China Merchants Bank International issued a research report stating that despite a high comparison base, China Pacific Insurance (Group) Co., Ltd. (02601) recorded an 11% year-over-year increase in net profit to RMB 27.9 billion in the first half, indicating a 36% year-over-year growth in the second quarter.

Due to the higher proportion of bancassurance business, the new business value margin in the first half rose slightly by 0.4 percentage points year-over-year to 15%. The firm indicated that it has raised its earnings per share forecasts for the group for this year, next year, and 2027 to RMB 4.54, RMB 4.81, and RMB 5.28 respectively. The target price has been upgraded from HK$34 to HK$40, while maintaining a "Buy" rating.