China Pacific Insurance Group - H Global China Summit Takeaways: Quality focus on underwriting; prudent stance on 2026 interim dividend

Research evidence excerpt

China Pacific Insurance Group - H Global China Summit Takeaways: Quality focus on underwriting; prudent stance on 2026 interim dividend

Asia Pacific Equity Research

22 May 2026

China Pacific Insurance Group -

Overweight

H 2601.HK, 2601 HK

Price: HK$32.16

Global China Summit Takeaways: Quality focus on 22 May 2026

underwriting; prudent stance on 2026 interim dividend Price Target: HK$43.00

PT End Date: 31 Dec 2026

China Pacific Insurance Group (CPIC) attended our Global China Summit Insurance

this week. Below are our key takeaways. AC MW Kim

(852) 2800-8517

• Life Sales: Quality comes to the fore. The company is resolutely mw.kim@jpmorgan.com

pursuing high-quality development across distribution channels, J.P. Morgan Securities (Asia Pacific) Limited/

including the agency and bancassurance segments. Total agency J.P. Morgan Broking (Hong Kong) Limited

headcount edged down 1.1% q/q to 187k as at March 2026, though Dan Wang

management aims to stabilize the agent cohort at around 180k by year- (86-21) 6106-6349

dan.wang@jpmorgan.com

end, reflecting a clear and deliberate focus on productivity over scale. SAC Registration Number: S1730524080001

The core agent base stood at 46k in 2025, down from a monthly average J.P. Morgan Securities (China) Company

of 53k in 2024, primarily owing to tightened selection criteria. However, Limited

core agency force grew in 2025 on a like-for-like basis, demonstrating Julia Kim

that a value-oriented approach is integral to driving sustainable new (852) 2800-8540

business value (NBV) growth. Looking ahead, the management thinks julia.c.kim@jpmorgan.com J.P. Morgan Securities (Asia Pacific) Limited/

that favorable policy support and government promotion of commercial J.P. Morgan Broking (Hong Kong) Limited