Slides
Page 1
August 28, 2026 2026 Interim Results Announcement China Pacific Insurance (Group) Co., Ltd.
Page 2
Disclaimer n These materials are for information purposes only and do not constitute or form part of an offer or invitation to sell or issue or the solicitation of an offer or invitation to buy or subscribe for securities of China Pacific Insurance (Group) Co., Ltd. (the “Company”) or any holding company or any of its subsidiaries in any jurisdiction. No part of these materials shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. n The information contained in these materials has not been independently verified. No representation or warranty expressed or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of such information or opinions contained herein. The information and opinions contained in these materials are provided as of the date of the presentation, are subject to change without notice and will not be updated or otherwise revised to reflect any developments, which may occur after the date of the presentation. The Company nor any of its respective affiliates or any of its directors, officers, employees, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any information contained or presented in these materials or otherwise arising in connection with these materials. n These materials contain statements that reflect the Company’s current beliefs and expectations about the future as of the respective dates indicated herein. These forward-looking statements are based on a number of assumptions about the Company’s operations and factors beyond the Company’s control and are subject to significant risks and uncertainties, and, accordingly, actual results may differ materially from these forward- looking statements. You should not place undue reliance on any forward-looking information. The Company assumes no obligations to update or otherwise revise these forward-looking statements for new information, events or circumstances that occur subsequent to such dates.
Page 3
3 Group operating income 212.136bn +5.8% Group OPAT2) 21.149bn +6.2% Group net profit2) 30.775bn +10.4% Group net assets2) 319.196bn +5.6% New business value 10.758bn +12.7% Underwriting combined ratio 95.0% Improved by 1.3pt Group AuM3) 4.08tn +4.8% 191% Group core solvency margin ratio Overview: Steady improvement in overall business results Notes：1) Unless otherwise indicated, life insurance business in this material refers to CPIC Life and CPIC Life (HK), while P/C insurance business only refers to CPIC P/C. 2) Attributable to shareholders of the parent. 3) Figures for the comparative period have been restated. (unit: RMB yuan)
Page 4
4 Group OPAT maintained steady growth, with more balanced contribution from life and P/C insurance business 1H 2025 1H 2026 YoY Share in 1H 2026 Life insurance 15,000 15,887 +5.9% 75.1% P/C insurance 4,967 6,263 +26.1% 29.6% Others -59 -1,001 N/A -4.7% Total 19,909 21,149 +6.2% 100.0% Group OPAT1) OPAT by Main Business Segments2) （unit: RMB million） +7.1% +6.2% +3.3% 1H 2023 1H 2024 1H 2025 1H 2026 Notes: 1) Attributable to shareholders of the parent. 2) Figures may not add up due to rounding.
Page 5
5 Growing CSM underpins stable and sustainable OPAT growth CSM since Adoption of New Accouting Standards （unit: RMB million） 325,726 345,366 356,842 368,780 31 Dec. 2023 31 Dec. 2024 31 Dec. 2025 30 Jun. 2026 +6.0% +3.3% +3.3% CSM as at 31 Dec. 2025 12,256 New business contribution 3,510 Expected interest growth 9,978 CSM adjustments from estimate changes1) -13,807 Amorti- sation CSM as at 30 Jun. 20262) 368,780 +3.3% Movement of CSM in 1H 2026 （unit: RMB million） 356,842 Notes: 1) Including changes in financial risks of insurance contracts subject to the variable fee approach. 2) Figures may not add up due to rounding.
Page 6
6 Sustained growth in net assets under New Accounting Standards （unit: RMB million） Group Net Assetsnote 230,329 249,586 291,417 302,143 319,196 1 Jan. 2023 31 Dec. 2023 31 Dec. 2024 31 Dec. 2025 30 Jun. 2026 +5.6% Note: Attributable to shareholders of the parent.
Page 7
7 Maintained sound solvency positions with strong resilience to market volatility Comprehensive Solvency Margin Ratio （unit: %） （unit: %） 255 209 240 CPIC Group CPIC Life CPIC P/C Regulatory minimum: 100% 191 143 197 CPIC Group CPIC Life CPIC P/C Regulatory minimum: 50% Core Solvency Margin Ratio Note: Data of CPIC Life on this slide do not include CPIC Life (HK).
Page 8
8 Interim DPS 0.42 yuan Total Interim Dividend Amounts 4.041 bn yuan Cumulative Dividends Paid to Shareholders since IPO in 2007: over RMB 130bn Implemented interim dividend for the first time DPS (unit: RMB yuan) 0.30 0.30 0.30 0.35 0.35 0.35 0.40 0.50 1.00 0.70 0.80 1.00 1.20 1.30 1.00 1.02 1.02 1.08 1.15 07Y 08Y 09Y 10Y 11Y 12Y 13Y 14Y 15Y 16Y 17Y 18Y 19Y 20Y 21Y 22Y 23Y 24Y 25Y RMB RMB
Page 9
Performance Analysis
Page 10
10 Life Insurance: Rapid growth in regular FYPs, with improving business quality Written Premiums Regular FYPs 1H 2026 Policy Persistency Ratios of Individual Customers （unit: RMB million） （unit: %） Renewed premiums First-year premiums 96.8 94.8 13-month 25-month +0.2pt +0.3pt （unit: RMB million） Agency channel Bancassurance Group channel and other channels 129,093 127,969 64,377 62,382 1H 2025 1H 2026 193,470 190,351 -3.1% -1.6% 14,077 17,347 8,840 11,720931 1H 2025 1,602 1H 2026 23,848 30,669 +28.6% -0.9% +23.2% +32.6%
Page 11
11 New Business Value （unit: RMB million） New Business Value Margin （unit: %） 1H 2025 1H 2026 1H 2025 1H 2026 Life Insurance: Pursued value-oriented strategies, with sustained NBV growth and margin expansion +12.7% +2.5pt 17.5 15.0 9,544 10,758
Page 12
12 Monthly Avg. Agent Headcount 1H 2026 Core Agent Productivity and Income Life Insurance: Stable agent headcount, with continued gains in core agent productivity • Agent headcount as of the end of June 2026: 185,000 • Monthly average core agent headcount for 1H 2026：45,000 • Systematically improved CRM capabilities, product/service offerings and agent development, driving sustained growth in core agent productivity (unit: '0000) 18.3 18.3 1H 2025 1H 2026 flat 8,026 Monthly average FYP per core agent Monthly average FYC per core agent 101,646 +39.5% （unit: RMB yuan） AI Empowerment Xiao Lan, a proprietary AI assistant Empowering agent development across CRM, team management and training, driving an upgrade from point-solution tools to end-to- end intelligent applications +12.7% Monthly average FYP per agent+32.2% Monthly average FYC per agent Monthly average No. of long-term policies per agent +4.3% Notable improvement in business capabilities of Xiao Lan-enabled users +19.1% ◇ Monthly average agent count using Xiao Lan 87K +39.1pt Monthly average active ratio ◇ ◇ ◇
Page 13
13 Life Insurance: Bancassurance adopts value-oriented strategy, consolidating foundations for high-quality development Quarterly Growth of Regular FYPs Health & Elderly Care Empowerment （unit: %） 4,724 4,956 1H 2025 1H 2026 +4.9% Monthly Avg. No. of Bank Outlets with Sales of Regular-Premium Business • Improving quarterly growth of regular FYPs • Accelerated regular-premium business, with active bank outlets generating an average of RMB289,000 in regular premiums, up by 4.1% year on year An exclusive programme for bancassurance, integrating premium healthcare resources for full-life-cycle health management services Premium retirement communities: full continuum of elderly care soluitons from independent living through assisted living to rehab nursing Service visits from mid-tier customers and above: ~10,0002), y-o-y growth of 103% Facilitated RMB 6.4bn+ in FYPs in 1H 2026, accounting for ~30% of new business from bancassurance Notes: 1) Data of CPIC Life on this slide do not include CPIC Life (HK). 2) In this report, mid-tier customers are defined as those with total payable premiums between RMB300,000 (inclusive) and RMB2.4 million on in-force new insurance policies during the current reporting period; HNW customers are defined as those with total payable premiums between RMB2.4 million (inclusive) and RMB10 million on in-force new insurance policies; and ultra-HNW customers are defined as those with total payable premiums of RMB10 million and above on in-force new insurance policies. Q1 2026 Q2 2026 27.0 29.3
Page 14
14 Life Insurance: Deepened customer segmentation and continued to optimise product mix Share of Mid-Tier Customers and Above （unit: %） 1H 2025 1H 2026 34.2 28.5 • Agency channel: focused on mid-to-high-end customers with the number and share of mid-tier customers and above rising steadily • Bancassurance: continued to enhance CRM for HNW customers with the number and share of HNW customers and above rising steadily +5.6pt Product Mix by Written Premiums • Accelerated variable products development, with the share of new business premiums from par insurance rising to 55.5% • Participating insurance in regular FYPs grew by 168% year on year Product Mix 64% 19% 12% 48% 35% 15% 5% 13% 5% Traditional Participating Universal Unit-linked Short-term insurance 1H 2026 1H 2025 Note: Figures may not add up due to rounding.
Page 15
15 P/C Insurance: Steady premium growth, with momentum gaining quarter on quarter Direct Written Premiums 53,606 53,719 59,154 60,639 1H 2025 1H 2026 112,760 114,358 Auto insurance Non-auto insurance +2.5% +0.2% +1.4% （unit: RMB million） （unit: %） Quarterly Growth of Direct Written Premiums Q1 2026 Q2 2026 3.6 -0.3
Page 16
16 Underwriting Profits P/C Insurance: Stepped up business quality control, with marked improvement in combined ratio and considerable growth in u/w profits （unit: %） 26.8 26.3 69.5 68.7 1H 2025 1H 2026 96.3 95.0 Underwriting expense ratio Underwriting loss ratio -1.3pt 3,550 4,817 1H 2025 1H 2026 （unit: RMB million） +35.7% Underwriting Combined Ratio -0.8pt -0.5pt
Page 17
17 P/C Insurance: Auto business strengthened professional capacity- building, with continuous improvement in precise management NEV Premiums Underwriting CoR of Auto Insurance （unit: %） 22.4 21.7 72.9 72.9 1H 2025 1H 2026 95.3 94.6 77.2 79.2 1H 2025 1H 2026 +2.0pt （unit: %） -0.7pt Renewal Ratio of Auto Insurance for Individual Customers flat -0.7pt Underwriting expense ratio Underwriting loss ratio 10,596 12,812 1H 2025 1H 2026 +20.9% （unit: RMB million）
Page 18
18 P/C Insurance: Non-auto business stepped up transition of growth drivers and optimised product mix, with positive results • Accelerated the development of liability insurance products for new technologies and business forms, strengthened refined management of high-risk business • Direct written premiums: RMB13.713 billion, y-o-y +6.6% • Underwriting combined ratio: 99.0%, improved by 0.4pt y-o-y • Accelerated the development of commercial health insurance, and contributed to a multi-tiered medical security system • Direct written premiums: RMB17.137 billion, y-o-y +10.4% • Underwriting combined ratio: 98.3%, improved by 1.0pt y-o-y Underwriting CoR of Non-auto Insurance 97.6 95.3 1H 2025 1H 2026 （unit: %） -2.3pt Health Insurance • Top four non-auto business lines - health insurance, agricultural insurance, liability insurance and commercial property insurance all posted u/w profitability, with combined ratios improved Liability Insurance
Page 19
19 Asset Management：Steady increase in Group AuM, with strategic asset allocation largely stable （unit: RMB million） Group AuM1) Notes: 1）Figures for the comparative period have been restated. 2）Debt investment plans mainly include infrastructure and real estate projects. 3）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. 4）Other investments mainly include restricted statutory deposits and derivative financial assets, etc. 854,075 907,818 3,039,987 3,172,982 31 Dec. 2025 30 Jun. 2026 3,894,062 4,080,800 +4.4% +6.3% +4.8% Third-party AuM1） Group investment assets Group investment assets Group investment assets 30 Jun. 2026 (%) Change (pt) Cash and cash equivalents 3.4 0.5 Term deposits 6.4 0.2 Debt category financial assets 71.4 (1.0) Debt securities 61.4 0.4 Bond funds 0.3 0.0 Preferred shares 1.4 (0.1) Debt investment plans2） 6.7 (1.0) Wealth management products3） 0.9 (0.2) Others 0.7 (0.1) Equity category financial assets 17.1 0.4 Stocks 11.7 0.6 Equity funds 2.2 (0.1) Wealth management products3） 0.6 (0.2) Others 2.6 0.1 Long-term equity investments 0.5 (0.0) Investment properties 0.8 (0.1) Other investments4） 0.4 (0.0)
Page 20
20 Asset management: Persisted in asset liability management, with long- term investment yields consistently covering costs of liabilities • Developed a new ALM method centering on “net investment yield plus”, aiming for account-specific alignment of assets and liabilities Notes: 1) Data of CPIC Life on this slide do not include CPIC Life (HK). 2) Guaranteed interest rate on new policies, guaranteed interest rate and total cost of liabilities are figures as of 30 Jun. 2026; YTM of newly added fixed-income assets in current year, 3-year average net investment yields and 3-year average comprehensive investment yields are on annualised basis. • As of 30 Jun. 2026, the duration of the Group’s fixed- income assets stood at 11.7 years Duration Gap 31 Dec. 2021 31 Dec. 2022 31 Dec. 2023 31 Dec. 2024 31 Dec. 2025 30 Jun. 2026 Effective duration gapModified duration gap Long-term Investment Yields Consistently Covered Costs of Liabilities2) Guaranteed interest rate on new policies YTM of newly added fixed- income assets in current year Guaranteed interest rate 3-year average net investment yields Total cost of liabilities 3-year average comprehensive investment yields
Page 21
21 Asset management: Maintained resilience in investment results, with overall credit risk of investment assets under control Investment Yields1) （unit: %） 1H 2025 1H 2026 Change Net investment yield 1.7 1.5 ↓ 0.2pt Total investment yield 2.3 2.4 ↑ 0.1pt Comprehensive investment yield 2.4 1.8 ↓ 0.6pt • Given a divergent equity market, the comprehensive investment yield faced short-term pressure • Amid a highly volatile equity market, CPIC ensured a margin of safety and effective drawdown control to deliver steady and sustainable investment returns. External Credit Ratings of Enterprise and Non government-sponsored Bank Financial Bonds 96.7% Share of AAA Share of AA and above 97.8% External Credit Ratings of Non-public Financing Instruments2) 96.5% Share of AAA Share of AA+ and above 96.8% Notes:1) Net/total investment yield and comprehensive investment yield were not annualised. 2) 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.
Page 22
22 Outlook Vision: A top-notch insurance and financial services group with market leadership and global competitiveness Life Insurance Adhere to value growth, further enhance quality and productivity of the agency channel, and strengthen competitiveness of regular- premium business from bancassurance P/C Insurance Prioritise profitability, continuously strengthen business quality control, and actively explore insurance models for emerging sectors Asset Management Embrace long-termism, persist in ALM, and seize investment opportunities Strive for steady NBV growth for 2026 Continue to enhance profitability for sustainable development Generate steady, sustainable investment returns Continue to create value for shareholders, customers, employees and the society
Page 23
Q&A
Page 24
24 Appendix 1: Profit analysis of CPIC Life For the 6 months ended 30 June 2026 2025 Changes (%) Insurance service performance and others 15,757 15,148 4.0 Insurance revenue 43,073 42,274 1.9 Insurance service expenses (26,326) (26,337) (0.0) Total investment income 1） 56,118 46,746 20.0 Finance underwriting gains/(losses) 2） (47,341) (39,646) 19.4 Investment performance 8,777 7,100 23.6 Pre-tax profit 24,534 22,248 10.3 Income tax (504) (1,549) (67.5) Net profit 24,030 20,699 16.1 Notes: 1) 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. 2) Finance underwriting gains/(losses) include insurance finance expenses for insurance contracts issued and reinsurance finance income for reinsurance contracts held. （Unit: RMB million)）
Page 25
25 Appendix 2: Profit analysis of CPIC P/C For the 6 months ended 30 June 2026 2025 Changes (%) Insurance revenue 96,987 96,831 0.2 Insurance service expenses (89,558) (91,183) (1.8) Net income/(losses) from reinsurance contracts held 1） (1,020) (829) 23.0 Underwriting finance losses and others 2） (1,592) (1,269) 25.5 Underwriting profit 4,817 3,550 35.7 Underwriting combined ratio(%) 95.0 96.3 (1.3pt) Total investment income 3） 3,314 4,151 (20.2) Net of other income and expenses (503) (445) 13.0 Pre-tax profit 7,628 7,256 5.1 Income tax (1,556) (1,523) 2.2 Net profit 6,072 5,733 5.9 （Unit: RMB million） Notes: 1) Net income/(losses) from reinsurance contracts held include allocation of reinsurance premiums, recoveries of insurance service expenses from reinsurers, reinsurance finance income for reinsurance contracts held, etc. 2) Underwriting finance losses and others include insurance finance income or expenses and changes in insurance premium reserves, etc. 3) 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, interest expense on capital replenishment bonds, taxes and surcharges applicable to investment business and impairment losses on financial assets, etc.
Page 26
26 Appendix 3: Embedded Value Movement Analysis 90 (2,411) (11,063)676 636,938 613,365 13,908 10,758 4,183 6,521 912 +3.8% （unit: RMB million） Movement of Embedded Value in 1H 2026 Group EV as of the end of 2025 Expected return on EV NBV for 1H 2026 Investment experience variance Operating experience variance Change in market value adjustment Group EV as of the end of June 20262） Shareholder dividends OthersDiversific- ation effects1） Change in methodology assumption and models Notes: 1) Diversification effects refer to the impact on cost of required capital of new business and business change. 2) Figures may not add up due to rounding.
Page 27
27 Appendix 4: Sensitivity Analysis （Unit: RMB million） The sensitivity results of the value of in-force business (VIF) and the new business value (NBV) of life insurance business after cost of required capital held as at 30 June 2026 VIF Half-year NBV Base 255,122 10,758 Risk discount rate “+50 basis points” 244,405 10,237 Risk discount rate “-50 basis points” 266,666 11,323 Investment return “+50 basis points” 325,038 12,575 Investment return “-50 basis points” 185,684 8,972 Mortality “+10%” 253,679 10,709 Mortality “-10%” 256,559 10,809 Morbidity “+10%” 246,534 10,690 Lapse and surrender rates “+10%” 259,042 10,773 Lapse and surrender rates “-10%” 251,067 10,750 Expenses “+10%” 251,289 10,436 Note: 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.
Page 28
28 Appendix 5: Honours & Awards 1 Consumer Protection and Service Innovation CPIC Group and its multiple subsidiaries were recognised as Exemplary Cases at the 2026 Financial Consumer Protection & Service Innovation Annual Cases Competition hosted by China Financial Media Corporation (CFMC) 2 3 4 Sina Golden Kylin Insurance Industry Awards CPIC Group: Most Socially Responsible Insurance Group of the Year Award CPIC P/C: Exemplary Green Finance Insurers of the Year Award CPIC Life: Excellence in Elderly Care Service of the Year Award 5 Consumer Satisfaction Brand CPIC Health won the Consumer Satisfaction Brand in the Insurance Industry at the 2026 China Brand Influence Evaluation - Consumer Satisfaction 6Pension Asset Manager of the Year At the 2026 Best of the Best Awards sponsored by the Asia Asset Management magazine, Changjiang Pension won the “China, Best Pension Manager” award, and its Golden Sunshine Collective Enterprise Annuity Scheme won the “China, Best Enterprise Annuity Scheme” award MSCI ESG AAA / Wind ESG AA CPIC maintained an MSCI ESG AAA Rating (the highest level) in 2026, and its Wind ESG Rating was upgraded to AA , ranking among the leaders of China’s insurance industry Shareholder Returns Award CPIC won the Shareholder Returns Award at the 17th Tianma Awards for Investor Relations of Listed Companies sponsored by Securities Times
Page 29
THANKS