PICC Health is actively preparing to build an ecosystem integrating "insurance, health services, and technology."
Recently, Tianyancha (a Chinese enterprise information platform) revealed the establishment of PICC Health Management Co., Ltd. This company is a non-financial subsidiary wholly-owned by PICC Health Insurance Company Limited, with a registered capital of 200 million yuan. The company's legal representative is Director and Manager Dong Yuxing, while Shao Liduo serves as Chairman, Zhang Qian as Director and Deputy General Manager, and Cao Yi as the Financial Officer. Notably, Shao Liduo is the current President of PICC Health, and Dong Yuxing is the General Manager of the Health Management Business Department at PICC Health's headquarters.
Within the business scope of this newly established company, alongside health management projects, AI-related items such as "artificial intelligence application software development; artificial intelligence general application systems; AI innovation and entrepreneurship service platforms; and AI hardware sales" are particularly noteworthy. It is evident that PICC Health is gearing up to construct an "insurance + health services + technology" ecosystem.
Indeed, PICC Health is not alone; several leading insurance companies have already been strategically deploying their own "insurance + health services + technology" ecosystems to enhance competitiveness and service quality. Examples include Ping An Insurance (Group) Company Of China, Ltd. and China Pacific Insurance. The cross-border entry of internet giants like Ant Group has further intensified competition, extending the ecosystem rivalry from within the industry to cross-sectoral domains, making the competitive landscape increasingly multi-dimensional. The "trillion-yuan health" blue ocean is likely to remain a hotly contested space.
The synergistic potential of a "health + insurance" ecosystem, augmented by technology, is significant.
On December 23, 2025, PICC Health Management Co., Ltd. was officially established. Examining its business scope reveals a comprehensive approach: a health services segment covering everything from health consultations, rehabilitation assistive device fitting, and traditional Chinese medicine wellness to nursing institution services, spanning the entire chain from prevention to rehabilitation; a technology segment prominently featuring artificial intelligence application software development, big data services, and sales of wearable smart devices. Combined with the synergistic advantages of its core insurance business, this forms a comprehensive, multi-layered ecosystem.
As early as 2021, PICC Health Insurance had initiated planning for a health management company. In August 2025, it applied to solely establish PICC Health Management Company, which has now come to fruition. PICC Health Insurance has stated that it is accelerating the construction of a new business model centered on "insurance + health services + technology," aiming to reduce claim risks by front-loading health services and enhance service efficiency through technology, ultimately creating a dual-drive system of "insurance protection + health management."
As China's first professional health insurance company, PICC Health has already accumulated substantial ecosystem foundations. By the end of the third quarter of 2025, PICC Health had built a professional health management team of over 400 people, established 63 corporate joint medical rooms, 31 health management centers, and offered 760 standardized health management products. Furthermore, it has constructed an extensive medical service network comprising 5,971 partner hospitals, 225,000 pharmacies, and 1,678 DTP (Direct-to-Patient) pharmacies. Annual payments for innovative drugs and medical devices exceeded 1.5 billion yuan, and its health management services have cumulatively benefited over 100 million people. Additionally, the company's total health management service revenue surpassed 500 million yuan in 2024.
While building its health ecosystem, PICC Health has not neglected its core insurance operations. For the first three quarters of 2025, PICC Health's insurance service revenue reached 23.238 billion yuan, a year-on-year increase of 12.9%; insurance service expenses were 14.051 billion yuan, up 10.4%; gross written premiums hit 50.602 billion yuan, growing 15.1%; and net profit stood at 7.856 billion yuan, surging 41% year-on-year.
Categorized by original premium income, for the first three quarters of 2025, PICC Health's new business premium scale reached 37.524 billion yuan, a 16.1% increase. Long-term protection-type business served as the core growth engine, with first-year regular-premium long-term insurance business witnessing a substantial 62.8% year-on-year surge. Looking at the third quarter alone, the growth rate for first-year regular-premium long-term insurance expanded further to 97.8%.
Regarding solvency adequacy ratios, at the end of the third quarter, PICC Health's comprehensive solvency adequacy ratio was 290.36%, a decrease of 24.41 percentage points from the end of the previous quarter. Its core solvency adequacy ratio was 160.97%, down 14.02 percentage points from the prior quarter. Its two most recent risk comprehensive rating results were AA and A, respectively.
PICC, Ping An, CPIC, and major internet firms are now competing on the same stage to capture a share of the "trillion-yuan health" market.
PICC Health's ecosystem strategy is not an isolated case but reflects a broader consensus on transformation within the entire insurance industry.
From 2019 to 2024, health insurance premiums maintained consistent growth, rising from 706.6 billion yuan to 977.3 billion yuan. By October 2025, health insurance premiums had reached 894.3 billion yuan, with the full-year total expected to break the one trillion yuan mark imminently. During this period, major insurers have been deploying their unique strategies, accelerating their ecosystem transformation towards "insurance + health services + technology" through various models.
This industry-wide and cross-border competition coincides with precise policy guidance. In September 2025, the National Financial Regulatory Administration issued the "Guiding Opinions on Promoting the High-Quality Development of Health Insurance," explicitly calling for deepening health insurance reform, enhancing digital and intelligent application levels, and fostering collaborative cooperation within the health industry.
The document specifically outlined development directions for four major insurance types, including commercial medical insurance and long-term care insurance, and encouraged insurers to strengthen their health management service capabilities. The policy also emphasized building professional capabilities, improving digital and intelligent applications, and enhancing the core competitiveness of health insurance companies, which is expected to steer the industry's ecosystem development towards standardization and high quality. Guided by this policy, key ecosystem components such as coordination between basic and commercial medical insurance and data-sharing mechanisms are accelerating.
In recent years, Ping An Health, under Ping An Insurance (Group) Company Of China, Ltd., has been expanding aggressively, establishing six branch companies in Anhui, Fujian, Shanxi, Guangxi, Jiangxi, and Inner Mongolia within two years, demonstrating a wide footprint. Viewing Ping An's "health strategy" from a group perspective reveals a comprehensive online + offline framework. Through its "AI in All" strategy, it deeply integrates artificial intelligence into the healthcare sector, utilizing Ping An Good Doctor as the core platform to build a "to-line, to-hospital, to-home, to-enterprise" service system. By the end of Q3 2025, Ping An Good Doctor's family doctor membership benefits served over 40 million users, and it provided customized health management solutions for 26 million employees of 56,000 corporate clients, covering occupational disease prevention, health check-ups, and in-company specialist consultations. AI enablement helped reduce the average service cost per family doctor customer by 52% year-on-year. Additionally, Ping An collaborated with approximately 37,000 hospitals, achieving 100% coverage of China's top 100 and tertiary Grade A hospitals, partnered with 106,000 health management institutions, and had a network of about 50,000 internal and external doctors.
China Pacific Insurance's (CPIC) strategic layout is also evolving. At its 2025 shareholders' meeting, Chairman Fu Fan outlined a new strategic direction: the "Great Health and Pension" strategy aims to create a full-lifecycle service chain covering pension finance, commercial health insurance, rehabilitation medicine, and more; the "AI+" strategy leverages artificial intelligence to empower insurance operations and explore new markets in risk reduction management. Its subsidiary, CPIC Health, continues to make strides in the payment sector, with several of its products included in the scope of Shanghai's basic medical insurance personal accounts, allowing Shanghai residents to purchase CPIC Health's commercial insurance directly with their医保 accounts.
As a representative of internet insurance technology, ZhongAn Insurance has seen its health ecosystem become its largest business segment. In the first half of 2025, health ecosystem premiums reached 6.275 billion yuan, a 38.3% year-on-year increase, accounting for 37.7% of total premiums.
While these models follow different paths, their core focus remains anchored on the integrated ecosystem of "insurance + health services + technology." Beyond the insurance industry, internet and tech cross-border players are increasingly penetrating the health services domain.
Ant Group, through its acquisition of Haodf.com, launched the AI health assistant "AQ," recently upgraded to "Ant Afu." Leveraging its payment gateway advantage from serving 800 million医保码 users and a service network connecting over 5,000 hospitals and 300,000 real doctors, "Ant Afu" attracted over 15 million monthly active users on its app within months of launch, ranking among the top five AI apps in China. The platform handles over 5 million daily health-related inquiries, with a monthly growth rate of 94%.
Against the backdrop of accelerated ecosystem deployment by both industry incumbents and cross-border players, the establishment of PICC Health Management Company is not merely a strategic move by one firm but a microcosm of the broader ecosystem transformation within the health insurance industry. This "trillion-yuan health" blue ocean is poised to remain intensely competitive.
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