China Pacific Insurance (2601.HK): Takeaways: Banca Momentum Improved QoQ in 2026; Board Authorized to Approve Interim Div

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China Pacific Insurance (2601.HK): Takeaways: Banca Momentum Improved QoQ in 2026; Board Authorized to Approve Interim Div

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10 Jul 2026 06:44:14 ET │ 11 pages

China Pacific Insurance (2601.HK)

Takeaways: Banca Momentum Improved QoQ in 2Q26; Board Authorized

to Approve Interim Div

CITI’S TAKE Buy

We hosted a pre-blackout call with CPIC and provide our key takeaways Price (10 Jul 26 16:10) HK$27.40

as below. Target price HK$44.00

Expected share price return 60.6%2Q26 banca momentum improved qoq; agency continued double-digit growth

— Mgmt noted that ytd agency channel has been tracking healthily, with Q2 broadly Expected dividend yield 4.6%

in line with Q1’s solid double-digit growth trend in both regular FYP and NBV. As to Expected total return 65.1%

bancassurance, despite a slower-than-peers yoy growth in 1Q26, mgmt noted that Market Cap HK$263,597M

business momentum improved in 2Q26 as CPIC strengthened cooperation with US$33,609Mproductive bank outlets with key joint-stock bank partners, and its first-year regular

premium growth caught up with industry peers in Apr26-May26. Mgmt expected to

see limited impact from the regulatory tightening on banca fees issued in Mar26, as

CPIC has been strictly adhering to the banca commission rationalization rules. For

Michelle Ma, CFAACFY26E, mgmt remained confident in first year regular premium growth and aspired to

+852-2501-2723deliver better NBV results.

michelle.ma@citi.com

Amy Jy Chen

Board authorized to approve interim dividend — As to considerations around amy.jy.chen@citi.com

interim dividends, mgmt shared that 2026 AGM authorized the Board to approve an

interim dividend based on 1H26 results, cash position, and 2H26 business

development needs, enabling execution within two months of Board approval if such