 | 181,695 |
As at 30 June 2025, the Group's bonds with par value of approximately RMB 168,351 million (31 December 2024: approximately RMB 169,426 million) were pledged for the inter-bank securities sold under agreements to repurchase.
As at 30 June 2025, the Group's bonds with par value of approximately RMB 23,051 million (31 December 2024: approximately RMB 22,826 million) were pledged for the stock exchange securities sold under agreements to repurchase.
Securities sold under agreements to repurchase are generally repurchased within 12 months from the date the securities are sold.
| 30 June 2025 | 31 December 2024 | |
|---|---|---|
| Corporate income tax | 2,585 | 663 |
| Unpaid VAT | 586 | 562 |
| Withholding individual income tax | 162 | 155 |
| Others | 950 | 1,100 |
| Total | 4,283 | 2,480 |
On 9 March 2023, CPIC Property issued a 10-year capital replenishment bond with a total face value of RMB 7 billion in the interbank market. CPIC Property has a conditional option to redeem the bond at the end of the fifth interest-bearing year. The capital replenishment bond pays interest at an initial coupon rate of 3.72% per annum. If CPIC Property does not exercise the early redemption option, the annual coupon rate for the next five years would increase to 4.72% from the sixth interest-bearing year to the maturity of the debt.
On 3 April 2023, CPIC Property issued a 10-year capital replenishment bond with a total face value of RMB 3 billion in the interbank market. CPIC Property has a conditional option to redeem the bond at the end of the fifth interest-bearing year. The capital replenishment bond pays interest at an initial coupon rate of 3.55% per annum. If CPIC Property does not exercise the early redemption option, the annual coupon rate for the next five years would increase to 4.55% from the sixth interest-bearing year to the maturity of the debt.
| Issuer | 31 December 2024 | Issuance | Amortisation of bond premium or discount |
Interest accrued in the period |
Interest payment/ Reimbursement in the period |
30 June 2025 |
|---|---|---|---|---|---|---|
| CPIC Property | 10,286 | - | - | 184 | (367) | 10,103 |
FOR THE SIX MONTHS ENDED 30 JUNE 2025
(All amounts expressed in RMB million unless otherwise specified)
The analysis of liabilities for remaining coverage and liabilities for incurred claims is as follows:
| 30 June 2025 | 31 December 2024 | |
|---|---|---|
| Insurance contract liabilities | ||
| Liabilities for remaining coverage | 2,317,611 | 2,124,017 |
| Including: Excluding loss component | 2,303,577 | 2,109,847 |
| Loss component | 14,034 | 14,170 |
| Liabilities for incurred claims | 110,972 | 105,497 |
| Total insurance contract liabilities | 2,428,583 | 2,229,514 |
| Insurance contract assets | ||
| Liabilities for remaining coverage | - | (1) |
| Including: Excluding loss component | - | (1) |
| Loss component | - | - |
| Liabilities for incurred claims | - | (21) |
| Total insurance contract assets | - | (22) |
| Net liabilities of insurance contracts | 2,428,583 | 2,229,492 |
The analysis by measurement component of contracts not measured under the premium allocation approach is as follows:
| 30 June 2025 | 31 December 2024 | |
|---|---|---|
| Insurance contract liabilities | ||
| Present value of future cash flows | 1,912,366 | 1,725,632 |
| Risk adjustment for non-financial risk | 23,251 | 21,551 |
| Contractual service margin | 350,218 | 345,366 |
| Net liabilities of insurance contracts | 2,285,835 | 2,092,549 |
(All amounts expressed in RMB million unless otherwise specified)
The impact on the balance sheet of insurance contracts not measured under the premium allocation approach that were initially recognised in the period is as follows:
| For the six months ended 30 June 2025 | |||
|---|---|---|---|
| Group of onerous | |||
| contracts initially | |||
| recognised in the | |||
| period | Others | Total | |
| Insurance acquisition cash flows | 1,529 | 8,977 | 10,506 |
| Others | 39,426 | 79,572 | 118,998 |
| Present value of future cash outflows | 40,955 | 88,549 | 129,504 |
| Present value of future cash inflows | (40,262) | (101,186) | (141,448) |
| Risk adjustment for non-financial risk | 341 | 874 | 1,215 |
| Contractual service margin | - | 11,763 | 11,763 |
| Impact of insurance contracts initially | |||
| recognised in the current period | 1,034 | - | 1,034 |
| For the six months ended 30 June 2024 | |||
| Group of onerous | |||
| contracts initially | |||
| recognised in the | |||
| period | Others | Total | |
| Insurance acquisition cash flows | 2,767 | 11,589 | 14,356 |
| Others | 24,075 | 73,736 | 97,811 |
| Present value of future cash outflows | 26,842 | 85,325 | 112,167 |
| Present value of future cash inflows | (26,504) | (96,202) | (122,706) |
| Risk adjustment for non-financial risk | 255 | 1,332 | 1,587 |
| Contractual service margin | - | 9,545 | 9,545 |
| Impact of insurance contracts initially | |||
| recognised in the current period | 593 | - | 593 |
(All amounts expressed in RMB million unless otherwise specified)
The analysis of reinsurance contract assets for remaining coverage and for incurred claims is as follows:
| 30 June 2025 | 31 December 2024 | |
|---|---|---|
| Reinsurance contract assets | ||
| Assets for remaining coverage | 16,637 | 18,823 |
| Including: Excluding loss-recovery component |
15,364 | 17,497 |
| Loss-recovery component | 1,273 | 1,326 |
| Assets for incurred claims | 27,431 | 27,258 |
| Total reinsurance contract assets | 44,068 | 46,081 |
| Net assets of reinsurance contract | 44,068 | 46,081 |
The analysis by measurement component of contracts not measured under premium allocation approach is as follows:
| 30 June 2025 | 31 December 2024 | |
|---|---|---|
| Reinsurance contract assets | ||
| Present value of future cash flows | 12,834 | 12,407 |
| Risk adjustment for non-financial risk | 188 | 186 |
| Contractual service margin | 2,666 | 2,654 |
| Total reinsurance contract assets | 15,688 | 15,247 |
| Net assets of reinsurance contract | 15,688 | 15,247 |
Shares of the Company as well as the percentages of shareholding are shown below:
| As at 1 January 2025 | Increase/(Decrease) of number of shares |
As at 30 June 2025 | ||||
|---|---|---|---|---|---|---|
| Number of shares |
Percentage of shareholding |
Newly issued |
Others | Number of shares |
Percentage of shareholding |
|
| I. Shares with trading restrictions Shares held by domestic non-state |
||||||
| owned legal persons | - | 0% | - | - | - | 0% |
| Subtotal | - | 0% | - | - | - | 0% |
| II. Shares without trading restrictions | ||||||
| Ordinary shares denominated in RMB | 6,844 | 71% | - | - | 6,844 | 71% |
| Foreign shares listed overseas | 2,776 | 29% | - | - | 2,776 | 29% |
| Subtotal | 9,620 | 100% | - | - | 9,620 | 100% |
| III. Total | 9,620 | 100% | - | - | 9,620 | 100% |
As at 30 June 2025, the number of shares which the Company issued and fully paid at RMB 1 each is 9,620 million. As at 31 December 2024, the number of shares which the Company issued and fully paid at RMB 1 each is 9,620 million.
(All amounts expressed in RMB million unless otherwise specified)
| 30 June 2025 | 31 December 2024 | |
|---|---|---|
| Capital premium | 79,008 | 79,008 |
| Impact of capital injection to subsidiaries, etc. | 2,105 | 2,105 |
| Impact of equity transactions with non-controlling | ||
| interests | (131) | (131) |
| Impact of other changes in the equity of investees | ||
| accounted for using the equity method | 343 | 352 |
| Redistribution of cumulative changes in fair value of | ||
| available-for-sale financial assets when purchasing | ||
| equity from non-controlling interests | (1,413) | (1,413) |
| Impact of phased business combinations | 28 | 28 |
| Impact of capital invested by other equity instrument | ||
| holders | (3) | (3) |
| Others | 2 | 2 |
| Total | 79,939 | 79,948 |
Capital reserves mainly represent share premiums from issuance of shares and the deemed disposal of an equity interest in CPIC Life to certain foreign investors in December 2005, and the subsequent repurchase of the shares mentioned above in the same subsidiary by the Company in April 2007. In addition, the Company issued GDRs and listed them on the LSE in 2020 which also increased the capital reserves.
| Statutory surplus | |
|---|---|
| reserve (the "SSR") | |
| As at 1 January 2024 | 5,114 |
| Appropriations | - |
| As at 31 December 2024 and 30 June 2025 | 5,114 |
(All amounts expressed in RMB million unless otherwise specified)
In accordance with relevant regulations, general risk provisions should be made to cover catastrophic risks or losses as incurred by companies engaged in the insurance, banking, trust, securities, futures, fund management, leasing and financial guarantee businesses. Companies undertaking insurance activities are required to set aside 10% of their net profit to general reserves, while companies undertaking asset management activities are required to set aside 10% of their management fee income to the risk reserves until the balance reaches 1% of the balance of products under management.
In accordance with relevant regulations, as part of the profit distribution and as presented in their annual financial statements, the Group's subsidiaries engaged in the above-mentioned businesses make appropriations to their general reserves on the basis of their annual net profit, year-end risk assets or management fee income from products under management where appropriate. Such general reserves cannot be used for dividends distribution or conversion to capital.
According to the Articles of Association of the Company, the amount of retained profits available for distribution of the Company should be the amount determined under CASs, or determined under CASs if permissible by local rules where the Company is listed. According to the Articles of Association of the Company and applicable laws and regulations, the Company's profit distribution is made the following order:
The Company can cease the appropriation to SSR when SSR accumulates to more than 50% of the registered capital. The SSR may be used to make up for losses, if any, and, subject to the approval of the general shareholders' meeting, may also be converted into capital to make to fund an issue of new shares to shareholders on a proportionate basis. However, the conversion of SSR to capital should not bring the retained SSR to below 25% of the registered capital.
The balance of SSR reached 50% of the respective registered capital. The Company did not set aside SSR for the six months ended 30 June 2025.
After making necessary appropriations to the SSR, the Company and its subsidiaries in the PRC may also appropriate a portion of their net profit to the DSR upon the approval of the shareholders in general meetings. Subject to the approval of the shareholders, the DSR may be used to offset accumulated losses, if any, and may be converted into capital. The Company did not set aside DSR for the six months ended 30 June 2025.
Pursuant to the resolution of the 10th meeting of the 10th Board of Directors of the Company held on 26 March 2025, a final dividend of approximately RMB 10,390 million (equivalent to annual cash dividend of RMB 1.08 per share (including tax)) was proposed. The profit distribution plan was approved by the shareholders of the Company at the general meeting on 11 June 2025.
FOR THE SIX MONTHS ENDED 30 JUNE 2025
(All amounts expressed in RMB million unless otherwise specified)
| For the six months ended 30 June 2025 |
For the six months ended 30 June 2024 |
||
|---|---|---|---|
| Insurance contracts not measured under the premium allocation approach |
|||
| Amounts relating to the changes in the liability for remaining coverage: |
30,296 | 30,867 | |
| Amortisation of contractual service | |||
| margin | 13,105 | 13,091 | |
| Changes in the risk adjustment for non financial risk Insurance service expenses expected to |
544 | 674 | |
| be incurred in the period Experience adjustments for premium |
15,739 | 16,026 | |
| receipts that relate to current or past services Amortisation of insurance acquisition cash |
908 | 1,076 | |
| flows | 10,885 | 10,901 | |
| Subtotal of insurance contracts not measured under the premium allocation approach Insurance contracts measured under the |
41,181 | 41,768 | |
| premium allocation approach | 100,643 | 95,251 | |
| Total of insurance revenue | 141,824 | 137,019 | |
| 23. | Interest income | ||
| For the six months ended 30 June 2025 |
For the six months ended 30 June 2024 |
| Interest income of debt investments at fair value through other comprehensive income |
24,446 | 22,719 |
|---|---|---|
| Interest income of term deposits | 3,021 | 2,932 |
| Interest income of financial assets at amortised | ||
| cost | 1,179 | 1,714 |
| Interest income of restricted statutory deposits | 101 | 122 |
| Interest income of securities purchased under | ||
| agreements to resell | 95 | 66 |
| Others | 219 | 216 |
| Total | 29,061 | 27,769 |
(All amounts expressed in RMB million unless otherwise specified)
| For the six months ended 30 June 2025 |
For the six months ended 30 June 2024 |
|
|---|---|---|
| Realised gains/(losses) | ||
| Financial instruments held for trading and | ||
| other financial instruments at fair value through profit or loss |
4,739 | (4,979) |
| Debt investments at fair value through other | ||
| comprehensive income | 2,327 | 1,009 |
| Long-term equity investments | 1,603 | - |
| Derivatives | (48) | 9 |
| Financial assets at amortised cost | - | 4 |
| Gains during the holding period | ||
| Financial instruments held for trading and | ||
| other financial instruments at fair value | ||
| through profit or loss | 9,746 | 8,480 |
| Dividend income from equity investments | ||
| at fair value through other comprehensive income |
3,449 | 2,494 |
| Share of losses of associates and joint ventures | (145) | (124) |
| Total | 21,671 | 6,893 |
As at the balance sheet date, there was no significant restriction on the repatriation of the Group's investment income.
| For the six months | For the six months | |
|---|---|---|
| ended 30 June 2025 | ended 30 June 2024 | |
| Stock investments | 2,588 | 8,945 |
| Bond investments | (1,368) | 8,687 |
| Fund investments | 3,915 | 2,149 |
| Derivatives | 21 | (23) |
| Others | 700 | 1,187 |
| Total | 5,856 | 20,945 |
FOR THE SIX MONTHS ENDED 30 JUNE 2025 (All amounts expressed in RMB million unless otherwise specified)
| For the six months ended 30 June 2025 |
For the six months ended 30 June 2024 |
||
|---|---|---|---|
| Income from management fee Rental income from investment properties Others |
1,258 311 349 |
1,237 346 306 |
|
| Total | 1,918 | 1,889 | |
| 27. | Insurance service expenses | ||
| For the six months ended 30 June 2025 |
For the six months ended 30 June 2024 |
||
| Insurance contracts not measured under the premium allocation approach Incurred claims and other expenses in the |
|||
| period Amortisation of insurance acquisition cash |
14,502 | 15,157 | |
| flows | 10,885 | 10,901 | |
| Recognition and reversals of loss component Changes in fulfilment cash flows related to |
1,769 | 71 | |
| liabilities for incurred claims | (965) | (937) | |
| Subtotal | 26,191 | 25,192 | |
| Insurance contracts measured under the premium allocation approach Incurred claims and other expenses in the |
|||
| period Amortisation of insurance acquisition cash |
73,502 | 74,319 | |
| flows | 23,652 | 23,385 | |
| Recognition and reversals of loss component Changes in fulfilment cash flows related to |
(868) | (1,983) | |
| liabilities for incurred claims | (2,308) | (4,615) | |
| Subtotal | 93,978 | 91,106 | |
| Total | 120,169 | 116,298 |
| For the six months ended 30 June 2025 |
For the six months ended 30 June 2024 |
|
|---|---|---|
| Securities sold under agreements to repurchase | 1,815 | 903 |
| Debt | 187 | 187 |
| Interest expenses on lease liabilities | 37 | 46 |
| Others | 178 | 56 |
| Total | 2,217 | 1,192 |
(All amounts expressed in RMB million unless otherwise specified)
| For the six months ended 30 June 2025 |
For the six months ended 30 June 2024 |
|
|---|---|---|
| City maintenance and construction tax | 216 | 189 |
| Educational surcharge | 158 | 139 |
| Others | 226 | 221 |
| Less: Insurance acquisition cash flows incurred in the period |
(362) | (347) |
| Other insurance fulfilment cash flows incurred in the period |
(22) | (24) |
| Total | 216 | 178 |
The Group's operating and administrative fee details by item are as follows:
| For the six months | For the six months | |
|---|---|---|
| ended 30 June 2025 | ended 30 June 2024 | |
| Payroll and welfare benefits | 10,707 | 10,805 |
| Professional service fees | 3,256 | 2,771 |
| Advertising expenses (including business | ||
| publicity expenses) | 3,007 | 2,668 |
| Outsourcing service fees | 1,568 | 1,509 |
| Insurance security funds withdrawal | 1,432 | 1,318 |
| General office and travel expenses | 988 | 1,033 |
| Depreciation of fixed assets | 595 | 600 |
| Amortisation of intangible assets | 578 | 554 |
| Depreciation of right-of-use assets | 516 | 585 |
| Property management fees | 359 | 365 |
| Labour costs | 281 | 294 |
| Consulting fees | 251 | 322 |
| Amortisation of other long-term assets | 196 | 210 |
| Compulsory automobile rescue fund | 81 | 65 |
| Financial report and internal control audit fees | 14 | 12 |
| Short-term and low-value assets leasing fees | 11 | 30 |
| Other audit service fees | 2 | 3 |
| Others | 2,038 | 1,956 |
| Subtotal | 25,880 | 25,100 |
| Less: Insurance acquisition cash flows incurred | ||
| in the period Other insurance fulfilment cash flows |
(17,047) | (15,721) |
| incurred in the period | (5,371) | (6,314) |
| Total | 3,462 | 3,065 |
FOR THE SIX MONTHS ENDED 30 JUNE 2025 (All amounts expressed in RMB million unless otherwise specified)
| For the six months ended 30 June 2025 |
For the six months ended 30 June 2024 |
|---|---|
| 117 | (122) |
| (129) | 33 |
| 22 | 5 |
| 4 | 32 |
| 14 | (52) |
| For the six months ended 30 June 2025 |
For the six months ended 30 June 2024 |
||
|---|---|---|---|
| Depreciation of investment properties Interest expenses for policyholders' investment |
194 | 217 | |
| contract liabilities | 56 | 45 | |
| Others | 342 | 426 | |
| Total | 592 | 688 | |
| 33. | Income tax | ||
| For the six months | For the six months | ||
| ended 30 June 2025 | ended 30 June 2024 | ||
| Current income tax | 3,182 | 2,345 | |
| Deferred income tax | 271 | 1,192 | |
| Total | 3,453 | 3,537 |
(All amounts expressed in RMB million unless otherwise specified)
The relationship between income tax expenses and total profit is shown below:
| For the six months ended 30 June 2025 |
For the six months ended 30 June 2024 |
|||
|---|---|---|---|---|
| Total profit | 32,259 | 29,395 | ||
| Taxes calculated at the statutory tax rate of 25% | 8,065 | 7,349 | ||
| Income tax adjustment for prior years | 109 | (375) | ||
| Non-taxable income | (5,232) | (4,189) | ||
| Non-deductible expenses | 287 | 208 | ||
| Others | 224 | 544 | ||
| Income tax calculated at applicable tax rates | 3,453 | 3,537 |
The income tax of the Group is provided at applicable tax rate in accordance with the estimated taxable income obtained in Mainland China. Taxes on profits assessable elsewhere have been calculated at the rates of tax prevailing in the countries or jurisdictions in which the Group operates, based on existing legislation, interpretations and practices in respect thereof.
(All amounts expressed in RMB million unless otherwise specified)
| Other comprehensive income/(loss) in balance sheet |
Other comprehensive income/(loss) in income statement | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 1 January 2025 |
Attributable to the Company - net of tax |
30 June 2025 |
Amount incurred before income tax |
Less: Recognised in other comprehensive income/(loss) in previous period but transferred to profit or loss in current period |
Less: Recognised in other comprehensive income/(loss) in previous period but transferred to retained profits in current period |
Less: Income tax |
Attributable to the Company - net of tax |
Attributable to non-controlling interests - net of tax |
||
| Other comprehensive income/(loss) that will not be reclassified | ||||||||||
| to profit or loss Changes in the fair value of equity investments at fair value through other comprehensive income Insurance finance income/(expenses) for insurance contracts issued that will not be reclassified to profit or loss |
7,457 (2,266) |
1,428 (255) |
8,885 (2,521) |
2,518 (548) |
- - |
(425) 150 |
(629) 137 |
1,428 (255) |
36 (6) |
|
| Other comprehensive income/(loss) that will be reclassified to profit or loss Share of other comprehensive income/(loss) that will be |
||||||||||
| reclassified to profit or loss of investees accounted for using the equity method Changes in the fair value of debt instruments at fair value |
(97) | - | (97) | - | - | - | - | - | - | |
| through other comprehensive income Changes in provisions for credit risks of debt instruments at |
181,397 | 5,298 | 186,695 | 9,686 | (2,502) | - | (1,796) | 5,298 | 90 | |
| fair value through other comprehensive income | 3,260 | 101 | 3,361 | 138 | (2) | - | (34) | 101 | 1 | |
| Exchange differences on translation of foreign operations | 83 | (17) | 66 | (17) | - | - | - | (17) | - | |
| Insurance finance income/(expenses) for insurance contracts issued that will be reclassified to profit or loss Insurance finance income/(expenses) for reinsurance |
(174,881) | (33,895) | (208,776) | (46,019) | 149 | - | 11,386 | (33,895) | (589) | |
| contracts held that will be reclassified to profit or loss | (36) | 33 | (3) | 45 | - | - | (12) | 33 | - | |
| Total | 14,917 | (27,307) | (12,390) | (34,197) | (2,355) | (275) | 9,052 | (27,307) | (468) |
(All amounts expressed in RMB million unless otherwise specified)
| Other comprehensive income/(loss) in balance sheet |
Other comprehensive income/(loss) in income statement | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 1 January 2024 |
Attributable to the Company - net of tax |
30 June 2024 |
Amount incurred before income tax |
Less: Recognised in other comprehensive income/(loss) in previous period but transferred to profit or loss in current period |
Less: Recognised in other comprehensive income/(loss) in previous period but transferred to retained profits in current period |
Less: Income tax |
Attributable to the Company - net of tax |
Attributable to non-controlling interests - net of tax |
|
| Other comprehensive income/(loss) that will not be reclassified to profit or loss |
|||||||||
| Changes in the fair value of equity investments at fair value through other comprehensive income Insurance finance income/(expenses) for insurance contracts issued that will not be reclassified to profit or loss |
1,653 (1,390) |
5,791 (723) |
7,444 (2,113) |
7,775 (997) |
- - |
68 13 |
(1,944) 249 |
5,791 (723) |
108 (12) |
| Other comprehensive income/(loss) that will be reclassified to profit or loss Share of other comprehensive income/(loss) that will be |
|||||||||
| reclassified to profit or loss of investees accounted for using the equity method |
(100) | 4 | (96) | 5 | - | - | (1) | 4 | - |
| Changes in the fair value of debt instruments at fair value through other comprehensive income Changes in provisions for credit risks of debt instruments at |
78,160 | 49,813 | 127,973 | 68,733 | (950) | - | (17,110) | 49,813 | 860 |
| fair value through other comprehensive income | 3,045 | (96) | 2,949 | (126) | (5) | - | 33 | (96) | (2) |
| Exchange differences on translation of foreign operations | 60 | 7 | 67 | 7 | - | - | - | 7 | - |
| Insurance finance income/(expenses) for insurance contracts issued that will be reclassified to profit or loss Insurance finance income/(expenses) for reinsurance |
(73,431) | (52,287) | (125,718) | (71,510) | 579 | - | 17,736 | (52,287) | (908) |
| contracts held that will be reclassified to profit or loss |
(5) | (19) | (24) | (25) | - | - | 6 | (19) | - |
| Total | 7,992 | 2,490 | 10,482 | 3,862 | (376) | 81 | (1,031) | 2,490 | 46 |
(All amounts expressed in RMB million unless otherwise specified)
(1) Basic earnings per share
Basic earnings per share was calculated by dividing the net profit of the current period attributable to the shareholders of the parent by the weighted average number of ordinary shares issued by the Company.
| For the six months ended 30 June 2025 |
For the six months ended 30 June 2024 |
|
|---|---|---|
| Consolidated net profit for the period attributable to shareholders of the parent |
27,885 | 25,132 |
| Weighted average number of ordinary shares in issue (million shares) |
9,620 | 9,620 |
| Basic earnings per share (RMB per share) | 2.90 | 2.61 |
(2) Diluted earnings per share
The Company had no dilutive potential ordinary shares during the six-month periods ended 30 June 2025 and 2024.
| 30 June 2025 | 31 December 2024 | |
|---|---|---|
| Cash: | ||
| Cash at bank readily available for payments | 44,436 | 27,556 |
| Other cash balances readily available for payments | 1,413 | 1,215 |
| Cash equivalents: | ||
| Investments with an initial term within 3 months | 21,343 | 10,902 |
| Total | 67,192 | 39,673 |
(All amounts expressed in RMB million unless otherwise specified)
The Group presents segment information based on its major operating segments.
For management purpose, the Group is organised into business units based on their products and services. Different operating segments provide products and services with different risks and rewards.
The Group's operating segments are listed as follows:
Intersegment sales and transfers are measured based on the actual transaction price.
More than 99% of the Group's revenue is derived from its operations in Mainland China. More than 99% of the Group's assets are located in Mainland China.
(All amounts expressed in RMB million unless otherwise specified)
| For the six months ended 30 June 2025 | |||||
|---|---|---|---|---|---|
| Property and casualty | |||||
| Items | Life and health insurance | insurance | Asset management | Others and eliminations | Total |
| Insurance revenue | 43,882 | 98,193 | - | (251) | 141,824 |
| Interest income | 25,882 | 2,222 | 111 | 846 | 29,061 |
| Investment income | 18,515 | 1,326 | 28 | 1,802 | 21,671 |
| Including: Share of profits/(losses) of associates | |||||
| and joint ventures | 88 | 15 | 1 | (249) | (145) |
| Other income | 27 | 41 | 15 | 23 | 106 |
| Gains arising from changes in fair value | 4,859 | 816 | 37 | 144 | 5,856 |
| Exchange gains/(losses) | 7 | (1) | - | (19) | (13) |
| Other operating income | 560 | 136 | 1,761 | (539) | 1,918 |
| Gains on disposal of assets | 55 | 18 | - | - | 73 |
| Operating income | 93,787 | 102,751 | 1,952 | 2,006 | 200,496 |
| Insurance service expenses | (27,978) | (92,413) | - | 222 | (120,169) |
| Allocation of reinsurance premiums | (317) | (7,251) | - | 278 | (7,290) |
| Less: Recoveries of insurance service expenses from | |||||
| reinsurers | 232 | 6,184 | - | (171) | 6,245 |
| Insurance finance expenses for insurance contracts | |||||
| issued | (40,208) | (812) | - | 322 | (40,698) |
| Less: Reinsurance finance income for reinsurance | |||||
| contracts held | 532 | 189 | - | (6) | 715 |
| Others | (3,419) | (1,376) | (1,051) | (1,181) | (7,027) |
| Operating expenses | (71,158) | (95,479) | (1,051) | (536) | (168,224) |
| Operating profit | 22,629 | 7,272 | 901 | 1,470 | 32,272 |
| Add: Non-operating income | 4 | 26 | - | 6 | 36 |
| Less: Non-operating expenses | (14) | (26) | (4) | (5) | (49) |
| Profit before tax | 22,619 | 7,272 | 897 | 1,471 | 32,259 |
| Less: Income tax | (1,648) | (1,553) | (203) | (49) | (3,453) |
| Net profit for the period | 20,971 | 5,719 | 694 | 1,422 | 28,806 |
(All amounts expressed in RMB million unless otherwise specified)
| For the six months ended 30 June 2025 | |||||
|---|---|---|---|---|---|
| Property and casualty | |||||
| Items | Life and health insurance | insurance | Asset management | Others and eliminations | Total |
| Supplementary information: | |||||
| Capital expenditure | 51 | 719 | 41 | 829 | 1,640 |
| Depreciation and amortisation | 910 | 728 | 107 | 410 | 2,155 |
| Impairment losses on financial assets | 81 | (40) | - | (27) | 14 |
| As at 30 June 2025 | |||||
| Long-term equity investments | 120,802 | 252 | 10 | (107,916) | 13,148 |
| Financial assets* | 2,326,745 | 154,203 | 9,107 | 140,259 | 2,630,314 |
| Reinsurance contract assets | 15,699 | 29,456 | - | (1,087) | 44,068 |
| Term deposits | 137,938 | 31,112 | 260 | 8,909 | 178,219 |
| Others | 66,505 | 34,904 | 4,586 | 58,356 | 164,351 |
| Segment assets | 2,667,689 | 249,927 | 13,963 | 98,521 | 3,030,100 |
| Insurance contract liabilities | 2,284,385 | 145,228 | - | (1,030) | 2,428,583 |
| Bonds payable | - | 10,103 | - | - | 10,103 |
| Securities sold under agreements to repurchase | 173,388 | 2,360 | 813 | 3,644 | 180,205 |
| Others | 51,812 | 25,291 | 3,454 | 17,446 | 98,003 |
| Segment liabilities | 2,509,585 | 182,982 | 4,267 | 20,060 | 2,716,894 |
*Financial assets include financial assets at fair value through profit or loss, derivative financial assets, financial assets at amortised cost, debt investments at fair value through other comprehensive income and equity investments at fair value through other comprehensive income.
(All amounts expressed in RMB million unless otherwise specified)
| For the six months ended 30 June 2024 | |||||
|---|---|---|---|---|---|
| Property and casualty | |||||
| Items | Life and health insurance | insurance | Asset management | Others and eliminations | Total |
| Insurance revenue | 42,985 | 94,298 | - | (264) | 137,019 |
| Interest income | 24,195 | 2,420 | 118 | 1,036 | 27,769 |
| Investment income | 7,156 | 611 | (13) | (861) | 6,893 |
| Including: Share of profits/(losses) of associates | |||||
| and joint ventures | 120 | 14 | 1 | (259) | (124) |
| Gains arising from the derecognition | |||||
| of financial assets measured at | - | 4 | - | - | 4 |
| amortized cost. | |||||
| Other income | 22 | 31 | 5 | 28 | 86 |
| Gains arising from changes in fair value | 17,782 | 1,035 | 31 | 2,097 | 20,945 |
| Exchange (losses)/gains | (8) | 13 | - | 27 | 32 |
| Other operating income | 686 | 131 | 1,599 | (527) | 1,889 |
| Gains on disposal of assets | 1 | - | - | - | 1 |
| Operating income | 92,819 | 98,539 | 1,740 | 1,536 | 194,634 |
| Insurance service expenses | (27,224) | (89,263) | - | 189 | (116,298) |
| Allocation of reinsurance premiums | (370) | (7,878) | - | 286 | (7,962) |
| Less: Recoveries of insurance service expenses from | |||||
| reinsurers | 515 | 7,201 | - | (114) | 7,602 |
| Insurance finance expenses for insurance contracts | |||||
| issued | (41,996) | (1,585) | - | (449) | (44,030) |
| Less: Reinsurance finance income for reinsurance | |||||
| contracts held | 646 | 404 | - | (14) | 1,036 |
| Others | (2,190) | (1,332) | (1,057) | (956) | (5,535) |
| Operating expenses | (70,619) | (92,453) | (1,057) | (1,058) | (165,187) |
| Operating profit | 22,200 | 6,086 | 683 | 478 | 29,447 |
| Add: Non-operating income | 3 | 15 | - | 6 | 24 |
| Less: Non-operating expenses | (17) | (42) | - | (17) | (76) |
| Profit before tax | 22,186 (1,950) |
6,059 (1,228) |
683 (158) |
467 (201) |
29,395 (3,537) |
| Less: Income tax | |||||
| Net profit for the period | 20,236 | 4,831 | 525 | 266 | 25,858 |
(All amounts expressed in RMB million unless otherwise specified)
| For the six months ended 30 June 2024 | |||||
|---|---|---|---|---|---|
| Property and casualty | |||||
| Items | Life and health insurance | insurance | Asset management | Others and eliminations | Total |
| Supplementary information: | |||||
| Capital expenditure | 165 | 174 | 42 | 999 | 1,380 |
| Depreciation and amortisation | 984 | 758 | 122 | 359 | 2,223 |
| Impairment losses on financial assets | (79) | 37 | - | (10) | (52) |
| As at 31 December 2024 | |||||
| Long-term equity investments | 115,822 | 236 | 9 | (93,547) | 22,520 |
| Financial assets* | 2,180,866 | 146,875 | 8,697 | 145,617 | 2,482,055 |
| Insurance contract assets | - | 22 | - | - | 22 |
| Reinsurance contract assets | 15,573 | 31,677 | - | (1,169) | 46,081 |
| Term deposits | 134,818 | 30,286 | 254 | 8,460 | 173,818 |
| Others | 45,150 | 27,867 | 4,406 | 32,988 | 110,411 |
| Segment assets | 2,492,229 | 236,963 | 13,366 | 92,349 | 2,834,907 |
| Insurance contract liabilities | 2,092,386 | 138,275 | - | (1,147) | 2,229,514 |
| Bonds payable | - | 10,286 | - | - | 10,286 |
| Securities sold under agreements to repurchase | 175,850 | 3,112 | 834 | 1,899 | 181,695 |
| Others | 52,558 | 20,536 | 2,748 | 19,089 | 94,931 |
| Segment liabilities | 2,320,794 | 172,209 | 3,582 | 19,841 | 2,516,426 |
*Financial assets include financial assets at fair value through profit or loss, derivative financial assets, financial assets at amortised cost, debt investments at fair value through other comprehensive income and equity investments at fair value through other comprehensive income.
(All amounts expressed in RMB million unless otherwise specified)
As at 30 June 2025, the Company's major related parties comprise:
Except for being controlled by the state together with the Company, an enterprise that has no other related party relations with the Company is not a related party to the Company.
Related parties controlled by the Company are mainly subsidiaries of the Company. Their basic information and relationships with the Company are set out in Note IV.
| Name of investee | Registered capital | Shares or equity held | ||||
|---|---|---|---|---|---|---|
| Movements for | ||||||
| 1 January | Movements for the | 30 June | 1 January | the current | 30 June | |
| 2025 | current period | 2025 | 2025 | period | 2025 | |
| CPIC Property | 19,948 | - | 19,948 | 98.50% | - | 98.50% |
| CPIC Life | 8,628 | - | 8,628 | 98.29% | - | 98.29% |
| CPIC Asset Management | 2,100 | - | 2,100 | 99.67% | - | 99.67% |
| Changjiang Pension | 3,000 | - | 3,000 | 61.10% | - | 61.10% |
| CPIC H.K. | HKD 250 million | - HKD 250 million | 100.00% | (1.5%) | 98.50% | |
| CPIC Real Estate | 115 | - | 115 | 100.00% | - | 100.00% |
| CPIC Investment (H.K.) | HKD 200 million | - HKD 200 million | 99.71% | - | 99.71% | |
| City Island | USD 50,000 | - | USD 50,000 | 98.29% | - | 98.29% |
| Great Winwick Limited | USD 50,000 | - | USD 50,000 | 98.29% | - | 98.29% |
| Great Winwick (Hong Kong) | ||||||
| Limited | HKD 10,000 | - | HKD 10,000 | 98.29% | - | 98.29% |
| Newscott Investments Limited | USD 50,000 | - | USD 50,000 | 98.29% | - | 98.29% |
| Newscott (Hong Kong) Investments | ||||||
| Limited | HKD 10,000 | - | HKD 10,000 | 98.29% | - | 98.29% |
| USD 15,600 | USD 15,600 | |||||
| Xin Hui Property | thousand | - | thousand | 98.29% | - | 98.29% |
| USD 46,330 | USD 46,330 | |||||
| He Hui Property | thousand | - | thousand | 98.29% | - | 98.29% |
| CPIC Online Services | 200 | - | 200 | 100.00% | - | 100.00% |
| Tianjin Trophy | 354 | - | 354 | 98.29% | - | 98.29% |
| CPIC Senior Living Investment | 5,000 | - | 5,000 | 98.29% | - | 98.29% |
| CPIC Health | 3,600 | - | 3,600 | 99.74% | - | 99.74% |
| PAAIC | 1,080 | - | 1,080 | 66.76% | - | 66.76% |
| Pacific Medical & Healthcare | 1,000 | - | 1,000 | 98.29% | - | 98.29% |
| CPIC Funds | 150 | - | 150 | 50.83% | - | 50.83% |
| Pacific Insurance Agency | 50 | - | 50 | 100.00% | - | 100.00% |
| Chengdu Project Company | 1,000 | 83 | 1,083 | 98.29% | - | 98.29% |
| Hangzhou Project Company | 1,200 | - | 1,200 | 98.29% | - | 98.29% |
| Xiamen Project Company | 900 | - | 900 | 98.29% | - | 98.29% |
| Pacific Care Home at Chengdu | 60 | - | 60 | 98.29% | - | 98.29% |
FOR THE SIX MONTHS ENDED 30 JUNE 2025
(All amounts expressed in RMB million unless otherwise specified)
| Name of investee | Shares or equities held | ||||||
|---|---|---|---|---|---|---|---|
| Registered capital Movements |
Movements | ||||||
| 1 January | for the current | 30 June | 1 January | for the current | 30 June | ||
| 2025 | period | 2025 | 2025 | period | 2025 | ||
| Nanjing Project Company | 702 | - | 702 | 98.29% | - | 98.29% | |
| Pacific Care Home at Dali | 608 | - | 608 | 74.70% | - | 74.70% | |
| Shanghai (Putuo) Project Company | 250 | - | 250 | 98.29% | - | 98.29% | |
| Pacific Care Home at Hangzhou | 60 | - | 60 | 98.29% | - | 98.29% | |
| Wuhan Project Company | 980 | - | 980 | 98.29% | - | 98.29% | |
| CPIC Capital | 100 | - | 100 | 99.67% | - | 99.67% | |
| Pacific Care Home at Shanghai (Chongming) | 1,253 | - | 1,253 | 98.29% | - | 98.29% | |
| Pacific Care Home at Shanghai (Putuo) | 30 | - | 30 | 98.29% | - | 98.29% | |
| Borui Heming | 52 | - | 52 | 98.29% | - | 98.29% | |
| CPIC Life (H.K.) | HKD 1,000 million | - HKD 1,000 million | 98.29% | - | 98.29% | ||
| Qingdao Project Company | 227 | - | 227 | 98.29% | - | 98.29% | |
| Pacific Care Home at Xiamen | 40 | - | 40 | 98.29% | - | 98.29% | |
| Zhengzhou Project Company | 650 | - | 650 | 98.29% | - | 98.29% | |
| Beijing Project Company | 800 | - | 800 | 98.29% | - | 98.29% | |
| CPIC Technology | 700 | - | 700 | 100.00% | - | 100.00% | |
| Xinbaoyu | 3,650 | - | 3,650 | 98.46% | - | 98.46% | |
| CPIC Technology Wuhan | 100 | - | 100 | 100.00% | - | 100.00% | |
| Sanya Project Company | 490 | - | 490 | 98.29% | - | 98.29% | |
| Pacific Care Home at Nanjing | 30 | - | 30 | 98.29% | - | 98.29% | |
| Pacific Care Home at Shanghai (Jing'an) | 426 | - | 426 | 98.29% | - | 98.29% | |
| Pacific Care Home at Wuhan | 30 | - | 30 | 98.29% | - | 98.29% | |
| Pacific Care Home at Suzhou | 30 | - | 30 | 98.29% | - | 98.29% | |
| Pacific Care Home at Beijing | 30 | - | 30 | 98.29% | - | 98.29% | |
| Pacific Care Home at Zhengzhou | 45 | - | 45 | 98.29% | - | 98.29% | |
| Xiamen Rehabilitation Hospital | 160 | - | 160 | 98.29% | - | 98.29% | |
| Guangzhou Project Company | 830 | - | 830 | 98.29% | - | 98.29% | |
| Suzhou Project Company | 300 | - | 300 | 98.29% | - | 98.29% | |
| Jinan Rehabilitation Hospital | 260 | - | 260 | 98.29% | - | 98.29% | |
| Ruiyongjing Real Estate | 14,050 | - | 14,050 | 68.80% | - | 68.80% | |
| Pacific Nanshanju | 10 | (4) | 6 | 55.04% | 43.25% | 98.29% | |
| Pacific Care Home at Sanya | - | 30 | 30 | - | 98.29% | 98.29% | |
| CPIC Zhiyuan | - | 10 | 10 | - | 99.67% | 99.67% |
FOR THE SIX MONTHS ENDED 30 JUNE 2025
(All amounts expressed in RMB million unless otherwise specified)
Shenergy (Group) Company Limited Shareholder with over 5% voting rights of the Company Shanghai State-Owned Assets Operation Co., Ltd. Shareholder with over 5% voting rights of the Company Shanghai International Group Co., Ltd. Parent company of shareholders holding over 5% voting rights of the Company
Baoshan Iron & Steel Co., Ltd.
Baowu Carbon Technology Co., Ltd.
Shanghai Baoxin Software Co., Ltd.
Taiyuan Iron & Steel (Group) Co., Ltd.
Hwabao WP Fund Management Co., Ltd.
Shanghai International Group Asset Management Co., Ltd. Hainan Shenergy New Energy Co., Ltd. Subsidiary of shareholders holding over 5% voting rights of the Company Shanghai Gas Co., Ltd. Subsidiary of shareholders holding over 5% voting rights of the Company Shenergy Company Limited Subsidiary of shareholders holding over 5% voting rights of the Company Shanghai LNG Company Ltd. Subsidiary of shareholders holding over 5% voting rights of the Company Binjiang-Xiangrui Joint venture of the Company
Shanghai Juche Information Technology Co., Ltd. ("Juche") Associate of the Company Zhongdao Automobile Rescue Industry Co., Ltd. ("Zhongdao") Associate of the Company
Shanghai Shantai Healthcare and Technology Company Limited ("Shantai Healthcare") Associate of the Company
Shanghai Guangci Memorial Hospital Co., Ltd. ("Guangci Hospital") Associate of the Company
Orient Securities Company Limited ("Orient Securities")
Swiss Reinsurance Company Ltd
Hwabao Trust Co., Ltd.
Name of entity Relationship with the Company
Hwabao Investments Co., Ltd. Shareholder with over 5% voting rights of the Company
China Baowu Steel Group Corporation Limited Parent company of shareholders holding over 5% voting rights of the Company
Subsidiary of parent company of shareholders holding over 5% voting rights of the Company
Subsidiary of parent company of shareholders holding over 5% voting rights of the Company
Subsidiary of parent company of shareholders holding over 5% voting rights of the Company
Subsidiary of parent company of shareholders holding over 5% voting rights of the Company
Subsidiary of parent company of shareholders holding over 5% voting rights of the Company
Subsidiary of parent company of shareholders holding over 5% voting rights of the Company
Euler Hermes Joint venture of the Company
The Company's enterprise annuity plan Enterprise annuity fund established by the Group CPIC Property's enterprise annuity plan Enterprise annuity fund established by the Group CPIC Life's enterprise annuity plan Enterprise annuity fund established by the Group CPIC Asset Management's enterprise annuity plan Enterprise annuity fund established by the Group CPIC Online Services' enterprise annuity plan Enterprise annuity fund established by the Group CPIC Health's enterprise annuity plan Enterprise annuity fund established by the Group CPIC Senior Living Investment's enterprise annuity plan Enterprise annuity fund established by the Group PAAIC's enterprise annuity plan Enterprise annuity fund established by the Group CPIC Real Estate's enterprise annuity plan Enterprise annuity fund established by the Group Pacific Medical & Healthcare's enterprise annuity plan Enterprise annuity fund established by the Group CPIC Fund's enterprise annuity plan Enterprise annuity fund established by the Group Pacific Insurance Agency enterprise annuity plan Enterprise annuity fund established by the Group CPIC Technology enterprise annuity plan Enterprise annuity fund established by the Group CPIC Capital enterprise annuity plan Enterprise annuity fund established by the Group
Company of which the Group's related natural persons serve as directors or senior management personnel in the past 12 months
Company of which the Group's related natural persons serve as directors or senior management personnel in the past 12 months Company of which the Group's related natural persons serve as directors or
senior management personnel
(All amounts expressed in RMB million unless otherwise specified)
The transaction amount for the period was calculated since the entity was identified as a related party of the Group.
(1) Sale of insurance contracts
| For the six months | For the six months | |
|---|---|---|
| ended 30 June 2025 | ended 30 June 2024 | |
| Baoshan Iron & Steel Co., Ltd. | 24 | 16 |
| Shenergy Company Limited | 5 | 4 |
| China Baowu Steel Group Corporation Limited | 5 | - |
| Shanghai Gas Co., Ltd. | 2 | 2 |
| Taiyuan Iron & Steel (Group) Co., Ltd. | 2 | 2 |
| Orient Securities | 1 | 3 |
| Shanghai International Group Co., Ltd. | 1 | 1 |
| Shanghai International Group Asset Management Co., | ||
| Ltd. | 1 | 1 |
| Shanghai State-Owned Assets Operation Co., Ltd. | 1 | 1 |
| Baowu Carbon Technology Co., Ltd. | 1 | 1 |
| Shanghai Baoxin Software Co., Ltd. | 1 | 1 |
| Shanghai LNG Company Ltd. | 1 | 1 |
| Hainan Shenergy New Energy Co., Ltd. | - | 11 |
| Total | 45 | 44 |
Sale of insurance contracts to shareholders who individually own more than 5% of voting rights of the Company and the shareholders' parent company was RMB 7 million for the six months ended 30 June 2025 (For the six months ended 30 June 2024: RMB 2 million).
The Group's above related party transactions were entered into based on normal commercial terms during the normal course of insurance business. For the six months ended 30 June 2025 and 30 June 2024, the proportion of the scale premium of related parties to the total scale premium of the Group's was less than 1%.
FOR THE SIX MONTHS ENDED 30 JUNE 2025
(All amounts expressed in RMB million unless otherwise specified)
| For the six months ended 30 June 2025 |
For the six months ended 30 June 2024 |
||
|---|---|---|---|
| Hwabao WP Fund Management Co., Ltd. | 125 | 210 | |
| (3) | Transaction of asset management products | ||
| For the six months ended 30 June 2025 |
For the six months ended 30 June 2024 |
||
| Hwabao Trust Co., Ltd. | 8 | 11 | |
| (4) | Transaction of selling and buying bonds | ||
| For the six months ended 30 June 2025 |
For the six months ended 30 June 2024 |
||
| Orient Securities Shanghai International Group Co., Ltd. |
1,066 - |
41 120 |
|
| Total | 1,066 | 161 | |
| (5) | Distribution of cash dividends | ||
| For the six months ended 30 June 2025 |
For the six months ended 30 June 2024 |
||
| Shenergy (Group) Company Limited Hwabao Investments Co., Ltd. Shanghai State-Owned Assets Operation Co., Ltd. |
1,513 1,387 705 |
1,427 1,310 665 |
|
| Total | 3,605 | 3,402 |
Distribution of cash dividends to shareholders who individually own more than 5% of voting rights of the Company was RMB 3,605 million for the six months ended 30 June 2025 ( For the six months ended 30 June 2024: RMB 3,402 million).
FOR THE SIX MONTHS ENDED 30 JUNE 2025
(All amounts expressed in RMB million unless otherwise specified)
| For the six months ended 30 June 2025 |
For the six months ended 30 June 2024 |
||
|---|---|---|---|
| Swiss Reinsurance Company Ltd | 2,109 | 2,129 | |
| (7) | Expense recoveries from reinsurers (amounts incurred) | ||
| For the six months ended 30 June 2025 |
For the six months ended 30 June 2024 |
||
| Swiss Reinsurance Company Ltd | 616 | 571 | |
| (8) | Claim recoveries from reinsurers (amounts incurred) | ||
| For the six months ended 30 June 2025 |
For the six months ended 30 June 2024 |
||
| Swiss Reinsurance Company Ltd | 1,085 | 1,045 | |
| (9) | Remuneration of key management | ||
| For the six months ended 30 June 2025 |
For the six months ended 30 June 2024 |
||
| Salary and other benefits | 11 | 11 | |
| (10) | The related party transactions between the Group and the established enterprise annuity funds during the periods are as follows: |
| For the six months | For the six months | ||
|---|---|---|---|
| ended 30 June 2025 | ended 30 June 2024 | ||
| Contribution to the enterprise annuity plans | 329 | 325 |
FOR THE SIX MONTHS ENDED 30 JUNE 2025
(All amounts expressed in RMB million unless otherwise specified)
| For the six months ended 30 June 2025 |
For the six months ended 30 June 2024 |
|
|---|---|---|
| Binjiang-Xiangrui Fees for leasing office buildings of Binjiang Xiangrui |
38 | 41 |
| Ruiyongjing Real Estatenote Fees for leasing office buildings of Ruiyongjing Real Estate Grant loans |
59 347 |
61 332 |
| Loan interests | 151 | 144 |
| Euler Hermes Purchase services |
15 | 14 |
Note: Ruiyongjing Real Estate has become a subsidiary of the Group since 30 June 2025.
(12) The major related party transactions between the Group and associates during the periods are as follows:
| For the six months ended 30 June 2025 |
For the six months ended 30 June 2024 |
|
|---|---|---|
| Purchase services | ||
| Zhongdao | 101 | 99 |
| Juche | 57 | 67 |
| Shantai Healthcare | 46 | 65 |
| Guangci Hospital | - | 7 |
| Total | 204 | 238 |
FOR THE SIX MONTHS ENDED 30 JUNE 2025
(All amounts expressed in RMB million unless otherwise specified)
| For the six months ended 30 June 2025 |
For the six months ended 30 June 2024 |
|
|---|---|---|
| Purchase of insurance contracts CPIC Property CPIC Health |
3 - |
3 6 |
| Total | 3 | 9 |
| Rental income from office buildings CPIC Property CPIC Technology CPIC Life Changjiang Pension CPIC Senior Living Investment Pacific Medical & Healthcare CPIC Health CPIC Asset Management |
47 15 5 3 2 2 1 1 |
48 16 6 4 2 1 1 1 |
| Total | 76 | 79 |
| Shared service centre fees CPIC Property CPIC Life CPIC Asset Management CPIC Health CPIC Technology CPIC Online Services CPIC Senior Living Investment |
28 19 2 2 1 1 1 |
34 20 2 2 1 1 1 |
| Total | 54 | 61 |
| Equipment rental fee CPIC Technology |
58 | 46 |
| Asset management fee CPIC Asset Management |
14 | 14 |
| Technology service fee CPIC Technology |
150 | 148 |
| Medical examination fee CPIC Health |
- | 2 |
| Entrusted management fees CPIC Real Estate |
4 | 2 |
FOR THE SIX MONTHS ENDED 30 JUNE 2025
(All amounts expressed in RMB million unless otherwise specified)
| For the six months ended 30 June 2025 |
For the six months ended 30 June 2024 |
|
|---|---|---|
| Rental fees | ||
| CPIC Property | 1 | 2 |
| CPIC Life | 1 | 1 |
| Xinbaoyu | 1 | 1 |
| Total | 3 | 4 |
| Text messaging service fee | ||
| CPIC Technology | 1 | - |
| Dividend income from subsidiaries | ||
| CPIC Life | 6,869 | 6,869 |
| CPIC Property | 3,144 | 1,965 |
| CPIC Asset Management | 382 | 369 |
| CPIC Technology | 24 | 11 |
| CPIC Real Estate | 18 | 49 |
| Total | 10,437 | 9,263 |
| Proceeds from disposal of subsidiaries | ||
| CPIC Property | 167 | - |
The rents of the office buildings charged by the Company to CPIC Property, CPIC Technology, CPIC Life, Changjiang Pension, CPIC Senior Living Investment, CPIC Health, CPIC Asset Management and Pacific Medical & Healthcare are determined at the prices negotiated by both parties. The shared service centre fees charged by the Company to CPIC Life, CPIC Property, CPIC Asset Management, CPIC Health, CPIC Technology, CPIC Senior Living Investment and CPIC Online are based on the costs of the service providers and distributed in the proportion mutually agreed by both parties. The equipment rental fee charged by the Company to CPIC Technology is determined at the price negotiated by both parties. The asset management fee charged by CPIC Asset Management to the Company is determined by considering the type of entrusted assets, the size of the entrusted assets and the actual operating costs. The technology service fee charged by CPIC Technology to the Company is determined at the price negotiated by both parties. The entrusted management fees charged by CPIC Real Estate to the Company is determined at the price negotiated by both parties. The medical examination fee charged by CPIC Health to the Company is determined at the price negotiated by both parties. The rental fees of the office building incurred among the Company, CPIC Property, CPIC Life and Xinbaoyu are determined at the price negotiated by both parties. The text messaging service fee charged by CPIC Technology to the Company is determined at the price negotiated by both parties.
FOR THE SIX MONTHS ENDED 30 JUNE 2025
(All amounts expressed in RMB million unless otherwise specified)
| For the six months | For the six months | |
|---|---|---|
| ended 30 June 2025 | ended 30 June 2024 | |
| Fees for leasing office buildings | ||
| Binjiang-Xiangrui | 26 | 27 |
| Dividends receivable | ||
|---|---|---|
| CPIC Life | 6,869 | - |
| CPIC Property | 3,144 | - |
| CPIC Asset Management | 382 | - |
| CPIC Real Estate | 18 | - |
| Total | 10,413 | - |
| Other receivables | ||
| CPIC Property | 128 | 149 |
| CPIC Technology | 105 | 42 |
| CPIC Life | 60 | 101 |
| Changjiang Pension | 3 | 2 |
| CPIC Asset Management | 3 | 3 |
| CPIC Health | 3 | 3 |
| CPIC Senior Living Investment | 2 | 1 |
| CPIC Online Services | 1 | 1 |
| Pacific Medical & Healthcare | 1 | - |
| Total | 306 | 302 |
| Other payables | ||
| CPIC Technology | 173 | 135 |
| CPIC Asset Management | 15 | 29 |
| Xinbaoyu | 5 | 4 |
| CPIC Property | 1 | 1 |
| CPIC Life | 1 | - |
| CPIC Real Estate | - | 5 |
| CPIC Capital | - | 5 |
| Total | 195 | 179 |
FOR THE SIX MONTHS ENDED 30 JUNE 2025
(All amounts expressed in RMB million unless otherwise specified)
(2) Receivables and payables between the Group and its joint ventures are as follows:
| 30 June 2025 | 31 December 2024 | |
|---|---|---|
| Other receivables Binjiang-Xiangrui |
1,772 | 1,772 |
| Other payables Binjiang-Xiangrui |
342 | 318 |
The receivable due from Binjiang-Xiangrui is interest-free with no determined maturity date. As at 31 December 2024, the balance of receivables and payables between CPIC and Ruiyongjing Real Estate included other receivables of RMB 124 million and debt investments at fair value through other comprehensive income of RMB 6,120 million. Ruiyongjing Real Estate became a subsidiary of CPIC on 30 June 2025.
(3) Receivables and payables between the Group and other related parties arising from reinsurance are as follows:
| 30 June 2025 | 31 December 2024 | |
|---|---|---|
| Receivables from Swiss Reinsurance Company Ltd | 1,130 | 1,366 |
| Payables to Swiss Reinsurance Company Ltd | 1,123 | 863 |
In light of the nature of the insurance business, the Group makes estimates for contingencies and legal proceedings in the ordinary course of business, both in the capacity as plaintiff or defendant in litigation and as claimant or respondent in arbitration proceedings. Legal proceedings mostly involve claims on the Group's insurance policies. Provisions have been made for the probable losses to the Group, including those claims where directors can reasonably estimate the outcome of the litigations taking into account legal advice, if any. No provision is made for contingencies and legal proceedings when the outcome cannot be reasonably estimated or the probability of loss is extremely low.
In addition to the legal proceedings of the above natures, as at 30 June 2025, the Group was the defendant in certain pending litigations. Provisions were made for the possible losses based on best estimate by the Group and the Group would only be contingently liable for any claim that is in excess of the provision made. No provision was made for contingencies and legal proceedings when the outcome cannot be reasonably estimated by the management or the probability of loss is extremely low.
FOR THE SIX MONTHS ENDED 30 JUNE 2025
(All amounts expressed in RMB million unless otherwise specified)
| 30 June 2025 | 31 December 2024 | ||
|---|---|---|---|
| Capital commitments | |||
| Contracted, but not provided for | (1)(2)(3)(4)(5) | 15,099 | 18,858 |
| Authorised, but not contracted for | (1) | 1,341 | 2,101 |
| 16,440 | 20,959 |
As at 30 June 2025, major projects with capital commitments were as follows:
FOR THE SIX MONTHS ENDED 30 JUNE 2025
(All amounts expressed in RMB million unless otherwise specified)
The Group leases its investment properties under various rental agreements. Future minimum lease receivables under non-cancellable operating leases are as follows:
| 30 June 2025 | 31 December 2024 | |
|---|---|---|
| Within 1 year (inclusive 1 year) | 554 | 583 |
| 1 to 2 years (inclusive 2 years) | 306 | 318 |
| 2 to 3 years (inclusive 3 years) | 112 | 187 |
| 3 to 5 years (inclusive 5 years) | 78 | 105 |
| More than 5 years | 34 | 51 |
| 1,084 | 1,244 |
FOR THE SIX MONTHS ENDED 30 JUNE 2025
(1) Category of insurance risk and concentration of insurance risk
The risk under an insurance contract arises from the possibility of occurrence of an insured event and the uncertainty of the amount as well as time of any resulting claim. The major risk the Group faces under such contracts is that the actual claims payments and the costs of claims settlement exceed the carrying amount of insurance contract reserves, which are affected by factors such as claim frequency, severity of claim, actual benefits paid and subsequent development of long-term claims. Therefore, the objective of the Group is to ensure that sufficient reserves are available to cover these liabilities.
Insurance risk could occur due to any of the following factors:
Occurrence risk - the possibility that the number of insured events will differ from that expected;
Severity risk - the possibility that the cost of the events will differ from that expected;
Development risk - the possibility that changes may occur in the amount of an insurer's obligation at the end of the contract period.
The above risk exposure is mitigated by the diversification across a large portfolio of insurance contracts. The variability of risks is also reduced by careful selection and implementation of underwriting strategy and guidelines, as well as the use of reinsurance arrangements.
The businesses of the Group mainly comprise long-term life insurance contracts (mainly including life insurance and long-term health insurance), short-term life insurance contracts (mainly including short-term health insurance and accident insurance) and property and casualty insurance contracts. For contracts where death is the insured risk, the significant factors that could increase the overall frequency of claims are epidemics, widespread changes in lifestyle and natural disasters, resulting in earlier or more claims than expected. For contracts where survival is the insured risk, the most significant factor is continued improvement in medical science and social conditions that would increase longevity. For property and casualty insurance contracts, claims are often affected by natural disasters, calamities, terrorist attacks, etc.
Currently, the Group's insurance risk does not vary significantly in relation to the locations of the risks insured by the Group whilst undue concentration by amounts could have an impact on the severity of benefit payments on a portfolio basis.
There would be no significant mitigating terms and conditions that reduce the insured risk accepted for contracts with fixed and guaranteed benefits and fixed future premiums. Meanwhile, insurance risk is also affected by the policyholders' rights to terminate the contract, to pay reduced premiums, to refuse to pay premiums or to avail the guaranteed annuity option. Thus, the resultant insurance risk is subject to the policyholders' behaviour and decisions.
FOR THE SIX MONTHS ENDED 30 JUNE 2025
(All amounts expressed in RMB million unless otherwise specified)
In order to manage insurance risks more effectively, the Group manages insurance risks through reinsurance to reduce the effect of potential losses to the Group. Three major types of reinsurance agreements, ceding on a quota share basis or a surplus basis or excess reinsurance, are usually used to cover insurance liability risk, with retention limits varying by product line and territory. The reinsurance contract basically covers all insurance contracts with risk liability. Although the Group has reinsurance arrangements, it is not relieved of its direct obligations to its policyholders. The Group's placement of reinsurance is diversified such that neither it is dependent on a single reinsurer nor are the operations of the Group substantially dependent upon any single reinsurance contract.
(2) Assumptions
Material judgement is required in choosing discount rate assumption, insurance incident occurrence rate assumption (mainly including mortality and morbidity), surrender rate assumption, expense assumption and policy dividend assumption relating to long-term life insurance contracts. These measurement assumptions are based on current information available at the balance sheet date.
The calculation for liability for incurred claims is based on the Group's past claim development experience, including assumptions in respect of average claim costs, claim expenses, inflation factors and number of claims for each accident period. Additional qualitative judgement is used to assess the extent to which past trends may not apply in the future (for example, changes in external factors such as one-off events, public attitudes to claims, market factors such as economic conditions, judicial decisions and government legislation, as well as changes in internal factors such as portfolio mix, policy conditions and claims handling procedures).
Other key assumptions include risk adjustment for non-financial risk, delays in settlement, etc.
FOR THE SIX MONTHS ENDED 30 JUNE 2025
(All amounts expressed in RMB million unless otherwise specified)
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk principally comprises three types of risks, namely interest rate risk arising from market interest rates, price risk arising from market prices and currency risk arising from foreign exchange rates.
The following policies and procedures are in place to mitigate the Group's exposure to market risk:
Currency risk is the risk that the fair value or future cash flow of a financial instrument will fluctuate because of changes in foreign exchange rates.
Since the Group operates principally in Mainland China, the Group has only limited exposure to currency risk, which arises primarily from certain insurance policies denominated in foreign currencies, bank deposits and common stocks, etc. denominated in the foreign currency.
(2) Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates.
Floating rate instruments expose the Group to cash flow interest risk, whereas fixed interest rate instruments expose the Group to fair value interest risk.
The Group's interest risk policy requires it to manage interest rate risk by maintaining an appropriate mix of fixed and floating rate instruments. The policy also requires it to manage the maturity of interest-bearing financial assets and interest-bearing financial liabilities. Interest on floating rate instruments is generally repriced once a year. Interest on fixed rate instruments is priced on initial recognition of related financial instruments and remains constant until maturity date.
The Group is not exposed to significant concentration risks.
(3) Price risk
Price risk is the risk that the fair value of a financial instrument will fluctuate because of changes in market prices (other than those arising from interest rate risk or currency risk), regardless of whether those changes are caused by factors specific to the individual financial instrument or its issuer, or factors affecting all similar financial instruments traded in the market. Financial investments exposed to market price risk mainly consist of stocks and equity investment funds under financial assets at fair value through profit or loss and equity investments at fair value through other comprehensive income. The Group's price risk policy requires it to manage such risk by setting and monitoring investment objectives, adopting related strategies and managing fluctuations arising from price risk in operating performance.
FOR THE SIX MONTHS ENDED 30 JUNE 2025
(All amounts expressed in RMB million unless otherwise specified)
Credit risk is the risk that one party to a financial instrument or an insurance contract will cause a financial loss to the other party by failing to discharge an obligation.
The Group is exposed to credit risks primarily associated with deposit arrangements with commercial banks, financial assets at amortised cost, debt investments at fair value through other comprehensive income, securities purchased under agreements to resell, reinsurance contract assets and other assets.
Due to the restriction of the National Financial Regulatory Administration, majority of the Group's financial assets are government bonds, government institutional bonds, enterprise bonds, term deposits, debt investment plans and wealth management products. Term deposits are placed with national commercial banks or comparatively sound financial institutions, and most of enterprise bonds, debt investment plans and wealth management products are guaranteed by qualified institutions. Hence, the related credit risk of the investment should be regarded as relatively low. Meanwhile, the Group will perform credit assessments and risk appraisals for each investment before signing contracts, and determine to invest in those programs released by highly rated issuers and project initiators.
For securities purchased under agreements to resell and policy loans, there is a security pledge and the maturity period is less than one year. Premium receivables from life insurance are mainly renew premium within grace period. Hence, the related credit risk should not have significant impact on the Group's consolidated financial statements. The Group grants a short credit period and arranges instalment payment to reduce the property and casualty insurance businesses credit risk. The Group performs regular credit assessment of the reinsurance companies. Reinsurance of the Group is mainly entered into with highly rated reinsurance companies.
The Group mitigates credit risk by utilising credit control policies, undertaking credit analysis on potential investments, and imposing aggregate counterparty exposure limits.
In accordance with the new accounting standard for financial instruments, the Group applies the "expected credit loss model" to measure the impairment of financial assets such as financial assets at amortised cost and debt investments at fair value through other comprehensive income.
Under the new financial instruments accounting standard, the Group assesses at each balance sheet date whether the credit risk of the relevant financial instruments has changed significantly since its initial recognition when considering the credit risk stages of financial assets. When determining the impairment stage of financial assets, the Group fully considers all reasonable and well-founded information, including forward-looking information, that reflects whether there has been a significant change in its credit risk. The main factors to be considered are regulatory and operating environment, internal and external credit rating, solvency, operating capacity, etc. The Group based on individual financial instruments or portfolios of financial instruments with similar credit risk characteristics to determine the stage classification of financial instruments by comparing the credit risks of the financial instruments at the reporting date with initial recognition.
FOR THE SIX MONTHS ENDED 30 JUNE 2025
(All amounts expressed in RMB million unless otherwise specified)
The Group sets quantitative and qualitative criteria to determine whether the credit risk of financial instruments has changed significantly since the initial recognition, mainly including changes in the debtor's probability of default ("PD"), changes in credit risk classification, and other circumstances indicating significant changes in credit risk. In determining whether the credit risk of a financial instrument has changed significantly since the initial recognition, the Group considers overdue more than 30 days as one of the criteria for a significant increase in credit risk in accordance with the requirements of the standard.
The criteria adopted by the Group in determining whether credit impairment has incurred are consistent with internal credit risk management objectives for the relevant financial instruments, taking into account quantitative and qualitative indicators. When assessing whether a debtor has incurred credit impairment, the Group mainly considers the following factors:
Credit impairment of financial assets may be caused by a combination of multiple events, not necessarily by individually identifiable events.
FOR THE SIX MONTHS ENDED 30 JUNE 2025
(All amounts expressed in RMB million unless otherwise specified)
Measurement of expected credit loss (continued)
Parameters of the expected credit loss measurement
The models, parameters and assumptions used in measuring expected credit loss are described as follows:
Impairment provisions are measured in terms of expected credit losses over the next 12 months or throughout the lifetime of the assets, based on whether there has been a significant increase in credit risk and whether the asset has undergone credit impairment. The expected credit loss is the result of discounting the product of the company's exposure at default ("EAD"), PD and rate of loss given default ("LGD") under reasonable and evidence-based forward-looking information that can be obtained without undue cost or effort.
When assessing whether the credit risk of a financial instrument has increased significantly since its initial recognition, the Group takes into account changes in the risk of default over the expected lifetime of the financial instruments. The lifetime PD is derived from the 12-month PD based on the maturity information. Impairment for assets assessed on a collective basis is based on observable historical data and on the assumption that assets with the same credit rating and in the same portfolio for collective assessment are in the same situation. The above analysis is based on industry experience and supported by historical data.
Without regard to the impact of guarantees or other credit enhancement methods, the carrying amount of financial assets in the Group's balance sheet reflects its maximum credit risk exposure at the balance sheet date.
FOR THE SIX MONTHS ENDED 30 JUNE 2025
(All amounts expressed in RMB million unless otherwise specified)
Credit risk exposure (continued)
The following table sets out the credit risk exposure of financial instruments under the scope of the expected credit loss assessment:
| 30 June 2025 | ||||
|---|---|---|---|---|
| Maximum | ||||
| credit risk | ||||
| Stage 1 | Stage 2 | Stage 3 | exposure | |
| Cash at bank and on hand | 46,404 | - | - | 46,404 |
| Securities purchased under | ||||
| agreements to resell | 21,349 | - | - | 21,349 |
| Term deposits | 167,328 | 10,891 | - | 178,219 |
| Financial Investments: | 1,792,852 | 6,178 | 2,700 | 1,801,730 |
| Financial assets at | ||||
| amortised cost | 53,651 | 1,168 | 538 | 55,357 |
| Debt investments at | ||||
| fair value through other | ||||
| comprehensive income | 1,739,201 | 5,010 | 2,162 | 1,746,373 |
| Restricted statutory deposits | 6,898 | - | - | 6,898 |
| Others | 14,614 | 327 | 97 | 15,038 |
| Total | 2,049,445 | 17,396 | 2,797 | 2,069,638 |
| 31 December 2024 | ||||
| Maximum | ||||
| credit risk | ||||
| Stage 1 | Stage 2 | Stage 3 | exposure | |
| Cash at bank and on hand | 29,357 | - | - | 29,357 |
| Securities purchased under | ||||
| agreements to resell | 10,905 | - | - | 10,905 |
| Term deposits | 172,113 | 1,705 | - | 173,818 |
| Financial Investments: | 1,663,534 | 6,321 | 2,961 | 1,672,816 |
| Financial assets at | ||||
| amortised cost | 62,770 | 1,517 | 557 | 64,844 |
| Debt investments at | ||||
| fair value through other | ||||
| comprehensive income | 1,600,764 | 4,804 | 2,404 | 1,607,972 |
| Restricted statutory deposits | 6,851 | - | - | 6,851 |
| Others | 13,235 | 210 | 70 | 13,515 |
As at 30 June 2025 and 31 December 2024, the collaterals for the financial assets that have suffered credit impairment were mainly stocks and equity investments.
The Group closely monitors collaterals for financial assets that have undergone credit impairment.
FOR THE SIX MONTHS ENDED 30 JUNE 2025
(All amounts expressed in RMB million unless otherwise specified)
Liquidity risk is the risk of capital shortage in the performance of repaying maturing debts or fulfilling other payment obligations.
Liquidity risk may result from the surrender, reduction or early termination of insurance contracts in other forms, the indemnity and payment, and the daily expenses of the Group.
When surrender, reduction or other forms of early termination happens, the Group determines the amounts that are payable on demand to policyholders in accordance with the terms of insurance contracts, which are usually the unearned premiums or the cash values of the relevant part of contracts, after deducting the applicable early termination fees. The Group seeks to manage its liquidity risk by setting out guidelines on asset allocation, portfolio limit structures and the maturity profiles of assets, in order to match the maturities of investment assets with the maturities of corresponding insurance liabilities, to provide funds for the Group to fulfil payment obligations in a timely manner.
The following policies and procedures are in place to mitigate the Group's exposure to liquidity risk:
FOR THE SIX MONTHS ENDED 30 JUNE 2025
(All amounts expressed in RMB million unless otherwise specified)
The tables below summarise the maturity profiles of the main financial assets and financial liabilities of the Group based on undiscounted contractual cash flows and remaining maturity of expected cash flows:
| 30 June 2025 | ||||||
|---|---|---|---|---|---|---|
| On demand/ | Within 1 | 1 to 5 | Over 5 | |||
| Overdue | year | years | years | Undated | Total | |
| Financial assets: | ||||||
| Cash at bank and on hand | 46,404 | - | - | - | - | 46,404 |
| Derivative financial assets | - | 6 | 5 | - | - | 11 |
| Securities purchased under | ||||||
| agreements to resell | - | 21,350 | - | - | - | 21,350 |
| Term deposits | - | 21,020 | 169,837 | - | - | 190,857 |
| Financial investments: | ||||||
| Financial assets at fair value | ||||||
| through profit or loss | 388 | 24,649 | 59,246 | 316,073 | 390,106 | 790,462 |
| Financial assets at amortised cost |
- | 10,468 | 24,436 | 41,557 | - | 76,461 |
| Debt investments at fair value | ||||||
| through other | ||||||
| comprehensive income | - | 93,665 | 424,757 | 2,465,918 | - | 2,984,340 |
| Equity investments at fair | ||||||
| value through other | ||||||
| comprehensive income | - | - | - | - | 172,489 | 172,489 |
| Restricted statutory deposits | - | 1,718 | 5,497 | - | - | 7,215 |
| Others | 1,348 | 9,720 | 4,369 | 35 | 2 | 15,474 |
| Subtotal | 48,140 | 182,596 | 688,147 | 2,823,583 | 562,597 | 4,305,063 |
| Financial liabilities: | ||||||
| Derivative financial liabilities | - | - | 60 | - | - | 60 |
| Securities sold under | ||||||
| agreements to repurchase | - | 180,255 | - | - | - | 180,255 |
| Bonds payable | - | 367 | 10,734 | - | - | 11,101 |
| Commission and brokerage | ||||||
| payable | 961 | 5,300 | 389 | 24 | - | 6,674 |
| Lease liabilities | - | 725 | 765 | 246 | - | 1,736 |
| Long-term borrowings | - | 70 | 136 | - | - | 206 |
| Others | 14,817 | 39,410 | 1,820 | - | - | 56,047 |
| Subtotal | 15,778 | 226,127 | 13,904 | 270 | - | 256,079 |
| Net amount | 32,362 | (43,531) | 674,243 | 2,823,313 | 562,597 | 4,048,984 |
FOR THE SIX MONTHS ENDED 30 JUNE 2025
(All amounts expressed in RMB million unless otherwise specified)
The tables below summarise the maturity profiles of the main financial assets and financial liabilities of the Group based on undiscounted contractual cash flows and remaining maturity of expected cash flows: (continued)
| 31 December 2024 | ||||||
|---|---|---|---|---|---|---|
| On demand/ | Within 1 | 1 to 5 | Over 5 | |||
| Overdue | year | years | years | Undated | Total | |
| Financial assets: | ||||||
| Cash at bank and on hand | 29,136 | 221 | - | - | - | 29,357 |
| Derivative financial assets | - | 13 | 13 | - | - | 26 |
| Securities purchased under | ||||||
| agreements to resell | - | 10,905 | - | - | - | 10,905 |
| Term deposits | - | 26,288 | 160,777 | - | - | 187,065 |
| Financial investments: | ||||||
| Financial assets at fair value | ||||||
| through profit or loss | 388 | 29,170 | 63,209 | 306,695 | 366,452 | 765,914 |
| Financial assets at amortised | ||||||
| cost | - | 17,996 | 19,883 | 49,370 | - | 87,249 |
| Debt investments at fair value | ||||||
| through other comprehensive income |
- | 120,725 | 331,984 | 2,187,048 | - | 2,639,757 |
| Equity investments at fair | ||||||
| value through other | ||||||
| comprehensive income | - | - | - | - | 164,475 | 164,475 |
| Restricted statutory deposits | - | 739 | 6,534 | - | - | 7,273 |
| Others | 1,107 | 7,857 | 4,934 | 45 | 2 | 13,945 |
| Subtotal | 30,631 | 213,914 | 587,334 | 2,543,158 | 530,929 | 3,905,966 |
| Financial liabilities: | ||||||
| Derivative financial liabilities | - | 14 | 82 | - | - | 96 |
| Securities sold under | ||||||
| agreements to repurchase | - | 181,748 | - | - | - | 181,748 |
| Bonds payable | - | 367 | 11,101 | - | - | 11,468 |
| Commission and brokerage | ||||||
| payable | 923 | 4,385 | 608 | 26 | - | 5,942 |
| Lease liabilities | - | 846 | 1,447 | 692 | - | 2,985 |
| 714 | 40,240 | 1,700 | - | - | 42,654 | |
| Others | ||||||
| Subtotal | 1,637 | 227,600 | 14,938 | 718 | - | 244,893 |
| Net amount | 28,994 | (13,686) | 572,396 | 2,542,440 | 530,929 | 3,661,073 |
FOR THE SIX MONTHS ENDED 30 JUNE 2025
(All amounts expressed in RMB million unless otherwise specified)
Operation risk is the risk of loss arising from existed issues on internal procedures, employees and information system failure, and impacts from the external events. When controls fail to perform, operational risk can affect the steady development and reputation of the company, give rise to legal or regulatory matters, or lead to financial loss to the Group.
The Group is exposed to many types of operational risks, including inadequate, or failure to obtain, proper authorisations or supporting documentation to comply with operational and informational system procedures that prevent frauds or errors by employees.
Through the establishment and implementation of internal control manuals, continuous optimisation of information systems, and monitoring and response to potential risks, the Group has established a long-term internal control mechanism to mitigate the impact of operational risks on the Group.
The following internal control measures are in place to mitigate the Group's exposure to operational risk:
Mismatching risk of assets and liabilities is the risk due to the Group's inability to match its assets with its liabilities on the basis of duration, cash flow and investment return. Under the current regulatory and market environment, the Group is lack of investment in assets with a duration of sufficient length to match the duration of its medium and long-term life insurance liabilities. When the current regulatory and market environment permits, the Group will increase the profile of securities with fixed investment returns and lengthen the duration of its assets to narrow the gap of duration and investment returns of the existing assets and liabilities.
In order to further enhance the management of matching of assets and liabilities, the board of directors of the Group has the Strategy and Investment Decision & ESG Committee and Risk Management Committee to make significant decisions on asset-liability management. Besides, the Executive Management Committee of the Group has an asset-liability working group which is responsible for providing professional support for asset-liability management and matching.
FOR THE SIX MONTHS ENDED 30 JUNE 2025
(All amounts expressed in RMB million unless otherwise specified)
Capital management risk primarily refers to the risk of insufficient solvency as a result of the operation and administration of the Company or certain external events.
It is the Group's objective to maintain a strong credit rating and adequate solvency in order to support its business objectives and to maximise shareholder value. The specific measures are as follows:
The table below summarises the core capital, actual capital and minimum required capital of the Group and its major insurance subsidiaries determined according to solvency supervision rules:
| Group | 30 June 2025 |
31 December 2024 |
|---|---|---|
| Core capital | 385,700 | 358,078 |
| Actual capital | 534,478 | 503,745 |
| Minimum required capital | 202,581 | 197,079 |
| Core solvency margin ratio | 190% | 182% |
| Comprehensive solvency margin ratio | 264% | 256% |
| 30 June | 31 December | |
| CPIC Life | 2025 | 2024 |
| Core capital | 232,439 | 213,418 |
| Actual capital | 366,386 | 345,510 |
| Minimum required capital | 170,640 | 164,313 |
| Core solvency margin ratio | 136% | 130% |
| Comprehensive solvency margin ratio | 215% | 210% |
| 30 June | 31 December | |
| CPIC Property | 2025 | 2024 |
| Core capital | 59,987 | 58,153 |
| Actual capital | 73,696 | 70,698 |
| Minimum required capital | 30,629 | 31,852 |
| Core solvency margin ratio | 196% | 183% |
| Comprehensive solvency margin ratio | 241% | 222% |
FOR THE SIX MONTHS ENDED 30 JUNE 2025
(All amounts expressed in RMB million unless otherwise specified)
The table below summarises the core capital, actual capital and minimum required capital of the Group and its major insurance subsidiaries determined according to solvency supervision rules: (continued)
| 30 June | 31 December | |
|---|---|---|
| CPIC Health | 2025 | 2024 |
| Core capital | 3,658 | 3,294 |
| Actual capital | 4,468 | 4,040 |
| Minimum required capital | 2,045 | 1,716 |
| Core solvency margin ratio | 179% | 192% |
| Comprehensive solvency margin ratio | 218% | 235% |
| 30 June | 31 December | |
| PAAIC | 2025 | 2024 |
| Core capital | 2,787 | 2,868 |
| Actual capital | 3,099 | 3,153 |
| Minimum required capital | 991 | 940 |
| Core solvency margin ratio | 281% | 305% |
| Comprehensive solvency margin ratio | 313% | 335% |
FOR THE SIX MONTHS ENDED 30 JUNE 2025
(All amounts expressed in RMB million unless otherwise specified)
Fair value estimates are made at a specific point in time based on relevant market information and information about financial instruments. When an active market exists, such as an authorised securities exchange, the market value is the best reflection of the fair value of financial instruments. For financial instruments where there is no active market, fair value is determined using valuation techniques.
The Group's financial assets mainly include cash at bank and on hand, derivative financial assets, securities purchased under agreements to resell, term deposits, financial assets at fair value through profit or loss, financial assets at amortised cost, debt investments at fair value through other comprehensive income, equity investments at fair value through other comprehensive income and restricted statutory deposits, etc.
The Group's financial liabilities mainly include long-term borrowings, securities sold under agreements to repurchase and bonds payable, etc.
The following table summarises the carrying values and estimated fair values of financial assets at amortised cost, long-term borrowings and bonds payable whose fair values are not presented in the consolidated balance sheet.
| 30 June 2025 | 31 December 2024 | ||||
|---|---|---|---|---|---|
| Carrying amount |
Fair value |
Carrying amount |
Fair value |
||
| Financial assets: Financial assets at amortised cost |
55,357 | 60,720 | 64,844 | 70,062 | |
| Financial liabilities: Long-term borrowings Bonds payable |
157 10,103 |
158 10,493 |
- 10,286 |
- 10,758 |
The carrying amount of other financial assets and financial liabilities approximate their fair value.
FOR THE SIX MONTHS ENDED 30 JUNE 2025
(All amounts expressed in RMB million unless otherwise specified)
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy. The fair value hierarchy prioritises the inputs to valuation techniques used to measure fair value into three broad levels. The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety.
The levels of the fair value hierarchy are as follows:
The level of fair value calculation is determined by the lowest level input with material significance in the overall calculation. As such, the significance of the input should be considered from an overall perspective in the calculation of fair value.
For Level 2 financial instruments, valuations are generally obtained from third party pricing services for identical or comparable assets, or through the use of valuation methodologies using observable market inputs, or recent quoted market prices. Valuation service providers typically gather, analyse and interpret information related to market transactions and other key valuation model inputs from multiple sources, and through the use of widely accepted internal valuation models, provide a theoretical quote on various securities. Debt securities traded among Chinese interbank market are classified as Level 2 when they are valued at recent quoted prices from Chinese interbank market or from valuation service providers. Substantially most financial instruments classified within Level 2 of the fair value hierarchy of the Group are debt investments denominated in RMB. Fair value of debt investments denominated in RMB is determined based upon the valuation results by the China Central Depository & Clearing Co., Ltd. All significant inputs are observable in the market.
For Level 3 financial instruments, prices are determined using valuation methodologies such as discounted cash flow models and other similar techniques. Determination to classify fair value measures within Level 3 of the valuation hierarchy is generally based on the significance of the unobservable factors to the overall fair value measurement, and valuation methodologies such as discounted cash flow models and other similar techniques. The Group's valuation team may choose to apply internally developed valuation method to the assets or liabilities being measured, determine the main inputs for valuation, and analyse the change of the valuation and report it to management. Key inputs involved in internal valuation services are not based on observable market data. They reflect assumptions made by management based on judgements and experiences.
For assets and liabilities that are recognised at fair value on a recurring basis, the Group determines whether transfers have occurred between Levels in the hierarchy by reassessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.
FOR THE SIX MONTHS ENDED 30 JUNE 2025
(All amounts expressed in RMB million unless otherwise specified)
The following table provides the fair value measurement hierarchy of the Group's assets and liabilities:
| 30 June 2025 | ||||
|---|---|---|---|---|
| Level 1 | Level 2 | Level 3 Total fair value | ||
| Assets measured at fair value | ||||
| Term deposits measured at fair value | - | - | 135,859 | 135,859 |
| Financial assets at fair value through profit or loss |
||||
| - Stocks | 186,591 | - | 815 | 187,406 |
| - Funds | 69,198 | 641 | - | 69,839 |
| - Bonds | 10,186 | 265,593 | 388 | 276,167 |
| - Others | 11,714 | 8,952 | 120,323 | 140,989 |
| 277,689 | 275,186 | 121,526 | 674,401 | |
| Debt investments at fair value through other comprehensive income |
||||
| - Bonds | 3,149 | 1,523,971 | 3,040 | 1,530,160 |
| - Others | - | 559 | 215,654 | 216,213 |
| 3,149 | 1,524,530 | 218,694 | 1,746,373 | |
| Equity investments at fair value through other comprehensive income |
||||
| - Stocks | 93,113 | - | 2,606 | 95,719 |
| - Preferred stocks | - 924 |
12,604 12,554 |
- 32,371 |
12,604 45,849 |
| - Others | ||||
| 94,037 | 25,158 | 34,977 | 154,172 | |
| Derivative financial assets | - | 11 | - | 11 |
| Liabilities measured at fair value | ||||
| Derivative financial liabilities | - | 60 | - | 60 |
| Assets for which fair values are disclosed | ||||
| Financial assets at amortised cost (Note XI) | - | 23,736 | 36,984 | 60,720 |
| Investment properties | - | - | 32,858 | 32,858 |
| Liabilities for which fair values are disclosed (Note XI) |
||||
| Long-term borrowings | - | - | 158 | 158 |
| Bonds payable | - | - | 10,493 | 10,493 |
FOR THE SIX MONTHS ENDED 30 JUNE 2025
(All amounts expressed in RMB million unless otherwise specified)
The following table provides the fair value measurement hierarchy of the Group's assets and liabilities: (continued)
| 31 December 2024 | ||||
|---|---|---|---|---|
| Level 1 | Level 2 | Level 3 | Total fair value | |
| Assets measured at fair value | ||||
| Term deposits measured at fair value | - | - | 132,893 | 132,893 |
| Financial assets at fair value through profit or loss |
||||
| - Stocks | 178,823 | - | 190 | 179,013 |
| - Funds | 63,249 | 7,223 | - | 70,472 |
| - Bonds | 8,902 | 265,045 | 388 | 274,335 |
| - Others | 15,117 | 4,939 | 123,323 | 143,379 |
| 266,091 | 277,207 | 123,901 | 667,199 | |
| Debt investments at fair value through other comprehensive income |
||||
| - Bonds | 1,538 | 1,341,350 | 3,107 | 1,345,995 |
| - Others | - | 851 | 261,126 | 261,977 |
| 1,538 | 1,342,201 | 264,233 | 1,607,972 | |
| Equity investments at fair value through other comprehensive income |
||||
| - Stocks | 71,506 | - | 4,546 | 76,052 |
| - Preferred stocks | - | 12,642 | - | 12,642 |
| - Others | 547 | 18,878 | 33,895 | 53,320 |
| 72,053 | 31,520 | 38,441 | 142,014 | |
| Derivative financial assets | - | 26 | - | 26 |
| Liabilities measured at fair value | ||||
| Derivative financial liabilities | - | 96 | - | 96 |
| Assets for which fair values are disclosed | ||||
| Financial assets at amortised cost (Note XI) | - | 25,765 | 44,297 | 70,062 |
| Investment properties | - | - | 14,169 | 14,169 |
| Liabilities for which fair values are disclosed (Note XI) |
||||
| Bonds payable | - | - | 10,758 | 10,758 |
FOR THE SIX MONTHS ENDED 30 JUNE 2025
(All amounts expressed in RMB million unless otherwise specified)
The fair value of the unquoted debt investments is estimated by discounting future cash flows using rates currently available for debt on similar terms, credit risk and remaining maturities, with appropriate adjustment where applicable.
The fair value of the equity investments has been determined using valuation techniques such as discounted cash flow method, comparison method of listed companies, recent transaction prices of the same or similar instruments, etc., with appropriate adjustments have been made where applicable, for example, for lack of liquidity using option pricing models.
The fair value of investment properties is determined using discounted cash flow method with unobservable inputs including estimated rental value per square metre per month and discount rate, etc. This method involves the projection of a series of cash flows from valuation date to economic life maturity date. To this projected cash flow series, a market-derived discount rate is applied to establish the present value of the income stream associated with the asset.
The Group does not have significant post balance sheet events.
These interim consolidated financial statements have been approved for issue by the board of directors of the Company on 28 August 2025.
(All amounts expressed in RMB million unless otherwise specified)
| For the six months ended 30 June 2025 | ||||
|---|---|---|---|---|
| Weighted average | Earnings per share | |||
| return on net assets | (RMB per share) | |||
| Basic | Diluted | |||
| Net profit attributable to shareholders of the parent | 9.6% | 2.90 | 2.90 | |
| Net profit attributable to shareholders of the parent net of non-recurring profit or loss |
9.0% | 2.73 | 2.73 |
The Company had no dilutive potential ordinary shares during the six-month period ended 30 June 2025.
| For the six months ended 30 June 2024 | |||
|---|---|---|---|
| Weighted average return on net assets |
Earnings per share (RMB per share) |
||
| Basic | Diluted | ||
| Net profit attributable to shareholders of the parent Net profit attributable to shareholders of the parent net of |
9.5% | 2.61 | 2.61 |
| non-recurring profit or loss | 9.5% | 2.61 | 2.61 |
Net profit attributable to shareholders of the parent net of non-recurring profit or loss are listed as follows:
| For the six months ended 30 June 2025 |
For the six months ended 30 June 2024 |
|
|---|---|---|
| Net profit attributable to shareholders of the parent | 27,885 | 25,132 |
| Add/(Less): Non-recurring profit or loss items Government grants recognised in current profit or loss Gains on disposal of fixed assets, intangible assets and other long-term assets, |
(66) | (46) |
| including write-off of provision for assets impairment | (73) | (1) |
| Other net non-operating income and expenses other than aforesaid items Other items confirming to the definition of non-recurring profit or loss* |
14 (1,603) |
53 - |
| Effect of income tax relating to non-recurring profit or loss | 38 | 4 |
| Net profit less non-recurring profit or loss | 26,195 | 25,142 |
| Less: Net non-recurring profit or loss attributable to non-controlling interests | 29 | - |
| Net profit attributable to shareholders of the parent net of non-recurring profit or loss |
26,224 | 25,142 |
* Ruiyongjing Real Estate has become a subsidiary of the group since 30 June 2025. Ruiyongjing Real Estate was included in the scope of the Group's consolidated financial statements, resulting in a one-time profit or loss impact of RMB1.603 billion. See Note Ⅳ 2 for details.
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