CHINA TAIPING (0966.HK) held its annual results presentation in Hong Kong on March 26. In his opening address, Chairman Yin Zhaojun stated that in 2025, the group deeply implemented its high-quality development strategy, adhered to the principle of "preventing risks, strengthening management, promoting development, and ensuring security," which solidified its foundation for stability and enhanced its momentum for progress. The company achieved its best operational performance in recent years, successfully concluding its 14th Five-Year Plan period.
He proposed that the group aims to achieve systematic improvements in areas including talent development, professional capabilities, risk control, customer service, technological empowerment, and corporate governance over approximately the next decade, with the goal of building CHINA TAIPING into a first-class insurance group.
The financial report shows that by the end of 2025, CHINA TAIPING's total assets exceeded HK$1.9 trillion, and its net assets reached HK$164.8 billion, representing increases of 14.5% and 34.6% respectively compared to the end of 2024. Profit attributable to shareholders amounted to HK$27.059 billion, a surge of 220.9% year-on-year. Embedded value per share attributable to shareholders was HK$58.3, an increase of 20% from the end of 2024.
Regarding the significant profit growth, CHINA TAIPING attributed it to improvements in both insurance service performance and net investment performance compared to the previous year, as well as a one-time benefit from the new corporate income tax policy for China's insurance industry.
To reward shareholders, the company proposed a final dividend for 2025 of HK$1.23 per share, an increase of 251.4% over the previous year.
Focusing on business operations, life insurance remains the primary pillar for CHINA TAIPING. Taiping Life Insurance achieved gross written premiums of HK$201.408 billion, a year-on-year increase of 2.8%. Within this, individual agent channels generated HK$129.455 billion in gross written premiums, up 1.2% year-on-year, while bancassurance channels contributed HK$63.319 billion, a rise of 7.5%.
Data indicates that Taiping Life's transition to participating insurance products has yielded significant results. Gross written premiums for participating insurance reached HK$57.843 billion, a substantial increase of 91.7% year-on-year, accounting for 86.1% of the first-year regular premium for long-term insurance. New business value reached RMB 8.661 billion, growing 2.7% year-on-year.
Taiping Pension, complying with regulatory requirements, smoothly completed the transfer of its group insurance business and actively developed its pension finance operations. As of the end of 2025, measured in Renminbi, the asset size under management for Taiping Pension's second pillar annuity business was RMB 691.8 billion. Premium income from its third pillar personal pension business reached RMB 360 million, an increase of 37.8% year-on-year. The asset size under management for its commercial pension business reached RMB 18.5 billion by year-end, an increase of RMB 4.17 billion from the end of 2024.
In the property and casualty insurance segment, Taiping P&C achieved insurance service revenue of HK$34.176 billion, a rise of 3.1% year-on-year, with a combined ratio of 98.8%. Insurance service revenue from motor insurance grew 2.1% year-on-year, and the renewal rate increased by 1.4 percentage points. Insurance service revenue from non-motor insurance grew 6.3% year-on-year, indicating continued optimization of the business structure.
Focusing on investments, as of the end of 2025, CHINA TAIPING's investment assets stood at HK$1,743.1 billion, an increase of 11.6% from the end of the previous year. Total investment income reached HK$66.826 billion, a slight increase of 0.4% year-on-year, resulting in a total investment yield of 4.04%. Net investment income was HK$52.972 billion, up 5.2% year-on-year, with a net investment yield of 3.21%. The proportion of equity assets held by CHINA TAIPING was 17.3% at the end of 2025, an increase of 3.4 percentage points from the end of the previous year.
Yang Minggang, Vice President of CHINA TAIPING, stated that in response to significant capital market volatility anticipated in the first half of 2026, the company would adopt a management approach characterized by "one adherence and four enhancements" in the latter half of the year. This involves adhering to the investment philosophy of "securing returns through asset allocation," enhancing efforts to promote medium- to long-term capital entering the market, strengthening top-down collective decision-making, reinforcing full-chain research support, and refining the detailed management of accounts for traditional life, participating life, and property and casualty insurance.
He pointed out that in 2026, CHINA TAIPING will continue to leverage the unique advantages of insurance funds, namely their "abundant supply and long duration," to act as a "ballast" and "stabilizer" for the capital market. On the equity side, the focus will be on sectors aligned with the "new quality productive forces" direction, while also allocating to high-dividend stocks to control volatility. On the fixed income side, the strategy will prioritize allocation over trading, locking in returns at relatively high interest rate levels. For overseas investments, the priority remains risk prevention, with fixed income focusing on high-grade credit bonds and equities primarily concentrated on Hong Kong stocks.
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