PICC Group (01339) announced its annual results for the period ending December 31, 2025. The Group recorded total operating revenue of RMB 669.254 billion, an increase of 7.56% compared to the previous year. Net profit attributable to equity shareholders of the parent company reached RMB 46.207 billion, reflecting a year-on-year growth of 9.62%. Basic earnings per share stood at RMB 1.04. The Board has proposed a final dividend of RMB 1.45 per 10 shares.
The Group's business development continued its positive trajectory. In 2025, insurance service revenue amounted to RMB 570.717 billion, marking a 6.1% increase year-on-year. Original insurance premium income reached RMB 2,738.333 billion, up 6.5% from the prior year. The scale of investment assets grew steadily, exceeding RMB 1.90 trillion by the end of 2025, representing a 15.8% increase since the start of the year.
As of December 31, 2025, the Group's total assets were RMB 2,027.592 billion, a 14.8% increase from the end of the previous year. Net assets reached RMB 420.466 billion, growing by 14.4%. The comprehensive solvency adequacy ratio was 249.9%, and the core solvency adequacy ratio was 201.3%, indicating strong and sufficient capital strength. The Group remains steadfast in its commitment to high-quality development, with operational efficiency metrics showing continuous optimization.
In the property and casualty insurance segment, PICC P&C effectively strengthened its competitive advantages. Its market share in property insurance reached 331.6%, maintaining a leading position in the industry. Through comprehensive efforts to enhance quality, reduce costs, and improve efficiency, the company optimized its management system, focused on improving business quality, and strengthened claims control. This resulted in an underwriting profit of RMB 12.535 billion, a significant increase of 119.4% year-on-year. The combined ratio was 97.5%, a decrease of 1.3 percentage points. Net cash inflow from operating activities was RMB 43.048 billion, up 18.1%.
In the life insurance business, operational quality and efficiency continued to improve. PICC Life saw its original insurance premium income grow by 18.8% year-on-year. First-year regular premium increased by 32.4%, while renewal premium rose by 16.1%. New business value, on a comparable basis, surged by 64.5%. Net cash inflow from operating activities was RMB 58.161 billion, a substantial increase of 53.4%. The contractual service margin for new business was RMB 17.375 billion, up 22.8%.
PICC Health reported a 56.0% increase in first-year regular premium. First-year regular premium for long-term insurance sold via internet channels jumped by 77.4%. Revenue from health management services grew by 17.2%. New business value, on a comparable basis, increased by 22.5%. Net cash inflow from operating activities was RMB 18.145 billion, rising by 18.0%. The contractual service margin for new business was RMB 12.826 billion, up 16.8%.
In the investment segment, active management capabilities were continuously enhanced, leading to improved stability in investment performance. Total investment income reached RMB 92.987 billion, an increase of 13.2% year-on-year. The total investment yield was 5.6%, remaining relatively stable. Business synergy was further deepened. The insurance segment generated premium income of RMB 25.581 billion through business collaboration, an 8.7% increase. The investment segment facilitated premium income of RMB 2.126 billion for the insurance business, a notable rise of 38.1%.
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