Earnings release
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- 1 - Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. (A joint stock company incorporated in the People’s Republic of China with limited liability) (Stock Code: 1339) THIRD QUARTERLY REPORT OF 2025 This announcement is made by The People’s Insurance Company (Group) of China Limited (the “Company”, together with its subsidiaries, the “Group”) pursuant to the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) and Rules 13.09 and 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. IMPORTANT INFORMATION • The board of directors, the board of supervisors, the directors, the supervisors and the senior management of the Company undertake that the contents of this quarterly report are true, accurate and complete and that there is no false record, misleading statement or material omission in this quarterly report, and they severally and jointly accept responsibility for the contents of this quarterly report. • Person in charge of the Company, president in charge of accounting work and head of the finance department (accounting supervisor) warrant the truthfulness, accuracy and completeness of the financial statements contained in this quarterly report. • The financial data of the Company presented in the third quarterly report of 2025 are unaudited and have been prepared in accordance with the PRC Accounting Standards for Business Enterprises.
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- 2 - 1. KEY FINANCIAL DATA 1.1 Key accounting data and financial indicators Unit: RMB million, except for percentages Items July to September 2025 Change (%) January to September 2025 Change (%) Total operating income 196,976 11.1 520,990 10.9 Profit before tax 35,260 46.4 77,728 31.6 Net profit attributable to the owners of the Company 20,292 48.7 46,822 28.9 Net profit attributable to the owners of the Company after deducting non-recurring items 20,277 49.2 46,803 29.0 Net cash flows from operating activities N/A N/A 95,796 18.3 Basic earnings per share (RMB/share) 0.46 48.7 1.06 28.9 Diluted earnings per share (RMB/share) 0.46 48.8 1.05 28.8 Weighted average return on equity (%) 6.8 Increase of 1.6 pts 16.0 Increase of 1.8 pts Unit: RMB million, except for percentages Items As of 30 September 2025 As of 31 December 2024 Change (%) Total assets 1,943,027 1,766,384 10.0 Equity attributable to owners of the Company 314,071 268,733 16.9 Notes: 1. The percentage increase or decrease of basic earnings per share and diluted earnings per share are calculated based on the data before rounding off, similarly hereinafter. 2. Unless otherwise specified, the currencies in this report are all in RMB.
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- 3 - 1.2 Non-recurring Items and Amounts Unit: RMB million Items July to September 2025 January to September 2025 Gains or losses from disposal of non-current assets 10 46 Government grants included in profit or loss 55 175 Non-recurring gains or losses other than those mentioned above (36) (207) Effect of income tax on non-recurring gains or losses mentioned above (15) (19) Effect of non-controlling interests 1 24 Total 15 19 Explanation of defining the non-recurring profit or loss items listed in the “Explanatory Announcement No.1 on Information Disclosure for Companies Offering Their Securities to the Public-non-recurring Profit or Loss” as recurring profit and loss items: As an insurance group company, investment with insurance funds is one of the principal activities of the Company. The holding of financial instruments such as trading financial assets and other debt investments constitutes the normal operation business of the Company. Therefore, the investment income and gains or losses on the changes in fair value derived from the holding of financial instruments such as trading financial assets and other debt investments are not regarded as non-recurring profit or loss. 1.3 Particulars of and Reasons for Material Changes in Major Accounting Data and Financial Indicators Items Change (%) Main Reasons Profit before tax – July to September 2025 46.4 The Company has solidly promoted high-quality development, and while consolidating its business foundation, the Company has also experienced a significant period-on-period increase in total investment income of the reporting period compared to the same period last year, coupled with the impact of the capital market, and the net profit has also increased significantly compared to the same period last year. Profit before tax – January to September 31.6 Net profit attributable to the owners of the Company – July to September 2025 48.7 Net profit attributable to the owners of the Company after deducting non- recurring items – July to September 2025 49.2 Basic earnings per share – July to September 2025 48.7 Diluted earnings per share – July to September 2025 48.8
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- 4 - 2. INFORMATION OF SHAREHOLDERS 2.1 Total Number of Ordinary Shareholders, Shareholdings of the Top Ten Shareholders and the Top Ten Shareholders not Subject to Selling Restrictions as at the end of the Reporting Period Unit: Share Total number of ordinary shareholders as at the end of the reporting period A Share: 142,596 H Share: 4,747 Total number of preferred shareholders with restored voting rights as at the end of the reporting period (if any) N/A Shareholdings of the Top Ten Shareholders (Excluding the Lending Shares Through Refinancing) Name of shareholder Nature of shareholder Number of shares held Proportion (%) Number of shares held subject to selling restrictions Pledged, marked or frozen shares Status Number Ministry of Finance of the PRC The State 26,906,570,608 60.84 – – – HKSCC Nominees Limited Foreign legal person 8,706,478,203 19.69 – – – National Council for Social Security Fund, PRC The State 5,605,582,779 12.68 – – – Hong Kong Securities Clearing Company Limited Foreign legal person 244,496,691 0.55 – – – Industrial and Commercial Bank of China Limited – Huatai-Pinebridge CSI 300 Exchange Traded Open-ended Index Securities Investment Fund Others 54,164,625 0.12 – – – Kong Fengquan Domestic natural person 52,856,885 0.12 – – – National Social Security Fund Portfolio 108 Others 50,417,606 0.11 – – – National Social Security Fund Portfolio 101 Others 47,076,674 0.11 – – – China Construction Bank Corporation – E Fund CSI 300 Exchange Traded Open-ended Index Initiated Securities Investment Fund Others 39,320,800 0.09 – – – Wang Linming Domestic natural person 30,869,325 0.07 – – –
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- 5 - Unit: Share Shareholdings of the Top Ten Shareholders Not Subject to Selling Restrictions (Excluding the Lending Shares Through Refinancing) Name of shareholder Number of shares held not subject to selling restrictions Class and number of shares Class Number Ministry of Finance of the PRC 26,906,570,608 A share 26,906,570,608 HKSCC Nominees Limited 8,706,478,203 H share 8,706,478,203 National Council for Social Security Fund, PRC 5,605,582,779 A share 5,605,582,779 Hong Kong Securities Clearing Company Limited 244,496,691 A share 244,496,691 Industrial and Commercial Bank of China Limited – Huatai- Pinebridge CSI 300 Exchange Traded Open-ended Index Securities Investment Fund 54,164,625 A share 54,164,625 Kong Fengquan 52,856,885 A share 52,856,885 National Social Security Fund Portfolio 108 50,417,606 A share 50,417,606 National Social Security Fund Portfolio 101 47,076,674 A share 47,076,674 China Construction Bank Corporation – E Fund CSI 300 Exchange Traded Open-ended Index Initiated Securities Investment Fund 39,320,800 A share 39,320,800 Wang Linming 30,869,325 A share 30,869,325 Details of the above shareholders who are connected to each other or acting in concert The Company is not aware of any connected relationship among the above shareholders or any parties acting in concert as defined by the “Measures for the Administration of the Takeover of Listed Companies”. Statement of top ten shareholders and top ten shareholders not subject to selling restrictions that participating in businesses of securities of margin trading and refinancing Among the top ten shareholders, Kong Fengquan holds 52,856,885 A shares of the Company through credit securities account, and Wang Linming holds 30,863,225 A shares of the Company through credit securities account. Notes: 1. All shares of the Company are tradable shares. 2. HKSCC Nominees Limited holds shares on behalf of securities firm customers in Hong Kong and other CCASS participants. Relevant regulations of The Stock Exchange of Hong Kong Limited do not require such persons to declare whether their shareholdings are pledged, marked or frozen. Hence, HKSCC Nominees Limited is unable to calculate or provide the number of shares that are pledged, marked or frozen. 3. The shares under Hong Kong Securities Clearing Company Limited are held by the shareholders of the Shanghai Stock Connect.
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- 6 - 2.2 Participation of Shareholders Holding More Than 5% of the Shares, the Top 10 Shareholders and the Top 10 Shareholders not Subject to Selling Restrictions in the Lending of Shares Through Refinancing Business During the reporting period, the Company had none of the above. 2.3 The Top 10 Shareholders and the Top 10 Shareholders not Subject to Selling Restrictions Have Undergone Changes Compared to the Previous Period Due to Reasons Related to Lending/Returning Through Refinancing During the reporting period, the Company had none of the above. 3. OPERATION 3.1 Key Financial Indicators Unit: RMB million, except for percentages January to September 2025 January to September 2024 Change (%) Insurance Revenue 431,339 403,765 6.8 Profit before tax 77,728 59,052 31.6 Net profit 63,401 48,591 30.5 Net profit attributable to the owners of the Company 46,822 36,331 28.9 Basic earnings per share (RMB/share) 1.06 0.82 28.9 Weighted average return on equity (%) 16.0 14.2 Increase of 1.8 pts As of 30 September 2025 As of 31 December 2024 Change (%) Total assets 1,943,027 1,766,384 10.0 Total liabilities 1,515,191 1,399,158 8.3 Total equity 427,836 367,226 16.5 Net assets per share attributable to the owners of the Company (RMB/share) 7.10 6.08 16.9 Gearing ratio (%) 78.0 79.2 Decrease of 1.2 pts Note: The percentage increase or decrease of net assets per share attributable to the owners of the Company is calculated based on the data before rounding off.
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- 7 - In the first three quarters of 2025, in the face of the complex and severe external situations, the Group 1 strengthened its confidence, maintained its determination, pragmatically promoted the construction of a first-class company, and contributed to high-quality economic and social development with high-quality insurance services. In the first three quarters of 2025, the Company’s business development continued to improve, and the operating efficiency indicators continued to optimize. During the reporting period, the insurance revenue amounted to RMB431,339 million, representing a period-on-period increase of 6.8%; net profit attributable to owners of the Company amounted to RMB46,822 million, representing a period-on-period increase of 28.9%. The Group further boosted its capital capability. As of 30 September 2025, the total equity of the Group was RMB427,836 million, representing an increase of 16.5% as compared to the end of last year; the net assets per share attributable to owners of the Company was RMB7.10 per share, representing an increase of 16.9% as compared to the end of last year. 3.2 Insurance Business 3.2.1 PICC P&C In the first three quarters of 2025, PICC Property and Casualty Company Limited (“PICC P&C”) adhered to the general principle of pursuing progress while ensuring stability, focused on serving the Chinese path to modernization, excelled in the “Five Priorities” on finance, deepened the structural reform of the insurance supply side and implemented the Group’s “five first-class” requirements. It optimized business management model, strengthened strategic layout in key areas, promoted quality and efficient business development, precise and efficient resource allocation, and deep and practical digital transformation, continuously improved operation and management capabilities and risk prevention and control level, and took new and greater steps towards its high-quality development. During the reporting period, PICC P&C2 achieved insurance revenue of RMB385,921 million, representing a period- on-period increase of 5.9%. PICC P&C continuously deepened cost reduction, quality and efficiency enhancement in operation and management, enhanced the quality and efficiency of underwriting and claims settlement, strengthened the refined management of sales expenses, continuously optimized expense investment, and achieved underwriting profits 3 of RMB14,865 million, representing a period- on-period increase of 130.7%; achieved combined ratio of 96.1%, representing a period-on-period decrease of 2.1 percentage points; and achieved net profit of RMB40,268 million, representing a period-on-period increase of 50.5%. 1 The Group refers to the Company and all of its subsidiaries. 2 Such data was from the individual statement of PICC P&C as the parent company. 3 Underwriting profits = insurance revenue – insurance service expenses – allocation of reinsurance premiums + amounts recoverable from reinsurers – finance losses from insurance contracts issued + finance income from reinsurance contracts held – withdrawal of premium reserves.
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- 8 - The classification breakdown of the original premiums 4 income of PICC P&C during the above- mentioned period is as follows: Unit: RMB million, except for percentages January to September 2025 January to September 2024 Change (%) Motor vehicle insurance 220,119 213,424 3.1 Accidental injury and health insurance 98,826 91,128 8.4 Agricultural insurance 52,191 53,884 (3.1) Liability insurance 31,669 31,336 1.1 Commercial property insurance 14,869 14,145 5.1 Other P&C insurance 25,508 24,413 4.5 Total 443,182 428,330 3.5 3.2.2 PICC Life In the first three quarters of 2025, PICC Life Insurance Company Limited (“PICC Life”) adhered to the main work lines of “stabilizing growth, adjusting structure, enhancing value, optimizing services and preventing risks”, and actively promoted high-quality development. PICC Life’s overall development showed steady growth, its business development trend was improving, and the operating quality and efficiency continued to enhance. During the reporting period, PICC Life achieved insurance revenue of RMB19,786 million, representing a period-on-period increase of 18.2%, and achieved net profit of RMB13,974 million. New business value of PICC Life on a like-for-like basis increased by 76.6% period-on-period. 4 The original premiums income was prepared pursuant to the Accounting Standards for Business Enterprises No. 25 – Original Insurance Contracts (Cai Kuai [2006] No. 3) and the Regulations regarding the Accounting Treatment of Insurance Contracts (Cai Kuai [2009] No. 15) of the Ministry of Finance of the People’s Republic of China.
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- 9 - The classification breakdown of the original premiums income of PICC Life during the above-mentioned period is as follows: Unit: RMB million, except for percentages January to September 2025 January to September 2024 Change (%) First-year business of long-term insurance 51,714 41,413 24.9 Single premiums 19,146 17,077 12.1 First-year regular premiums 32,568 24,336 33.8 Renewal business 62,207 52,388 18.7 Short-term insurance 3,042 2,822 7.8 Total 116,963 96,623 21.1 3.2.3 PICC Health In the first three quarters of 2025, PICC Health Insurance Company Limited (“PICC Health”) actively accelerated to build “6+1” business pattern, increased efforts in market development and business innovation, focused on the “Health Project” to promote the continuous strengthening of professional capabilities, and continued to maintain a good momentum in the operation and development. During the reporting period, PICC Health achieved insurance revenue of RMB23,238 million, representing a period-on-period increase of 12.9%; and achieved net profit of RMB7,856 million, representing a period-on-period increase of 41.0%. The classification breakdown of the original premiums income of PICC Health during the above- mentioned period is as follows: Unit: RMB million, except for percentages January to September 2025 January to September 2024 Change (%) First-year business of long-term insurance 17,036 13,134 29.7 Single premiums 8,522 7,903 7.8 First-year regular premiums 8,514 5,231 62.8 Renewal business 13,078 11,630 12.5 Short-term insurance 20,488 19,199 6.7 Total 50,602 43,963 15.1
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- 10 - 3.3 Asset Management Business In the third quarter of 2025, China ensured overall stable performance and steady growth of the economy, solidly promoted high-quality development, continued to emerge innovative highlights in economic transformation, and significantly increase the activity of the capital market, creating a favorable investment environment for investors. The Group adhered to the concept of long-term investment and value investment, implemented the “Five Priorities” on finance and its asset-liability matching management requirements, and enhanced the stability of investment returns. In terms of fixed income investment, the Group seized the opportunity of market yield rebound and moderately increased efforts in the allocation of long-term interest rate bonds. In terms of equity investment, the Group actively implemented the requirements for the entry of medium and long-term capital into the market, gave full play to the advantages of insurance funds in terms of patient capital, increased its layout of investment targets with long-term growth potential, continuously optimized the industry allocation structure, and steadily expanded equity position scales. In terms of alternative investment, the Group vigorously promoted business transformation, paid attention to the investment opportunities of innovative products, and allocated to asset-backed plans, public REITs, private REITs and other products to broaden the source of investment income. During the reporting period, the total investment income of the Group amounted to RMB86,250 million, representing a period-on-period increase of 35.3%; the total investment yield 5 was 5.4%, representing a period-on-period increase of 0.8 percentage point; and the size of investment assets of the Group amounted to RMB1,825,647 million, representing an increase of 11.2% from the beginning of the year. 4. OTHER REMINDERS There is no other important information of the Company that needs to be brought to the attention of investors regarding the Company’s operations during the reporting period. 5 The total investment yield was not annualized, and the denominator for calculating the total investment yield did not take into account the fair value changes of debt investments measured at fair value and whose changes were included in other comprehensive income.
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- 11 - 5. QUARTERLY FINANCIAL STATEMENTS 5.1 Consolidated statement of financial position as at 30 September 2025 and 31 December 2024 (Amounts in millions of Renminbi, unless otherwise stated) 30 September 2025 31 December 2024 (Unaudited) (Audited) ASSETS Cash and bank balances 23,359 26,222 Financial assets purchased under resale agreements 16,687 19,240 Financial assets: Financial assets held for trading 387,020 317,670 Financial assets at amortized cost 324,826 316,231 Debt financial assets at fair value through other comprehensive income 591,946 523,581 Equity financial assets at fair value through other comprehensive income 152,645 115,778 Term deposits 123,797 126,556 Insurance contract assets 847 1,728 Reinsurance contract assets 35,916 39,762 Investments in long-term equity 177,138 167,816 Restricted statutory deposits 13,715 14,745 Investment properties 16,307 15,232 Fixed assets 30,751 32,777 Right-of-use assets 2,157 2,189 Intangible assets 7,407 8,463 Deferred tax assets 15,825 12,495 Other assets 22,684 25,899 TOTAL ASSETS 1,943,027 1,766,384
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- 12 - 30 September 2025 31 December 2024 (Unaudited) (Audited) LIABILITIES AND EQUITY LIABILITIES Financial liabilities measured at fair value through profit or loss 21,411 7,506 Securities sold under agreements to repurchase 118,629 111,236 Premiums received in advance 4,742 7,319 Salaries and staff welfare payables 38,184 36,815 Tax payable 11,993 8,569 Premium reserves 1,839 281 Accounts payable 7,765 8,171 Bonds payable 41,784 50,132 Insurance contract liabilities 1,213,051 1,122,797 Reinsurance contract liabilities 156 71 Lease liabilities 2,144 2,113 Deferred tax liabilities 1,971 464 Other liabilities 51,522 43,684 TOTAL LIABILITIES 1,515,191 1,399,158 EQUITY Issued capital 44,224 44,224 Share premium account 6,917 7,442 Other comprehensive income (7,767) (9,957) Surplus reserve 16,835 16,835 General risk reserve 23,171 23,063 Catastrophic loss reserve 180 180 Retained profits 230,511 186,946 Equity attributable to owners of the Company 314,071 268,733 Non-controlling interests 113,765 98,493 TOTAL EQUITY 427,836 367,226 TOTAL LIABILITIES AND EQUITY 1,943,027 1,766,384
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- 13 - 5.2 Consolidated income statement for the nine months ended 30 September 2025 and for the nine months ended 30 September 2024 (Amounts in millions of Renminbi, unless otherwise stated) Nine months ended Nine months ended 30 September 2025 30 September 2024 (Unaudited) (Unaudited) OPERATING INCOME 520,990 469,576 Insurance revenue 431,339 403,765 Interest income 23,727 22,454 Investment income 39,063 17,489 Included: S hare of profits of associates and joint ventures 12,160 9,092 Gains from derecognition of financial assets measured at AC – 6 Other gains 242 226 Gains on fair value change 22,827 22,746 Foreign exchange losses (173) (167) Other operating income 3,925 3,020 Net gains on disposal of assets 40 43 OPERATING EXPENSES 443,191 410,544 Insurance service expenses 386,096 361,176 Allocation of reinsurance premiums paid 25,940 25,275 Less: Amounts recovered from reinsurance contracts (19,289) (18,905) Finance expenses from insurance contracts issued 38,450 34,151 Less: Finance income from reinsurance contracts held (815) (928) Change in premium reserves 1,574 1,623 Interest expenses 2,375 2,301 Tax and other surcharges 342 209 General and administrative expenses 4,991 4,925 Credit impairment losses/(reversals) 3 (458) Other impairment losses 2 1 Other operating costs 3,522 1,174
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- 14 - Nine months ended Nine months ended 30 September 2025 30 September 2024 (Unaudited) (Unaudited) OPERATING PROFIT 77,799 59,032 Add: Sundry income 154 179 Less: Sundry expenses (225) (159) PROFIT BEFORE TAX 77,728 59,052 Less: Income tax expenses (14,327) (10,461) NET PROFIT 63,401 48,591 By continuing operations: Net profit from continuing operations 63,401 48,591 By ownership: 1. Net profit attributable to owners of the Company 46,822 36,331 2. Net profit attributable to non-controlling interests 16,579 12,260 OTHER COMPREHENSIVE INCOME, NET OF TAX Other comprehensive income attributable to owners of the Company, net of tax 4,215 (4,150) OTHER COMPREHENSIVE INCOME THAT WILL NOT BE RECLASSIFIED TO PROFIT OR LOSS: Other comprehensive income that cannot be reclassified to profit or loss under the equity method – 20 Changes in fair value of equity financial assets at fair value through other comprehensive income 422 2,986 Actuarial gains/(losses) on pension benefit obligation 37 (77) Financial changes in insurance contracts that will not be reclassified to profit or loss (172) (8)
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- 15 - Nine months ended Nine months ended 30 September 2025 30 September 2024 (Unaudited) (Unaudited) OTHER COMPREHENSIVE INCOME THAT MAY BE RECLASSIFIED TO PROFIT OR LOSS: Other comprehensive income that may be reclassified to profit or loss under the equity method 94 372 Changes in fair value of debt financial assets at fair value through other comprehensive income (10,514) 6,366 Allowance for credit losses on debt financial assets at fair value through other comprehensive income 1 (59) Exchange differences arising on translation of foreign operations (26) (6) Financial changes in insurance contracts that may be reclassified to profit or loss 14,373 (13,879) Financial changes in reinsurance contracts that may be reclassified to profit or loss (67) 127 Gains on revaluation transferred to investment properties 67 8 Other comprehensive income attributable to non-controlling interests, net of tax 1,059 (632) TOTAL 5,274 (4,782) TOTAL COMPREHENSIVE INCOME 68,675 43,809 Attributable to owners of the Company 51,037 32,181 Attributable to non-controlling interests 17,638 11,628 EARNINGS PER SHARE (in RMB Yuan) Basic 1.06 0.82 Diluted 1.05 0.82
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- 16 - 5.3 Consolidated statement of cash flow for the nine months ended 30 September 2025 and for the nine months ended 30 September 2024 (Amounts in millions of Renminbi, unless otherwise stated) Nine months ended Nine months ended 30 September 2025 30 September 2024 (Unaudited) (Unaudited) CASH FLOWS GENERATED FROM OPERATING ACTIVITIES Premiums received from insurance contracts issued 553,567 542,609 Proceeds from assumed reinsurance contracts issued, net 2,331 2,909 Other cash inflows from operating activities 4,258 5,223 Cash inflows from operating activities 560,156 550,741 Claims paid for insurance contracts issued (338,058) (324,173) Payments for reinsurance contracts held, net (4,234) (2,666) Net decrease in policy loans (560) (404) Handling charges and commissions paid (36,895) (39,880) Payment to and on behalf of staff (29,891) (38,285) Taxes and surcharges paid (20,844) (16,911) Other cash outflows for operating activities (33,878) (47,411) Cash outflows for operating activities (464,360) (469,730) Net cash flows generated from operating activities 95,796 81,011
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- 17 - Nine months ended Nine months ended 30 September 2025 30 September 2024 (Unaudited) (Unaudited) CASH FLOWS USED IN INVESTING ACTIVITIES Proceeds from disposals of investments 406,408 329,107 Investment income and interest income received 25,559 28,748 Proceeds from disposals of investment properties, fixed assets, intangible assets and other long term assets 705 201 Other cash inflows from investing activities – 29 Cash inflows from investing activities 432,672 358,085 Payment for purchases of investments (532,388) (424,889) Payment for purchases of fixed assets, intangible assets and other long term assets (1,016) (1,199) Other cash outflows for investing activities (1,245) (620) Cash outflows for investing activities (534,649) (426,708) Net cash flows used in investing activities (101,977) (68,623)
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- 18 - Nine months ended Nine months ended 30 September 2025 30 September 2024 (Unaudited) (Unaudited) CASH FLOWS FROM/(USED IN)FINANCING ACTIVITIES Proceeds from bank borrowings 150 200 Net increase in securities sold under agreements to repurchase 7,416 – Other cash inflows for financing activities 9,015 – Cash inflows from financing activities 16,581 200 Repayment of bank borrowings (8,401) (314) Repayment of lease liabilities (937) (621) Cash paid for distribution of dividends, profits or interests (6,857) (12,361) Net decrease in securities sold under agreements to repurchase – (812) Other cash outflows for financing activities – (3,141) Cash outflows from financing activities (16,195) (17,249) Net cash flows generated from/(used in) financing activities 386 (17,049) EFFECTS OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS (91) (318) NET DECREASE IN CASH AND CASH EQUIVALENTS (5,886) (4,979) Add: Cash and cash equivalents at beginning of the period 44,132 28,835 CASH AND CASH EQUIVALENTS AT END OF THE PERIOD 38,246 23,856
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- 19 - 5.4 Statement of financial position of the Company as at 30 September 2025 and 31 December 2024 (Amounts in millions of Renminbi, unless otherwise stated) 30 September 31 December 2025 2024 (Unaudited) (Audited) ASSETS Cash and bank balances 449 693 Financial assets purchased under resale agreements 840 3,190 Financial assets: Financial assets held for trading 3,106 2,701 Financial assets at amortized cost 2,974 4,212 Debt financial assets at fair value through other comprehensive income 11,399 10,634 Equity financial assets at fair value through other comprehensive income 4,624 4,845 Term deposits 579 581 Long-term equity investment 92,535 92,390 Investment properties 2,232 2,232 Fixed assets 2,756 2,911 Intangible assets 189 160 Other assets 535 614 TOTAL ASSETS 122,218 125,163
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- 20 - 30 September 31 December 2025 2024 (Unaudited) (Audited) LIABILITIES AND EQUITY LIABILITIES Securities sold under agreements to repurchase 679 890 Salaries and staff welfare payables 3,656 3,695 Tax payable 13 3 Bonds payable 12,126 12,225 Other liabilities 593 3,777 TOTAL LIABILITIES 17,067 20,590 EQUITY Issued capital 44,224 44,224 Share premium account 35,578 35,578 Other comprehensive income 460 472 Surplus reserve 16,835 16,835 Retained profits 8,054 7,464 TOTAL EQUITY 105,151 104,573 TOTAL LIABILITIES AND EQUITY 122,218 125,163
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- 21 - 5.5 Income statement of the Company for the nine months ended 30 September 2025 and for the nine months ended 30 September 2024 (Amounts in millions of Renminbi, unless otherwise stated) Nine months ended Nine months ended 30 September 2025 30 September 2024 (Unaudited) (Unaudited) OPERATING INCOME 7,078 9,267 Interest income 349 379 Investment income 6,226 8,166 Included: S hare of profits and losses of associates and joint ventures 285 (36) Gains on fair value change 262 360 Foreign exchange losses (32) (13) Other operating income 273 375 OPERATING EXPENSES 1,385 1,237 Interest expenses 345 347 Tax and other surcharges 35 35 General and administrative expenses 921 760 Credit impairment reversals (4) (6) Impairment losses on other assets 88 – Other operating costs – 101 OPERATING PROFIT 5,693 8,030 Add: Sundry income 2 – Less: Sundry expenses (2) (1) PROFIT BEFORE TAX 5,693 8,029 Less: Income tax expenses 70 303 NET PROFIT 5,763 8,332
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- 22 - Nine months ended Nine months ended 30 September 2025 30 September 2024 (Unaudited) (Unaudited) OTHER COMPREHENSIVE INCOME, NET OF TAX OTHER COMPREHENSIVE INCOME THAT WILL NOT BE RECLASSIFIED TO PROFIT OR LOSS: Actuarial gains/(losses) on pension benefit obligation 37 (77) Changes in fair value of equity financial assets at fair value through other comprehensive income 6 702 OTHER COMPREHENSIVE INCOME THAT MAY BE RECLASSIFIED TO PROFIT OR LOSS: Changes in fair value of debt financial assets at fair value through other comprehensive income (53) 44 Credit risks provision of debt financial assets at fair value through other comprehensive income 1 6 Other comprehensive income that may be reclassified to profit or loss under the equity method (2) – OTHER COMPREHENSIVE INCOME, NET OF TAX (11) 675 TOTAL COMPREHENSIVE INCOME 5,752 9,007
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- 23 - 5.6 Statement of cash flow of the Company for the nine months ended 30 September 2025 and for the nine months ended 30 September 2024 (Amounts in millions of Renminbi, unless otherwise stated) Nine months ended Nine months ended 30 September 2025 30 September 2024 (Unaudited) (Unaudited) CASH FLOWS USED IN OPERATING ACTIVITIES Other cash inflows from operating activities 399 788 Cash inflows from operating activities 399 788 Payment to and on behalf of staff (329) (464) Taxes and surcharges paid (183) (80) Other cash outflows for operating activities (870) (364) Cash outflows for operating activities (1,382) (908) Net cash flows generated from operating activities (983) (120) CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from disposals of investments 5,562 2,656 Investment income and interest income received 6,214 8,533 Cash inflows from investing activities 11,776 11,189 Payment for purchases of investments (4,914) (3,034) Payment for purchases of fixed assets, intangible assets and other long term assets (51) (80) Cash outflows for investing activities (4,965) (3,114) Net cash flows from investing activities 6,811 8,075
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- 24 - Nine months ended Nine months ended 30 September 2025 30 September 2024 (Unaudited) (Unaudited) CASH FLOWS USED IN FINANCING ACTIVITIES Cash paid for distribution of dividends, profits or interests (8,207) (7,395) Net decrease in securities sold under agreements to repurchase (211) (570) Cash outflows from financing activities (8,418) (7,965) Net cash flows used in financing activities (8,418) (7,965) EFFECTS OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS (4) (24) NET DECREASE IN CASH AND CASH EQUIVALENTS (2,594) (34) Add: Cash and cash equivalents at beginning of the period 3,883 636 CASH AND CASH EQUIVALENTS AT END OF THE PERIOD 1,289 602 By Order of the Board The People’s Insurance Company (Group) of China Limited Ding Xiangqun Chairperson Beijing, the PRC, 30 October 2025 As at the date of this announcement, the executive directors of the Company are Ms. Ding Xiangqun, Mr. Zhao Peng and Mr. Xiao Jianyou; the non-executive directors are Mr. Xu Xiang, Mr. Wang Shaoqun, Mr. Yu Qiang and Mr. Song Hongjun; and the independent non-executive directors are Mr. Shiu Sin Por, Ms. Xu Lina, Mr. Wang Pengcheng and Mr. Gao Pingyang.