China Pacific Insurance focuses on core insurance services with revenue of 288.9 billion yuan, seizing market opportunities. Securities trading gains of 25.3 billion yuan, an increase of 18 times.

Yangtze Business Daily News ●Yangtze Business Daily reporter Xu Jia

China Pacific Insurance (601601.SH, 02601.HK), the leader in the insurance industry, continues to move forward steadily.

The annual report shows that in 2025, China Pacific Insurance achieved operating revenue of RMB 435.156 billion, up 7.7% year over year; of this, insurance service revenue was RMB 288.91 billion, up 3.4%; net profit attributable to shareholders of the listed company (hereinafter referred to as “net profit attributable to parent”) was RMB 53.505 billion, up 19%; operating profit was RMB 36.523 billion, up 6.1%, with both revenue and profitability maintaining a steady growth momentum.

Yangtze Business Daily noticed that as the transformation continues to deepen, the development of China Pacific Insurance’s main business is improving. Among them, in 2025, China Pacific Life’s new business value was RMB 18.609 billion, up 40.1%. China Pacific Property & Casualty’s underwriting profit was RMB 4.836 billion, up 81%.

What’s more, on the investment side, as of the end of 2025, China Pacific Insurance’s investment asset scale reached RMB 3.04 trillion, up 11.2% from the end of the previous year. Of this, the allocation of stocks and equity-type funds accounted for 13.4%, up 2.2 percentage points from the end of the previous year.

With market opportunities, in 2025, China Pacific Insurance’s total investment returns were RMB 141.634 billion, up 17.6%. Among them, profits/losses from securities trading reached RMB 25.344 billion, up significantly 1,794.2% year over year.

Investment assets of RMB 3.04 trillion, up 11.2%

The annual report shows that in 2025, China Pacific Insurance achieved operating revenue of RMB 435.156 billion, up 7.7%; of this, insurance service revenue was RMB 288.910 billion, up 3.4%; net profit attributable to parent was RMB 53.505 billion, up 19%; net profit after deducting non-recurring gains and losses was RMB 52.33 billion, up 16.5%; and the Group’s operating profit was RMB 36.523 billion, up 6.1%.

As of the end of 2025, China Pacific Insurance’s embedded value was RMB 613.365 billion, up 9.1% from the end of the previous year. Among them, the Group’s effective business value was RMB 240.698 billion, up 13% from the end of the previous year.

Yangtze Business Daily noticed that in 2025, driven by both intensified macro policies and improved efficiency as well as the dual drivers of industrial structure transformation and upgrading, China’s economic development momentum continued to be positive, liquidity in financial markets remained abundant, and both A-shares and H-shares generally showed a strong upward trend overall.

Against the backdrop of opportunities in the capital market, China Pacific Insurance’s consolidated investment return on investment assets continued to maintain a relatively strong level, providing solid support for the realization of the Group’s profits.

As of the end of 2025, China Pacific Insurance’s managed assets were RMB 389.00 billion, up 9.8% from the end of the previous year; of this, investment assets were RMB 304.00 billion, up 11.2% from the end of the previous year; and third-party managed assets were RMB 85.1046 billion, up 5.3% from the end of the previous year.

In 2025, China Pacific Insurance’s total investment returns were RMB 141.634 billion, up 17.6%. Among them, profits/losses from securities trading reached RMB 25.344 billion, up significantly 1,794.2% year over year. Meanwhile, due to the increase in interest, China Pacific Insurance’s net investment returns were RMB 85.199 billion, up 2.9%.

Overall, during the reporting period, China Pacific Insurance’s total investment return rate was 5.7%, and the consolidated investment return rate was 6.1%, with both improving by 0.1 percentage point year over year.

From the perspective of investment concentration, China Pacific Insurance’s invested portfolio industries are mainly concentrated in the financial industry, transportation, infrastructure, energy, and other sectors.

By type of investment target, as of the end of 2025, China Pacific Insurance’s bond investments accounted for 61% of its investment assets, up 0.9 percentage point from the end of the previous year. Of these, central government bonds, local government bonds, and policy-based financial bonds accounted for 46.1% of investment assets.

At the same time, equity-type financial assets accounted for 16.7% of its investment assets. Among them, the allocation scales of stocks and equity-type funds were RMB 337.654 billion and RMB 71.062 billion, respectively, increasing by RMB 82.589 billion and RMB 18.383 billion from the end of the previous year. Together, the two accounted for 13.4% of investment assets, up 2.2 percentage points from the end of the previous year.

China Pacific Insurance also stated that the company continues to advance the integration of research and investment resources and the development of its research and investment platform. Through a tactical asset allocation framework, it strengthens tracking, analysis, and judgment of market dynamics to empower investment decisions; it actively and proactively manages equity-type assets, continuously strengthens its core strategy of “dividend value,” and builds diversified satellite strategies around the core strategy, achieving steady investment returns.

Life insurance new business value of RMB 18.6 billion

As one of China’s domestic insurance giants, China Pacific Insurance continues to advance its transformation, with its core business continuing to perform steadily and improve.

Data show that in 2025, the nationwide insurance industry achieved original insurance premium income of RMB 6.12 trillion, up 7.4%. Of this, original insurance premium income of life insurance companies was RMB 4.36 trillion, up 8.9%; and original insurance premium income of property insurance companies was RMB 1.76 trillion, up 3.9%.

Measured by original insurance premium income, China Pacific Life and China Pacific Property & Casualty rank as China’s third-largest life insurance company and third-largest property and casualty insurance company, respectively.

Specifically, China Pacific Life’s core operating performance remained stable and improved; scale and value both increased, with profitability and business quality remaining at a good level. In 2025, China Pacific Life achieved scale premiums of RMB 295.855 billion, up 12.7%; embedded value was RMB 465.479 billion, up 10.2% from the end of the previous year; new business value was RMB 18.609 billion, up 40.1%; new business value ratio was 19.8%, up 3.2 percentage points year over year; net profit was RMB 42.165 billion, up 17.7%; and operating profit was RMB 28.916 billion, up 4.8%.

By channel analysis, in 2025, China Pacific Life’s agent channel achieved scale premiums of RMB 211.606 billion, up 4.5%. Monthly average insurance sales agents were 181,000, and insurance marketing agents at period-end were 185,000; the size of the sales force remained basically stable.

In 2025, China Pacific Life’s monthly average core headcount was 46,000; monthly per-capita first-year scale premiums for core headcount were RMB 63,600, up 17.1%.

In the same period, China Pacific Life’s bancassurance channel achieved scale premiums of RMB 61.618 billion, up 46.4%, of which first-new-policy single premiums were RMB 16.956 billion, up 43.2%.

In addition, in 2025, China Pacific Life’s group government/enterprise channel achieved scale premiums of RMB 17.543 billion, up 10.7%. Of this, business within employee benefit programs achieved first-new-policy scale premiums of RMB 1.12 billion, up 22.9%; and livelihood protection coverage served more than 230 million person-times.

Worth noting is that in terms of policy persistency, in 2025, China Pacific Life’s individual life insurance customers’ 13-month policy persistency rate was 97.3%, down slightly 0.1 percentage point year over year; and individual life insurance customers’ 25-month policy persistency rate was 95.5%, up 3 percentage points year over year.

For property and casualty insurance, China Pacific Property & Casualty continued to optimize its business structure, with underwriting profitability improving effectively. In 2025, China Pacific Property & Casualty’s original insurance premium income was RMB 201.499 billion, up 0.1%, and insurance service revenue was RMB 197.191 billion, up 3%. Among them, motor vehicle insurance and non-motor vehicle insurance achieved original insurance premium income of RMB 110.511 billion and RMB 90.988 billion, respectively, up 3% and down 3.1%.

During the reporting period, China Pacific Property & Casualty achieved underwriting profit of RMB 4.836 billion, up 81%. The combined underwriting expense ratio was 97.5%, down 1.1 percentage points year over year, of which the combined claims ratio for underwriting was 70.4%, down 0.4 percentage points, and the combined underwriting expense ratio was 27.1%, down 0.7 percentage points.

Based on stable profitability, the annual report proposes that China Pacific Insurance distribute an annual cash dividend of RMB 1.15 per share (including tax), totaling RMB 11.063 billion, accounting for 20.7% of the company’s net profit attributable to parent for 2025.

According to data from Eastmoney, after its listing on the A-share market, China Pacific Insurance has cumulatively distributed cash dividends of RMB 130.345 billion.

Editors: ZB

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