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Premium insurance core business volume and price both rise; new business value in life insurance grows by more than 40%; underwriting profit in non-life insurance increases by more than 80%… China Taipingang’s 2025 core business performance is impressive.

At the China Taipingang 2025 annual results briefing held on the afternoon of March 27, executives including Fu Fan, Chairman of China Taipingang, and Zhao Yonggang, President, shared insights on six areas of market interest—group strategy, insurance core business, investment management, artificial intelligence, and health and eldercare strategy—revealing more details about their plans.

Overall operations are steady and improving, with the “Three Major Strategies” advanced in an orderly manner

In 2025, China Taipingang achieved total operating revenue of CNY 435.156 billion, up 7.7%; net profit attributable to shareholders of CNY 53.505 billion, up 19%; and after excluding short-term investment volatility and adjustments to one-off major projects, the group’s net operating profit attributable to shareholders was CNY 36.523 billion, up 6.1%.

From the fourth-quarter single-quarter perspective, China Taipingang achieved net profit attributable to shareholders of CNY 7.81 billion, up 17.4%, ranking among the top listed peers.

By the end of 2025, the group’s embedded value was CNY 613.365 billion, up 9.1% from the end of the prior year; the group’s net assets attributable to shareholders were CNY 302.143 billion, up 3.7%, maintaining steady growth despite the backdrop of the transition to new accounting standards.

At the results briefing, Zhao Yonggang, President of China Taipingang, said that in 2025, the company’s operating performance remained stable and improved, thanks to clear strategic guidance from the board of directors as well as the concentrated release of positive factors accumulated over many years, and the results of continuing to push forward. Overall, this is reflected in four areas: first, adhering to integrating into the broader national landscape and comprehensively improving service levels; second, adhering to value-based management and focusing on improving development quality and efficiency; third, adhering to coordinated progress and further amplifying the advantages of integrated operations; and fourth, adhering to innovation-driven development and accelerating the release of new momentum.

Zhao Yonggang said that looking ahead to 2026, the goal is to achieve three effective breakthroughs: first, to achieve effective breakthroughs in serving the overall “15th Five-Year Plan” landscape; second, to achieve effective breakthroughs in cultivating new growth drivers, further improving the quality and efficiency of core business performance; and third, to achieve effective breakthroughs in advancing the Three Major Strategies.

When asked how to view and plan for the new development cycle, Fu Fan, Chairman of China Taipingang, said that looking ahead to the “15th Five-Year Plan,” China’s insurance industry is in a critical period where strategic opportunities and risk challenges coexist. From the macro policy perspective, the country has made vigorously developing the “five major articles” of finance a key strategic task, enabling the insurance industry to better play the role of an economic shock absorber and a social stabilizer. From the perspective of market demand, upgrades in industrial structure and adjustments in population structure have given rise to new needs for risk protection and financial services, opening up a broad market for the insurance industry to expand new momentum. From the perspective of technological change, artificial intelligence accelerating its evolution is bringing strategic opportunities to the industry.

Fu Fan also pointed out that China has entered a low interest rate era, and traditional profit models relying heavily on interest-rate spreads urgently need to be transformed; industry competition is shifting from dividend-driven incremental growth to battles over an existing stock, making the transition to high-quality development increasingly urgent.

Fu Fan said that China Taipingang will adhere to steady progress and improve quality and efficiency, with a focus on advancing three major measures. First, to fully serve the overall national development agenda; second, to steadily advance the Three Major Strategies; and third, to concentrate efforts on forging competitive advantages in the core business. “We will firmly align with the overarching tone of ‘steady progress and improving quality and efficiency,’ focus on our main responsibilities and core business, strengthen core functions and enhance core competitiveness, comprehensively deepen high-quality development, and create sustainable value returns for shareholders.”

Life insurance new business value surges 40.1%; underwriting profit in non-life insurance rises by more than 80%

Building a solid “basic盤” in the insurance core business is the main reason for China Taipingang’s dual growth in both revenue and profit.

In 2025, China Taipingang’s life insurance business upheld a value-growth main line, promoting upgrades to diversified distribution channel models. New business value reached CNY 18.609 billion, up 40.1%; new business value margin was 19.8%, up 3.2 percentage points year over year; and premium of new business (by scale) was CNY 295.855 billion, up 12.7%.

In terms of profit performance, China Taipingang’s life insurance business achieved full-year net profit attributable to shareholders of CNY 42.165 billion, up 17.7%, and operating profit of CNY 28.916 billion, up 4.8%.

Bank insurance channels are the fastest-growing channel. Data show that last year, China Taipingang’s bank insurance channel premium recorded a year-over-year growth rate of 46.4%, the highest among all channels. Of this, new insured, regular-pay premium scale was CNY 16.956 billion, up 43.2%; and the new business value in the bank insurance channel was CNY 6.7 billion, up 102.7%.

Commenting on its bank insurance channel strategy, Li Jingsong, General Manager of China Taipingang Life Insurance, said that the bank insurance channel is basically being advanced in an orderly manner according to the planned policy of “steady value and better structure,” and that all key core indicators generally met expectations.

He explained that for better structure, on the one hand, the company continued to promote optimization of channel structure. This year, it achieved comprehensive business cooperation relationships with all six major state-owned banks; China Taipingang’s share across the six state-owned banks increased by 0.3 percentage points year over year. The company explored integrated development with joint-stock banks, and its share in joint-stock banks has continued to remain ahead, making the overall channel structure more balanced. On the other hand, the company will accelerate optimization of product structure, guiding the development of long-term premium-paying products. Product categories are more diversified, and integrated operations between product and services are being deepened. Through these measures, the foundation for sustained growth in bank insurance channels has become more solid.

In terms of property and casualty insurance business, China Taipingang’s property and casualty insurance premiums increased by 0.1% year over year, and insurance service revenue was CNY 197.191 billion, up 3%.

What stands out especially is that the combined underwriting ratio was 97.5%, improving by 1.1 percentage points year over year; underwriting profit was CNY 4.836 billion, up significantly by 81% year over year. The company’s full-year net profit attributable to shareholders was CNY 9.864 billion, up 33.7%.

For new energy vehicle insurance, China Taipingang’s property and casualty insurance’s original premium income from new energy vehicle insurance last year was CNY 25.017 billion, accounting for 22.6% of auto insurance premiums,

Chen Hui, General Manager of China Taipingang’s property and casualty insurance, said that last year, the growth rate of new energy vehicle insurance was higher than the overall growth rate of auto insurance. This benefited from the company’s strategic deployment in new energy vehicle insurance in the earlier stage and its refined management. The business cost of new energy vehicle insurance has improved significantly. The company’s household auto new energy business has already entered a stable profitable range. Going forward, the company will further optimize costs and improve efficiency by building an end-to-end life-cycle ecosystem.

Chen Hui also said that last year the company made a major breakthrough in serving new energy vehicles as they go overseas, providing risk protection to a cumulative 22,000 exported vehicles. This year, the company will follow the trend of Chinese automakers developing overseas, accelerating the parallel operation and promotion of its business models.

For non-auto insurance, Chen Hui said that this year the company will focus on developing high-quality business in emerging areas, deeply identifying growth points that match the needs of high-quality development of the real economy. It will particularly pay attention to emerging fields such as the low-altitude economy, AI-related derivative industries, and technology R&D, capture insurance protection demand brought by the development of technology industries, and actively explore people’s livelihood and real-economy sectors such as pharma and health, green “dual carbon,” commercial aviation, and the circular economy to broaden the boundaries of business development.

Investment assets break through 3 trillion, responding to the call for long-term funds to enter the market

Long-term steady investment returns are another cornerstone of China Taipingang. As of the end of 2025, China Taipingang’s managed assets were nearly CNY 3.9 trillion, up 9.8% from the end of the prior year. Of this, the group’s investment assets were CNY 3.04 trillion, up 11.2% from the end of the prior year; and third-party managed assets were CNY 851.046 billion, up 5.3% from the end of the prior year.

In terms of performance, in 2025 the company achieved net investment income of CNY 85.1991 billion, up 2.9%, and total investment returns of CNY 141.634 billion, up 17.6%. The composite return on investment of investment assets continued to remain at a relatively strong level, providing strong support for the group to realize profits.

Currently, the investment environment—both internal and external—is complex. As a large insurance asset manager with assets of more than one trillion, how China Taipingang views market trends and how it conducts asset allocation has become a focus of market attention.

Su Gang, Vice President of China Taipingang, Chief Investment Officer, and Chief Financial Officer, said the company will, under the traction of strategic asset allocation, continue to implement a refined “dumbbell” asset allocation strategy, aiming to obtain continuous, steady investment returns.

Su Gang said that based on the macroeconomic and financial market trends over a long period in the future, in addition to effectively increasing the proportion of equity investments in public markets, China Taipingang is both responding to the regulators’ call for insurance funds as long-term capital to further increase their participation in the market, and also meeting the inherent requirements of asset-liability management of the insurance group itself. The proportion of major asset classes in China Taipingang’s strategic asset allocation will be set more proactively and effectively based on liability characteristics, so as to fully capture long-term investment and growth opportunities, including those in public markets and equity markets.

Su Gang further said that the dividend-value core strategy that China Taipingang adheres to is highly evident in terms of steadiness and sustainability. This strategy focuses on listed companies that have both strong capability for dividend distribution and stable growth prospects, and uses such high-quality assets as the core of the bottom portfolio. It can not only obtain dividend returns in the form of cash flow and improve return on net assets, but also share capital returns driven by stable earnings growth, thereby strengthening the drawdown-resilience level of the investment portfolio. Meanwhile, the company will continue to build a more comprehensive satellite strategy system around the core strategy, including coverage of multiple key areas such as technology innovation, healthy aging and healthcare, and consumer-related sectors.

In the next two years, the AI investment budget’s compound growth rate will be no less than 40%

In 2025, China Taipingang launched three major strategies—integrated health and eldercare, internationalization, and “artificial intelligence +”—which are the core initiatives to further strengthen China Taipingang’s core competitiveness for the future.

Under the integrated health and eldercare strategy, “Taipingang Home” has established eldercare community layouts in 13 cities and 15 parks. The number of residents in care exceeds 3,000. The “Yuan Shen Rehabilitation” hospitals opened in Xiamen and Jinan, and the eldercare and rehabilitation services cumulatively cover more than 12 million customers, with the eldercare ecosystem becoming increasingly well developed.

Ma Xin, Vice President of China Taipingang, said that in the health and eldercare sector, it concerns people’s wellbeing, so it must be pursued with long-term commitment. Over the past five years, the company has consistently focused on customers’ needs. Now, the company has upgraded its large health strategy into a large health and eldercare strategy. The core of the upgrade is to build an integrated health and eldercare ecosystem, and a series of recent initiatives are currently underway.

Ma Xin introduced that first, it has established an integrated operating mechanism. In September last year, at the group level, it already set up a health and eldercare ecosystem organization and established a three-tier organizational structure consisting of the group, the headquarters of subsidiaries, and branches, further clarifying the responsibility system and setting up a special honorary incentive mechanism. A robust operating mechanism has been formed through a normalized management system to provide strong support. Second, it has clarified the integrated development goals of insurance and services, established quantified development goals for the next five years, and started exploring market-based consideration forms between the service provider and the insurance provider. Third, it is promoting integrated ecosystem building from the general to the specialized. “We will deepen the integrated health and eldercare strategy and deliver the Taipingang answer to the silver-age era.”

At present, applications of artificial intelligence are experiencing explosive growth, driving optimization of insurance business processes and improvements in production efficiency, becoming an important force reshaping the insurance value chain.

Yu Bin, Vice President of China Taipingang, said that in recent years, China Taipingang has continued to increase investment in artificial intelligence. This year, AI investment is double that of last year. Based on the future planned goals, in the next two years, the AI investment budget’s compound growth rate will be no less than 40%. “This is a narrow definition; in a broad definition, it may actually be even more.”

Yu Bin said that, as things stand, the company has initially built an enterprise-level artificial intelligence infrastructure, introducing 50 foundational large models. In 2025, the number of calls to large models reached 270 million times. It has initially established an enterprise-level intelligent system framework that combines fast and slow thinking. It also has real-time speech interaction capabilities and image structuralization capabilities for large models. In 2025, China Taipingang launched 129 scenario applications, basically covering 13 core business scenarios, with 18,000 internal staff and 150,000 sales and marketing agents.

According to the information provided, as one of the company’s three major future strategies, China Taipingang has built a “633” strategic blueprint. First, it focuses on six core domains to accelerate the landing and effectiveness of scenario applications. Second, it will build hard-core AI capabilities through co-creation and joint development to form competitive barriers. In addition, it will build a保障体系 to support the implementation of plans.

“This year, the company has already clarified the targets, measures, and project list for plan implementation, covering five categories and more than 30 projects,” Yu Bin said. “In the next few years, China Taipingang will, around AI-driven high-quality development, move toward the goal of becoming a leading AI application player in the insurance industry.”

Proofread by: Yao Yuan