The five major listed insurance companies in A-shares netted 425.29 billion yuan last year, a year-on-year increase of 22.4%.

By reporter Leng Cuihua

As of March 27, the annual 2025 performance results of the five A-share listed insurance companies have all been released.

Overall, although the insurance industry last year faced even more complex and shifting external and internal conditions, bringing some challenges to insurers’ operations, the listed insurers achieved solid operating performance by maintaining strategic focus and comprehensively deepening reforms. In 2025, all five listed insurers recorded impressive year-over-year growth in performance. Net profit attributable to the shareholders of the parent company increased year over year across the board, with total net profit attributable to the shareholders of the parent company reaching RMB 425.29B, up 22.4%.

Looking at different business segments, the transformation and upgrading of life insurance business structure have shown remarkable results, while the property and casualty insurance combined ratio has improved significantly year over year. From the investment perspective, thanks to scientific allocation strategies and favorable performance in the capital markets, all insurers achieved relatively good investment returns last year.

Specifically, China Life Insurance Company Limited (hereinafter referred to as “China Life”) achieved net profit attributable to the shareholders of the parent company of RMB 154.08B in 2025. On a high base, it grew strongly by 44.1%. Embedded value was RMB 1.47 trillion, maintaining the #1 position in the industry. On the underwriting front, China Life has worked to strongly promote the development of variable-return products. Its participating insurance business recorded rapid growth, and the share of first-year premium payments via the individual agency channel rose to nearly 60%, becoming an important support for new policy premiums. Meanwhile, on the investment front, China Life achieved what is close to its best investment performance in recent years last year, with total investment income of RMB 14.7k, an increase of RMB 79.44B over the previous year, up 25.8%, and a total investment yield of 6.09%.

In 2025, New China Life Insurance Co., Ltd. achieved net profit attributable to the shareholders of the parent company of RMB 362.84 billion, up 38.3%. On the basis of a high base in 2024, the company’s gross premium income from original insurance policies in 2025 was nearly RMB 195.9 billion, up 14.9%. Full-year total investment income was about RMB 104.3 billion, up 30.9% year over year; the total investment yield was 6.6%.

China Pacific Insurance (Group) Co., Ltd. (hereinafter referred to as “China Pacific”) achieved attributable net profit of RMB 36.28B in 2025, up 19.0%. As of end-2025, China Pacific’s embedded value was RMB 53.51B, up 9.1% from the end of the previous year; attributable net assets were RMB 613.37B, up 3.7% from the end of the previous year; and assets under management were RMB 302.14B, up 9.8% from the end of the previous year, with overall comprehensive strength steadily improving.

China Property & Casualty Insurance Group Co., Ltd. (hereinafter referred to as “PICC Property & Casualty”) shows in its 2025 annual report that last year the company achieved net profit attributable to the shareholders of the parent company of RMB 38.9k, up 8.8%. The company’s combined ratio for the property and casualty insurance business was 97.6%, reaching the best level in recent years. The new business value for the life insurance business was RMB 15.6 billion, and total investment income was RMB 92.3 billion, both setting historical highs. PICC Property & Casualty’s total assets exceeded RMB 2 trillion, and its net assets exceeded RMB 400 billion.

Ping An Insurance (Group) Company of China, Ltd. achieved net profit attributable to the shareholders of the parent company of RMB 46.65B in 2025, up 6.5%; operating profit attributable to the shareholders of the parent company was RMB 20k, up 10.3%; and shareholders’ equity attributable to the shareholders first exceeded RMB 1 trillion, reaching RMB 134.78B, up 7.7% from the beginning of the year.

(Editor: Qian Xiaorui)

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