CHINA PACIFIC INSURANCE (GROUP) CO., LTD.

China Pacific Insurance (Group) Co., Ltd.

601601

CNE1000008M8

Life & Health Insurance

End-of-day quote Shanghai S.E. Other stock markets 11/06/2026			5-day change	1st Jan Change
32.06 ^CNY	-1.38%		+3.35%	-23.50%

06-10	China Pacific Insurance Co., Ltd. Approves Final Dividend for the Year Ended 31 December 2025	CI
06-10	China Pacific Insurance Co., Ltd. Announces Appointment of GE Ming as an Independent Director	CI

China Pacific Insurance : Summaries of the Quarterly Solvency Reports (Excerpts) of Main Insurance Subsidiaries

Published on 04/28/2026 at 11:10 am BST

Publicnow

CHINA PACIFIC INSURANCE (GROUP) CO., LTD.

-1.38%

Summary of Quarterly Solvency Report

（Excerpts）

China Pacific Property Insurance Co., Ltd. 1st Quarter of 2026 Company overview and contact information

Company name (Chinese): 中国太平洋财产保险股份有限公司

Company name (English): China Pacific Property Insurance Company Limited Legal representative: CHEN Hui

Registered address: South Tower, Bank of Communications Financial

Building, 190 Middle Yincheng Road, China (Shanghai) Pilot Free Trade Zone, Shanghai, the PRC

Registered capital: 19.948bn yuan Business license number: 000014

Date opening for business: November 2001

Business scope: Property indemnity insurance; liability insurance; credit and guarantee insurance; short-term health and personal accident insurance; reinsurance of the above said insurance; insurance funds investment as approved by relevant laws and regulations; other business as approved by the CIRC.

Business territories: The People's Republic of China

(excluding Hong Kong, Macao and Taiwan)

Contact person： WANG Yucheng

Office Tel. number： 021-33962680

Cell phone： 13917427405

Email： wangyucheng-003@cpic.com.cn

CONTENTS

BOARD CHAIRMAN AND MANAGEMENT STATEMENT 4
BASIC INFORMATION 4
KEY INDICATORS 13
RISK MANAGEMENT CAPABILITIES 17
INFORMATION ON IRR (DIFFERENTIATED SUPERVISION) 18
MANAGEMENT ANALYSIS AND DISCUSSIONS 21

‌Board chairman and management statement
The report has been approved by chairman of the board of directors. The board chairman and senior management of the Company warrant that the contents of this report are true, accurate and complete and have fully complied with applicable laws and regulations, and that there is no false representation, misleading statement or material omissions; and they severally and jointly accept responsibility for the contents of this report.

‌Basic information

Ownership structure, shareholders and change during the reporting period

Ownership structure (unit: 10,000 shares)

As at the end of the preceding period

Change during the reporting period As at the end of the

reporting period

Transfer from

Types of

shareholding

Shares Percentage (%)

Shareholder injection

capital reserve and share

dividends

Share transfer

Subtotal Shares

Percenta ge (%)

State 29,895	1.5	-	-	-	- 29,895	1.5
Private legal - persons	-	-	-	-	- -	-
Foreign -	-	-	-	-	- -	-
Natural -	-	-	-	-	- -	-
Others
(listed 1,964,914	98.5	-	-	-	- 1,964,914	98.5
companies)
Total 1,994,809	100	-	-	-	- 1,994,809	100

distribution

persons

De facto controller
The Company has no de facto controller. China Pacific Insurance (Group) Co., Ltd. is the majority shareholder of the Company, holding 98.5% of the stake.

Shareholding information (by descending order of shareholding percentage as of the end of the reporting period, unit: share)

Names of shareholders Types of

shareholders

Change during the reporting period

Shares held at the end of the reporting period

Shareholding percentage at the end of the reporting period (%)

pledged or in lock-up

China Pacific

Others

Insurance (Group) (listed --Co., Ltd. company)	19,649,137,578	98.50	None
Shenergy (Group) State-owned --	93,106,180	0.47	None
Shanghai Haiyan
Investment State-owned --	92,846,189	0.46	None
Company Limited
Yunnan Hehe State-owned --	61,049,510	0.31	None
Shanghai State-owned Assets State-owned --	51,948,193	0.26	None
Operation Co., Ltd.
Total -- --	19,948,087,650	100	--

Co., Ltd.

Management

(Group) Co., Ltd.

Related party relations among shareholders

Of the 5 shareholders of the Company, with the exception of CPIC Group, all are concurrently shareholders of CPIC Group. Other than that, the Company is not aware of any related-party relations between its shareholders.

Shareholding by directors, supervisors and senior management
Was there shareholding by directors, supervisors and senior management as at the end of the reporting period? (Yes□ No■ )
Share transfer
Was there any share transfer during the reporting period? (Yes□ No■ )

Directors, supervisors and senior management and the changes thereof

Basic information on directors, supervisors and senior management at head-office level

(1). Directors

Mr. YU Bin, born in August 1969, holds a master's degree. He has been serving as Chairman of the Company since June 2025 (approval document: NFRA [2025] No. 337). Mr. YU currently also serves as Vice President of CPIC Group and Chairman of CPIC Technology. Previously, Mr. YU served as Deputy General Manager of the Non-Marine Insurance Department, Deputy General Manager of Underwriting and Claims Department, General Manager of Market Development & Research Centre, General Manager of Marketing Department, Chief Marketing Officer, Deputy General Manager and Director of the Company, and Assistant President of CPIC Group.

Mr. SU Shaojun, born in February 1968, has a Ph.D degree and the designation of Senior Engineer. He has been serving as Director of the Company since May 2021 (approval document: CBIRC [2021] No. 377). Mr. SU currently serves as Board Secretary of CPIC Group and Director of CPIC Life. He previously served as Assistant General Manager and Deputy General Manager of Underwriting Department of CPIC P/C, Deputy General Manager and General Manager of CPIC P/C Beijing Branch, General Manager of Development and Planning Department of CPIC P/C, head of the Board Office, head of the Office of the Board of Supervisors of CPIC P/C, General Manager of Tele-marketing Centre of CPIC P/C, head of the Strategic Research Centre and Deputy Transformation Director of CPIC Group.

Mr. CHEN Hui, born in February 1969, holds a master's degree and the designation of Accountant. He has been serving as director (approval documents: NFRA [2024] No. 753) since November 2024. He currently also serves as General Manager of the Company and chairman of CPIC Hong Kong. His previous roles include Assistant General Manager and Deputy General Manager of Beijing Branch of CPIC P/C, General Manager of Hebei Branch of CPIC P/C, General Manager of Human Resources Department, Chief Human Resources Officer, Compliance Responsible Person and Chief Risk Officer of the Company. Previously, Mr. CHEN Hui worked at Beijing Coal Company.

Mr. CHEN Wei, born in April 1967, holds a master's degree and designation of engineer. He has been serving as director of the Company since March 2025 (approval document: NFRA[2025] No. 138). Mr. Chen currently serves as Chief Compliance Officer and Chief Risk Officer of CPIC Group, and Director of CPIC AMC. His previous roles include Chief Representative of CPIC Group London Rep. Office, Director and General Manager of CPIC HK, Board Secretary/General Manager of Strategic Planning Department, Internal Audit Director, Internal Audit Responsible Person, Chief Internal Auditor and Chief Administration Officer of CPIC Group, Board Secretary of CPIC Life, Chairman of the Board of Supervisors of CPIC AMC, General Manager/Director of CPIC Health.

Ms. SHI Yuehua, born in October 1979, holds a master's degree. She has been serving as employee director of the Company (qualification approval document: NFRA [2026] No. 145) since March 2026. Ms. Shi currently also serves as General Manager of the Legal and Compliance Department of the Company. She previously served as member of the Party Committee, Deputy General Manager and Chairman of the Trade Union of the Company's Liaoning Branch, as well as Deputy General Manager of the Legal and Compliance Department and Employee Supervisor of the Company.

Ms. XU Zhen, born in May 1973, holds a master's degree and the professional designation of Accountant. She has been serving as director of the Company (qualification approval document: NFRA [2026] No. 8) since January 2026. Ms. Xu currently serves as Deputy Chief Accountant of CPIC Group and General Manager of the Financial & Actuarial Planning Department, director of CPIC AMC, CPIC Technology and CPIC Capital, respectively. Ms. Xu previously served as Specialist of the Planning and Finance Department, deputy head of the Finance Section, Senior Specialist and Deputy General Manager of the Planning and Finance Department, and General Manager of the Financial Management Department, Finance Department, Budget Management Department and Asset Management Department, respectively, of CPIC Group.

(2) Senior management at head-office level

Mr. CHEN Hui, born in February 1969, holds a master's degree and the designation of Accountant. He has been serving as director, General Manager of the Company (approval documents: NFRA [2024] No. 753 and NFRA [2024] No. 779 respectively) , and as chairman of CPIC Hong Kong since November 2024. His previous roles include Assistant General Manager and Deputy General Manager of Beijing Branch of CPIC P/C, General Manager of Hebei Branch of CPIC P/C, General Manager of Human Resources Department, Chief Human Resources Officer, Compliance Responsible Person and Chief Risk Officer of the Company. Previously, Mr. CHEN Hui worked at Beijing Coal Company.

Mr. SONG Jianguo, born in December 1966, holds a master's degree. He has been serving as Deputy General Manager of the Company since August 2012 (approval document: CIRC P/C Insurance [2011] No. 380). He currently also serves as Chairman of CPIC Anxin Agricultural. Previously he served as head of Business Section of Overseas Business Department, Deputy Manager and Manager of Overseas Business Department, and Assistant General Manager of CPIC Hainan Branch, Deputy General Manager, General Manager of Hainan Branch of the Company, General Manager of the Property and Liability Insurance Department, General Manager of Shandong Branch, head of Sales (Channel Building and Cooperation) and Deputy General Manager (Agricultural Insurance) of the Company. Prior to that, Mr. SONG worked at the Hainan Branch of the Bank of Communications.

Mr. SHI Jian, born in November 1973, holds a bachelor's degree, and has been serving as Deputy General Manager, Chief Compliance Officer (approval document: NFRA [2025] No. 279), and Chief Risk Officer of the Company since April 2025. Previously he served as General Manager of Business Management Department, General Manager of Market Development Department and General Manager of Product Development and Reinsurance Department of Shanghai Anxin Agricultural Insurance Co., Ltd.; Assistant President, Vice President, Board Secretary, Executive Director, President (General Manager) of Anxin Agricultural Insurance Co., Ltd.; Deputy Marketing Director and General Manager of Strategic Account Department of CPIC Group, General Manager and Director of CPIC Anxin Agricultural. Before that, Mr. Shi worked at the Shanghai Branch of China Life.

Mr. CHEN Sen, born in October 1970, holds a master's degree and has been serving as Deputy General Manager of the Company (approval document: CBIRC [2021] No. 497) since August 2021. He has been serving as Chief Actuary of the Company since October 2015 (approval document: CIRC [2015] No. 949). Previously, he served as Deputy General Manager, Finance Responsible Person and Chief Actuary of China Property & Casualty Reinsurance Company Limited, Finance Responsible Person of the Company, Director of CPIC Anxin Agricultural and Director of CPIC HK. Prior to that, Mr. CHEN worked at the New York Headquarters of Guy Carpenter & Company and the North American Headquarters of Swiss Re.

Mr. LI Chao, born in March 1981, holds a master's degree, and has been serving as Deputy General Manager of the Company since September 2024 (approval document: NFRA [2024] No.626). Prior to this, Mr. LI served as Deputy General Manager of Tianjin Branch, Deputy General Manager (in charge) and General Manager of Small- and Medium-Sized Customer Business Department, General Manager of Corporate Customer Department/Bancassurance Department, General Manager of Heilongjiang Branch, and Assistant General Manager of CPIC P/C.

Mr. LIU Zengbo, born in December 1975, holds a master's degree. He has been serving as Deputy General Manager, Finance Responsible Person and Board Secretary of the Company since April 2025 (approval document: NFRA [2025] No.203). Mr. Liu currently also serves as Director of CPIC Anxin Agricultural, Director of CPIC HK and Director of CPIC AMC. He previously served as Deputy General Manager of Strategic Planning & Investor Relations Department, General Manager of Internal Audit Centre/Audit Technology Department, General Manager of Investment Audit Department of CPIC Group; General Manager of Finance Department of CPIC P/C; Internal Audit Responsible Person of CPIC AMC; Deputy General Manager and Finance Responsible Person of CPIC Capital.

Mr. HUANG Yao, born in December 1978, holds a master's degree. He has been serving as Assistant General Manager of the Company since July 2024 (approval document: NFRA [2024] No.471). Mr. HUANG also serves as General Manager of the New Energy Vehicle Development Center of the Company. Mr. HUANG previously served as Deputy General Manager and General Manager of Shenzhen Business Department of Pacific Online Service Technology Co., Ltd., Party Secretary/ General

Manager of CPIC P/C Suzhou Branch, and General Manager of Agency Business Department of Individual Customers Center of the Company.

Mr. Wu Bo, born in June 1970, holds a doctorate degree. He has been serving as Assistant General Manager of the Company since August 2021 (approval document: CBIRC [2021] No. 591). Mr. WU previously served as Assistant General Manager, Deputy General Manager, General Manager of CPIC P/C Shandong Branch, General Manager of CPIC P/C Beijing Branch, and Director of Beijing-Tianjin-Hebei Regional Coordinated Development of Company.

Mr. YE Mingman, born in October 1975, holds a master's degree. He has been serving as Assistant General Manager of the Company since July 2024 (approval document: NFRA [2024] No. 473). Mr. YE previously served as Director of Market Development (Individual Customers) of the Company, member of CPC Committee/Assistant General Manager of CPIC P/C Xiamen Branch, Deputy General Manager of Telemarketing Business Unit of the Company, General Manager of CPIC Online Shandong Branch, General Manager of Channels Cooperation Department of the Company, General Manager of Telemarketing Center of the Company, Executive Deputy General Manager, Executive Director and General Manager of CPIC Online, Executive Director and General Manager of CPIC Insurance Agency, and General Manager of the Online Platforms Department of Individual Customers Center of the Company.

Mr. XU Feng, born in July 1973, has a master's degree. He has been serving as Assistant General Manager of the Company since April 2025 (approval document: NFRA [2025] No.276), concurrently serving as General Manager of Shanghai Headquarters and General Manager of Shanghai Branch of the Company. Previously, Mr. XU served as Deputy General Manager of the Shipping Insurance Operations Centre, General Manager of the Shipping Insurance Business Unit, General Manager of the Overseas Business Department / Aerospace & Maritime Business Centre, deputy head of the Shanghai Headquarters Preparatory Team and head of Regional Integrated Development (the Yangtze River Delta) of CPIC P/C.

Mr. LEI Dapeng, born in May 1974, holds a bachelor's degree. He has been serving as Assistant General Manager of the Company since April 2025 (approval document: NFRA [2025] No. 278). Previously, Mr. LEi served as Deputy General Manager of CPIC

P/C Hubei Branch, General Manager of CPIC P/C Gansu Branch, and General Manager of CPIC P/C Suzhou Branch.

Mr. SU Jinhua, born in November 1975, holds a master's degree and the designation of engineer. He has been serving as Assistant General Manager of the Company since April 2025 (approval document: NFRA [2025] No. 277). Previously, Mr. SU served as Deputy General Manager of CPIC P/C Suzhou Branch, General Manager of CPIC P/C Ningbo Branch, General Manager of CPIC P/C Zhejiang Branch, and deputy head of Regional Integrated Development (the Yangtze River Delta) of CPIC P/C.

Mr. WEI Zhigang, born in October 1974, holds a master's degree and the professional designation of Accountant. Mr. WEI has been serving as Internal Audit Responsible Person of the Company since October 2025 (approval document: NFRA [2025] No. 594

). He also serves as Deputy Chief Internal Auditor of CPIC Group. Previously, Mr. WEI served as Assistant General Manager and Deputy General Manager of CPIC P/C Jiangxi Branch, General Manager of CPIC P/C Jilin Branch, and General Manager of CPIC P/C Henan Branch.

Note: Effective from November 2025, the Company no longer has a Board of Supervisors, and the members of the 8th Board of Supervisors automatically ceased to hold office.

the reporting period?

(Yes■

No□)

Position

Predecessor

Incumbent

Director

Employee director

ZHANG Yuanhan

XU Zhen

SHI Yuehua

Changes to directors, supervisors and senior management of headquarters Are there changes to the directors, supervisors and senior management during

Subsidiaries, joint ventures or associates

Were there subsidiaries, joint ventures or associates as at the end of the reporting period? (Yes■ No□)

Number of shares (10,000) Percentage of shareholding (%)

Name of companies

As at the end of Q4 2025

As at the end of Q1 2026

Change

As at the end of Q4 2025

As at the end of Q1 2026

Change (pt)

Subsidiaries
Pacific Anxin Agricultural Insurance Co., Ltd.	73,206	73,206	-	67.78%	67.78%	-
China Pacific Insurance Co. (H.K.) Limited	25,000	25,000	-	100.00%	100.00%	-

Joint ventures

Shanghai Juche Information

Technology Co., Ltd.

148

25.20%

Zhongdao Automobile Assistance Co., Ltd.

1,280

20.32%

Shanghai Lexiang Sijin Technology Joint-stock Co. Ltd.

369

5.36%

Associates
CPIC Euler Hermes Credit Insurance Sales Co., Ltd	2,550	2,550	-	51.00%	51.00%	-
Shanghai Binjiang-Xiangrui Investment and Construction Co.,	1,071	1,071	-	35.70%	35.70%	-
Ltd.

Breaches
1. Did the Company receive any administrative penalties from financial regulators during the reporting period? (Yes■ No□)
  Between January 1 and March 31, 2026, branch offices of the Company received 8 administrative penalties from the insurance regulator, who imposed 1.698mn yuan in fines on branches and 0.43mn yuan in fines on individuals, totalling 2.128mn yuan. Misconduct mainly concerned falsification of expenses, falsification of brokerage business for expense-booking and false underwriting, etc.
2. Did the directors, supervisors or senior management receive administrative penalties from financial regulators during the reporting period?
  (Yes□ No■ )
3. Was there any misconduct or breaches by the company, its directors, supervisors or senior management which triggered judicial proceedings during the reporting period?
  (Yes□ No■ )
4. Did the Company receive any regulatory measures from the NFRA (previously CBIRC) during the reporting period? (Yes□ No■ )

‌Key Indicators

Key solvency metrics

Unit: RMB 10,000 yuan

Items

As at the end of Q1 2026

As at the end of Q4 2025

Estimates for next quarter under base scenario

Admitted assets	29,648,741	27,429,323	29,869,593
Admitted liabilities	21,728,007	19,815,017	22,061,097
Actual capital	7,920,734	7,614,306	7,808,496
Tier 1 core capital	6,556,037	6,333,478	6,443,799
Tier 2 core capital	-	-	-
Tier 1 supplement capital	1,364,697	1,280,829	1,364,697
Tier 2 supplement capital	-	-	-
Minimum capital	3,335,214	3,120,253	3,397,077

Minimum capital for quantifiable risks 3,379,214 3,161,417 3,441,821

Minimum capital for control risk	-44,000	-41,164	-44,744
Supplement capital	-	-
Core solvency margin	3,220,822	3,213,225	3,046,722
Core solvency margin ratio (%)	196.6%	203.0%	189.7%
Comprehensive solvency margin	4,585,520	4,494,053	4,411,419
Comprehensive solvency margin ratio (%)	237.5%	244.0%	229.9%

Liquidity risk indicators

Regulatory indicators for liquidity risk

Items			As at the end of/ during Q1 2026	As at the end of/ during Q4 2025
Net cash flows (RMB 10,000)	YTD		402,914	299,596
	FY 2024		299,596	-242,847
	FY 2023		-242,847	346,474
Liquidity Coverage Ratio (%)	LCR1	Next 3 months	120.8%	112.0%
	LCR1	Next 12 months	106.9%	105.3%
	LCR2	Next 3 months	342.4%	277.1%
	LCR2	Next 12 months	145.6%	135.0%
	LCR3	Next 3 months	94.9%	65.4%
	LCR3	Next 12 months	81.6%	77.5%
Retrospective adverse deviation ratio of net cash flows from business activities (%)	Over the previous 2 quarters		1474.9%	176.5%
	Over the previous quarter		511.6%	1474.9%

Other indicators of liquidity risk

	Items	As at the end of Q1 2026/YTD	As at the end of Q4 2025/YTD
Liabilities	Net cash flow from operating activities (RMB 10,000)	519,838	1,791,324
	Net cash flow from operating activities per 100 yuan in premiums (RMB yuan)	8.3	8.9
	Ratio of cash outflow from business of special types(%)	1.3%	2.8%
	Written premium growth year-on-year(%)	-0.5%	-0.1%
Assets	Ratio of cash and liquidity management instruments(%)	3.8%	2.5%
	Quarterly average financing gear(%)	0.9%	0.5%
	Share of domestic fixed income assets with external rating of AA and below(%)	0.2%	0.3%

Items	As at the end of Q1 2026/YTD	As at the end of Q4 2025/YTD
Proportion of shares representing over 5% of the stake of listed companies(%)	0.0%	0.0%
Ratio of fund receivables(%)	12.2%	9.8%
Ratio of assets of related parties held(%)	2.9%	3.2%

Ratio of cash outflow from business of special types: Ratio of cash outflow from business of special types = (Claim expenses of special-type business + Claim reserves of special-type business)÷(Total claim expenses

+ Total claim reserves) ×100%. Business of special types includes financing guarantee insurance business and non-auto business that accounts for more than 5% of total claim expenses, and the latter refers to non-auto insurance business that incurs, due to catastrophes or major claims, estimated or actual claim expenses after reinsurance exceeding 5% of total non-auto claim expenses of the previous year.

Ratio of receivables (%): Ratio of receivables= (Premium receivables + Reinsurance receivables) ÷ Total assets by the end of the reporting period × 100%. Premium receivables, reinsurance receivables and total assets refer to their respective book value as at the end of the reporting period.

Ratio of assets of related parties held: Ratio of assets of related parties held = Total investment assets of related parties held ÷ Total assets as at the end of the reporting period × 100%, excluding related-party transactions between the insurance company and the insurance group that it belongs to or between subsidiaries of the insurance group.

Effective from January 2026, figures for written premiums submitted to the NFRA no long included VAT.

Key business metrics

Indicators As at the end of/ during Q1 2026

Unit: 10,000 RMB yuan

As at the end of Q1 2026/YDT

Gross written premiums	6,320,209	6,320,209
Net profit	208,781	208,781
Total assets	26,036,692	26,036,692
Net assets	7,155,432	7,155,432
Insurance contract liabilities	15,302,858	15,302,858
Basic earnings per share (RMB yuan)	0.1	0.1
ROE (%)	3.0	3.0
ROA (%)	0.8	0.8
Investment yield (%)	0.8	0.8
Comprehensive investment yield (%)	1.0	1.0

Indicators As at the end of/ during Q1 2026

As at the end of Q1 2026/YDT

Combined ratio (%)	95.8	95.8
Expense ratio (%)	24.3	24.3
Loss ratio (%)	71.5	71.5

Proportion of commissions & brokerage expenses (%)

7.3 7.3

Proportion of operating & administrative expenses (%)

13.2 13.2

Written premiums

6,040,941

Written premiums of auto insurance

Written premiums of top 5 non-auto

2,685,709

3,004,104		3,004,104
Largest non-auto insurance 1,282,631		1,282,631
Second largest non-auto 737,600		737,600
Third largest non-auto 573,027		573,027
Fourth largest non-auto 219,304		219,304
Fifth largest non-auto 191,541		191,541
insurance business line Average premium of auto insurance 2,655		2,655
(RMB yuan)
Written premiums by channels	6,040,941	6,040,941
Agency	3,043,989	3,043,989
Direct	2,039,336	2,039,336
Brokerage	957,615	957,615
Others	-	-

insurance business lines business line

insurance business line

insurance business line insurance business line

Notes:

All calculation of reserves was based on financial statements; the expense ratio, the loss ratio and combined ratio were based on earned premiums; comprehensive investment yield includes changes in fair value of AFS assets, which is not included in calculation of investment yield.
Net profit, total assets, net assets, and insurance contract liabilities listed above under new accounting standards were based on Accounting Standard for Business Enterprises No. 22 - Recognition and
Measurement of Financial Instruments revised and promulgated by the Ministry of Finance in 2017, and Accounting Standard for Business Enterprises No. 25 - Insurance Contracts revised and promulgated by the Ministry of Finance in 2020; basic earnings per share, ROE and ROA were calculated in accordance with the formula prescribed by Article 24 of Solvency Regulatory Standards of Insurance Companies No. 18 -Solvency Report, based on results of aforementioned indicators.

(Comprehensive) Investment yields in the past 3 years

Indicators YTD

Average investment yield in the past 3 years (%) 3.06

Average comprehensive investment yield in the past 3 years (%)

4.86

Note: As per Notice on Optimising Standards for Solvency Regulation of Insurance Companies by National Administration of Financial Regulation (NFRA [2023] No. 5), insurance companies shall disclose the average investment yield and average comprehensive investment yield in the past 3 years, based on the formula of: [(1+(comprehensive) investment yield in the most recent year)*(1+(comprehensive) investment yield in the second most recent year)*(1+(comprehensive) investment yield in the third most recent year]^(1/3)-1.

‌Risk management capabilities
1. Classification of insurance companies
  As per rules on classification of insurance companies in Solvency Regulatory Standards No.12: Solvency-aligned Risk Management Requirements and Assessment, the Company, established on 9 November 2001, is a Category I insurance company. In 2025, its written premiums amounted to 209.697bn yuan; total assets stood at 275.345bn yuan; there are 38 provincial-level branch offices.
2. Measures taken to improve risk management and status during the reporting period
  During the quarter, the key risk management regulations were as follows:
  First, deepening climate risk response. The Company continuously deepened its research on climate risk, conducted climate physical risk stress tests on key sectors and regions, and consistently strengthened its capability climate risk response.
  Second, enhancing the technology risk management system. The Company formulated Regulations on Management of Technology Risk to ensure information system security and business continuity; formulated Regulations on Management
  of Mobile Internet Applications to strengthen the management of mobile internet applications and improve security safeguards and service levels; and formulated Regulations on Business Continuity Management to refine the mechanism for business continuity management, reduce the impact of business interruptions, and ensure the continuous operation of its business.
  Third, revising the money laundering risk assessment regulations. The Company adopted a risk-based approach, comprehensively identified and assessed risks of money laundering, terrorist financing and proliferation financing, optimised the allocation of anti-money laundering resources, and drafted Policies on Self-Assessment of Money Laundering Risks to enhance the effectiveness of anti-money laundering efforts.
  Fourth, strengthening concentration risk management and control. In accordance with regulatory and Group requirements, the Company introduced Policies on Management of Concentration Risk, incorporated concentration risk into the enterprise risk management system, established and continuously improved the organisational structure, management system and information system commensurate with its business scale and complexity, thereby achieving effective identification, measurement, assessment, monitoring, reporting, and control of concentration risk.
3. Results of the most recent solvency risk management valuation
  In 2021, the regulator conducted SARMRA assessment of the Company, which scored 83.94 points. Of this, infrastructure and environment of risk management was 82.19 points, targets and instruments of risk management was 82.35 points, insurance risk management was 86.4 points, market risk management was 81.68 points, credit risk management was 86 points, operational risk management was
  84.44 points, strategic risk management was 86.12 points, reputation risk management was 84.53 points, liquidity risk management was 83.54 points.
4. Status of SARMRA self-assessment
Not applicable during the reporting period.
‌Information on IRR (differentiated supervision)
1. Results of IRR in the previous 2 quarters
  The Company was rated AA at the IRR for both Q2 and Q3 of 2025.
  As per regulatory requirements, it briefed the board on regulatory feed-backs over IRR results, with follow-up analysis of the status of rectification.
2. Findings of self-assessment of operational, strategic, reputational and liquidity risks of the Company
  1. Operational risk
    In 2026, the Company considered "risk prevention" a top priority in its business operation. In Q1, it intensified efforts across multiple areas to improve risk management, including strengthening basic compliance capabilities, enhancing the effectiveness of key risk prevention and control measures, ensuring "closed-loop" rectification of identified issues, and reinforcing the foundation of legal risk prevention, with operational risk and money laundering risk staying overall under control.
    Key measures taken during the quarter included: enhancing the effectiveness of the compliance management committees at branch level and tracking and assessing their performance; continuously advancing the supplier management rectification campaign and conducting on-site/off-site supplier management inspections; reinforcing risk control of insurance agreements to prevent related operational risks; organising self-assessments of the effectiveness of crime prevention and fraud control; revising Policies on Self-Assessment of Money Laundering Risks, completing the filing of anti-money laundering regulatory assessment in strict compliance with regulatory requirements, and coordinating the implementation of new AML regulatory requirements.
    All technology risk indicators of the Company remained in the comfort zone, with overall risks under control. During the quarter, the Company advanced network and data security, project control, and optimisation of operation and maintenance through a series of measures, such as refining policies and rules in specific areas, strengthening risk prevention and control, and enhancing emergency response capabilities, while coordinating efforts to address volatility in indicators and potential risks.
  2. Strategic risk
    The current market environment remains complex and challenging, marked by escalating geopolitical rivalries and rising uncertainties. Despite the headwinds, China's economic development stays on track, driven by innovation and a shift towards higher quality. The insurance sector, as a social stabilizer, fully aligns itself with China's national strategies and plays an even more important role in advancing the Five Financial Priorities, supporting the real economy and improving people's livelihoods. Regulators stay focused on high-quality development, and issued a host of policies to strengthen oversight, prevent risks and foster growth. As these policies take effect, the industry is accelerating its transition towards value- and profit-driven development.
    Amid a complex market environment, CPIC P/C maintained its strategic focus and put profitability first. It strengthened strategic planning, deepened customer resource management, and accelerated transformation and innovation. Through these targeted measures, it achieved gains in quality and efficiency. Its business mix continued to improve, with steady progress in overall operation. The Company will continue to identify, monitor, assess and track risks, while keeping tabs on changes in the external environment, to ensure that its strategy remains aligned with its capabilities and operating conditions, thereby supporting its stable and sound development.
  3. Reputational risk
    During the quarter, there were no severe reputational risk incidents, with the risk overall under control. As per Provisional Regulations on Reputational Risk Management by Banking and Insurance Institutions, Regulations on Reputational Risk Management of China Pacific Insurance (Group) Co. Ltd and Rules on Reputational Risk Management of China Pacific Property Insurance Co. Ltd., as well as other applicable regulatory rules and Group policies, the Company completed the 2025 special report on reputational risk management, developed a management tool to help primary-level branches respond to unscheduled visits, and prepared a series of public opinion hot-spot reports. It conducted special reputational risk screenings and unannounced branch-level spot checks on sensitive issues or during periods such as the Spring Festival and the "3·15" Consumer Rights Day. It also participated in the "3·15" reputational risk training session, and further strengthened the implementation of proactive risk management at the branch level. Going forward, when conducting business and PR activities, it will continue with risk screening and prevention, step up fast response and coordination in risk-handling, with review and optimisation afterwards, accumulate the "asset" of reputation and advance early-stage intervention and closed-loop management of reputational risk, in a bid to forestall the risk more pro-actively and effectively.
  4. Liquidity risk
To mitigate the liquidity risk, the Company coordinates cash flows from operating, investment and financing activities, pays special attention to large cash outflows arising from major claims, reinsurance bills, taxes, expenses and fixed assets, makes necessary arrangements in a timely manner to ensure sufficient liquidity to meet needs of various payment obligations. In Q1 2026, the Company made funds available to meet needs of large pay-outs like quarterly prepayment into the Mandatory Insurance Security Fund, quarterly prepayment of income tax, reinsurance outgo and purchase & construction of fixed assets and payment of capital bond interest while meeting daily needs for liquidity or applications for payment in a timely manner. Moving forward, it will continue to monitor changes to its liquidity status, balance various needs for liquidity and enhance its liquidity risk management capabilities.
‌Management analysis and discussions

(I) Review of key operating results

Analysis of changes to IRR ratings
The overall risk status of the Company remains stable, with solvency margin ratios stable and solid. Its business operation and net cash flows showed signs of improvement amid stability. The Company maintained a normal status in strategic risk, reputational risk and operational risk, without any occurrence of major risk events.
Analysis of solvency margin ratio movement
As at the end of Q1 2026, the comprehensive and core solvency margin ratios of the Company stood at 237.5% and 196.6% respectively, down by 6.5pt and 6.4pt respectively from the previous quarter. Of this, actual capital rose by 3.06bn yuan from the end of the previous quarter, mainly due to impact of net profit and other comprehensive income.
Minimum capital for insurance risk increased by 2.50bn yuan from the end of the preceding quarter. Of the minimum capital requirement for premium risk, that for auto insurance increased from the end of the previous quarter; with regard to minimum capital requirement for reserve risk, outstanding reserves after reinsurance rose from the end of the previous quarter, which increased minimum capital requirement for reserve risk.
Minimum capital for market risk increased by 0.26bn yuan from the end of the previous quarter, mainly due to higher risk exposure to domestic equity and bond securities.
Minimum capital for credit risk fell by 0.08bn yuan from the end of the preceding quarter, largely due to reduced risk exposure to personal and corporate debts and term deposits, which led to lower minimum capital requirement for counter-party default risk.
The Company sets its solvency risk upper limits and risk indicators based on its risk profile and appetite, and tracks them on a regular basis. In the meantime, it continues to ensure stable and solid solvency positions via enhanced business quality control, improved risk identification and management, and optimised asset and business mix, etc.
Analysis of changes to liquidity risk indicators

(1) Liquidity coverage ratios (LCR)

As per C-ROSS II standards on liquidity, the liquidity coverage ratios of the Company, i.e., LCR1 and LCR2 in the next 3 months and 12 months under the base

and stress scenarios respectively were both above 100%, and LCR3 above 50%, all meeting regulatory requirements. To mitigate liquidity risk, the Company adopts a prudent approach towards cash flow projections from operating activities, with the retrospective adverse deviation ratio of net cash flows from operating activities in the past 2 quarters consistently above the regulatory minimum level of -30%, meeting regulatory requirements. During the year, net cash inflows of the Company amounted to 4.03bn yuan. Of this, net cash inflow from operating activities was 5.20bn yuan; net cash outflow from investment activities was

4.13bn yuan, and net cash inflow from financing activities was 2.98bn yuan.

The Company attaches importance to daily cash flow management, coordinates cash flows from operating, investment and financing activities to ensure sufficient liquidity to meet needs of surrenders, claims and other benefit payments. Besides, the Company allocates in its SAA a certain proportion of highly liquid assets to meet liquidity requirements, which enables it to meet short-term cash flow requirements arising from business volatility. It will continue to monitor changes to its liquidity status and enhance risk management capabilities.

Summary of Quarterly Solvency Report (Excerpts)

China Pacific Life Insurance Co., Ltd. 1st Quarter of 2026 Company overview and contact person

Company name (Chinese): 中国太平洋人寿保险股份有限公司 Company name (English): China Pacific Life Insurance Co., Ltd. Legal representative: LI Jinsong

Registered address: 71 Shouning Road, Huangpu District, Shanghai, China Registered capital: 8.6282bn yuan

Business license number: 000015

Date opening for business: November 2001

Business scope: Life/health insurance denominated in RMB yuan and

foreign currencies including life insurance, health insurance, personal accident insurance, etc.; reinsurance of the above said insurance; statutory life/health insurance; agency and business dealings with domestic and overseas insurers and organizations, loss adjustment, claims and other business entrusted from overseas insurance organizations; insurance funds investment as prescribed by The Insurance Law and relevant laws and regulations; international insurance activities as approved; other international insurance business as approved by the former CIRC. [To conduct business subject to approval according to laws and regulations, permission of relevant departments is required.]

Business territories: Beijing, Shanghai, Tianjin, Chongqing, Heilongjiang

Province, Jilin Province, Liaoning Province, Hebei Province, Shanxi Province, Shandong Province, Anhui Province, Jiangsu Province, Zhejiang Province, Fujian Province, Jiangxi Province, Guangdong Province, Hainan Province, Guangxi Zhuang Autonomous Region, Hunan Province, Hubei Province, Henan Province, Yunnan Province, Guizhou Province, Sichuan Province, Shaanxi Province, Gansu Province, Xinjiang Uygur Autonomous Region, Ningxia Hui Autonomous Region, Inner Mongolia Autonomous Region, Qinghai Province (with offices in 5 vice-provincial level municipalities such as Dalian, Qingdao, Ningbao, Xiamen, Shenzhen, where the insurance regulator also has branch offices)

Contact person： WANG Chang Office Tel. number： 021-33965272

Email： wangchang- 008@cpic.com.cn

CONTENTS

BOARD CHAIRMAN AND MANAGEMENT STATEMENT 3
BASIC INFORMATION 3
KEY INDICATORS 12
RISK MANAGEMENT CAPABILITIES 15
INFORMATION ON IRR (DIFFERENTIATED SUPERVISION) 17
MANAGEMENT ANALYSIS AND DISCUSSIONS 20

‌Board chairman and management statement
The report has been approved by chairman of the board of directors. The board chairman and senior management of the Company warrant that the contents of this report are true, accurate and complete and have fully complied with applicable laws and regulations, and that there is no false representation, misleading statement or material omissions; and they severally and jointly accept responsibility for the contents of this report.

‌Basic information

Ownership structure and shareholders, and change during the reporting period 1．Ownership structure (unit: 10,000 shares or RMB yuan 10,000)

As at the beginning of the Change during the reporting period As at the end of the reporting period reporting period
Types of				Transfer from capital
shareholders	Shares or	Percentage	Shareholder	reserve and	Share Sub-	Shares or	Percentage
	contribution	(%)	injection	share	transfer total	contribution	(%)
				dividends
distribution

14,733.69

1.708

- 14,733.69

- -

1.708

- -

Natural -

person

- -

Others (listed 848,086.31

98.292

- 848,086.31

98.292

Total 862,820

100

- 862,820

100

State Domestic legal person Foreign

company)

De facto controller
The Company has no de facto controller. China Pacific Insurance (Group) Co. Ltd. is the majority shareholder of the Company, holding 98.292% of its shares.

Shareholding information and related party relations as at the end of the reporting period

Information on shareholders (by descending order of shareholding percentage as of the end of the reporting period, unit: 10,000 shares or RMB yuan 10,000)

Names of shareholders Types of

shareholders

Listed company	-	848,086.31	98.292	-
State-owned	-	4,711.59	0.546	-
State-owned	-	4,689.24	0.544	-
State-owned	-	3,218.11	0.373	-
State-owned	-	2,114.75	0.245	-

China Pacific Insurance (Group) Co., Ltd.

Shenergy Group Co., Ltd.

Shanghai State-Owned Assets Operation Co., Ltd.

Shanghai Haiyan Investment Management Company Limited

Yunnan Hehe (Group)

Change to shareholding or contribution

during the reporting period

Shares held as at the end of the reporting period

Shareholding percentage

as at the end of the reporting period (%)

Shares pledged or in lock-up

Co., Ltd.

Related party relations between shareholders

Of the 5 shareholders of the Company, with the exception of CPIC Group, all are concurrently shareholders of CPIC Group. Other than that, the Company is not

aware of any related party relations between its shareholders.

Shareholding by directors, supervisors and senior management
None during the reporting period.
Share transfer during the reporting period

None during the reporting period.

Directors, supervisors and senior management at head-office level
1. Basic information of directors, supervisors and senior management at head-office level
  1. Directors
    As of the end of March 2026, the 8th Board of Directors of the Company had 51
    ‌1 On April 8, 2026, the Company received Approval on Qualification of Mr. CHEN Zhengguang as a Director of China Pacific Life Insurance Co., Ltd. (approval document: NFRA [2026] No.191) by the National Financial Regulatory Administration (NFRA). The NFRA has approved Mr. Chen's qualification to serve as director of the Company.
    directors in total:
    Mr. MA Xin, born in April 1973, has a master's degree. He has been serving as Director of the Company since March 2018 (approval document: CIRC [2018] No. 320). Mr. MA
    currently also serves as Vice President of CPIC Group and Chairman of CPIC Health. He previously served as General Manager of Shaanxi Branch of CPIC Life, General Manager of Strategic Planning Department, Director of Strategic Transformation Office, Transformation Director, and Board Secretary of CPIC Group, Director of CPIC P/C, and Director of Changjiang Pension.
    Mr. SU Shaojun, born in February 1968, holds a Ph.D degree and designation of senior engineer. He has been serving as Director of the Company since December of 2021(approval document: CBIRC [2021] No. 1033). Mr. SU currently also serves as Board Secretary of CPIC Group and Director of CPIC P/C. Previously, he served as Assistant General Manager and Deputy General Manager of the Underwriting Department, Deputy General Manager and General Manager of Beijing Branch, General Manager of Development Planning Department, head of the Board Office, head of the Office of the Board of Supervisors, General Manager of Telemarketing Department of CPIC P/C, head of the Strategic Research Center and Deputy Transformation Director of CPIC Group.
    Mr. LI Jinsong, born in June 1969, has a master's degree. He has been serving as Director of the Company since July 2024 (approval document: NFRA [2024] No. 479). He currently is Executive Director and General Manager of the Company, and Chairman of CPIC Life (HK). Mr. LI previously served as General Manager of CPIC Life Sichuan Branch, General Manager of Bancassurance Department of CPIC Life, Assistant General Manager and Deputy General Manager of CPIC Life, Deputy Marketing Director/General Manager of the Strategic Customer Department of CPIC Group, Director of Changjiang Pension.
    Mr. ZHAO Yonggang, born in November 1972, holds a bachelor's degree and has been serving as Chairman of the Company since December 2024 (approval document: NFRA [2024] No. 856). Mr. ZHAO currently also serves as Executive Director and President of CPIC Group. He previously served as Director of the Strategic Transformation Office of CPIC Life, General Manager of Heilongjiang Branch and Henan Branch, and Human Resources Director of CPIC Life, Vice President of CPIC Group, and Vice Chairman of the Board of Supervisors and Director of Haitong Securities Co., Ltd.
    Mr. YUAN Ye, born in November 1972, holds a master's degree. He has been serving as Director of the Company since September 2024 (approval document: NFRA [2024] No.601). Mr. YUAN currently also serves as Director of President's Office of CPIC Group and Supervisor of CPIC Technology. Mr. YUAN previously served as Senior Staff Member of the Criminal Investigation Division of Putuo District Bureau of Shanghai Municipal Public Security Bureau, Senior Staff Member, Principal Staff Member, Deputy Director and Director of the Comprehensive Coordination Division of the Political and Legal Commission of Shanghai Party Committee, and General Manager of Legal and Compliance Department of CPIC Group, Chairman of the Board of Supervisors of Shanghai Health and Elderly Care Development Group.
  2. Senior management at head- office level
  As of the end of March 2026, the Company had 122 members of senior management in total:
  Mr. LI Jinsong, born in June 1969, has been serving as Executive Director and General Manager of the Company since July 2024 (approval document: NFRA [2024] No. 489). Please refer to Basic Information of Directors above for his biography.
  Mr. WEI Lin, born in July 1972, holds a master's degree. He has been serving as Deputy General Manager of the Company since June 2018 (approval document: CBIRC [2018] No.449), has been serving as Director of CPIC (Dali) Elderly Home Co., Ltd. since February 2019, as Executive Director of Pacific Medical & Health Management Co., Ltd since July 2021. Mr. WEI also serves as Executive Director and General Manager of Pacific Insurance Elderly Care Investment Co. Ltd. He previously served as Chief Staff Member of CIRC Chengdu Office, Deputy Director of the General Management Division of CIRC Sichuan Bureau, Deputy Director of the General Office of CIRC Sichuan Bureau, Deputy Director (in charge) of the Personnel and Education Division of CIRC Sichuan Bureau, Senior Manager of the Board Office of China Insurance (Holdings) Co., Ltd., General Manager of Investment Management Department of Taiping Group, and General Manager of Taiping Elderly Care Investment Company, and General Manager of Pacific Medical & Health Management Co. Ltd.
  ‌2 Pursuant to the approval at the 25th meeting (extraordinary) of the 8th Board of Directors of China Pacific Life Insurance Co., Ltd., Mr. TAI Fuchun ceased to serve as Assistant General Manager of the Company effective from April 16, 2026.
  Mr. DAI Chuanjiang, born in September 1973, holds a bachelor's degree and has been serving as Deputy General Manager of the Company (approval document: NFRA [2024] No.661) since October 2024. Mr. DAI also serves as Director of Changjiang Pension. He previously served as Assistant Manager, Deputy Manager of CPIC Life Bijie Central Sub-Branch, Deputy Manager (in charge), Manager of Guiyang Business Department of CPIC Life Guizhou Branch, Deputy Manager of Business Division, Manager of Individual Business Management Department, Assistant General Manager, Deputy General Manager of CPIC Life Guizhou Branch, and Senior Deputy General Manager, General Manager of CPIC Life Shanghai Branch, Assistant General Manager and General Manager of South China Unit of the Company.
  Mr. CHEN Yingjie, born in November 1967, holds a master's degree and designation of engineer. He has been serving as Chief Compliance Officer and Chief Risk Officer of the Company since September 2025 (approval document: NFRA [2025] No.573). Previously, he served as Deputy General Manager of CPIC P/C Liaoning Branch, General Manager of CPIC P/C Heilongjiang Branch, General Manager of CPIC P/C Sichuan Branch, Chief Internal Auditor of CPIC Group and Internal Audit Responsible Person of CPIC P/C.
  Mr. TAI Fuchun, born in December 1967, holds a master's degree and has been serving as Assistant General Manager of the Company (approval document: CBIRC [2021] No. 745) since October 2021. Mr. TAI previously served as Assistant General Manager, Deputy General Manager and General Manager of CPIC Life Shanxi Branch, General Manager of Customer Resources Management Department of CPIC Life, General Manager of CPIC Life Shandong Branch, Deputy Chief Internal Auditor of CPIC Group, Internal Audit Responsible Person and General Manager of North China Unit of CPIC Life. Prior to that, Mr. TAI served as an official of the General Office of the Standing Committee of the Shanxi Provincial People's Congress.
  Mr. ZHU Xuesong, born in November 1969, holds a bachelor's degree and has been serving as Assistant General Manager of the Company (approval document: CBIRC [2021] No. 1033) since December 2021. He also serves as Chief Operation Officer of the Company. Mr. ZHU previously served as Attending Surgeon at the Third Affiliated Hospital to Shanghai Textile Industry Bureau, head of the Group Insurance Operation Department of Taiping Life, Deputy General Manager of Taiping Pension Shanghai Branch, General Manager of the Group Insurance Business Department and Chief Operating Officer of the
  Operation Department of AIA China, Chief Operation Technology Officer of FWD China, General Manager of FWD Technology Co., Ltd., and Executive COO of WeDoctor Group.
  Mr. ZHOU Jiangang, born in October 1967, holds a bachelor's degree. He has been serving as Assistant General Manager of the Company since June 2025 (approval document: NFRA [2025] No.368). Previously, he served as Senior Deputy General Manager of CPIC Life Jiangsu Branch, General Manager of CPIC Life Guizhou Branch, General Manager of CPIC Life Fujian Branch, head of the Urban Breakthrough Project Team of CPIC Life, General Manager of the Individual Business Training Department of CPIC Life, General Manager of CPIC Life Suzhou Branch, General Manager of CPIC Life Zhejiang Branch, and HR Director of CPIC Life.
  Mr. YE Bo, born in June 1977, holds a master's degree and designation of accountant. He has been serving as Assistant General Manager of the Company (approval document: NFRA [2024] No.622) since September 2024. He is also Director of CPIC Life (HK). Mr. YE previously served as CFO of CPIC Life Zhejiang Branch, General Manager of Corporate Business Comprehensive Management Department of CPIC Life, head of General Administration Office of CPIC Life, and General Manager of CPIC Life Jiangsu Branch.
  Ms. TIAN Rui, born in March 1976, has a master's degree and the designation of accountant. She has been serving as Assistant General Manager and Finance Responsible Person of the Company (approval document: NFRA [2024] No.846) since December 2024. Ms. Tian currently also acts as Board Secretary, and serves as Director of CPIC AMC, Director of Changjiang Pension and Director of CPIC Life (HK). Her previous roles include General Manager of the Finance Department of CPIC Life and General Manager of CPIC Life Beijing Branch.
  Mr. LIU Yuqing, born in October 1978, holds a master's degree. He has been serving as Assistant General Manager of the Company since February 2025 (approval document: NFRA [2025] No. 91), and has been serving as the spokesperson of the Company since September 2022. Mr. Liu previously held the following positions: Senior Manager of the Strategic Management Department, Director of the Fujian Transformation Pilot Base of of CPIC Group; Director of Transformation Promotion at Zhejiang Branch of CPIC
  Life, Senior Deputy General Manager and General Manager of Hangzhou Central Sub-Branch, General Manager of Shanghai Branch and Marketing Director of the Company.
  Ms. YU Lingyan, born in August 1977, holds a bachelor's degree, and is a member of the Society of Actuaries. She has been serving as Assistant General Manager and Chief Actuary of the Company (approval documents: Shanghai CBIRC No. [2019] 667 and Shanghai CBIRC No. [2019] 464). Previously, Ms. YU served as General Manager of the Actuarial Department, Deputy General Manager, Chief Actuary, and Chief Risk Officer at ICBC-AXA Life Insurance Company Limited.
  Mr. HE Feibo, born in January 1975, holds a master's degree. He has been serving as the Company's Internal Audit Responsible Person since November 2025 (approval documents: NFRA No. [2025] 659). Mr. He currently also serves as Deputy Chief Internal Auditor of CPIC Group. Previously, he served as General Manager of the Group Insurance Business Department and Employee Benefits Department of CPIC Life, Deputy General Manager of the Health and Pension Business Center, General Manager of CPIC Life Yunnan Branch, and Deputy General Manager of the Group Customer Center of CPIC Life.
  Note: The Company has published the Announcement Regarding Significant Matters on its official website. Effective as of November 2025, the Company dissolved its Board of Supervisors, and all members of the 8th Board of Supervisors vacated their positions ex officio.
2. Changes to directors, supervisors and senior management of headquarters
  Changes to senior executives
  As approved at the 26th (regular) meeting of the 8th Board of Directors, effective from March 24, 2026, Ms. TAO Lei ceased to serve as Deputy General Manager and Board Secretary of the Company. During the vacancy of this role, Ms. TIAN Rui will act as Board Secretary.

Subsidiaries, joint ventures or associates

			Number of shares (10,000 shares)			Shareholding percentage (%)
Company name			As at the beginning of Q1 2026	As at the end of Q1 2026	Change	As at the beginning of Q1 2026	As at the end of Q1 2026	Change
Changjiang Pension Insurance Co., Ltd.			186,486	186,486	-	62.16	62.16	-
City Island Developments Limited			0.1	0.1	-	100.00	100.00	-
Tianjin Trophy			35,369	35,369	-	100.00	100.00	-
Pacific Insurance Elderly Care Investment Management Co., Ltd.			500,000	500,000	-	100.00	100.00	-
Pacific Healthcare Management Co. Ltd.			220,000	220,000	-	100.00	100.00	-
CPIC Elderly Care (Chengdu) Co. Ltd.	Development		108,348	108,348	-	100.00	100.00	-
CPIC Elderly Care (Hangzhou) Co. Ltd.			107,300	109,000	1,700	100.00	100.00	-
CPIC Elderly Care (Xiamen) Co. Ltd.			90,000	90,000	-	100.00	100.00	-
CPIC Elderly Care (Nanjing) Co. Ltd.			58,856	68,856	10,000	100.00	100.00	-
CPIC Rehab & Retirement (Shanghai) Industrial Development Co. Ltd.			25,000	25,000	-	100.00	100.00	-
CPIC Elderly Care (Zhengzhou) Co. Ltd.			65,000	65,000	-	100.00	100.00	-
CPIC Elderly Care (Beijing) Co. Ltd.			80,000	80,000	-	100.00	100.00	-
CPIC Elderly Care (Wuhan) Co. Ltd.			98,000	98,000	-	100.00	100.00	-
CPIC Health Management (Sanya) Co. Ltd.			49,000	49,000	-	100.00	100.00	-
CPIC Elderly Care (Guangzhou) Co. Ltd.			51,800	54,800	3,000	100.00	100.00	-
CPIC Elderly Care (Suzhou) Co. Ltd.			30,000	30,000	-	100.00	100.00	-
Shanghai Rui Yong Jing Property Development Co. Ltd.			983,500	983,500	-	70.00	70.00	-
Beijing Borui Heming Insurance Agency Co. Ltd.			5,200	5,200	-	100.00	100.00	-
China Pacific Life Insurance (Hong Kong) Company Limited			400,000	400,000	-	100.00	100.00	-
Shanghai Dabao Guisheng Information Technology Co. Ltd.			1,020	1,020	-	34.00	34.00	-
Shanghai Shantai Technology Co. Ltd.	Health	Care	4,000	4,000	-	13.21	13.21	-
Zhongbao Rongxin Private Equity Fund Management Co. Ltd.			150,000	150,000	-	10.14	10.14	-

Number of shares (10,000 shares) Shareholding percentage (%)

Company name

As at the beginning of Q1 2026

As at the end of Q1 2026

Change

As at the beginning of

Q1 2026

As at the end of Q1 2026

Change

Lianren Healthcare Big Data Technology Co. Ltd.

Notes:

50,000 50,000 - 20.00 20.00 -

Shareholding percentages of Shanghai Shantai Health Care Technology Co. Ltd. and Lianren Health Care Big Data Technology Co. Ltd. were based on subscribed capital contribution. As at 31 March 2026, the change of registered capital was not fully paid in, and based on paid-in capital, the shareholding of the Company was 14.66% and 24.37% respectively.
During Q1 2026, China Pacific Life Insurance (Hong Kong) Company Limited reported HKD2.096bn in written premiums, with a net profit of HKD80mn. Its solvency margin ratio under HKRBC was 513%, meeting regulatory requirements.

Breaches and penalties during the reporting period
1. Administrative penalties the Company and its directors, supervisors and senior management at head-office level received from financial regulators or other government departments.
  None during the reporting period.
2. Misconduct by directors, supervisors, management at department-head level and above of headquarters and senior management of provincial-level branches which triggered judicial proceedings
  None during the reporting period.
3. Regulatory measures taken by NFRA against the Company during the reporting period

During the reporting period, no regulatory measures were taken by the NFRA against the Company. However, certain local NFRA branches took regulatory measures against the Company: Jilin Branch, Jilin Changchun Key Sub-branch, Jilin Songyuan Key Sub-branch, Guangdong Guangzhou Key Sub-branch, Shanxi Jinzhong Key Sub-branch, Jilin Siping Key Sub-branch, Jiangsu Branch, and Jiangsu Nanjing Key Sub-branch each received an Administrative Penalty Decision. In addition, Jiangxi Ganzhou Key Sub-branch, Jiangxi Ji'an Key Sub-branch, Hebei Tangshan Key Sub-branch, Jiangxi Jiujiang Key Sub-branch, and Heilongjiang Jixi Key Sub-branch each received a Regulatory Opinion Letter, and Jiangxi Shangrao Key Sub-branch received two Regulatory Opinion Letters.

‌Key indicators

(I) Key solvency metrics

unit: 10,000 RMB yuan

Indicators	As at the end of the reporting quarter	As at the end of the preceding quarter	Next quarter estimates
Admitted assets	287,959,208	279,234,848	292,701,762
Admitted liabilities	246,402,384	236,717,276	253,031,901
Actual capital	41,556,824	42,517,572	39,669,861
Tier 1 core capital	24,461,604	25,287,215	22,768,881
Tier 2 core capital	3,913,952	4,012,073	3,817,515
Tier 1 supplement capital	13,128,354	13,181,189	13,014,315
Tier 2 supplement capital	52,914	37,095	69,149
Minimum capital	19,440,295	18,610,252	19,769,696
Minimum capital for
19,709,716		18,868,170	20,043,682
Minimum capital for control risk -269,421		-257,918	-273,986
Supplement capital -		-	-
Core solvency margin 8,935,261		10,689,036	6,816,700
Core solvency margin ratio (%) 146%		157%	134%
Comprehensive solvency margin 22,116,529		23,907,320	19,900,165
Comprehensive solvency margin 214% ratio (%)		228%	201%
(II) Regulatory indicators for liquidity risk

quantifiable risks

Items	As at the end of /during the reporting quarter	As at the end of /during the preceding quarter
Liquidity coverage ratio (LCR) (%)
LCR under base scenario (LCR1)
Next 3 months	129%	123%
Next 12 months	108%	107%
LCR under stress scenario (LCR2)
Next 3 months	1778%	1576%
Next 12 months	484%	484%

Items	As at the end of /during the reporting quarter	As at the end of /during the preceding quarter
LCR under stress scenario before asset disposal (LCR3)
Next 3 months	121%	96%
Next 12 months	73%	70%
Retrospective adverse deviation ratio of net cash flows from operating activities (%)	-12%	141%
Net cash flow YTD (10,000 RMB yuan)	921,028	2,378,540

Other indicators for liquidity risk

unit: 10,000 RMB yuan

Indicators

As at the end of

/during the reporting

As at the end of

/during the

	quarter	preceding quarter
1. Net cash flow from operating activities	5,270,641	17,182,860
2. Comprehensive surrender ratio (%)	0.38%	1.41%
3-1. Net cash flow from participating accounts	1,035,441	1,413,021
3-2. Net cash flow from universal accounts	1,179,321	2,304,530
4.Written premiums growth year on year	-3.39%	12.28%
5.Ratio of cash and liquidity instruments (%)	1.91%	1.86%
6.Quarterly average financial leverage ratio (%)	6.48%	6.85%

Share of domestic fixed income assets rated AA (inclusive) and below (%)
Share of investments in listed stocks with a stake of 5%

2.52% 2.78%

or above (%)
9.Share of receivables (%)	0.68%	0.28%
10.Share of related party assets held by the Company (%)	1.56%	1.39%

0.35% 0.24%

Key business metrics

Key performance indicators

Indicators As at the end of/during the reporting quarter

unit: 10,000 yuan

As at the end of the reporting

quarter/YTD

Key performance indicators	--	--
Gross written premiums	9,747,396	9,747,396
Net profit	753,960	753,960
Total assets	281,373,354	281,373,354
Net assets	18,452,280	18,452,280

Insurance contract liabilities	237,182,107	237,182,107
Basic earnings per share (yuan)	0.87	0.87
ROE (%)	4.25%	4.25%
ROA (%)	0.27%	0.27%
Investment yield (%)	0.87%	0.87%
Comprehensive investment yield (%)	0.59%	0.59%
Value indicators	--	--
Residual margin	37,587,812	37,587,812
New business margin (%)	9.25%	9.25%
New business value	625,529	625,529
Scale indicators	--	--
Written premiums	11,440,367	11,440,367
First-year regular premiums written on new policies First-year regular premiums written on new policies with a payment period of 10	1,772,194 1,705,802	1,772,194 1,705,802
years or above
Written premiums on renewed policies	7,619,051	7,619,051
Written premiums by channels	11,440,367	11,440,367
1. Bancassurance channel	1,937,807	1,937,807
2. Agency channel	8,549,741	8,549,741
3. Group channel	928,967	928,967
4. Internet	20,332	20,332
5. Others	3,520	3,520

Number of agents as of the end of the reporting period

Quality indicators

19 19

13-month persistency ratio (%)	95.98%	95.98%
Surrender ratio (%)	0.38%	0.38%
Average premium per policy of the agency channel (yuan)	18,798	18,798
Average premium per agent (yuan)	39,164	39,164
Agent attrition rate (%)	6.07%	6.07%

Note: Gross written premiums and residual margin in the table above was based on Accounting Standard for Business Enterprises No. 22 - Recognition and Measurement of Financial Instruments, Accounting Standard for Business Enterprises No. 25 - Insurance Contracts, Accounting Standard for Business Enterprises No. 26 - Reinsurance contracts promulgated by the Ministry of Finance (MoF) in 2006, and Provisions on Accounting Treatment of Insurance Contracts by MoF in 2009 (collectively referred to as "old accounting standards"). Investment yields, comprehensive investment yields, new business margin, average investment yields in the past 3 years and average comprehensive investment yields in the past 3 years were prepared in accordance with relevant provisions of Solvency Regulatory Standards of Insurance Companies No. 18 - Solvency Report, based on results under the old accounting standards. Net profits, total assets, net assets, and insurance contract liabilities were prepared according to Accounting Standard for Business Enterprises No. 22 - Recognition and Measurement of Financial Instruments, Accounting Standard for Business Enterprises No. 23 - Transfer of Financial Assets, Accounting Standard for Business Enterprises No. 24 - Hedge Accounting and Accounting Standard for Business Enterprises No. 37-Presentation of Financial Instruments and Accounting Standard for Business Enterprises No. 25 - Insurance Contracts (hereinafter referred to as the "new insurance standards") amended and issued by MoF in 2017 and 2020 sequentially. Basic earnings per share, ROE and ROA were prepared according to relevant provisions of Solvency Regulatory Standards of Insurance Companies No. 18 -Solvency Report, based on results under the new accounting standards.

Information on the top 5 products

Product name	Product type	Written premiums YTD (10,000 yuan)
Chang Xiang Ban (chuanshiban) whole life	Whole life	716,994
Jin You Ren Sheng whole life (par) A (2014)	Whole life	511,225
Chang Xiang Ban (shengshiban) whole life	Whole life	368,187
Chang Xiang Ban (chuanshi 2024) whole life	Whole life	367,245
Shengshi Hongyun whole life (par)	Whole life	338,202

(Comprehensive) Investment yields in the past 3 years

Indicators Results

Average investment yield in the past 3 years (%) 3.00%

Average comprehensive investment yield in the past

3 years (%) 6.19%

‌Risk management capabilities
1. Company overview
  Established in November 2001, the Company is the life insurance subsidiary of CPIC Group. As per Articles 5 and 6 of Solvency Regulatory Rules No. 12: Solvency-Aligned Risk
  Management Requirements and Assessment on classification of insurance companies, it is a Category I insurance company. In the previous fiscal year, its written premiums amounted to 293.1bn yuan, with total assets of 2,738.4bn yuan as at the year end, and 35 provincial-level branches.
2. Results of the last SARMRA evaluation
  In 2022, the regulator carried out an on-site SARMRA evaluation of the Company, which scored 84.50 points. Of this, infrastructure and environment of risk management was 17.06 points, targets and instruments of risk management was
  8.89 points, insurance risk management was 8.43 points, market risk management was 8.36 points, credit risk management was 8.37 points, operational risk management was 8.39 points, strategic risk management was 8.4 points, reputation risk management was 8.28 points, liquidity risk management was 8.32 points.
3. Measures taken to improve risk management and implementation status during the reporting period
The Company attaches great importance to risk management. It organises analysis by relevant departments of findings of regulatory assessment of its peers as well as findings of its own internal audits, identifies gaps in solvency risk management systems and takes effective remedial actions to enhance solvency risk management. What was achieved in Q1 2026 includes: updating the 2026 Key Risk Indicators as per regulatory and Group requirements and based on its own operational and management needs; conducting a full review of the implementation status of risk management mechanisms, while identifying annual risk management priorities in light of key risk areas and risk forecasts.
In Q2 2026, we will issue the updated Annual Risk Appetite Framework, Risk Tolerances and Key Risk Indicators, with follow-up analysis.
(IV). Information on SARMRA self-assessment
Not applicable during the reporting period.
‌Information on IRR (differentiated supervision)

Results of IRR in the previous two quarters
The feed-back from the regulator concerning the results of the IRR (differentiated supervision) indicated an AA rating of the Company for both Q3 and Q4 of 2025.
Measures taken or to be taken for rectification
The Company continued to enhance the IRR evaluation system. On the one hand, it continuously improved its basic management mechanisms by formulating and issuing multiple IRR management rules, establishing systematic data filing and management processes, clarifying the responsibility of front-line business as "leader" in management of each indicator, and regularly conducting data quality governance. On the other hand, it strengthened rectification and management of under-performing risk indicators. First, monitored changes to the indicators and issued early warning when necessary, formulated and implemented control measures based on characteristics of each indicator; second, used the IRR to communicate indicator management requirements to risk sources and front-line business units to guide them towards increased compliance and basic management; third, stepped up research, prevention and control of specific risks, especially in terms of their causes and trends and dynamics, which would enable the Company to identify underlying patterns, detect potential hazards at an early stage, and implement timely management and mitigation measures.
Self-assessment of operational risk, strategic risk, reputational risk and liquidity risk

As per requirements for IRR under C-ROSS II, the Company continued to strengthen its in-house evaluation system for IRR, continuously reviewed risk metrics to improve the timeliness and accuracy of monitoring; ensured risk early warning in a timely manner via monitoring and analysis of changes to metrics on a regular basis.

1. Methods, processes and results of self-assessment

As part of its work in IRR, the Company organises, on a regular basis, a self-review of operational risk, strategic risk, reputational risk and liquidity risk by relevant departments so as to evaluate their trends and dynamics. Departments involved would monitor the

Attention: This is an excerpt of the original content. To continue reading it, access the original document here.

Attachments

Original document
Permalink

Disclaimer

China Pacific Insurance (Group) Co. Ltd. published this content on April 28, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 28, 2026 at 10:09 UTC.

Latest news about China Pacific Insurance (Group) Co., Ltd.

06-10	China Pacific Insurance Co., Ltd. Approves Final Dividend for the Year Ended 31 December 2025	CI
06-10	China Pacific Insurance Co., Ltd. Announces Appointment of GE Ming as an Independent Director	CI
05-26	China Pacific Insurance to appoint Wang Mingchao as vice president	RE
05-20	China Pacific Insurance Co., Ltd. Proposes Final Ordinary Cash Dividend for the Year Ended 31 December 2025, Payable on 17 July 2026	CI
04-29	China Pacific Insurance's Attributable Profit Rises Despite Lower Revenue Growth	MT
04-29	China Pacific Insurance's Q1 Profit Rises 4%; Revenue Down 1%	MT
04-28	China Pacific Insurance Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2026	CI
04-28	China Pacific Insurance Q1 net profit up 4.3% Y/Y	RE
03-27	China Pacific Insurance Co., Ltd., 2025 Earnings Call, Mar 27, 2026
03-26	China Pacific Insurance Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2025	CI
03-26	China Pacific Insurance's Profit Climbs 19% in 2025; Dividend Declared	MT
03-26	China Pacific Insurance Co., Ltd. Proposes Ordinary Final Dividend for the Year Ended 31 December 2025, Payable on 17 July 2026	CI
03-26	China Pacific Insurance's 2025 net profit up 19.0%	RE
01-26	China Pacific Insurance Co., Ltd. Announces Board Changes, Effective on 22 January 2026	CI
01-20	China Pacific Insurance Units Log Higher Premiums in 2025	MT

Chart China Pacific Insurance (Group) Co., Ltd.

Duration

Period

Chart China Pacific Insurance (Group) Co., Ltd.

601601: Dynamic Chart

Company Profile

China Pacific Insurance (Group) Co., Ltd. is an insurance group organized around 2 sectors of activity: - life insurance (63% of gross written premiums); - non life insurance (37%): car, fire, casualty and health, travel, etc. insurances. The marketing of the products and services is ensured through brokers, agents and through a direct sales representative.

Employees

94,990

Sector

Life & Health Insurance

More about the company