China Pacific Property Insurance Co., Ltd. (CPIC P/C), the non-life arm of CPIC (Stock Code: 02601), released its first-quarter 2026 solvency report.

• Capital Adequacy – Comprehensive solvency margin ratio stood at 237.5%, down 6.5 percentage points from the prior quarter, while the core ratio fell 6.4 points to 196.6%. Actual capital rose 4.0% to 79.21 billion yuan, but minimum capital requirements increased 6.9% to 33.35 billion yuan, mainly on higher insurance and market-risk charges.

• Balance Sheet – Admitted assets reached 296.49 billion yuan, an 8.1% sequential increase, outpacing admitted liabilities of 217.28 billion yuan.

• Earnings & Underwriting – – Gross written premiums: 63.20 billion yuan. – Net profit: 2.09 billion yuan, supporting a 3.0% quarterly ROE and 0.8% ROA. – Combined ratio: 95.8%, driven by a 71.5% loss ratio and a 24.3% expense ratio. – Investment yield: 0.8% for the quarter; three-year average comprehensive investment yield at 4.86%.

• Business Mix – Auto insurance contributed 26.86 billion yuan in premiums; the five largest non-auto lines generated 30.04 billion yuan, led by a single segment at 12.83 billion yuan. Agency channels delivered 30.44 billion yuan of premiums, followed by direct (20.39 billion yuan) and brokerage (9.58 billion yuan).

• Liquidity – Net operating cash inflow reached 5.20 billion yuan, with total net cash inflow of 4.03 billion yuan. Liquidity coverage ratios for the next three and twelve months exceeded 100% under both base and stress scenarios; LCR3 remained above 50%.

• Risk Management – The insurer maintained an AA rating from the regulator’s Integrated Risk Rating (IRR) in the last two assessed quarters. Key first-quarter initiatives included climate-risk stress testing, upgraded technology-risk controls, revised anti-money-laundering assessments, and new concentration-risk guidelines.

• Regulatory Actions – Eight branch offices received fines totaling 2.13 million yuan for issues such as falsified expenses and improper underwriting; no penalties were levied on directors or senior management.

CPIC P/C reports that solvency, liquidity, operational, strategic and reputational risks remain within internal thresholds, and it continues to monitor capital, cash flows and market exposures to sustain stable operations.