On October 30, Su Gang, Vice President, Chief Investment Officer, and Chief Financial Officer of China Pacific Insurance (Group) Co., Ltd. (CPIC), stated at the company's Q3 2025 earnings briefing that insurance funds must prioritize growth stocks. He emphasized that China's future economic growth, particularly high-quality development, will be driven by technological innovation. Therefore, insurance capital must strike a balance between "core strategies" and "satellite strategies."

To this end, CPIC has launched the CSI CPIC Active Equity Style Fund Index, which serves as a foundational tool to enhance diversified, style-based "satellite strategies."

Su Gang noted that CPIC has achieved strong investment returns this year by capitalizing on sector rotations, including identifying dynamic opportunities in A-share and H-share markets. The company continues to explore "satellite strategy" opportunities in areas such as technological innovation, energy transition, healthcare, automotive resources, and new consumer services.

As of September, CPIC reported a non-annualized comprehensive investment yield of 5.4%, up 0.4 percentage points year-on-year.

"Compared to peers, CPIC has better captured growth stock opportunities in Q3, delivering superior returns. Moving forward, we will adopt a more prudent approach in accounting methods and internal strategy balancing," Su added.

When asked whether the proportion of TPL (fair value through profit or loss) in CPIC's equity portfolio would increase, Su Gang clarified that TPL allocation affects the balance between annual profits and long-term returns. This year, CPIC achieved a solid total investment yield partly due to improved securities trading gains, including fair value adjustments, which rose 68 basis points year-on-year in Q3 and contributed significantly to the 5.2% non-annualized total investment yield. However, he cautioned that TPL allocation for insurance funds requires careful consideration.

"Objectively, increasing the proportion of OCI (fair value through other comprehensive income), especially in equity assets, remains highly likely. This approach ensures stable annual performance and long-term returns amid rising equity allocations and diversified structures, aligning with asset-liability management requirements," Su concluded.