Weekly Insurance Overview (3.27—4.3)

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◆ Regulatory Voices

The Financial Regulatory Administration of the PRC’s Life Insurance Regulatory Division issues a notice on further strengthening fee management for bank agency channels

The Financial Regulatory Administration of the PRC’s Life Insurance Regulatory Division has issued the “Notice on Further Strengthening Fee Management for Bank Agency Channels Concerning Relevant Matters,” requiring that when life insurance companies submit filings for bank agency channel products, they must simultaneously report and file the full level of all expenses, including commission, rewards and incentives for bank-and-insurance (bank-agency) specialists, training and customer service fees. It strictly prohibits exceeding the requirements of “full compliance and integrated reporting” (报行合一), and seeks to prevent insurance companies from indirectly providing additional benefits through methods such as listing fictitious expenses or cashing out through compensation; it clarifies management responsibilities at all levels, strengthens ledger management, compliance of supporting documents, and internal performance appraisal and accountability, and enhances on-site inspections and industry bulletins. This move is intended to standardize the order of the bank-and-insurance market and mitigate the risk of fee-related violations amid rapid growth.

◆** Industry Watch**

Dividends-Insurance Demonstration Interest Rate Expected to Be Lowered

The life insurance industry has reached consensus on lowering the demonstration interest rate for dividend (participating) insurance products, and it is expected to be further reduced to 3.5% to help prevent risks of sales misrepresentation and interest-rate spread losses. The annual reports for 2025 recently intensively disclosed by listed insurance companies show that life insurance companies generally stepped up efforts in dividend insurance in 2025; the share of dividend insurance business has increased significantly, and they generally stated that they will iterate product upgrades and optimize product structure. However, it has been learned that, because some life insurance companies, during their earlier development of dividend insurance business, encountered issues such as implicit principal-guarantee-like arrangements (hidden guaranteed redemption) and sales misrepresentation, they have started to proactively reduce dividend insurance.

◆** Company News**

Lian’an Life Insurance Spends Nearly 900 Million to Acquire a Stake in Zhongshan Public Utilities

On the evening of April 2, Zhongshan Public Utilities announced that its controlling shareholder, Zhongshan Investment Holding Group Co., Ltd., and Lian’an Life Insurance Co., Ltd. signed a “Share Transfer Agreement” on April 1. Zhongshan Investment Holding plans to transfer approximately 73.7556 million shares of the company it holds (representing 5% of the company’s total share capital as currently constituted) at a price of 12.19 yuan per share, for a total transfer price of approximately 899M yuan.

New China Life: Net profit in 2025 increased by more than 38% year over year

On the evening of March 27, New China Life released its 2025 annual report. The report shows that, as of the end of 2025, the company’s total assets were nearly 1.9 trillion yuan, up 12.2% from the end of the previous year. In 2025, it achieved gross written premium income from original insurance of 19k yuan, up 14.9%; embedded value of 195.87B yuan, up 11.4%; operating income of 287.84B yuan, up 19%; and net profit attributable to shareholders of the parent company of 157.75B yuan, up 38.3%.

China Reinsurance releases annual performance: net profit attributable to shareholders of 36.28B yuan

China Reinsurance released performance for the year ended December 31, 2025. For the group, operating revenue amounted to RMB 9.77B, up 5.75% year over year; net profit attributable to shareholders of the parent company was RMB 124.93B, down 7.44% year over year; earnings per share were RMB 0.23; and it proposed a final dividend of RMB 0.0691 per share.

◆** Finance & Personnel**

PICC Property & Casualty: Zhang Daoming appointed as Party Committee Secretary

On March 27, PICC Property & Casualty announced that Zhang Daoming, the company’s interim person-in-charge, executive director, vice president, and finance负责人 (chief financial officer), has been appointed as Party Committee Secretary of PICC Property & Casualty.

PICC Asset Management: Chairman Cai Zhihui’s appointment qualification approved

Recently, PICC Asset Management issued an announcement stating that on March 26, 2026, the National Financial Regulatory Administration of the PRC approved and issued the approval reply (Jin Fu〔2026〕162号) for Cai Zhihui to serve as chairman of PICC Asset Management Co., Ltd.

Guangfa? (No) — Taikang Life interim person-in-charge Xue Jihai appointed as Party Committee Secretary

Recently, multiple authoritative media outlets published signature articles by Xue Jihai, Secretary of the Taikang Life Party Committee, drawing broad attention from the market. Previously, Xue Jihai served as Taikang Life’s interim person-in-charge; whether his role will further be transformed is also a key focus of the market.

Lian’an Life: Huang Jian proposed to serve as Chairman

Lian’an Life Insurance Co., Ltd. recently announced that on March 30, 2026, the company held the 25th meeting of the fourth session of its board of directors. The meeting elected Huang Jian as Chairman of Lian’an Life’s fourth session of the board of directors, with a term until the fourth session of the board of directors expires. Huang Jian’s chairman role will be formally appointed after approval by the regulatory authority. Before the formal appointment of the chairman, Huang Jian will be nominated to perform the chairman’s duties on an acting basis.

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(Editor: Wang Xinyu)

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