Ping An Life Insurance Increases Stake in China Life's H Shares Once More

Ping An Life Insurance Company of China, Ltd. (referred to as Ping An Life) disclosed on May 28 that, through its entrusted investment with Ping An Asset Management, its shareholding in China Life Insurance Company Limited's H shares reached 15% on May 20, triggering a disclosure requirement. As of that date, the book value of the company's holdings in China Life's H shares amounted to 29.357 billion yuan.

Subsequently, Ping An Life continued to increase its stake. According to the Hong Kong Stock Exchange's disclosure of interests, on May 26, Ping An Life purchased an additional 10.161 million China Life H shares on the market at an average price of HKD 29.4817 per share, raising its shareholding ratio further to 16.02%.

Since August 2025, Ping An Life's stake in China Life's H shares has steadily climbed from 5%. On August 12, 2025, Ping An Life made its first purchase of 9.5 million shares, reaching a 5.04% stake and triggering the initial disclosure. Just two weeks later, on August 26 and 28, it added 12.683 million and 44.095 million shares, respectively. Entering 2026, Ping An Life acquired 11.891 million shares in January, increasing its stake to 9.14%, and purchased approximately 10.895 million more shares in February, pushing its holding above 10%.

The trend of cross-holdings among major insurance companies is accelerating. In the first quarter of 2026, China Life became one of the top ten circulating shareholders of Ping An Insurance (Group) Company of China, Ltd., with a 1.38% stake. In March, Ping An Insurance increased its holding in China Pacific Insurance (Group) Co., Ltd.'s H shares to 12.08%. New China Life Insurance Co., Ltd., through two of its accounts, collectively holds about 159 million shares of The People's Insurance Company (Group) of China Limited, representing approximately 0.36% and newly ranking as the fifth and sixth largest circulating shareholders.

Latest unaudited financial report data shows that as of the end of the first quarter this year, Ping An Life's operating revenue was 70.332 billion yuan, with an operating profit of 8.674 billion yuan. Insurance service revenue stood at 48.030 billion yuan, original insurance premium income at 196.087 billion yuan, and scale premium at 243.994 billion yuan.