China Taiping has reported impressive profit figures for 2025, with all core financial indicators showing positive growth. During the reporting period, the company achieved insurance service revenue of HKD 112.267 billion, representing a 0.90% year-on-year increase. Net profit reached HKD 36.627 billion, up 186.2% compared to the previous year, while net profit attributable to shareholders surged 220.9% to HKD 27.059 billion. The company attributed this performance primarily to improved insurance service results and net investment performance, as well as a one-time benefit from China's new corporate income tax policy for the insurance industry. Financial statements indicate that post-tax profit exceeded pre-tax profit by CNY 3.181 billion in 2025.
The asset side also demonstrated stability, with the group's total embedded value reaching HKD 280.603 billion, a 19.80% year-on-year increase. Total assets grew 14.50% to HKD 1,986.587 billion, while net assets increased 34.60% to HKD 164.793 billion, indicating sustained enhancement of overall capital strength.
Behind these impressive figures, pressure on core business segment profitability has become apparent. In life insurance, dividend product premiums surged 91.7% year-on-year, yet the company experienced a sharp decline of over 1.1 million individual customers during the same period, with premium income growing only 2.80%. Property and casualty insurance emerged as the primary profit contributor, with China Taiping P&C's net profit increasing 20.10% year-on-year. On the investment front, China Taiping's total assets grew 11.60% year-on-year, with net investment income, total investment income, and comprehensive investment income all showing steady growth, though all yield metrics declined, with comprehensive investment yield dropping 8.59 percentage points.
Life Insurance Total premium income reached HKD 201.4 billion, with dividend product premiums surging 92% year-on-year. China Taiping's life insurance business (including Taiping Life, Taiping Pension, Taiping Life (Hong Kong), and Taiping Singapore) generated total premiums of HKD 221.849 billion, up 0.58% year-on-year. Insurance service revenue was HKD 64.282 billion, slightly decreasing by 0.30%, while life insurance net profit skyrocketed 229.20% to HKD 34.586 billion.
As the group's core foundation, Taiping Life achieved total premium income of HKD 201.408 billion for the full year, representing 2.80% growth. New business value reached HKD 9.589 billion, up 5.33% year-on-year, though when measured in RMB, new business value was CNY 8.661 billion, increasing only 2.70%. The new business value rate improved 0.60 percentage points to 21.30%. Policy persistence rates remained high across all channels.
In individual agency channels, total annual premium income reached HKD 129.455 billion, up 1.20% year-on-year. First-year regular premium income for long-term insurance was HKD 18.782 billion, declining 7.00%, while renewal premium income grew 3.30% to HKD 102.702 billion. New business value from individual channels reached HKD 5.857 billion, increasing 6.86%, with the new business value rate improving 1.40 percentage points to 22.00%. Average monthly regular premium per agent increased by CNY 224 to CNY 16,853, though the agent force shrank dramatically from 226,100 to 166,700, a 26.23% reduction.
The bancassurance channel demonstrated faster premium growth, with total annual premium income of HKD 63.319 billion, up 7.50% year-on-year. First-year regular premium income for long-term insurance reached HKD 15.956 billion, increasing 3.70%, while renewal premium income grew 4.50% to HKD 45.022 billion. New business value from bancassurance reached HKD 3.359 billion, up 5.66%, though the new business value rate declined 0.50 percentage points to 20.30%.
Notably, Taiping Life's individual customer count dropped from 13.907 million in 2024 to 12.7474 million in 2025, a reduction of over 1.1 million. However, corporate client numbers increased significantly from 804 to 16,917, reaching 17,721 in 2025.
Product transformation showed significant results, particularly in dividend insurance. Traditional life insurance premiums declined 13.50% to HKD 81.355 billion, while dividend insurance premiums surged 91.70% to HKD 57.843 billion, with first-year regular premiums accounting for 86.10% of long-term insurance. Long-term health insurance premiums decreased 3.00% to HKD 34.395 billion, accident and short-term health insurance fell 4.50% to HKD 9.59 billion, annuity premiums dropped 30.30% to HKD 18.204 billion, universal life insurance grew 17.00% to HKD 20 million, and unit-linked insurance increased 0.50% to HKD 2 million.
Property and Casualty Insurance Net profit grew 20%, with combined ratio decreasing 1.3 percentage points. The P&C segment displayed a mixed pattern of domestic growth, overseas profit pressure, and reinsurance strength.
Domestically, primarily operated by Taiping P&C, total premium income reached HKD 35.455 billion, up 3.40% year-on-year. Insurance service revenue grew 3.10% to HKD 34.176 billion, while the combined ratio improved 1.30 percentage points to 98.80%. Net profit increased 20.10% to HKD 966 million.
By insurance type, auto insurance premiums reached HKD 21.263 billion, accounting for 59.97% of total and growing 1.20% year-on-year. Non-auto insurance premiums reached HKD 14.192 billion, representing 40.03% of total and increasing 7.00% year-on-year.
Taiping P&C also experienced a reduction in individual customers from 21.7082 million in 2024 to 20.5638 million in 2025, similarly decreasing by over 1.1 million. Corporate clients increased by 2,142 to 728,600 in 2025.
Overseas P&C operations showed premium declines in Hong Kong (down 3.7% to HKD 2.509 billion) but growth in Macau (up 3.5% to HKD 956 million), UK (up 6% to HKD 443 million), Singapore (up 10.4% to HKD 874 million), and Indonesia (up 3.3% to HKD 630 million). However, overseas P&C profitability faced pressure across all regions, with significant declines in Hong Kong (down 73.6% to HKD 20 million), Macau (down 3.6% to HKD 176 million), Singapore (down 44.1% to HKD 57 million), and Indonesia (down 26.9% to HKD 37 million), while the UK operation continued to report expanding losses.
Reinsurance emerged as the sole bright spot in the P&C segment, with total premium income of HKD 16.261 billion, up 5.40% year-on-year. Insurance service revenue grew 3.50% to HKD 8.934 billion, while the combined ratio improved 2.30 percentage points to 96.50%. Net profit surged 34.10% to HKD 1.284 billion, supporting the overall P&C segment performance.
Asset Management The asset management segment showed scale growth but yield compression. The group's total investment assets reached HKD 1,743.052 billion, increasing 11.60% year-on-year. Net investment income grew 5.20% to HKD 52.972 billion, though the net investment yield declined 0.25 percentage points to 3.21%. Total investment income increased slightly by 0.40% to HKD 66.826 billion, with total investment yield dropping 0.53 percentage points to 4.04%. Comprehensive investment yield plummeted 8.59 percentage points to 1.73%, indicating across-the-board yield compression.
In asset allocation, fixed income investments accounted for 83.30% of the portfolio, up 0.50 percentage points year-on-year, while equity investments represented 17.30%, increasing 3.40 percentage points. Among specific asset categories, time deposits reached HKD 78.534 billion, growing 14.95%; debt securities totaled HKD 1,326.751 billion, up 14.04%; equity securities reached HKD 212.413 billion, surging 63.09%; and investment funds grew 5.18% to HKD 77.073 billion.
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