Weekly Insurance Overview (3.27—4.3)

Finance Net × Corporate Early Warning App

◆ Regulatory Voice

The State Financial Regulatory Administration’s Life Insurance Regulatory Department issues a notice on further strengthening fee management in bank agency channels

The State Financial Regulatory Administration’s Life Insurance Regulatory Department issues the “Notice on Further Strengthening Fee Management in Bank Agency Channels,” and requires that when insurance companies file bank agency channel product records, they must simultaneously report the full level of all fees, including commission, Sino-Union (bank-insurance) sales specialist compensation incentive pay, training, and customer service fees. It strictly prohibits exceeding the “one-to-one integration of filing and selling” requirements, and seeks to prevent any disguised transfer of additional benefits through methods such as listing fictitious fees or cashing out compensation. It clarifies management responsibilities at each level, strengthens ledger management, compliance of supporting documents, and internal performance and accountability, and enhances on-site inspections and industry circulars. This measure aims to standardize the bank-insurance market order and prevent fee-related compliance risks under conditions of rapid growth.

◆** Industry Watch**

Dividend insurance demonstration interest rate to be lowered

The life insurance industry has reached a consensus on lowering the dividend insurance demonstration interest rate. It is planned to further reduce it to 3.5% to prevent sales misrepresentation and interest-rate spread risk. The 2025 annual reports recently densely disclosed by listed insurance companies show that life insurance companies have generally been stepping up dividend insurance business in 2025; the share of dividend insurance business has increased significantly. They have also generally stated that they will iterate product upgrades and optimize product structure. However, according to what is understood, because some life insurance companies, in their earlier development of dividend insurance business, encountered issues such as implicit principal protection and sales misrepresentation, they have started to proactively reduce dividend insurance.

◆** Company Developments**

Lian’an Life spends nearly 900 million yuan to take a stake in Zhongshan Public Utilities

On the evening of April 2, Zhongshan Public Utilities announced that its controlling shareholder, Zhongshan Investment Holding Group Co., Ltd., and Lian’an Life Insurance Co., Ltd. signed a “Share Transfer Agreement” on April 1. Zhongshan Tougu intends to transfer approximately 73.7556 million shares it holds in the company (accounting for 5% of the company’s total share capital as of now) at a price of RMB 12.19 per share, for total consideration of approximately RMB 899 million.

New China Life: Net profit in 2025 up more than 38% year over year

On the evening of March 27, New China Life released its 2025 annual report. The report shows that as of the end of 2025, the company’s total assets were nearly RMB 1.9 trillion, up 12.2% from the end of the previous year. In 2025, it achieved gross premium income from original insurance of RMB 19k, up 14.9%; embedded value of RMB 195.87B, up 11.4%; operating revenue of RMB 287.84B, up 19%; and net profit attributable to shareholders of the parent company of RMB 157.75B, up 38.3%.

China Reinsurance releases annual performance; net profit attributable to the parent company is RMB 36.28B

China Reinsurance released its performance for the year ended December 31, 2025. For the group, operating revenue was RMB 9.77B, up 5.75% year over year; net profit attributable to shareholders of the parent company was RMB 124.93B, down 7.44% year over year; earnings per share were RMB 0.23; and it plans to pay a final dividend of RMB 0.0691 per share.

◆** Finance Personnel Moves**

PICC Property and Casualty: Zhang Daoming appointed as Party Committee Secretary

On March 27, PICC Property and Casualty released an announcement stating that Zhang Daoming, the company’s temporary head, executive director, vice president, and chief financial officer, has been appointed as Party Committee Secretary of PICC Property and Casualty.

PICC Assets: Chairman Caizhiwei’s appointment qualifications approved

Recently, PICC Assets released an announcement stating that on March 26, 2026, the National Financial Regulatory Administration issued an approval reply (Jin Fu〔2026〕162) approving Caizhiwei as Chairman of China PICC Asset Management Co., Ltd.

Empowered Life’s temporary head Xue Jihao appointed as Party Committee Secretary

Recently, multiple authoritative media outlets separately published signed articles by Xue Jihao, Party Committee Secretary of Empowered Life, which drew broad attention in the market. Previously, Xue Jihao served as the temporary head of Empowered Life; whether his role will further change is also a key focus for the market.

Lian’an Life: Huang Jian to be appointed as Chairman

Lian’an Life Insurance Co., Ltd. announced recently that the company held the 25th meeting of the fourth session of the board of directors on March 30, 2026. The meeting elected Huang Jian as Chairman of the board for the fourth session of the board, with a term until the expiration of the fourth session of the board. Huang Jian’s position as chairman will be formally appointed after approval by regulatory authorities. Before the formal appointment as chairman, Huang Jian will be nominated to temporarily perform the duties of the chairman.

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(Editor: Wang Xinyu)

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