In the first half of 2025, CHINA TAIPING resolutely implemented central government policies, adhered to serving the overall situation, maintained steady progress while seeking advancement, prioritized practical action, and maintained bottom-line thinking. The company solidly advanced the implementation of "preventing risks, strengthening management, promoting development, and ensuring safety." Business development showed steady progress, operational efficiency continued to improve, the quality and effectiveness of serving national strategies continuously enhanced, participation in the Guangdong-Hong Kong-Macao Greater Bay Area construction deepened, support for Hong Kong's consolidation and enhancement of its international financial center status intensified, and efforts were made to excel in the "five major articles." Risk prevention and control capabilities were effectively enhanced, and compliance management was continuously strengthened. Strategic layout was solid and powerful, business synergy continued to advance, service operation levels continuously improved, and the foundation of operational management was solidly reinforced.
Development quality continued to improve. Under the new standards, CHINA TAIPING achieved net profit attributable to shareholders of HK$6.764 billion, a year-on-year increase of 12.2%, maintaining growth momentum despite a relatively high base in the same period last year. Both insurance service performance and life insurance contract service margin achieved growth, while property and reinsurance comprehensive cost ratios were further optimized. Taiping Life's new business value maintained double-digit growth, with dividend insurance premiums accounting for over 90% of long-term new single premium payments; both individual insurance and bancassurance persistency rates continued to lead the industry. Taiping Property Insurance achieved comprehensive improvement across all performance indicators, with the comprehensive cost ratio under new standards improving by 1.5 percentage points, and both insurance service performance and net profit achieving significant growth. Taiping Pension's enterprise annuity managed assets and entrusted clients further increased, promoting quality improvement and expansion of the second pillar. Personal pension premium income showed significant growth, achieving new breakthroughs in third pillar business development. Taiping Reinsurance's comprehensive cost ratio under new standards improved by 2.9 percentage points, with net profit reaching a new high for the same period in 2025, following the historical high achieved in 2024. Investment allocation structure remained stable, with dividend and fund distribution income increasing year-on-year, helping net investment income grow steadily.
Development capabilities continued to enhance. Under new standards, CHINA TAIPING's total assets, net assets, managed investment assets and other indicators all exceeded year-end levels, with insurance service revenue rising year-on-year compared to the same period last year. In the first half of the year, CHINA TAIPING steadfastly promoted dividend insurance transformation, maintained firm business strategy, and closely followed regulatory guidance encouraging the development of floating return products. A specialized meeting on international development was convened to further clarify CHINA TAIPING's international development approach and priorities under new circumstances. Steady progress was made in ecosystem construction, with "self-owned + cooperative" health and elderly care communities covering 63 cities across 28 provinces nationwide. The operational quality of self-built health and elderly care communities improved, with 17,000 new elderly care community qualifications issued, continuously driving new single premium sales and advancing home-based elderly care business pilots and innovative travel and living service platform development.
The quality and effectiveness of serving national strategies continued to improve. CHINA TAIPING comprehensively issued and implemented the "1+N" documents implementing the spirit of the Central Financial Work Conference, and initially established an indicator system for serving national strategies. The "five major articles" achieved good results, with "seven major insurance" businesses developing rapidly. The group's three-year action plan for participating in Guangdong-Hong Kong-Macao Greater Bay Area construction was continuously updated, cross-border vehicle business market leadership was further consolidated, exclusive personal insurance product systems became more comprehensive, and Greater Bay Area service characteristics were more prominent. An action plan to support Hong Kong's consolidation and enhancement of its international financial center status was formulated. In the first half of the year, Taiping Hong Kong deeply participated in the Hong Kong SAR government's drone "sandbox pilot" policy, with low-altitude economy pilots landing multiple industry-first policies. Taiping Life Hong Kong won bids for multiple local livelihood projects, Taiping Financial Holdings increased funding support for local enterprises, and implemented multiple investment projects.
Risk and compliance management continued to strengthen. The "Comprehensive Action Plan for Preventing and Resolving Financial Risks" was formulated and implemented, improving the risk prevention and control responsibility system. New risk classification system construction was orderly advanced, with investment asset classification conducted thoroughly and meticulously. The implementation of new credit rating review mechanisms was promoted, effectively playing a proactive risk control role. The "Comprehensive Action Plan for Strengthening Compliance Management" was formulated and implemented, continuously improving compliance management capabilities.
Comprehensive collaborative service quality and effectiveness continued to optimize. Group-level strategic customer cooperation was deepened, with strategic customer pension contributions increasing year-on-year and multiple large strategic customer key projects newly signed and renewed. Greater Bay Area strategic customer expansion mechanisms were optimized, advancing key customer tiered management. Collaborative business systems expanded, with life insurance selling property insurance premium income and domestic and overseas property insurance collaborative premium income both achieving year-on-year growth.
Customer service capabilities continued to improve. The "Jixiang Festival · Taiping Customer Festival" was held for six consecutive years, highlighting brand characteristics. Technology-enabled services achieved new progress, with the Group's 95589 WeChat service account upgraded; Taiping Life successfully connected medical insurance and commercial insurance settlement data and launched direct claim payment services; Taiping Property Insurance's large model risk review accuracy exceeded 90%. Consumer protection foundations continued to be strengthened, with "3.15" consumer rights protection education and publicity activities reaching 130 million people, and the Group Customer Service and Consumer Rights Protection Conference held for four consecutive years.
2025 marks the final year of the "14th Five-Year Plan." CHINA TAIPING will actively serve national strategies and the real economy, improving the quality and effectiveness of serving the national overall situation. The company will fully strengthen risk compliance and maintain risk compliance bottom lines. Focus on core responsibilities and main businesses to achieve excellence and strength, further deepening reform. Strengthen operational characteristics and advantages, deepen ecosystem construction. Accelerate the improvement of digital and intelligent operation levels, enhance customer service quality. Strengthen group management and control, comprehensively consolidate management foundations. Accelerate key business transformation, striving to work with shareholders and customers to build CHINA TAIPING's high-quality development future and share in CHINA TAIPING's development achievements.