As of now, a total of 58 non-listed life insurance companies have released their second-quarter solvency reports for 2026. These reports compile 39 key indicators across all 58 firms, totaling 2,262 data points, covering insurance business income (including prior year figures and year-over-year changes), net profit (including prior year figures and year-over-year changes), total assets, net assets, return on equity, return on total assets, investment return rate (including prior year figures), comprehensive investment return rate (including prior year figures), new business profit margin, new business value, signed premiums, first-year annualized signed premiums, premiums for policies with a term of ten years or more among first-year annualized signed premiums, renewal signed premiums, bancassurance channel signed premiums, individual channel signed premiums, group channel signed premiums, internet channel signed premiums, other channel signed premiums, number of individual agents at period-end, 13-month persistency rate, comprehensive surrender rate, average premium per policy in the individual marketing channel, average premium per agent, agent turnover rate, core solvency margin (including Q1 data), comprehensive solvency margin (including Q1 data), and recent two-quarter risk comprehensive ratings. This article provides a brief summary; detailed reports will follow.
In terms of insurance business income, 57 companies reported a combined total of 796.173 billion yuan, averaging 13.968 billion yuan per company, with a median of 6.508 billion yuan. Tai Kang Life Insurance led with 144.505 billion yuan, followed by Zhong You Life Insurance at 129.138 billion yuan. The top three companies accounted for 39.02% of the total sample. Aggregate insurance business income for the 57 companies grew by 9.68% year-over-year, with 35 companies seeing growth and 22 experiencing declines. The median year-over-year growth rate among companies was 9.37%. Guo Min Pension recorded the highest growth at 395.48%, mainly due to a low base in the prior year, while Hua Hui Life Insurance saw the largest decline at 52.03%.
Regarding net profit, the 58 companies collectively achieved a net profit of 61.688 billion yuan, averaging 1.064 billion yuan per company, with a median of 453 million yuan. Among them, 51 companies were profitable and 7 suffered losses. Tai Kang Life Insurance reported the highest net profit at 15.821 billion yuan, while Xiao Kang Life Insurance incurred the largest loss at 508 million yuan. Total net profit for the 58 companies increased by 32.099 billion yuan, a year-over-year rise of 108.48%. Fourteen companies turned from loss to profit, one turned from profit to loss, and six continued to incur losses. Among the 37 companies with consecutive profits, 31 saw net profit growth and 6 saw declines. Due to some companies having losses or very low profit bases in the prior year, calculating a simple average year-over-year growth rate for all 58 companies is not appropriate.
For total assets and net assets, the 58 companies had combined total assets of 8,188.949 billion yuan, approximately 8.19 trillion yuan, averaging 141.189 billion yuan per company, with a median of 64.047 billion yuan. Tai Kang Life Insurance's total assets reached 2.11 trillion yuan, accounting for 25.77% of the total sample; the top three companies together represented 40.03%. The simple average return on total assets for the 58 companies was 0.50%, with a median of 0.66%, and 7 companies had negative returns. Guo Ren Life Insurance recorded the highest return at 2.78%, while Xiao Kang Life Insurance had the lowest at -3.22%. Combined net assets for the 58 companies totaled 503.766 billion yuan, averaging 8.686 billion yuan per company, with a median of 3.413 billion yuan. Tai Kang Life Insurance led with 141.539 billion yuan; Chang Sheng Life Insurance had negative net assets of -474 million yuan, the only company in the sample with negative net assets. The simple average return on equity for the 58 companies was 8.61%, with a median of 10.02%, and 8 companies had negative returns. Zhong Yin Samsung Life Insurance recorded the highest at 131.40%, while Bei Da Fang Zheng Life Insurance had the lowest at -255.99%. Due to small net asset bases and negative net assets, the extremes are high, making the median a more suitable measure of general sample levels.
On investment returns, the simple average investment return rate for the 58 companies was 2.01%, with a median of 1.92%. Fifty-seven companies achieved positive returns, with only Hai Bao Life Insurance reporting negative. Guo Ren Life Insurance had the highest rate at 4.66%, while Hai Bao Life Insurance had the lowest at -0.35%. Among 57 comparable companies, the average investment return rate decreased by 0.12 percentage points compared to the prior year, with 28 companies rising and 29 falling. Xin Hua Pension saw the largest increase of 2.07 percentage points, while Jun Long Life Insurance experienced the largest decline of 3.26 percentage points. The simple average comprehensive investment return rate for the 58 companies was 2.22%, with a median of 2.46%, with 55 companies positive and 3 negative. Guo Ren Life Insurance recorded the highest at 4.76%, and Xiao Kang Life Insurance the lowest at -5.24%. The average comprehensive investment return rate for 57 comparable companies fell by 0.32 percentage points, with 32 companies rising, 22 falling, and 3 unchanged. Although more companies saw increases, a few with significant declines pulled down the average, with Xiao Kang Life Insurance dropping by 10.77 percentage points (the largest decline) and Zhong Hong Life Insurance rising by 2.60 percentage points (the largest increase).
In the new business segment, 54 companies disclosed their new business profit margin, with a simple average of 7.88% and a median of 7.73%. Xin Mei Life Mutual Insurance Society had the highest at 19.32%, while Hua Hui Life Insurance reported 0%; all other disclosing companies were positive. Fifty-three companies disclosed new business value, totaling 40.488 billion yuan, averaging 764 million yuan per company, with a median of 322 million yuan. Tai Kang Life Insurance led with 7.802 billion yuan, followed by Zhong You Life Insurance at 6.940 billion yuan; the top three companies accounted for 43.08% of the total.
Regarding signed premiums, 54 companies reported a combined total of 837.305 billion yuan, averaging 15.506 billion yuan per company, with a median of 7.714 billion yuan. Tai Kang Life Insurance led with 166.163 billion yuan, followed by Zhong You Life Insurance at 130.346 billion yuan; the top three accounted for 40.20% of the total. Fifty-three companies reported a combined total of 133.866 billion yuan in first-year annualized signed premiums, averaging 2.526 billion yuan per company, with a median of 1.180 billion yuan. Tai Kang Life Insurance and Zhong You Life Insurance recorded 20.381 billion yuan and 19.807 billion yuan, respectively, with the top three companies making up 37.20% of the total. Fifty-three companies also reported a combined total of 22.835 billion yuan in premiums for policies with a term of ten years or more among first-year annualized signed premiums, accounting for about 17.06% of the total first-year annualized signed premiums for the same group. Zhao Shang Xin Nuo Life Insurance led with 5.162 billion yuan, followed by Gong Yin An Sheng Life Insurance at 5.115 billion yuan; the top three companies accounted for 53.79% of the total, indicating a higher concentration than in the overall first-year annualized premium category. For renewal signed premiums, 54 companies reported a total of 509.888 billion yuan, averaging 9.442 billion yuan per company, with a median of 3.543 billion yuan. Tai Kang Life Insurance recorded 114.012 billion yuan, and Zhong You Life Insurance 96.736 billion yuan; the top three companies accounted for 46.10% of the total.
In terms of distribution channels, 54 companies disclosed bancassurance channel signed premiums totaling 505.732 billion yuan. Zhong You Life Insurance led with 126.969 billion yuan, followed by CCB Life Insurance and Tai Kang Life Insurance with 34.140 billion yuan and 33.557 billion yuan, respectively. Fifty companies disclosed individual channel signed premiums totaling 209.521 billion yuan, with Tai Kang Life Insurance reaching 122.597 billion yuan, representing 58.51% of the total disclosed, indicating high concentration in the individual channel. Forty-nine companies disclosed group channel signed premiums totaling 37.508 billion yuan, with Tai Kang Pension leading at 14.552 billion yuan, accounting for 38.80% of the total disclosed, followed by Zhong Yi Life Insurance at 4.421 billion yuan. Fifty-one companies disclosed internet channel signed premiums totaling 8.717 billion yuan, with Fu Xing Lian He Health Insurance leading at 1.067 billion yuan, followed by Heng Qin Life Insurance and Jun Long Life Insurance at 738 million yuan and 594 million yuan, respectively. Fifty-one companies disclosed other channel signed premiums totaling 73.721 billion yuan, with Zhong Yi Life Insurance the highest at 10.009 billion yuan, followed by Tai Kang Life Insurance and Chang Cheng Life Insurance at 7.445 billion yuan and 6.984 billion yuan, respectively.
Regarding persistency, surrender rates, and agent-related metrics, 50 companies reported a total of 375,741 individual agents at period-end, approximately 375,700 agents, averaging 7,515 per company, with a median of 1,470. Tai Kang Life Insurance had 237,564 agents, accounting for 63.23% of the total disclosed; 5 companies reported 0 agents. Fifty-three companies disclosed the 13-month persistency rate, with a simple average of 94.33% and a median of 95.13%. Forty-seven companies had rates of 90% or higher, with 28 at 95% or above. San Xia Life Insurance recorded the highest at 100%, while Xin Mei Life Mutual Insurance Society had the lowest at 80.56%. Fifty-four companies disclosed the comprehensive surrender rate, with a simple average of 0.97% and a median of 0.83%; 34 companies had rates below 1%. Guo Min Pension had the lowest at 0.11%, and Zhong Xin Cheng Life Insurance the highest at 3.37%. For the individual marketing channel, 47 companies reported an average premium per policy of 24,000 yuan, with a median of 17,200 yuan. Rui Tai Life Insurance had the highest at 128,400 yuan, followed by Hai Bao Life Insurance at 74,000 yuan; 4 companies reported 0 yuan. Forty-seven companies reported an average premium per agent of 53,400 yuan, with a median of 39,400 yuan. Rui Tai Life Insurance was highest at 235,200 yuan, followed by Jiao Yin Life Insurance and Beijing Life Insurance at 211,400 yuan and 187,700 yuan, respectively; 4 companies reported 0 yuan. Forty-nine companies disclosed agent turnover rates, with a simple average of 18.89% and a median of 17.27%. Seven companies had rates of 30% or higher; Fu Xing Lian He Health Insurance had the highest at 43.54%, while 2 companies reported 0%.
For solvency-related indicators, as of the end of the first half of 2026, the median core solvency margin for the 58 companies was 123.84%, and the median comprehensive solvency margin was 170.27%. Compared to the end of Q1, 39 companies saw an increase in core solvency margins and 38 in comprehensive solvency margins, with median changes of +6.15 percentage points and +3.95 percentage points, respectively. Based on the minimum regulatory thresholds, 57 companies met both requirements of a core solvency margin of at least 50% and a comprehensive solvency margin of at least 100%. Chang Sheng Life Insurance's core solvency margin has returned to above 50%, but its comprehensive solvency margin remains at 68.40%. In terms of ratings, 55 companies were rated B or above, Hua Hui Life Insurance was rated C, Chang Sheng Life Insurance was rated D, and Hong Kang Life Insurance did not disclose its rating.
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