China Pacific Insurance (CPIC) stock is soaring 5.06% during intraday trading on Thursday, outperforming the broader market. The significant upward movement comes as investors react positively to the company's latest financial update.

According to a filing with the Shanghai Stock Exchange on Thursday, CPIC reported a robust 9% year-over-year increase in premiums, reaching approximately 186 billion yuan for the seven months through July. This strong performance in the company's core business has evidently boosted investor confidence. Additionally, CPIC's subsidiary, China Pacific Property Insurance, saw a modest 0.8% uptick in premiums, totaling 128.6 billion yuan over the same period.

The market's enthusiasm for CPIC's financial results is reflected not only in its Hong Kong-listed shares but also in its mainland China listing. Prior to the intraday surge in Hong Kong, CPIC's shares had already jumped 4% in Shanghai during morning trading, indicating widespread positive sentiment across both markets. This strong performance suggests that investors are optimistic about the company's growth trajectory and its ability to maintain momentum in the competitive insurance sector.