PICC Group released its 1H26 interim report showing robust earnings growth, firmer capital strength and a larger interim dividend.

Financial Performance • Insurance revenue rose 2.40% year-on-year to RMB 286.87 billion. • Net profit jumped 40.60% to RMB 50.84 billion; profit attributable to shareholders advanced 40.40% to RMB 37.45 billion, lifting basic EPS to RMB 0.85. • Total investment income surged 62.70% to RMB 66.33 billion, driving the overall investment yield to 3.7% (+1.1 ppts). • Total assets grew 4.80% from end-2025 to RMB 2.12 trillion, while net assets rose 10.10% to RMB 462.73 billion. • The comprehensive solvency margin ratio stood at 246.6%, with a core ratio of 197.7%.

Segment Highlights • Non-life insurance (PICC P&C): original premiums reached RMB 327.53 billion (+1.30%); insurance revenue RMB 254.62 billion (+2.20%); underwriting profit RMB 15.38 billion (+18.10%); combined ratio improved 0.8 ppt to 94.0%. • Life insurance (PICC Life): regular premiums accounted for 83.5% of total; value of half-year new business grew 5.20% like-for-like to RMB 5.18 billion; net profit almost doubled to RMB 13.56 billion; embedded value increased 19.20% from year-end to RMB 147.94 billion. • Health insurance (PICC Health): original premium income climbed 12.00% to RMB 45.55 billion; net profit totalled RMB 5.15 billion. • Asset management: third-party assets under management reached RMB1.09 trillion; PICC AMC recorded operating income of RMB 0.97 billion; net profit RMB 0.45 billion.

Dividend The Board proposes an interim cash dividend of RMB 0.11 (tax inclusive) per share, up 46.70% year-on-year, amounting to approximately RMB 4.87 billion, subject to shareholder approval.

Strategic and ESG Progress • Insurance liabilities provided coverage of RMB 2.05 quadrillion; claims payouts reached RMB 241.00 billion. • Technology finance premiums grew 18.50%; green insurance covered RMB 132 trillion of liabilities. • MSCI upgraded PICC Group’s ESG rating to AAA, the highest tier. • Digitalisation advanced with 246 AI application scenarios and over 2.3 billion AI capability calls in six months.

Outlook Management will continue to prioritise high-quality growth, deepen technology-driven transformation, strengthen risk controls and pursue opportunities in technology, green, inclusive and pension finance while maintaining disciplined capital and dividend policies.