China Pacific Insurance (Group) Co., Ltd. (CPIC) released its audited results for the year ended 31 December 2025. Operating income reached RMB435.16 billion, an increase of 7.70%, while insurance revenue rose 3.40% to RMB288.91 billion. Net profit attributable to shareholders climbed 19.00% year-on-year to RMB53.51 billion, and operating profit after tax (OPAT) was RMB36.52 billion, up 6.10%.

The Board recommended a final cash dividend of RMB1.15 per share (tax-inclusive), totaling RMB11.06 billion, subject to shareholder approval.

Life insurance remained the main growth driver. New business value (NBV) surged 40.10% to RMB18.61 billion, and NBV margin improved 3.2 percentage points to 19.8%. Property & casualty operations posted an underwriting combined ratio of 97.6%, a 1.0-point improvement, delivering underwriting profit of RMB4.84 billion.

Group embedded value expanded 9.10% to RMB613.37 billion, including value of in-force business of RMB240.70 billion, up 13.00%. Total assets rose 10.90% to RMB3.14 trillion; net assets attributable to shareholders increased 3.70% to RMB302.14 billion. Assets under management reached RMB3.89 trillion, up 9.80%.

Investment performance stayed solid. Comprehensive investment yield edged up 0.1 percentage point to 6.10%, while total investment yield was 5.70%. The debt portfolio accounted for 72.4% of investment assets and equity investments for 16.7%.

Capital strength remained robust. At 31 December 2025, comprehensive solvency ratios were 273% for the Group, 228% for CPIC Life and 244% for CPIC P/C. During the year CPIC issued a HKD15.56 billion zero-coupon H-share convertible bond and CPIC Property completed two capital-replenishment bond issues totaling RMB10 billion.

The Group confirmed that no major post-balance-sheet events had occurred and the proposed dividend is expected to be paid around 17 July 2026, pending AGM approval.