Sunshine Insurance Group Company Limited (Sunshine Ins, 06963) reported solid 2025 results, with net profit attributable to shareholders rising 15.7% year-on-year to RMB 6.31 billion.
Gross written premiums expanded 17.4% to RMB 150.72 billion, lifting insurance revenue 1.7% to RMB 65.07 billion. Earnings per share improved to RMB 0.55 from RMB 0.47.
Segment highlights • Life insurance: Gross written premiums surged 27.5% to RMB 102.61 billion. Value of one-year new business jumped 48.2% to RMB 7.64 billion, while contractual service margin grew 13.3% to RMB 57.62 billion. • Property & casualty: Original premium income edged up 0.1% to RMB 47.89 billion, with non-auto lines rising to 46.1% of the total. Underwriting combined ratio was 102.1%; excluding guarantee insurance it improved to 98.9%, generating RMB 0.49 billion underwriting profit. The company will stop new financing-type guarantee insurance from 2026 and has strengthened related reserves.
Investment & capital Investment assets reached RMB 640.20 billion, up 16.7%. Total investment yield was 4.8%, and comprehensive investment yield 6.1%. Group embedded value increased 4.3% to RMB 120.78 billion. Comprehensive solvency ratio stood at 196% (Life: 170%; P&C: 237%), comfortably above regulatory minimums.
Cash flow & leverage Operating cash inflow more than doubled to RMB 64.32 billion. Gearing ratio ticked up to 90.4% from 89.1%.
Dividend The Board proposes a final dividend of RMB 0.19 per share, amounting to RMB 2.19 billion, payable on 28 July 2026 subject to AGM approval.
Governance & other matters A connected-party management fee to Sunshine AMC reached RMB 1.28 billion in 2025, exceeding the original annual cap; revised caps for 2026 and 2027 have been proposed. The company reported no share repurchases, disposals or redemptions of listed securities during the year and confirmed compliance with Hong Kong’s Corporate Governance Code, except for the combined roles of chairman and CEO held by founder Zhang Weigong.
Looking ahead, Sunshine Ins will anchor on “quality-first” growth, press ahead with its “New Sunshine Strategy,” and focus on value creation, cost efficiency and technology-driven capability building as China’s insurance sector enters what the group calls a “new cycle of high-quality development.”
Comments