In response to the policy call for "multiple dividends per year," listed insurers have actively implemented interim dividends. Recently, four A-share insurers—PICC, China Life, PING AN, and New China Life—have successively distributed interim cash dividends totaling approximately 29.336 billion yuan. Among them, PING AN led with the largest payout of 17.202 billion yuan. The industry's interim dividend scale increased by 8.8% year-on-year, reflecting insurers' strong capital strength and stable operational confidence.
**Rising Interim Dividend Payouts** As listed companies enhance shareholder returns, A-share insurers have delivered increasingly generous dividend "red envelopes." Excluding China Pacific Insurance, the four insurers mentioned above planned to distribute a total of 29.336 billion yuan in interim cash dividends for 2025, up 2.372 billion yuan from 26.964 billion yuan in mid-2024, marking an 8.8% increase.
**Breakdown of Dividend Amounts** - **PICC**: On December 5, the company announced its 2025 interim dividend plan, distributing 0.075 yuan per share (tax-inclusive) based on 44.224 billion shares, totaling 3.317 billion yuan. A-share holders received approximately 2.662 billion yuan. The ex-dividend and payout date was December 12. - **New China Life**: On December 3, the insurer approved a 2025 interim dividend of 0.67 yuan per share (31.2 billion shares), totaling 2.09 billion yuan. The ex-dividend and payout date was December 12. - **PING AN**: On October 16, the company announced a 2025 interim dividend of 0.95 yuan per share (tax-inclusive) based on 18.108 billion shares, totaling 17.202 billion yuan. A-share holders received 10.127 billion yuan. This marked a 2.2% YoY increase per share, with cumulative dividends exceeding 400 billion yuan. The payout date was October 24. - **China Life**: On October 12, the insurer announced a 2025 interim dividend of 0.238 yuan per share (tax-inclusive) based on 28.265 billion shares, totaling 6.727 billion yuan. The payout date was October 17.
**"Multiple Dividends Per Year" Becomes New Norm** The insurers' proactive interim dividends align with national policies encouraging higher payout frequency and shareholder returns. Last April, the State Council's "New National Nine Measures" emphasized enhancing dividend stability, continuity, and predictability, advocating for multiple dividends, pre-dividends, and pre-holiday payouts.
Before the policy, only PING AN maintained a regular interim dividend habit among A-share insurers. However, under policy guidance, PICC, China Life, and New China Life have now implemented interim dividends for two consecutive years. This shift not only increases payout frequency but also meets high-dividend investors' expectations, offering more stable and sustained cash flow returns.
**Long-Term Value Highlighted** Interim dividends serve as a key indicator of insurers' stable operations and robust cash flow. Analysts note that consistent dividends reflect strong profitability and financial health, signaling management's confidence in sustained performance and commitment to long-term shareholder value.
Historically, insurers have demonstrated substantial dividend sincerity. In 2024, PICC, China Life, PING AN, China Pacific Insurance, and New China Life collectively planned dividends exceeding 90.789 billion yuan, averaging a payout ratio of 45.63%, with all maintaining ratios above 30%.
Insurers' management has pledged to uphold stable and predictable dividend policies, focusing on long-term per-share growth while balancing payout ratios under old and new accounting standards. With improving operational quality, future dividends are expected to continue rising.
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