SUNSHINE INS Group Co., Ltd. has released its annual report for 2025. The report reveals that the Group's total premium income exceeded 150 billion yuan. The life insurance segment achieved significant scale expansion through bancassurance channels, with new business value increasing by nearly fifty percent. Conversely, the property and casualty insurance segment's underwriting performance shifted from profit to loss, with the credit guarantee insurance business identified as the primary source of the deficit.
The Group's overall financial data shows that SUNSHINE INS achieved a total premium income of 150.72 billion yuan in 2025, a year-on-year increase of 17.4%. Net profit attributable to parent company shareholders reached 6.31 billion yuan, up 15.7% from the previous year. The Group's embedded value stood at 120.78 billion yuan, growing 4.3% from the end of the prior year. Excluding credit guarantee insurance, the property and casualty insurance segment's comprehensive cost ratio was 98.9%, still resulting in an underwriting profit of 490 million yuan. However, after including this specific line of business, the overall comprehensive cost ratio for property and casualty insurance climbed to 102.1%, leading to a full-year underwriting loss of 1.03 billion yuan.
Analyzed by business segment, the life insurance arm emerged as the core engine for the Group's growth. SUNSHINE LIFE's annual total premium income reached 102.61 billion yuan, a 27.5% increase year-on-year, surpassing the 100-billion-yuan milestone. Its new business value was 7.64 billion yuan, surging 48.2%. In terms of channel structure, the bancassurance channel contributed the majority of the growth, generating premium income of 67.46 billion yuan for the year, a 34.8% increase, with new single-premium business growing at a high rate of 69.0%.
In contrast, the individual agent channel of SUNSHINE LIFE is still undergoing a challenging transition period. New single premiums for the full year amounted to 6.05 billion yuan, representing a 7.6% decline. From a product perspective, traditional life insurance dominated, with premium income of 78.94 billion yuan, up 33.6%. Meanwhile, premiums from health insurance and accident insurance saw slight contractions, decreasing by 2.3 percentage points and 9.9 percentage points, respectively.
The performance of the property and casualty insurance business was notably under pressure. SUNSHINE P&C's direct premium income for 2025 was 47.89 billion yuan, showing only a marginal increase of 0.1%, indicating near-stagnant growth. On the underwriting profit side, impacted by substantial provisions set aside for financing-related credit guarantee insurance business, this specific line reported a comprehensive cost ratio as high as 129.0%, resulting in an underwriting loss of 1.51 billion yuan.
Within the property and casualty segment, SUNSHINE P&C's motor vehicle insurance business remained profitable, with a comprehensive cost ratio of 98.2%. The proportion of premiums from family cars and new energy vehicles both increased, indicating ongoing optimization of the auto insurance business structure. In response to the high-risk exposure of credit guarantee insurance, the company stated in its annual report that it has decided to cease writing new financing-related guarantee insurance business starting from 2026.
Regarding management, SUNSHINE INS experienced several adjustments to its management personnel in 2025. Former executive directors Zhao Zongren and Wang Yongwen resigned due to age, and Wang Xiaopeng was appointed as an executive director. The Group established a co-CEO mechanism, with Li Ke and Peng Jihai responsible for relevant business segments respectively, aiming to strengthen collective decision-making at the executive level.
It is worth noting that the company's board of directors recently completed its election process. The list of candidates for the new board has been approved, comprising five candidates for executive directors, four for non-executive directors, and five for independent non-executive directors. Furthermore, the qualifications of independent non-executive director Dong Bin have received regulatory approval; he will also serve as chairman of the board's nomination and remuneration committee, among other roles.
However, concurrent with business restructuring and management changes, the compliance pressures facing SUNSHINE INS have become increasingly apparent. The 2025 annual report disclosed that concerning consumer rights protection, SUNSHINE P&C was the subject of 330 regulatory complaint notifications for the year, primarily concentrated in Shandong, Henan, and Hebei provinces. SUNSHINE LIFE was the subject of 783 regulatory complaint notifications, mainly in Heilongjiang, Shandong, and Hubei provinces.
Moving into 2026, public information statistics show that since the beginning of the year, the Group and its subsidiaries have received 13 regulatory penalties, totaling 3.605 million yuan in fines for the institutions and 517,000 yuan in fines for individuals, with one person banned from the insurance industry for 15 years. The violations involved issues such as preparing false reports, fabricating commissions to misappropriate funds, sales misconduct, and inadequate internal control management. Meanwhile, consumer complaints remain high. As of May 7th, data from a major complaints platform shows that complaints containing the keyword "SUNSHINE INS" have reached 5,564.
SUNSHINE INS is a privately-owned insurance services group in China established and developed entirely under market-oriented mechanisms. SUNSHINE P&C was founded in July 2005, and the Group was established in June 2007, with Zhang Weigong serving as Chairman. After years of development, the Group now possesses multiple subsidiaries in property and casualty insurance, life insurance, credit, asset management, healthcare, pensions, and technology. SUNSHINE INS was listed on the Hong Kong Stock Exchange on December 9, 2022. From 2022 to 2024, the company's total revenues were 128.58 billion yuan, 78.224 billion yuan, and 90.27 billion yuan, respectively, with net profits attributable to parent company shareholders of 4.88 billion yuan, 3.74 billion yuan, and 5.45 billion yuan, respectively.
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