China’s Top Insurers

Int’l desk: China’s insurance sector posted impressive results in 2025, with the five major listed insurers (Ping An, China Life, PICC Group, CPIC, and New China Life) collectively reporting a net profit of approximately CNY 425.3 billion (around USD 61.5 billion), marking a remarkable 22.4% year-on-year increase. This strong performance was driven by robust investment income from equity allocations amid capital market recovery, growth in new business value (NBV) and disciplined underwriting. Total industry premium income reached around CNY 6.12 trillion (USD ~880 billion), up 7.4%, with life insurance leading growth and Property & Casualty (P&C) showing improved combined ratios.

Ping An Insurance (Group) Company of China maintained its leadership as the largest integrated financial-services group. It achieved a P&C premium income of CNY 343.2 billion (up 6.6%) and delivered strong performance across its diversified operations, which include banking, asset management and fintech. The group’s revenue reached over USD 158 billion equivalent, with notable contributions from health insurance and “insurance + services” models. However, Ping An faces challenges related to market volatility and maintaining synergies across its multi-product portfolio. Its strengths lie in fintech innovation through OneConnect, deep customer ecosystems, and strong investment capabilities.

China Life Insurance (Group) Company, the largest pure life insurer in China, reported gross written premiums (GWP) of CNY 729.89 billion (up 8.7%) and net profits of CNY 154.08–154.1 billion (up 44.1%). The company dominates the life insurance market, particularly in protection, annuities and pensions, benefiting from its extensive distribution network. It achieved record premiums and strong NBV growth, with a notable 35.7% increase in NBV to CNY 45.8 billion. The company’s investment income also grew to CNY 387.69 billion (yielding 6.09%), bolstering its financial position. China Life’s scale, state-backed stability and leadership in long-term savings for an aging population remain key strengths, with a focus on product innovation and optimizing distribution channels.

People’s Insurance Company (Group) of China (PICC) remained a leader in the P&C market. The company’s P&C segment generated original insurance premium income of approximately CNY 550+ billion. Its overall net profit grew by double digits to approximately CNY 62.45 billion (up 10%). PICC excels in commercial, agricultural, liability and motor lines, with improved underwriting profitability. The company also benefits from its scale in non-life insurance and its strong connections to government-related risks. PICC’s data-driven operations continue to set it apart as a key provider for societal and infrastructure protection.

China Pacific Insurance (Group) Co., Ltd. (CPIC) maintained a balanced portfolio with both life and P&C insurance. The company’s total premiums ranged from CNY 410–460 billion, with life premiums amounting to CNY 258.115 billion (up 8.1%) and P&C premiums contributing a steady CNY 201–203.5 billion. CPIC’s net profit increased by 19%, reaching CNY 53.5 billion. The company’s solid investment performance and bancassurance strength support its position in the market. Going forward, CPIC is poised for further growth through digital and partnership-driven expansion.

New China Life Insurance Company Ltd. (or Taikang Insurance Group) showed robust growth, with GWP reaching CNY 195.87 billion (up 14.9%) and net profits increasing by 38.3% to CNY 36.2 billion. The company’s strength lies in its long-term insurance products, particularly in the health segment, where premiums exceeded CNY 67 billion. New China Life continues to innovate in the health, medical and retirement ecosystems, with a customer-centric approach and strong asset management capabilities.

Ping An and China Life dominate in scale and integration, while PICC leads the P&C sector. CPIC and New China Life/Taikang are driving balanced growth and innovation. These companies continue to shape the future of China’s insurance market, leveraging digital services and broader offerings to enhance customer experience. Despite their strong positions, the rising premiums signal an increasing need for risk mitigation. Innovation in digital services, health insurance and retirement products will remain central to their growth strategies in the coming years. As they face challenges from market volatility and regulatory changes, their diversified portfolios and strategic expansions provide them with the resilience to navigate future market conditions.