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China Pacific Insurance's Profit Rises 10% on Core Insurance Growth, AI Adoption

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China Pacific Insurance's Profit Rises 10% on Core Insurance Growth, AI Adoption

China Pacific Insurance (HKG:2601, SHA:601601) posted higher earnings for the first half of the year, driven by steady growth across its core insurance segments and ongoing digital transformation.

Net profit attributable to shareholders rose 10% to 30.8 billion yuan from 27.9 billion yuan a year earlier, with earnings per share growing to 2.95 yuan from 2.90 yuan, according to a Thursday filing in Hong Kong.

Operating income climbed 5.8% to 212.1 billion yuan.

The insurer's life and health insurance division reported a 13% increase in new business value to 10.8 billion yuan. Meanwhile, property and casualty direct written premiums grew 1.4% to 114.4 billion yuan, with the underwriting combined ratio improving by 1.3 percentage points to 95%.

"We stayed focused on the core business of insurance, pursued value growth and long-termism, and achieved further progress in high-quality development, with improving momentum in business performance and sustained growth in overall strength," Chairman Fu Fan said.

The company also highlighted its continued integration of artificial intelligence to boost operational systems. Alongside the earnings report, the insurer recommended distributing a cash dividend of 0.42 yuan per share.

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