During the 2026 Shanghai-listed companies collective investor reception and interim results briefing held on September 16, the investor relations management team of China Pacific Insurance (Group) Co., Ltd. responded to shareholder inquiries regarding the key drivers behind the company's first-half new business value (NBV) growth.

According to the management team, five main factors contributed to the NBV increase in the first half of the year. First, the company strengthened its tiered, categorized, and segmented customer management approach, continuously optimizing customer mix and driving client base upgrades.

Second, the company refined its product portfolio by enriching the product matrix, advancing the transition toward floating-return products, and innovating health insurance offerings. This maintained robust momentum in protection-type business while actively steering toward longer premium payment periods, with payment term optimization enhancing value delivery.

Third, the company intensified team development efforts through its "professionalization, specialization, digitalization, and youth-oriented" workforce strategy, persistently promoting the growth of high-performing individuals and organizations to elevate team quality and operational efficiency.

Fourth, the company enhanced refined management practices by advancing a product-centric value management framework, using value as a guide for operations, strengthening asset-liability coordination, improving investment efficiency, and boosting the new business value margin.

Fifth, the company leveraged digital intelligence empowerment, focusing on core business scenarios to advance smart system development, driving business process redesign and operational model transformation.

From a data perspective, the first-half NBV growth was predominantly attributable to improvements in the value margin.