Since its establishment in 2018, HaiBao Life Insurance has recorded losses in every year except for a modest profit in 2021. In the first half of this year, the company continued its losing streak with a net loss of 65 million yuan.
With the release of its latest quarterly solvency report, the insurer's operational performance for the first half of the year has been made public. HaiBao Life Insurance Co., Ltd., now eight years old, has once again posted a disappointing financial result. According to HaiBao Life's solvency report for the second quarter of 2026, the company's net profit for the first half of the year was approximately -65 million yuan. The losses were primarily concentrated in the second quarter, as the company reported a net profit of about 6 million yuan in the first quarter, followed by a net loss of 70 million yuan in the second quarter.
A deeper analysis reveals that on the liability side, HaiBao Life achieved insurance business revenue of 1.157 billion yuan in the first half of the year, a year-on-year increase of 25.05%. Both the first and second quarters saw year-on-year growth, at 30.48% and 20.70%, respectively. On the investment side, the company's investment yield and comprehensive investment yield for the first half of the year were -0.35% and -0.87%, respectively, placing it among the few unlisted insurers with a negative comprehensive investment yield. The first quarter saw an investment yield and comprehensive investment yield of 0.12% and -0.28%, while the second quarter recorded -0.46% and -0.59%, respectively. Clearly, the investment side has been a drag on HaiBao Life's overall performance.
Founded on May 30, 2018, HaiBao Life is the first national insurance legal entity established in Hainan. According to data from the company's annual information disclosure reports, HaiBao Life has experienced more losses than gains since its inception. From 2018 to 2025, its net profits were -0.57 billion yuan, -0.97 billion yuan, -1.18 billion yuan, 0.09 billion yuan, -1.80 billion yuan, -3.18 billion yuan, -2.55 billion yuan, and -1.14 billion yuan, respectively. Apart from a slight profit in 2021, all other years were loss-making. As of the end of the second quarter, the company's cumulative net loss since its founding stands at nearly 1.2 billion yuan. Following the industry's common "seven-year break-even, eight-year profit" cycle, HaiBao Life has entered a critical window for turning losses around. The question remains: when will it break free from its persistent deficit?
Continuous losses have impacted the company's solvency. In the second quarter of 2025, HaiBao Life increased its registered capital from 1.5 billion yuan to 2.3 billion yuan. At the end of that quarter, its core solvency adequacy ratio and comprehensive solvency adequacy ratio were 170.48% and 204.76%, respectively. However, by the end of the second quarter of 2026, these ratios had fallen to 112.73% and 152.78%, placing the company in the middle-to-lower tier among life insurers.
Public information shows that HaiBao Life's shareholders include eight companies: Haima Investment Group Co., Ltd. (holding 32%), Haisco Pharmaceutical Group Co.,Ltd. (002653.SZ, holding 20%), Heruike (Beijing) Medical Equipment Co., Ltd. (holding 13.50%), Shenzhen Zhixin Lida Investment Co., Ltd. (holding 13.30%), Ylz Information Technology Co.,Ltd. (300096.SZ, holding 6.50%), Shenzhen Zhongshan Yuhua Investment Development Co., Ltd. (holding 4.90%), Hainan New Bridge Economic Development Co., Ltd. (holding 4.90%), and Benyuan Jiantou (Beijing) Asset Management Co., Ltd. (holding 4.90%). Currently, HaiBao Life operates only two branches: the Hainan branch and the Shenzhen branch, as well as two sub-branches: the Sanya Central Sub-branch and the Haikou Central Sub-branch.
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