Huatai Insurance 2025: Life insurance performance recovery, property insurance fluctuations, personnel adjustments implemented

BY | Xiaofang

Source | Fortune Unicorn

In 2025, the insurance industry was not a cold year. The China Financial Regulatory Administration (NCFRA) released 《Data on Major Regulatory Indicators for the Banking and Insurance Industries in the Fourth Quarter of 2025》, which shows that for all of 2025, insurance companies’ original insurance premium income reached 6.1 trillion yuan, up 7.4%; claims and benefit payments were 2.4 trillion yuan, up 6.2%; and the number of new policies issued was 116.8 billion, up 12.6%.

From the perspective of overall industry size, Huatai Insurance’s operations in 2025 were in a stage where the insurance industry as a whole continued to grow. However, once the insurance industry enters a new phase where no single element—profitability, capital, governance, and compliance—can be missing, changes in scale up or down, or the profit and loss statement in any single quarter, are no longer the “true colors” of insurance companies. Operating trends, regulatory penalties, executive reshuffles, and the equity ownership landscape are all important dimensions that relate to an insurer’s annual development.

01

Operational ups and downs: Life insurance profit recovery and property-casualty quarterly volatility in parallel

According to the 《Table of Business Operations of Life Insurance Companies in December 2025》 released by the National Financial Regulatory Administration, in terms of the overall performance of life insurance companies, for all of 2025, original insurance premium income was 4.36 trillion yuan, up 8.91%. Of this, original premium income from life insurance was 3.56 trillion yuan, up 11.4%; policyholder investment premium additions (mainly universal insurance) were 600.9 billion yuan, up 3.84%; and premium additions in unit-linked insurance’ separate accounts were 19.5 billion yuan, up more than 16%. Judging from the life insurance business operations disclosed by the regulatory authority, in 2025 the life insurance industry’s premiums overall still maintained growth.

Image source: Website of the National Financial Regulatory Administration

Against this industry backdrop, Huatai Life Insurance’s business income was 9.94 billion yuan, up 7.0%; annualized new single premium income was 1.86 billion yuan, up 27.7%; new business value was 529 million yuan, up 39.3%; and as of the end of 2025, its total asset scale exceeded 70 billion yuan; net profit was 245 million yuan, up 165%. Looking at profit recovery in isolation, this represents positive developments.

On the property-casualty side, the situation is different. According to data released by the National Financial Regulatory Administration, in 2025 property insurance companies’ original insurance premium income was 175.7 billion yuan, of which motor vehicle insurance accounted for 94.09 billion yuan, still the largest line by share. Against this background, the external environment in which Huatai Property & Casualty operates is not a stage of industry-wide contraction in total volume.

Under these circumstances, according to the Huatai Property & Casualty Insurance Co., Ltd. 2025 Q4 report summary, as of the end of 2025, full-year insurance business income was 11.367 billion yuan, and full-year net profit was 335 million yuan.

Image source: Huatai Property & Casualty Insurance Co., Ltd. 2025 Q4 report summary

What deserves attention is that looking only at the full year, Huatai P&C’s profit is still positive, but if you look at quarterly performance, its net loss in the fourth quarter of 2025 was 57.6319 million yuan, compressing the space for full-year profit.

Combining Huatai Insurance’s life and property-casualty operating conditions, Huatai Insurance’s 2025 annual operations showed life insurance profit recovery running in parallel with property-casualty quarterly volatility. Compared with industry growth rates, Huatai Life’s premium growth rate was lower than the overall level of the life/individual life segment in the same period; while Huatai P&C, despite being profitable for the full year, recorded a loss in the fourth quarter. Beyond performance figures, lapses/withdrawals, regulatory penalties, and adjustments to key positions also together form several important aspects of its 2025 operations.

02

Policy lapse rate and regulatory penalty notices: annual development snapshots from different dimensions

According to the Huatai Life Insurance Co., Ltd. 2025 Q4 solvency report summary, in the reporting period, the top-three products by comprehensive policy lapse rate were, respectively: Huatai Life Group Annuity Insurance (Universal Type) 2008, with an annual cumulative lapse rate of 9.15% and annual cumulative lapse scale of 14.8511 million yuan; Huatai Life eShengying Annuity Insurance (Unit-linked Type), with an annual cumulative lapse rate of 16.37% and annual cumulative lapse scale of 59.0341 million yuan; and Huatai Life Caizhiren Life Annuity Insurance (Universal Type) Type A, with an annual cumulative lapse rate of 7.27% and annual cumulative lapse scale of 1.6577 million yuan.

Image source: Huatai Life Insurance Co., Ltd. 2025 Q4 solvency report summary

Meanwhile, according to the Huatai Life Insurance Co., Ltd. 2025 Q4 solvency report summary, in the reporting period, the top-three products by lapse amount were, respectively: Huatai Life Wealth Gold Account Annuity Insurance (Universal Type), with an annual cumulative lapse rate of 9.42% and annual cumulative lapse scale of 391.2353 million yuan; Huatai Life Chu Jia Bao Whole Life Insurance, with an annual cumulative lapse rate of 3.16% and annual cumulative lapse scale of 129.9923 million yuan; and Huatai Life Gold Manager Whole Life Insurance (Universal Type), with an annual cumulative lapse rate of 6.54% and annual cumulative lapse scale of 68.8147 million yuan.

Image source: Huatai Life Insurance Co., Ltd. 2025 Q4 solvency report summary

Regarding policy lapse for the relevant products, a report by The Times Weekly on February 9, 2026 mentioned that Huatai Life said, “Unit-linked and universal insurance products are mainly characterized by wealth management attributes, and have a certain sensitivity to market investment and interest-rate conditions; when return expectations decline or external channel returns rise, policy lapses are likely to occur—this is a common phenomenon in the industry.”

And if you switch to the regulatory perspective, which is completely different from policy lapse, you can see that some local branches of the company between 2025 and 2026 were penalized for non-compliance in areas such as sales and management. Based on regulatory penalty information, on January 16, 2026, the 《Administrative Penalty Information Publicity Table》 of the Shaanxi Regulatory Bureau of the NCFRA showed that Huatai Life Insurance Co., Ltd.’s Shaanxi branch was warned and fined 150,000 yuan by the Shaanxi Financial Regulation Bureau for “providing policyholders with benefits other than those agreed in the insurance contract, deceiving policyholders, and having non-standard practices in the registration management of sales personnel.”

Image source: Screenshot of the official NCFRA website

On March 3, 2026, the 《Administrative Penalty Information Disclosure Table of the Shandong Regulatory Bureau of the NCFRA (Lu Jin Fa Jue Zi [2026] Nos. 16–19)》 showed that Huatai Life Insurance Co., Ltd.’s Shandong branch was fined 115,000 yuan and Huatai Life Insurance Co., Ltd.’s Jinan central branch was fined 40,000 yuan by the Shandong Regulatory Bureau of the NCFRA, respectively, for “granting policyholders other benefits beyond those stipulated in the insurance contract” and for “changing business premises of branch institutions without approval.”

Image source: Screenshot of the official NCFRA website

In the property-casualty segment, on July 15, 2025, the 《Administrative Penalty Information Publicity Table》 of the Quanzhou Financial Regulatory Sub-bureau showed that Huatai Property & Casualty Insurance Co., Ltd.’s Quanzhou central branch was fined 300,000 yuan by the Quanzhou Financial Regulatory Sub-bureau for “financial data not being true.”

Image source: Screenshot of the official NCFRA website

Before that, on March 25, 2025, the 《Administrative Penalty Information Disclosure Table》 of the Guangdong Regulatory Bureau of the NCFRA (2025 No. 25) showed that Huatai Property & Casualty Insurance Co., Ltd.’s Guangdong provincial branch was fined a total of 750,000 yuan by the Guangdong Regulatory Bureau of the NCFRA for “falsely listing service fees, falsifying printing fees, and failing to use approved or filed clause/rate types as required.”

Image source: Screenshot of the official NCFRA website

From an overall performance perspective, Huatai Life and Huatai P&C both operated steadily in 2025, with improvements on the profit side as well. If you further break down the dimensions, the lapse situation in its life insurance business and the regulatory penalties involving certain branches between 2025 and 2026 reflect its operating status at two different levels: product operations and compliance management.

03

AnDa as the controller: Life insurance executives were adjusted in succession in 2025

The 《Brief Explanation of the Actual Controller and Its Control of This Company》 disclosed on Huatai Insurance’s group website shows that AnDa Co., Ltd. holds 87.1514% of Huatai Insurance Group’s shares through a total of 5 subsidiaries, including AnDa North America Insurance Holding Co., Ltd. with 36.3453%, AnDa Tianping Reinsurance Co., Ltd. with 25.9576%, AnDa Insurance Co., Ltd. (U.S.) with 12.9110%, AnDa Bermuda Insurance Co., Ltd. with 10.9310%, and AnDa Tianping Life Reinsurance Co., Ltd. with 1.0065%.

Image source: Huatai Insurance website

Huatai Life Insurance Co., Ltd.’s 2025 Q4 solvency report summary states that AnDa’s direct and indirect shareholding combined exceed 50%, and Huatai Life’s actual controller is AnDa Co., Ltd. From industry experience, when a controlling shareholder holds a relatively high percentage, it usually means the company can obtain more direct support in areas such as capital replenishment, risk management, and internationalization experience. At the same time, its strategic decision-making and operating preferences will also have a deeper impact on the company’s path of localization development. How to effectively combine the controlling shareholder’s global perspective with operating in the local market is often the key to how companies of this type achieve long-term, steady growth.

Beyond operating performance and compliance conditions, Huatai Life’s management also underwent important adjustments in 2025. As disclosed by Huatai Insurance, Hu Wei has served as Group General Manager since November 2025, and Lü Tongyun has concurrently served as Chief Compliance Officer since August 2025. On the life segment side, Huatai Life disclosed that Niu Zengliang joined Huatai Life in October 2024, and in January 2025 he concurrently served as Deputy General Manager, Chief Actuary, and Chief Risk Officer, and was approved to serve as General Manager in July 2025; Su Mei has concurrently served as Chief Risk Officer since July 2025, Qi Yue has been appointed as Chief Actuary since July 2025, and Xiong Kan has served as Chief Compliance Officer since August 2025. For Huatai Life, the main positions including General Manager, Chief Actuary, Chief Risk Officer, and Chief Compliance Officer were primarily completed during July to August 2025, which is also the period with the most concentrated management changes in the life segment in 2025.

Judging from operating data, policy lapse situation, branch penalties, and executive adjustments, Huatai Insurance’s 2025 annual operations showed a pattern of life insurance profit recovery, property-casualty quarterly volatility, and relatively concentrated executive adjustments. For an insurance group controlled by AnDa, when these dimensions are combined, they may present its full-year 2025 operating situation more effectively than looking at any single data indicator alone. And as the executive adjustments are implemented, we may as well wait and see how Huatai Insurance in 2026 will seek further growth.

Author’s statement: Personal views, for reference only