China Pacific Insurance Company (601601) Q3 2025 earnings summary

Executive summary

• Insurance revenue for the first three quarters reached RMB 216.89 billion, up 3.6% year-over-year, reflecting steady progress in core business transformation and reforms.

• Net profit rose to RMB 45.7 billion, up 19.3% year-over-year, supported by strong insurance performance and investment gains.

• OPAT (Operating Profit After Tax) was RMB 28.4 billion, up 7.4% year-over-year.

• Achieved total operating revenue of RMB 344.90 billion for the first nine months of 2025, up 11.1% year-over-year.

• Profit growth driven by capital market gains and improved insurance service performance.

Financial highlights

• CPIC Life's total premium income was RMB 263.8 billion, up 14.2% year-over-year; new business value reached RMB 15.3 billion, up 31.2%.

• Agency premium income was RMB 184.3 billion, up 2.9% year-over-year; bancassurance channel GWP was RMB 58.3 billion, up 63.3%.

• CPIC P&C GWP was RMB 160.2 billion, up 0.1%; auto insurance GWP was RMB 80.46 billion, up 2.9%.

• Group investment assets approached RMB 3 trillion, up 8.8% year-over-year.

• Net investment yield was 2.6% (down 0.3pt), total investment yield 5.2% (up 0.5pt) for the first nine months.

Outlook and guidance

• Regular premium business expected to grow 5%-10% in 2026 for agency channel; bancassurance regular premium business projected to grow at 10%, with CPIC Life targeting 20%-30%.

• Product mix to become more diversified, with increased focus on unit-linked and high-end products.

• Health insurance share expected to rise in 2026, driven by strong policy support and customer demand.

• Bank outlet expansion remains a strategic focus, with significant room for growth in state-owned banks.

• Continued focus on high-quality growth, business structure optimization, and digital transformation.