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 performance of the five largest A-share listed insurance companies for 2025 has been fully disclosed.

Overall, although last year the insurance industry faced more complex and ever-changing internal and external conditions, bringing certain challenges to insurers’ operations, listed insurers have achieved solid operating performance by maintaining strategic resolve and comprehensively deepening reform. In 2025, all five listed insurers saw strong growth in their performances. Net profit attributable to shareholders of the parent company increased year over year across the board, with total net profit attributable to shareholders of the parent company reaching 425.29B yuan, up 22.4%.

From different business segments, there has been significant progress in the structural transformation of life insurance business, and the property and casualty insurance segment’s combined ratio improved markedly year over year. From an investment perspective, benefiting from 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 shareholders of the parent company of 154.08B yuan in 2025. Despite a high base year, it grew strongly by 44.1%. Embedded value was 1.47 trillion yuan, remaining at the top position in the industry. On the underwriting side, China Life has vigorously promoted the development of floating-return products; its dividend insurance business achieved rapid growth, with the share of first-year premium paid in the individual insurance (individual policy) channel rising to nearly 60%, becoming an important support for new business premiums. At the same time, on the investment side, China Life achieved its best investment performance in recent years last year, with total investment income reaching 14.7k yuan, an increase of 79.44B yuan from the previous year, up 25.8%, and its total investment yield was 6.09%.

New China Life Insurance Company Ltd. achieved net profit attributable to shareholders of the parent company of 36.28B yuan in 2025, up 38.3%. Building on the high base in 2024, the company’s gross premium income from original insurance was nearly 195.9 billion yuan in 2025, up 14.9%. Full-year total investment income was about 104.3 billion yuan, up 30.9% year over year; total investment yield reached 6.6%.

China Pacific Insurance (Group) Co., Ltd. (hereinafter referred to as “China Pacific”) achieved net profit attributable to shareholders of the parent company of 53.51B yuan in 2025, up 19.0%. As of the end of 2025, China Pacific’s embedded value was 613.37B yuan, up 9.1% from the end of the previous year. Net assets attributable to shareholders of the parent company were 302.14B yuan, up 3.7% from the end of the previous year. Assets under management were 389.0 billion yuan, up 9.8% from the end of the previous year, and its overall comprehensive strength has steadily improved.

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

Ping An Insurance (Group) Company of China, Ltd. achieved net profit attributable to shareholders of the parent company of 46.65B yuan in 2025, up 6.5%; operating profit attributable to shareholders of the parent company was 20k yuan, up 10.3%; and shareholders’ equity attributable to shareholders of the parent company exceeded one trillion yuan for the first time, reaching 1,000.419 billion yuan, up 7.7% from the beginning of the year.

(Editor: Qian Xiaorui)

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