China Pacific Insurance (Group) Co., Ltd. (CPIC, stock code: 02601) released its 2026 interim solvency report, confirming that group–level capital strength remains comfortably above regulatory thresholds despite softer market yields and higher capital requirements.

Group solvency position • Actual capital stood at RMB 588.36 billion as of 30 June 2026, down RMB 8.21 billion versus end-2025, reflecting interest-rate movements and market volatility. • Minimum capital rose to RMB 231.12 billion, up RMB 12.77 billion over six months, driven mainly by business expansion and asset-mix changes. • Comprehensive solvency margin ratio declined 18 percentage points (ppts) to 255%, while the core solvency margin ratio eased 15 ppts to 191%. Both metrics remain well above the 100% regulatory minimum.

Subsidiary performance highlights (1H26 vs. 1H25) 1. CPIC Life  • Insurance revenue: RMB 42.72 billion (+1.3%).  • Net profit: RMB 23.91 billion (+15.7%).  • Comprehensive solvency margin ratio: 209% (-19 ppts).  • Drivers: lower interest rates, equity-market swings, and business growth lifted required capital.

2. CPIC P/C  • Insurance revenue: RMB 96.99 billion (+0.2%).  • Net profit: RMB 6.07 billion (+5.9%).  • Comprehensive solvency margin ratio: 240% (-4 ppts).  • Actual capital increased to RMB 79.86 billion, outpacing the rise in minimum capital to RMB 33.27 billion.

3. CPIC Health  • Insurance revenue: RMB 2.21 billion (+30.6%).  • Net profit: RMB 0.24 billion (+517.9%).  • Comprehensive solvency margin ratio: 204% (-14 ppts).

Asset-management and pension units • CPIC Asset Management Company managed RMB 231.62 billion in third-party assets. • Changjiang Pension oversaw RMB 657.05 billion in trustee assets and RMB 540.42 billion in third-party investment mandates.

Share capital and ownership structure As at 30 June 2026 CPIC had 9.62 billion shares outstanding, comprising 71.15% A-shares and 28.85% H-shares. HKSCC Nominees Limited remained the largest shareholder with a 28.82% stake, while Shanghai-based state-owned entities collectively held significant positions, led by Shenergy (14.05%) and Hwabao Investment (13.35%).

Risk governance and outlook The Board confirmed that all directors unanimously approved the solvency report and warranted its accuracy. CPIC reported no major risk events in 1H26; all risk indicators stayed within appetite, supported by a three-line-of-defence framework, quarterly CRO reporting, and enhanced related-party and concentration-risk controls. The China Banking and Insurance Regulatory Commission has not yet initiated an Integrated Risk Rating for insurance groups; CPIC’s most recent SARMRA score (2022) was 81.77.

Despite a lower capital adequacy buffer amid softer interest rates and volatile markets, CPIC’s group and subsidiary solvency margins remain firmly above statutory requirements, underpinning continued underwriting and investment capacity in the second half of 2026.