Sunshine Insurance 2025 Performance Report: Deepening the New Sunshine Strategy, Enhancing Operational Resilience and Transformation

Recently, the insurance industry’s 2025 operational report has been successfully submitted. Data from the Financial Regulatory Administration shows that in 2025, the insurance sector achieved a direct insurance premium income of 6.12 trillion yuan, a year-on-year increase of 7.43%. By the end of 2025, the industry’s total assets reached 41.31 trillion yuan, a 15.06% increase from the beginning of the year.

In March, listed insurance companies disclosed their annual performance results, providing a more comprehensive sample for industry overview.

According to performance data from Sunshine Insurance, listed in Hong Kong, in 2025, the company maintained steady progress, with continuous value creation and positive trends. Total premium income was 150.72 billion yuan, net profit attributable to the parent company was 6.31 billion yuan, and the group’s embedded value was 1207.8 billion yuan.

From a business perspective, the entire industry’s premium income broke through the 6 trillion yuan mark for the first time. Leading listed insurers also delivered impressive results, demonstrating strong industry resilience and growth potential. Market analysts believe that in 2025, China’s insurance industry, driven by growth, policies, and regulation, achieved steady development and profound transformation. The industry is optimistic about the positive feedback loop of capital and liabilities driving valuation recovery of insurance stocks.

Steady business performance and significantly enhanced value creation on both assets and liabilities

Reviewing Sunshine Insurance’s performance report reveals that over the past year, the company actively adapted to new circumstances, responded to changes, and focused on improving quality, efficiency, and capabilities throughout the year. With firm resilience and determination, it has maintained a stable development pace.

Sunshine Life Insurance, a subsidiary, consistently adheres to high-quality development, strengthening asset-liability management, improving refined management levels, and significantly enhancing operational stability. New business value continued to grow rapidly. In 2025, Sunshine Life achieved a total premium income of 102.61 billion yuan, new business value of 7.64 billion yuan, and a contract service margin balance of 576.2 billion yuan.

Sunshine Life’s diversified business lines have deepened product structure transformation and team upgrades, steadily improving value creation capabilities across all sectors, laying a foundation for long-term high-quality growth. Specifically:

• The individual insurance business continued to implement the “One Body, Two Wings” strategy, focusing on differentiated management. “One Body” aimed at optimizing traditional team quality, enhancing professional skills, and accelerating product structure transformation. “Two Wings” focused on refining operational models and boosting value development momentum. In 2025, individual insurance achieved a total premium income of 25.98 billion yuan, with new policies totaling 6.05 billion yuan, over half of which were floating income and protection products.

• Traditional teams improved quality by raising standards for new team building and enhancing training effectiveness, while strengthening customer management capabilities through AI tools in training and family policy development, boosting multi-form product sales and service capabilities. In 2025, activity per capita was 22,000 yuan, maintaining stability; new recruits’ activity per capita was 18,000 yuan, remaining at a high level.

• Elite teams adopted layered recruitment, systematic training, and long-term empowerment, systematically improving professional skills and quality. Through full lifecycle customer management and refined client segmentation, activity quality was effectively enhanced, supporting high capacity levels. In 2025, elite teams maintained stable monthly activity levels, with per capita productivity more than twice that of traditional teams.

• In occupational marketing, the company precisely targeted corporate retirement needs, accelerated expansion in key regions, optimized project operation mechanisms, and improved professional team development systems, leading to rapid business scale growth. In 2025, total premium income from this sector reached 840 million yuan.

• Bancassurance channels continued to diversify and upgrade, focusing on refined channel management and team professionalism, steadily increasing value contribution. In 2025, bancassurance maintained steady growth, with total premium income of 67.46 billion yuan.

• Other business segments, based on traditional models, actively cultivated new growth drivers across various scenarios, steadily increasing channel contributions. In 2025, total premiums from other channels amounted to 9.18 billion yuan.

In terms of business quality, Sunshine Life’s 13-month renewal rate reached 97.1%, up 0.2 percentage points year-on-year; the 25-month renewal rate was 95.5%, up 3.7 percentage points.

Sunshine Property & Casualty Insurance continued to uphold the development tone of “stability first, fast and good,” maintaining growth and optimizing structure. In 2025, its original premium income was 47.89 billion yuan, continuing to grow year-on-year. The combined cost ratio for non-guaranteed insurance was 98.9%, with underwriting profit of 490 million yuan.

In auto insurance, Sunshine P&C deepened the intelligent life table project for auto insurance and established a dedicated life table for new energy vehicles, further improving pricing accuracy and sensitivity to market and policy changes. It also focused on the “renewal and transfer” model for household vehicles, building a dedicated ecosystem for new energy vehicle operations. The auto insurance structure continued to optimize, with underwriting profitability significantly improved. In 2025, auto insurance premium income was 25.83 billion yuan, with household vehicle premiums increasing by 2.6 percentage points and new energy vehicle premiums by 3.2 percentage points year-on-year; the combined cost ratio was 98.2%, with underwriting profit of 480 million yuan.

In non-auto insurance, premiums grew by 4.5% year-on-year, accounting for 46.1%, up 1.9 percentage points. The business structure continued to improve. Sunshine P&C expanded its policy health insurance coverage, explored long-term care insurance collaboration, and upgraded short-term health insurance products. In 2025, premiums from accident and short-term health insurance reached 7.79 billion yuan, up 8.7%. It also strengthened support for outbound manufacturing and cross-border e-commerce, 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