Deepening reform to improve quality and efficiency, demonstrating responsibility in serving the overall situation. China Taiping Insurance's 2025 performance shows steady growth.

March 26, China Taiping Insurance (601601.SH 2601.HK CPIC.LSE) released its 2025 annual performance results. Over the past year, China Taiping Insurance has consistently maintained strategic focus, actively responded to changes in the internal and external environment, upheld the value-driven main line, comprehensively deepened reforms, accelerated long-term capability building, and achieved solid operating results.

In 2025, China Taiping Insurance Group recorded total operating revenue of RMB 435.156 billion, up 7.7%. Of this, insurance service revenue was RMB 288.910 billion, up 3.4%. Net profit attributable to the Group’s owners was RMB 53.505 billion, up 19.0%. Operating profit attributable to the Group’s owners was RMB 36.523 billion, up 6.1%. Revenue and profitability continued to grow steadily. As of end-2025, the Group’s embedded value was RMB 613.365 billion, up 9.1% from the end of the prior year. Net assets attributable to the Group’s owners were RMB 302.143 billion, up 3.7% from the end of the prior year. The Group’s assets under management were RMB 3.89 trillion, up 9.8% from the end of the prior year, with overall comprehensive strength improving steadily.

Deepening transformation; the core business is developing toward improvement

China Taiping Insurance’s life insurance business adheres to the value-growth main line and promotes upgrades to its multi-channel operating model. New business value was RMB 18.609 billion, up 40.1%; new business value margin was 19.8%, up 3.2 percentage points year over year. In the agency channel, the company has deepened the development of a workforce that is professional, specialized, and empowered through digital and intelligent technologies; the core human-capital productivity has been further enhanced. The value contributions from bancassurance and group/government-related channels have grown steadily. It has deepened customer-tiered operations, continuously optimized its product structure, and the proportion of new policy-premium dividend insurance has been raised to more than half, with business quality remaining strong. China Taiping Insurance’s property and casualty insurance business prioritizes efficiency and continues to optimize its business mix. Underwriting profitability has improved effectively, underwriting profit has grown significantly, and premium income has remained stable. The auto insurance business has continued to enhance its level of refined management and strengthen channel professionalization, steadily increasing operating resilience. For non-auto insurance, it proactively reduced high-risk, low-efficiency businesses and fully advanced the “prevention-reduction-recovery-compensation” integrated risk-reduction and claims-management risk mitigation framework. For the investment side, China Taiping Insurance focuses on building asset allocation capabilities across markets and across cycles, seizes opportunities in capital markets, and the Group’s overall investment return on its investment assets has continued to remain at a relatively strong level, providing solid support for the Group’s profit realization.

Pursuing progress with determination; fulfilling responsibilities in service of the overall situation

China Taiping Insurance has solidly carried out the financial “five major initiatives” to promote deep integration and positive interaction between insurance and economic and social development. In the area of technology finance, it supports the development of new quality productive forces and builds dedicated product systems such as the comprehensive insurance plan “KeChuang Wuyou” (Science & Innovation, No Worries). The amount of technology insurance保障 exceeds RMB 6.7 trillion, and the scale of technology investments exceeds RMB 130 billion. In the area of green finance, it helps drive a green transition in the economy and society; the amount of green insurance保障 exceeds RMB 31.0 trillion. It has actively issued green insurance-linked bond plans, ABS, and REITs, with green investment scale exceeding RMB 300 billion. In the area of inclusive finance, its coverage for critical illness, long-term care, and惠民保 (benefiting the people insurance) has reached 262 cities nationwide with more than 500 million person-visits; it provides agricultural insurance risk protection of approximately RMB 1.3 trillion for more than 17 million rural households, and agriculture-insurance claims support has benefited nearly 6 million rural households. In the area of pension finance, it has enriched the supply of health and eldercare services; it has rolled out “Taibao Home” across 13 cities and 15 parks. The number of residents currently living there exceeds 3,000. The “Yuan Shen Rehabilitation” hospital opened in both Xiamen and Jinan. Cumulative health and eldercare services coverage has exceeded 12 million customers. Innovation initiatives such as the Shanghai Lingang New Area talent enterprise pension plan and mechanisms for enterprises in the Xiong’an New Area to automatically join corporate pension schemes have been implemented in an orderly manner. In the area of digital finance, it continues to build the foundation of insurance large models and a computing-power platform. In business scenarios such as life insurance customer operations, enabling the marketing team, risk-reduction services in property and casualty insurance, and claims handling in health insurance, it deepens intelligent and data-driven operations, effectively improving operational efficiency and effectiveness.

Focusing on both breaking and building together; innovation moves forward with even greater force

Serving Chinese automakers in their “going global” efforts, China Taiping Insurance has provided coverage in Thailand for more than 20,000 units of China-exported new-energy vehicles, becoming the first successful case among domestic insurers in the field of internationalized services for new-energy vehicle insurance. It released the “Taibao U-Gu 2.0” digital-intelligence enablement solution, embedding AI into fund calculations and disability assessments, among other stages, to push efficiency, accuracy, and risk-control capabilities to a new level. It successfully launched a RMB 30 billion (30 billion) strategic emerging-industry M&A fund and a RMB 20 billion (200亿元) private securities fund, injecting financial liquidity into the real economy. It completed the reform of the supervisory board in a steady manner, improved mechanisms to ensure directors fulfill their duties, and the effectiveness of corporate governance continued to improve. In innovative capital operations, it issued zero-coupon H-share convertible bonds at a premium, setting multiple historical records and successfully attracting many international long-term investors to participate, providing strong support for future core business development and strategic advancement. It improved its ESG governance system, released the Group’s five-year carbon-reduction targets, and deepened the capabilities to build quantitative climate-risk management. Its MSCI ESG rating rose to AAA, the highest level, placing it among international leading standards.

2025 is the concluding year of the “14th Five-Year Plan.” Over the past five years, facing multiple challenges from both the domestic and international environment, China Taiping Insurance has maintained confidence and focus, firmly and without wavering deepened transformation and reform, and used the certainty of its own development to address the uncertainty of the environment, continuously moving forward on the path of high-quality development. As of end-2025, the Group’s assets under management were close to RMB 3.9 trillion. Embedded value increased by more than 33% cumulatively over five years, and total cumulative profits exceeded RMB 220 billion. The total number of Group customers steadily increased to nearly 190 million. The number of customers holding two or more policies, and the number of policies per customer, both achieved growth of more than 10%—further enhancing customer value and stickiness.

A new starting point breeds new opportunities; a new journey calls for new actions. Looking ahead to the “15th Five-Year Plan,” China Taiping Insurance has already established its vision and goal of building “a first-class insurance and financial services group with market-leading influence and international competitiveness.” It will continue to deepen reform and tackle tough issues, strive on a journey of first-class achievement, actively open up a new situation for high-quality development, and work hard to provide shareholders with continuous and stable investment returns.

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