China Pacific Insurance Company (601601) Q1 2026 earnings summary

Executive summary

• Net profit for Q1 rose 4.3% year-on-year to RMB 10.041 billion, with operating profit after tax up 3.6%.

• Insurance revenue reached RMB 70.234 billion, up 1.0% year-on-year, driven by life insurance growth and stable P&C performance.

• Life business transformation focused on value growth, with strong regular premium new business and new business value increases.

• Total assets grew 2.6% from year-end to RMB 3,227.1 billion; equity attributable to shareholders rose 5.8%.

• P&C premium was RMB 63.028 billion, down 0.3% year-on-year, with auto insurance stable and non-auto business declining due to business mix optimization.

Financial highlights

• Total premium income for life business was RMB 116.277 billion; regular premium new business value rose 41.4% to RMB 18.9 billion.

• New business value reached RMB 6.3 billion, up 9.6% year-on-year.

• Group investment assets grew to RMB 3.12384 trillion, up 2.8% from year-end; non-annualized net investment yield was 0.7%, and total investment yield was 0.8%, both slightly down year-on-year.

• Combined ratio for P&C improved to 96.4%, a 1 percentage point improvement.

• Operating income for Q1 was RMB 92.547 billion, down 1.2% year-on-year; net cash flows from operating activities were RMB 61.263 billion, down 5.1%.

Outlook and guidance

• Expectation of positive NBV growth for the bank channel as product mix and compliance improve.

• Anticipate stronger performance in Q2 and Q3, with more even business growth across quarters.

• Confident in P&C business growth returning to normal in Q2 and Q3 after slow Q1.

• The company expects continued high-quality development, focusing on value growth and risk management amid market volatility and geopolitical risks.