Listed insurance companies are progressing through shareholder meeting approvals and distribution stages for their 2025 final dividend arrangements.
As of June 8th, the process for final dividend payouts for 2025 among listed insurers is moving into the phases of shareholder approval and distribution.
Out of ten listed insurance companies, nine have proposed final dividend plans or have already declared final dividends, with only ZhongAn Online opting not to pay a dividend. The A+H listed firms, namely Ping An Insurance (Group) Company of China, Ltd. (Ping An), China Life Insurance Company Limited, People's Insurance Company (Group) of China Ltd. (PICC), China Pacific Insurance (Group) Co., Ltd. (CPIC), and New China Life Insurance Company Ltd., are set to distribute a combined total of approximately RMB 102.394 billion in annual dividends. Among Hong Kong-listed companies, China Taiping Insurance Holdings Company Ltd., AIA Group Limited, China Reinsurance (Group) Corporation, and Sunshine Insurance Group Company Limited all have final dividend arrangements in place.
The two insurers with the earliest final dividend distributions are Ping An and AIA. This very week, Ping An's A-shares will distribute the 2025 final cash dividend on June 10th, at RMB 1.75 per share (pre-tax), totaling RMB 31.688 billion. AIA will complete the distribution of its 2025 final dividend on June 12th, at HK$1.4408 per share.
In the current low-interest-rate environment, high-dividend assets are attracting capital attention, and the stability of insurance stock dividends is being accorded greater importance. The average dividend yield for insurance stocks ranges from 3% to 6%, which is 2-3 times higher than government bonds. High dividends provide stable cash flow, while valuation recovery offers capital gains, aligning well with insurance funds' need for long-term, stable returns. Characterized by "high dividends, low valuation, and good liquidity," insurance stocks fit these key criteria perfectly. Cross-holdings among peers are also heating up! For instance, Ping An holds approximately 16% of China Life's H-shares and 12% of CPIC's H-shares, while China Life has bought into Ping An, and New China Life has invested in PICC. Are these "capital handshakes" becoming a necessary allocation strategy?
Ping An and AIA Lead the Final Dividend Payout Period
Most Insurers to Distribute from July to August
In terms of timing, the final dividend distributions for listed insurers are concentrated between June and August 2026. Ping An and AIA are the first to enter the distribution phase, while China Life, CPIC, China Taiping, Sunshine Insurance, and China Re will follow with distributions from July to August.
Ping An's 2025 final dividend plan was approved at the shareholders' meeting on May 20, 2026. The final dividend is RMB 1.75 per share (pre-tax), totaling RMB 31.688 billion. The A-share record date is June 9th, with the ex-dividend and payment date set for June 10th. The H-shares went ex-dividend on June 2nd, with the payment date on July 15th. Combined with the interim dividend of RMB 0.95 per share, Ping An's total annual dividend per share is RMB 2.70, amounting to RMB 48.891 billion, representing a year-on-year increase of 5.9%. Data shows that Ping An has now increased its dividend for 14 consecutive years.
AIA's 2025 final dividend is HK$1.4408 per share, a 10% increase year-on-year. The shareholders' meeting approved the arrangement on May 22nd, with the ex-dividend date on May 28th, the record date on May 29th, and the payment date on June 12th. Together with the interim dividend of HK$0.49 per share, AIA's total annual dividend per share is HK$1.9308, also a 10% increase. The company simultaneously announced a new US$1.7 billion share buyback program.
More companies will complete their approval procedures in mid-to-late June. CPIC plans to hold a shareholders' meeting on June 10th to review its final dividend proposal. The tentative ex-dividend date for its H-shares is June 12th, with the payment date on July 17th. China Taiping and Sunshine Insurance aim to complete shareholder approval on June 24th, while PICC and China Re plan to complete approvals on June 25th and June 26th, respectively. China Life's A-share record date is tentatively set for July 8th, with the ex-dividend and payment date tentatively on July 9th. The ex-dividend and payment dates for New China Life and PICC's A-shares are still pending official announcements.
Five Major A+H Insurers to Distribute Approximately RMB 102.4 Billion in Annual Dividends
Based on total annual dividend distributions, Ping An leads the five A+H listed insurers with approximately RMB 48.891 billion. China Life follows with total annual dividends of about RMB 24.195 billion, a 31.7% year-on-year increase. CPIC's total annual dividend is around RMB 11.063 billion, up 6.5%. PICC's total annual dividend is approximately RMB 9.729 billion, rising 22.2%. New China Life's total annual dividend is about RMB 8.516 billion, increasing 7.9%. The combined total annual dividend for these five companies amounts to roughly RMB 102.394 billion.
In terms of dividend per share, New China Life's annual dividend is RMB 2.729, comprising a final dividend of RMB 2.06 and an interim dividend of RMB 0.669. Ping An's annual dividend per share is RMB 2.70, with a final dividend of RMB 1.75 and an interim dividend of RMB 0.95. CPIC's annual dividend per share is RMB 1.15, with no interim dividend declared this year. China Life's annual dividend per share is RMB 0.856, consisting of a final dividend of RMB 0.618 and an interim dividend of RMB 0.238. PICC's annual dividend per share is RMB 0.22, with a final dividend of RMB 0.145 and an interim dividend of RMB 0.075.
All five companies have increased their dividends year-on-year, but the growth rates vary. China Life saw the highest increase at 31.7%, followed by PICC at 22.2%, New China Life at 7.9%, CPIC at 6.5%, and Ping An at 5.9%. While Ping An has the largest dividend scale, its growth is relatively steady. China Life and PICC show faster dividend growth, indicating a significant increase in profit distribution for 2025.
Furthermore, Ping An, China Life, PICC, and New China Life all paid interim dividends. CPIC did not declare an interim dividend this year but has established an authorization for potential interim dividends.
Regarding dividends from Hong Kong-listed insurers, China Taiping's 2025 final dividend is HK$1.23 per share, bringing its total annual dividend per share to HK$1.23, a substantial 251.4% year-on-year increase, with a total distribution of HK$4.421 billion. This level reportedly marks a record high for China Taiping's historical dividends.
China Re's final dividend is RMB 0.0691 per share, making its total annual dividend per share RMB 0.0691, a 38.2% year-on-year increase, with the payment date set for August 21st. Sunshine Insurance's final dividend is RMB 0.19 per share, totaling approximately RMB 2.185 billion, payable on July 28th. AIA's total annual dividend per share is HK$1.9308, a 10% increase, supplemented by its share buyback arrangement.
ZhongAn Online has chosen not to pay a dividend. Its annual report shows that ZhongAn Online's net profit attributable to shareholders for 2025 grew by 82.55% year-on-year to RMB 1.102 billion.
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