China Pacific Insurance (2601.HK): Asia Financials Corporate Day Takeaways

研报英文原文证据摘录

China Pacific Insurance (2601.HK): Asia Financials Corporate Day Takeaways

Equity Research

25 June 2026 | 10:48PM HKT

China Pacific Insurance (2601.HK): Asia Financials Corporate Day

Takeaways

Thomas Wang

+852-2978-1697 |

thomas.wang@gs.com

Goldman Sachs (Asia) L.L.C.

Simone Chen

+852-2978-0619 |

simone.chen@gs.com

Bottom line: We hosted CPIC IR team at our Asia Financials Corporate Day. Investor

questions focused on 1) recent sales trend, 2) NBV growth and margin outlook, and

3) P&C premium growth and underwriting results. While 1Q26 profit was dragged by

weak market performance, the rebound in the equity market has driven

improvements in investment results in 2Q26 to-date. CPIC notes 1Q26 sales

momentum has carried into 2Q26, with strong agency channel growth and continued

shift in bancassurance sales mix towards regular premium products. The company

expects double-digit NBV growth with stable margin in FY26E (vs. FY25). On the P&C

side, top-line growth is still under pressure, especially in auto insurance, driven by

weakness in new car sales and a contraction in average premium per vehicle. For

FY26, CPIC targets to deliver better underwriting results vs. FY25, excluding

catastrophe-related losses.

We are Buy/Neutral rated on CPIC H/A. Our 12-month, SOTP-based target prices are

HK$38.0/Rmb39.0, implying 0.9X/1.1X FY27E P/B.

Key takeaways:

n Recent sales momentum: CPIC noted that strong agency sales momentum has

carried over into 2Q26, while the company maintained the strategic shift away

from single premium sales in bancassurance channel. As a result, regular

premium sales in bancassurance channel achieved double-digit growth. Looking

ahead, CPIC doesn’t expect to see large impacts from the new regulation on

bancassurance channel expenses.