On March 25, 2026, CHINA TAIPING Insurance Holdings Limited released its annual performance report for 2025. Data revealed that the Group's profit attributable to shareholders reached HK$27.059 billion, a significant increase of 220.9% compared to HK$8.432 billion in the previous year, setting a record high since the company's establishment. Insurance service revenue for the same period was HK$112.267 billion, marking a 0.9% year-on-year increase. Shareholder return indicators also showed improvement. The company proposed a final dividend of HK$1.23 per share, a 251.4% increase from the previous year's HK$0.35. Net asset value per share grew by 33.87% from the end of the prior year, and the average return on equity (ROE) rose from 9.26% to 27.3%.
On March 26, CHINA TAIPING held its annual results presentation. Management, including Chairman Yin Zhaojun, General Manager Li Kedong, Deputy General Managers Yang Minggang and Bai Kai, CHINA TAIPING LIFE Insurance General Manager Wang Xuze, and CHINA TAIPING P&C Insurance General Manager (Designate) Peng Yunping, provided detailed explanations on operational achievements, business transformation, investment strategy, and future plans. Chairman Yin Zhaojun stated at the presentation that in 2025, CHINA TAIPING deeply implemented a high-quality development strategy, adhering to the core principle of "preventing risks, strengthening management, promoting development, and ensuring security." The company's foundation of "stability" became more solid, and its momentum for "progress" grew stronger, successfully concluding the 14th Five-Year Plan period. Looking ahead, the Group will undertake a systematic enhancement over a ten-year horizon, focusing on six key areas: talent, expertise, risk control, service, technology, and governance, aiming to build a top-tier insurance group.
Life Insurance: Significant Increase in Participating Policy Share As the Group's core business entity, CHINA TAIPING LIFE Insurance demonstrated significant results from its value transformation in 2025. Participating insurance performed particularly well, with direct premium income reaching HK$57.843 billion, a year-on-year increase of 91.7%. It accounted for 86.1% of first-year regular-premium long-term insurance, nearly 100% in the individual agent channel, and approximately 90% in the bancassurance channel, indicating a clear shift in product structure towards participating policies. In terms of value metrics, the new business value (NBV) of CHINA TAIPING LIFE Insurance, calculated in Renminbi, was RMB 8.661 billion, a 2.7% increase year-on-year. The new business value margin was 21.3%, slightly higher than the previous year. General Manager Wang Xuze stated that the company took a leading role in the industry by advancing the transition to participating insurance, which accounted for nearly 90% of all channels in 2025. In 2026, the company will firmly promote "product diversification, diversification of term structures, and refined interest rate risk management." Centered on participating insurance, it will expand its offerings in health, pension, and annuity insurance, lengthen policy terms, mitigate the impact of interest rate fluctuations, and achieve balanced development in profitability, channels, and capital creation. Channel data showed that the individual agent channel generated direct premium income of HK$129.455 billion, up 1.2% year-on-year, while the bancassurance channel's direct premium income was HK$63.319 billion, an increase of 7.5%.
P&C and Reinsurance: Steady Premium Growth, Improved Combined Ratio CHINA TAIPING P&C Insurance achieved direct premium income of HK$35.455 billion in 2025, a year-on-year increase of 3.4%. The key operational metric, the combined ratio, was 98.8%, an improvement of 1.3 percentage points from the previous year, indicating enhanced profitability quality. By line of business, motor insurance direct premiums were HK$21.263 billion, up 1.2% year-on-year; marine insurance direct premiums were HK$833 million, up 3.8%; and non-marine insurance direct premiums were HK$13.359 billion, an increase of 7.0%, with non-motor business growth significantly outpacing motor business.
General Manager (Designate) Peng Yunping explained that the comprehensive expense ratio decreased by 2.4 percentage points year-on-year, benefiting from business structure optimization and comprehensive cost management reforms. The motor insurance renewal rate improved, personal client business premiums grew by 7.8%, expense allocation became more targeted, and cost control more efficient. In 2026, the focus will remain on value and efficiency, strengthening professional channel capabilities, and consolidating sustainable profitability levels. In reinsurance business, post-tax profit for 2025 was HK$1.284 billion, a 34.1% increase year-on-year. The combined ratio dropped to 96.5%, an improvement of 2.3 percentage points from the previous year, indicating simultaneous enhancement in business profitability and risk control capabilities.
Pension Finance: Second Pillar Scale Reaches Record High, Third Pillar Grows Rapidly At the end of 2025, the asset balance under management for the second pillar (annuities) reached HK$765.9 billion, a record high. Third pillar (individual pension) premium income was HK$831 million, a sharp increase of 40.7% year-on-year. Commercial pension assets under management were HK$20.482 billion, with cumulative accounts exceeding 480,000, indicating continuous improvement in the pension service ecosystem. Regarding the ecosystem, 26,800 new pension community membership qualifications were issued, driving new single premiums of HK$13.556 billion. The number of residents in self-built senior living communities reached 2,877 by the end of 2025, a 57.6% increase from the end of the previous year. Occupancy rates improved for projects such as Shanghai Wutong Renjia and Beijing Yulan Renjia.
Investment Side: Expanding Asset Scale, Equity Investments Surge 63.09% As of the end of 2025, CHINA TAIPING's total investment assets reached HK$1,743.1 billion, an increase of 11.6% from the end of the previous year, indicating steady expansion of the asset scale. In terms of investment returns, net investment income for the full year was HK$52.972 billion, a 5.2% year-on-year increase, with a net investment return rate of 3.21%. Total investment income was HK$66.826 billion, up 0.4% year-on-year, resulting in a total investment return rate of 4.04%. Affected by fair value changes of bonds classified under FVOCI (Fair Value Through Other Comprehensive Income), the Group's comprehensive investment return rate was 1.73%. Excluding this factor, the comprehensive investment return rate for 2025 would have been 4.29%, better reflecting the actual profitability of its investment operations. Regarding asset allocation structure, fixed-income investments accounted for 83.3%, remaining the primary allocation. The proportion of equity investments increased to 17.3%, up 3.4 percentage points from the end of the previous year. Long-term equity investments and investment properties accounted for 0.7% and 1.4%, respectively.
Specifically, the book value of equity investments reached HK$212.413 billion, a substantial increase of 63.09% year-on-year. Additionally, the company piloted gold investments, with the scale of precious metal investments reaching HK$3.238 billion by year-end, further enhancing the diversification of the asset allocation. Deputy General Manager Yang Minggang stated that the Group adheres to the principle of "seeking returns through allocation," strengthening the entry of medium- to long-term funds into the market and the refined management of accounts. In 2026, it will leverage the long-term advantages of insurance funds, focusing on new quality productive forces and high-dividend stocks on the equity side, locking in long-term returns on the fixed-income side, strictly controlling risks in overseas investments, and acting as a stabilizer in the capital markets.
Summary In 2025, CHINA TAIPING achieved phased results in performance growth, business transformation, and investment layout. Profitability metrics reached historic highs, the business structure continued to optimize, and diversified layouts were gradually implemented. Chairman Yin Zhaojun emphasized that CHINA TAIPING will maintain strategic focus and unwavering commitment to high-quality development. The company will concentrate on its core responsibilities and businesses, serving national strategies and the development of the Guangdong-Hong Kong-Macao Greater Bay Area. Operationally, it will prioritize quality and efficiency, using certainty to counter external uncertainties, forging a more stable and sustainable path of high-quality development, and laying a solid foundation for a successful start to the 15th Five-Year Plan period.
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