China Pacific Insurance (2601.HK): 1H26E Preview: NBV Growth +13%; CoR Enhanced by 0.7ppt; Introducing Interim Div.

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China Pacific Insurance (2601.HK): 1H26E Preview: NBV Growth +13%; CoR Enhanced by 0.7ppt; Introducing Interim Div.

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28 Jul 2026 11:46:20 ET │ 10 pages

China Pacific Insurance (2601.HK)

1H26E Preview: NBV Growth +13%; CoR Enhanced by 0.7ppt;

Introducing Interim Div.

CITI'S TAKE Buy

Price (28 Jul 26 16:10) HK$30.04 China Pacific Insurance is expected to release 1H26 results on August 27

Target price HK$44.00 after market close. In 1H26E, we expect CPIC to deliver 13% yoy NBV

growth, 0.7ppt yoy CoR improvement, 6.5% yoy group OPAT growth, 14% Expected share price 46.5%

yoy net profit growth, and 5% hoh book value expansion. In addition, we return

expect the company to introduce interim dividends for the first time. Expected dividend yield 4.2%

NBV growth is estimated to accelerate to 17% in 2Q26E from 10% yoy Expected total return 50.6%

logged in 1Q26, mainly bolstered by stronger banca business momentum. Market Cap HK$288,995M

CSM balance is set to expand 1.3% hoh, while Life OPAT rises 2% yoy to US$36,851M

Rmb15.3bn. We expect CPIC P&C’s underwriting profit to jump 23% yoy to

Rmb4.4bn in 1H26E, on the back of 2% yoy premium growth and 0.7ppt

CoR improvement to 95.6% amid continued strengthening of expense

management. Michelle Ma, CFAAC

+852-2501-2723

michelle.ma@citi.comLife: 2Q26E NBV growth to see acceleration bolstered by bancassurance — For

1H26E, we expect CPIC Life to deliver 13% yoy NBV growth, with implied 2Q26E Amy Jy Chen

growth at 17% yoy, accelerating from the 10% yoy hike in 1Q26. This is driven by amy.jy.chen@citi.com

bancassurance business further ramping up after the regulatory strengthening on

banca commissions/expenses in 2Q26. We expect agency/banca first-year regular

premiums to book 20%/25% yoy hike in 1H26E, and that banca NBV margin to see