People's Insurance Company of China (PICC) net profit last year was 46.2 billion yuan, an increase of 9.6%, with premium income up by 6.5%.

On the evening of March 26, China People’s Insurance Group Company Limited (China PIC, 601319.SH; 1339.HK) disclosed its 2025 performance report on the Hong Kong Stock Exchange, which shows that in 2025, the company achieved insurance service revenue of 570.717 billion yuan, a year-on-year increase of 6.1%; achieved original insurance premium income of 738.333 billion yuan, a year-on-year increase of 6.5%; and achieved a net profit attributable to the parent company shareholders of 46.207 billion yuan, a year-on-year increase of 9.6%.

In terms of business segments, in property insurance, in 2025, PIC Property & Casualty achieved insurance service revenue of 511.594 billion yuan, a year-on-year increase of 5.4%; achieved underwriting profit of 12.535 billion yuan, up 119.4% year-on-year; comprehensive cost ratio of 97.5%, down 1.3 percentage points year-on-year; comprehensive claims ratio of 73.9%, up 0.9 percentage points year-on-year; comprehensive expense ratio of 23.6%, down 2.2 percentage points year-on-year; achieved net profit of 40.377 billion yuan, a year-on-year increase of 25.5%. The three-year average comprehensive cost ratio for PIC Property & Casualty was 98.0%, and the three-year average comprehensive claims ratio was 72.5%.

In terms of premium income, in 2025, PIC Property & Casualty achieved original insurance premium income of 555.777 billion yuan, a year-on-year increase of 3.3%, with a market share of 31.6%, and insurance service revenue of 511.594 billion yuan, a year-on-year increase of 5.4%, maintaining its leading position in the industry. Among them, the premium income from auto insurance exceeded 300 billion yuan, with a market share remaining relatively stable; non-auto insurance accounted for 45.0%, a year-on-year increase of 0.3 percentage points, and personal non-auto insurance maintained rapid growth.

Among various types of insurance in PIC Property & Casualty, auto insurance and health insurance achieved underwriting profitability, while agricultural insurance, liability insurance, and commercial property insurance still incurred underwriting losses.

In 2025, PIC Life Insurance achieved insurance service revenue of 25.337 billion yuan, a year-on-year increase of 13.2%; original insurance premium income increased by 18.8% year-on-year, and regular premium income increased by 21.0% year-on-year; achieved new business value of 8.229 billion yuan, a year-on-year increase of 64.5% on a comparable basis; achieved net profit of 11.774 billion yuan.

By channel, in 2025, the original insurance premium income from PIC Life Insurance’s bank assurance channel exceeded that of the individual insurance channel, with the proportion of premium income changing from roughly equal to individual insurance in the previous year to accounting for over half in 2025. China PIC stated that PIC Life Insurance’s bank assurance channel adheres to a “customer-centric” business philosophy, continuously deepening cooperation with state-owned major banks and key joint-stock banks, enhancing systems and optimizing processes, strengthening rigid controls, strictly implementing regulatory requirements of “reporting and operation integration,” and promoting high-quality channel development.

The annual report shows that in 2025, the original insurance premium income from PIC Life Insurance’s bank assurance channel reached 68.278 billion yuan, a year-on-year increase of 33.5%, with the proportion of premium income reaching 54.2%; achieved new business value of 4.672 billion yuan, a year-on-year increase of 102.3% on a comparable basis; first-year regular premiums increased by 66.3% year-on-year. The personal insurance channel achieved original insurance premium income of 54.004 billion yuan, a year-on-year increase of 5.4%, accounting for 42.9%; achieved new business value of 3.508 billion yuan, a year-on-year increase of 30.4% on a comparable basis; the scale of sales personnel was 76,991 people, with an average effective personnel of 19,770 people per month. In addition, in the group insurance channel, original insurance premium income reached 3.688 billion yuan, a year-on-year increase of 2.4%, with original insurance premium income from short-term insurance at 2.793 billion yuan, a year-on-year increase of 5.7%.

In 2025, PIC Health achieved insurance service revenue of 30.433 billion yuan, a year-on-year increase of 11.8%, and net profit of 8.182 billion yuan, a year-on-year increase of 42.8%. The new business value was 7.387 billion yuan, a year-on-year increase of 22.5% on a comparable basis.

It is worth noting that in 2025, PIC Health was approved to establish a wholly-owned health management company. According to the annual report, its health management business achieved service revenue of 509 million yuan, a year-on-year increase of 17.2%, providing various health management services to more than 9.52 million customers, with total service volume increasing by 16.9% year-on-year, and the scale and service level of health management business continuously improving.

On the investment side, in 2025, China PIC achieved total investment income of 92.987 billion yuan, a year-on-year increase of 13.2%; net investment income of 59.411 billion yuan, a year-on-year increase of 3.7%; total investment return rate of 5.6%, down 0.2 percentage points year-on-year on a restated basis; net investment return rate of 3.5%, down 0.2 percentage points year-on-year on a restated basis, with a three-year average total investment return rate of 4.9%.