Analyzing Taiping Life's 2026 interim report: New business value grew by 12.7%, and assets under management exceeded 4 trillion yuan.

As one of the industry's "three driving forces," China Pacific Insurance's semi-annual report has always attracted much attention.

On August 27, China Pacific Insurance (CPIC) released its 2026 semi-annual report. The report shows that in the first half of 2026, CPIC achieved total operating revenue of RMB 212.136 billion, a year-on-year increase of 5.8%; net profit attributable to shareholders of the parent company was RMB 30.775 billion, a year-on-year increase of 10.4%, maintaining a steady and positive operating performance.

By mid-2026, China Pacific Insurance's assets under management will exceed RMB 4 trillion for the first time, highlighting its leading position in the investment business. At the same time, to actively reward investors, China Pacific Insurance will also implement its first interim dividend, proposed at RMB 0.42 per share (inclusive of tax).

The value of new life insurance business increased by 12.7%.

In the life insurance sector, CPIC Life Insurance continued to promote channel and product transformation in the first half of the year. In the first half of the year, CPIC Life Insurance achieved a premium income of RMB 190.351 billion and a new business value of RMB 10.758 billion, representing a year-on-year increase of 12.7%; the new business value margin increased to 17.5%, a year-on-year increase of 2.5 percentage points.

In addition, by promoting "professionalization, specialization, digitalization, and rejuvenation" in the agent channel, Taiping's core agents saw a significant year-on-year increase of 39.5% in average monthly first-year premium income per person, and a year-on-year increase of 12.7% in average monthly first-year commission income per person. Amidst intensified competition, the bancassurance channel proactively improved its structure, with new policy premiums reaching RMB 11.72 billion, a year-on-year increase of 32.6%.

Among all products, participating insurance accounts for 55.5% of new insurance business.

Property insurance underwriting profits continue to improve

In the property insurance sector, in the first half of the year, CPIC Property Insurance achieved original insurance premium income of RMB 114.358 billion, a year-on-year increase of 1.4%; underwriting profit reached RMB 4.817 billion, a significant year-on-year increase of 35.7%. The latter also reflects CPIC Property Insurance's adherence to the strategy of "quality premium growth".

The interim report also stated that the improvement in property insurance profitability was due to refined cost control and risk reduction management. China Pacific Property Insurance's combined ratio for the first half of the year was 95.0%, an improvement of 1.3 percentage points year-on-year.

Furthermore, in the auto insurance business, efforts were accelerated to build a systematic operational capability for new energy vehicles. Premium income from new energy vehicle insurance reached RMB 12.812 billion, a year-on-year increase of 20.9%, accounting for 23.9% of total auto insurance premiums, effectively improving underwriting profitability. In non-auto insurance, high-risk businesses were proactively controlled, and major insurance lines such as health insurance, agricultural insurance, liability insurance, and corporate property insurance all achieved underwriting profitability.

Investment assets exceeded 4 trillion for the first time

Despite the challenges posed by low risk-free interest rates and structural fluctuations in the capital market, China Pacific Insurance's investment management business has performed well. As of the end of June 2026, the Group's assets under management reached RMB 4,080.8 billion, a 4.8% increase from the end of the previous year, historically exceeding RMB 4 trillion.

The interim report also disclosed that Taiping Life Insurance implemented a refined "dumbbell-shaped" strategy in asset allocation: on one hand, it continued to promote the allocation of long-term interest rate bonds to extend duration; on the other hand, it increased alternative investments such as publicly traded equity assets and unlisted equity to improve long-term returns.

In the first half of the year, the Group achieved total investment income of RMB 66.022 billion, a year-on-year increase of 16.1%; the total investment return rate reached 2.4%, an increase of 0.1 percentage points year-on-year (not annualized), ensuring that investment income fully covered the cost of debt.

Technology insurance premiums increased by nearly 18% year-on-year.

In terms of technological innovation, China Pacific Insurance has identified "Artificial Intelligence+" as one of its three major strategic priorities for the future. The company's self-developed intelligent agent, "Xiao Lan," fully empowers its agent team. In the agricultural insurance sector, the new generation "Hui Zhi Nong" core system for agriculture, rural areas, and farmers has been launched in 13 institutions, improving underwriting efficiency by nearly 30% and claims processing efficiency by nearly 25%. Meanwhile, technology insurance premiums have increased by nearly 18% year-on-year, with several industry-first solutions implemented in emerging fields such as biomedicine, low-altitude economy, and embodied intelligence.

On the risk management front, China Pacific Insurance has built a climate physical risk stress test model by relying on an artificial intelligence climate and meteorological big data model and a global disaster database. It has also introduced a computable general equilibrium (CGE) model to realize the financial quantitative analysis of climate risk, marking that its risk management is moving from experience-based judgment to modeling and quantification.

In its interim report, China Pacific Insurance Chairman Fu Fan stated that, facing profound changes in the macro environment and population aging, the company will focus on implementing three major strategies: "Big Health and Wellness, Internationalization, and Artificial Intelligence+". Going forward, the company will continue to leverage its role as an economic shock absorber and social stabilizer, creating greater long-term value for shareholders and customers.

Risk Warning and DisclaimerInvesting involves risk; please exercise caution. This article does not constitute personal investment advice and does not take into account the specific investment objectives, financial situation, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article are suitable for their specific circumstances. Any investment decisions made based on this information are at your own risk.