Data from the 2025 full-year results announcement of CHINA TAIPING (00966) on March 26 revealed that Taiping P&C Insurance achieved a combined ratio of 98.8%, indicating continued improvement in underwriting profitability and a significant increase in net profit. Peng Yunping, the designated General Manager of Taiping P&C Insurance, attributed the 2.4 percentage point year-on-year decrease in the comprehensive expense ratio to the implementation of a full set of cost management measures and specialized channel reforms. The company optimized its business structure by enhancing the value contribution from profitable segments. The renewal rate for auto insurance rose by 1.4 percentage points compared to the previous year, while service income from non-auto insurance grew by 6.3%. Premiums from the more profitable individual customer business increased by 7.8% year-on-year. Additionally, the insurer deepened its comprehensive cost management, strengthened specialized channel capabilities, improved the effectiveness of expense allocation, established a robust whole-process cost monitoring mechanism, and enhanced comparative analysis of the comprehensive expense ratio. In 2026, the company will continue to focus on value and profitability, aiming to strengthen sustainable earnings capacity and achieve a strong start to the 15th Five-Year Plan period.