Weekly Insurance Overview (3.20—3.27)

Caijing Network × Enterprise Early Warning App

◆ Regulatory Voice

《Plan to Accelerate the Establishment of a Long-Term Care Insurance System》 Issued

On March 26, the National Healthcare Security Administration, the Ministry of Civil Affairs, the Ministry of Finance, the Ministry of Human Resources and Social Security, the Ministry of Agriculture and Rural Affairs, the National Health Commission, the State Taxation Administration, and the China Disabled Persons’ Federation issued the 《Plan to Accelerate the Establishment of a Long-Term Care Insurance System》. The 《Implementation Plan》 states that participation in long-term care insurance for employees is funded jointly by the employer and the employee, and paid together with the employee’s basic medical insurance premiums. The premium rate is reasonably determined based on the benchmark rate at the national level; the overall rate is controlled around 0.3%, with the employer and the employee each sharing approximately 0.15%. The employer’s contribution base is the total wages of the employee, and the employee’s contribution base is the employee’s own wage income.

The State Taxation Administration plans to further regulate consumer complaint handling by banking and insurance institutions

To protect the lawful rights and interests of financial consumers, standardize the handling of consumer complaints by banking and insurance institutions, and promote diversified resolution of financial disputes, the Financial Regulatory Administration has revised the 《Administrative Measures for the Handling of Consumer Complaints in Banking and Insurance》, resulting in the 《Administrative Measures for the Handling of Financial Consumer Complaints by Banking and Insurance Institutions (Draft for Comments)》, which is now open for public consultation.

◆** Company Updates**

China Life’s net profit increased by 44% last year

On March 25, China Life released its 2025 annual report. The data shows that in 2025, operating revenue reached 615.678 billion yuan, a year-on-year increase of 16.5%; net profit was 154.078 billion yuan, up 44.1%.

China Taiping’s 2025 performance: Life insurance business structure continues to optimize

China Taiping announced its full-year 2025 results, with insurance service revenue of 21.989 billion yuan, an increase of 9.5%. Its specialized life insurance subsidiary, Taiping Life, continued to optimize its business structure; the transformation of dividend-paying policies has achieved significant results. The proportion of new single premiums for long-term dividend insurance across all channels is close to 90%.

China Pacific Insurance: 2025 Taibao life new business value was 18.609 billion yuan, up 40.1%

On March 26, China Pacific Insurance published its 2025 annual report. The report indicates that Taibao Life’s total premiums for 2025 were 295.855 billion yuan, an increase of 12.7%. Embedded value reached 465.479 billion yuan, a 10.2% increase from the end of the previous year; new business value was 18.609 billion yuan, up 40.1%; the new business value rate was 19.8%, an increase of 3.2 percentage points year-over-year. Net profit was 42.165 billion yuan, up 17.7%; operating profit was 28.916 billion yuan, up 4.8%.

Ping An Insurance: 2025 operating profit attributable to parent company shareholders increased by 10.3%

On the evening of March 26, China Ping An Insurance (Group) Co., Ltd. released its 2025 annual report. Ping An stated that in 2025, operating profit attributable to parent company shareholders was 134.415 billion yuan, an increase of 10.3%. Non-recurring net profit attributable to parent company shareholders was 143.773 billion yuan, up 22.5%. The equity attributable to parent company shareholders first exceeded 1 trillion yuan, reaching 1,000.419 billion yuan, a 7.7% increase compared to the beginning of 2025.

◆** Financial Personnel**

Zhang Daoming appointed as a Party committee member of China PICC Group; may succeed as President and CEO of PICC P&C

On March 24, the official website of PICC updated information. Zhang Daoming, the interim head, executive director, vice president, and CFO of PICC P&C, has been appointed as a member of the Party committee of China PICC Group. According to customary procedures, after approval by the board and the National Financial Regulatory Administration, Zhang Daoming will serve as vice president of PICC Group. Recent market reports and multiple sources indicate that the candidate for the new president of PICC P&C has been finalized as Zhang Daoming. His appointment as a Party committee member of China PICC Group further confirms that the personnel arrangement for him to succeed Yu Ze and become President and CEO of PICC P&C has been largely finalized.

Qiu Zikunjun, Chairman of Bank of China Samsung Life Insurance Co., Ltd.

The Beijing Regulatory Bureau of the National Financial Regulatory Administration approved Qiu Zikunjun’s qualification to serve as Chairman of Bank of China Samsung Life Insurance Co., Ltd., requiring him to assume the position within two months of the approval date; otherwise, the approval will automatically become invalid. The bureau emphasized that he must comply with regulatory requirements, strengthen risk and compliance awareness, and perform his duties diligently and faithfully.

Approval granted for Guo Lu’an’s appointment as President of Sheng Life Insurance

On March 24, ICBC- Allianz Life Insurance Co., Ltd. announced that, based on the resolution of its 49th shareholders’ meeting and approved by the Shanghai Regulatory Bureau of the National Financial Regulatory Administration, Bao Lingjie was appointed as President (General Manager) effective March 19, 2026.

China Merchants Trueleap Life: General Manager and CEO Chang Ying resigns; Liu Jun appointed as interim responsible person

Recently, China Merchants Trueleap Life Insurance Co., Ltd. announced that, following approval at the 4th meeting of the 8th Board of Directors (extraordinary meeting), Chang Ying resigned from her roles as General Manager and CEO, and Liu Jun was appointed as the interim responsible person.

(Editor: Wang Xinyu)

Keywords: