PICC Group has released its interim results for the six months ended June 30, 2026, reporting total operating revenue of RMB355.169 billion, a year-on-year increase of 9.58%. Net profit attributable to shareholders of the parent company reached RMB37.451 billion, climbing 40.42% compared to the same period last year, with basic earnings per share of RMB0.85. The board has proposed an interim cash dividend of RMB0.11 per share.

The Group has remained steadfast in its commitment to high-quality development, continuously optimizing business structures and enhancing operational efficiency across all business lines. In the property and casualty insurance segment, PICC Property and Casualty has actively driven the transition between old and new growth drivers. Original insurance premium income maintained steady growth while the company continued to lead the market in market share. By deepening cost reduction and quality enhancement initiatives, the segment achieved underwriting profit of RMB15.376 billion in the first half of 2026, up 18.1% year-on-year, with a combined ratio of 94.0%, improving by 0.8 percentage points from the prior year.

On the life insurance front, PICC Life has firmly pursued value growth through structural optimization, with regular premium payments accounting for 83.5% of total premiums, an increase of 4.0 percentage points year-on-year. Half-year new business value grew 5.2% on a comparable basis. New business models developed rapidly, with first-year regular premiums for ten-year and longer terms from new business channels surging 285.4% year-on-year, while internet business first-year premium income rose 25.9%. Meanwhile, PICC Health continued to strengthen its innovation leadership, recording 12.0% growth in original insurance premium income. Its internet business maintained its role as a growth engine, with premium income expanding 18.4% year-on-year. The company also accelerated its layout of the broader health industry ecosystem and advanced the development of its health management subsidiary to high standards.

In the investment segment, the Group's proactive management capabilities continued to improve, driving significant gains in investment performance. Total investment income for the first half of 2026 reached RMB66.327 billion, a substantial 62.7% increase year-on-year, with a total investment yield of 3.7%, up 1.1 percentage points from the same period last year. On business synergy, insurance lines generated scale premiums of RMB17.239 billion through collaborative efforts, representing growth of 7.1% year-on-year.

The Group has diligently fulfilled its responsibilities as a central state-owned financial enterprise, making solid progress in the five key areas of financial services. Focusing on delivering first-class protection functions, it has continuously expanded its support for national strategies and economic and social development, while contributing to stabilizing employment, enterprises, markets, and expectations. In the first half of 2026, the Group undertook insurance liability coverage amounting to RMB2,046 trillion, up 14.9% year-on-year, with claims payments of RMB2,410 billion, an increase of 3.2%.

In science and technology finance, the Group enhanced its efficiency by continuously improving its full-chain, full-lifecycle technology insurance product and service system. During the first half of 2026, technology activity insurance premiums grew 18.5% year-on-year, serving over 260,000 technology companies. Technology insurance liability coverage reached RMB28.3 trillion, while technology finance investment scale expanded 32.1% from the beginning of the year. In green finance, the Group consolidated its advantages, achieving an MSCI ESG rating of AAA, the highest possible. New energy vehicle insurance policies increased 30.9% year-on-year in the first half, with green insurance liability coverage of RMB132 trillion and green finance investment scale growing 37.2% from the start of the year.

In inclusive finance, the Group achieved notable results by advancing the expansion, enrichment, and upgrading of agricultural insurance. Insurance for the three major grain crops has largely transitioned from physical cost coverage to full cost and income protection. In the first half of 2026, the Group undertook 1,465 policy-based health insurance projects including critical illness insurance, long-term care insurance, and outpatient chronic disease coverage, serving over one billion people. In pension finance, the Group continuously strengthened its presence, with stable growth in first-pillar management scale, second-pillar annuity management scale of RMB771.9 billion, and third-pillar personal pension premiums surging 102.3% year-on-year. Commercial pension assets under management grew 67.7% from the start of the year. In digital finance, the Group advanced its "AI+" action plan, deploying 246 AI application scenarios with over 2.3 billion AI capability calls in the first half of the year.