China Pacific Insurance (Group) Co., Ltd. (CPIC, HK: 02601) reported solid 2025 results, highlighting double-digit earnings growth, a stronger capital buffer and continued progress on its value-oriented transformation.
• Earnings momentum – Group operating income rose 7.7 % year-on-year to RMB435.16 billion. Net profit attributable to shareholders climbed 19.0 % to RMB53.51 billion, while operating profit after tax (OPAT) increased 6.1 % to RMB36.52 billion.
• Capital strength – Under China Risk-Oriented Solvency System II, the comprehensive and core solvency margin ratios both expanded by more than 17 percentage points versus 2024, comfortably above the regulatory minimums of 100 % and 50 %, respectively.
• Value creation – Group embedded value (EV) reached RMB613.37 billion, up 9.1 %. Net asset value attributable to the parent has posted a 9.5 % compound annual growth rate since the adoption of China’s new accounting standards in 2023.
Segment highlights
Life insurance • New business value (NBV) surged 40.1 % to RMB18.61 billion. • Written premiums grew 12.7 % to RMB200.15 billion on stronger first-year sales; 13-month and 25-month policy persistency stood at 97.3 % and 95.5 %, respectively. • Agency channel productivity improved, with monthly average first-year premium per core agent up 17.1 % to RMB63,605. Bancassurance NBV more than doubled to RMB6.74 billion.
Property & casualty insurance • Primary premium income edged up 0.1 % to RMB201.50 billion. • The underwriting combined ratio improved 1.1 percentage points to 97.5 %, delivering an 81 % jump in underwriting profit to RMB4.84 billion. Auto insurance renewal ratio for individual customers rose to 78.1 %, and the auto line’s combined ratio fell 2.6 percentage points to 95.6 %.
Asset management • Group assets under management expanded 9.8 % to RMB3.89 trillion, including RMB3.04 trillion of in-house assets. • Total investment income reached RMB141.63 billion, up 17.6 %. The comprehensive investment yield increased to 6.1 % (2024: 6.0 %). Equity assets accounted for 16.7 % of the portfolio, 2.2 percentage points higher than a year earlier.
Shareholder returns CPIC lifted its dividend per share by 6.5 % to RMB1.15 for 2025, sustaining a track record of stable, predictable payouts since listing.
ESG and strategic initiatives The group’s MSCI ESG rating was upgraded to AAA. CPIC advanced its “5 Financial Priorities”—technology, green, inclusive, pension and digital finance—while keeping group solvency, risk and duration gaps under tight control.
Outlook Entering its 35th anniversary year, CPIC plans to deepen reform, accelerate capacity building and pursue high-quality growth aimed at reinforcing its position as a leading, internationally competitive insurance conglomerate.
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