Weekly Insurance Overview (3.20—3.27)

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◆ Voice of Regulation

“Implementation Plan for Accelerating the Establishment of a Long-term Care Insurance System” Issued

On March 26, the National Healthcare Security Administration, the Ministry of Civil Affairs, the Ministry of Finance, the Ministry of Human Resources and Social Security, the Ministry of Agriculture and Rural Affairs, the National Health Commission, the State Taxation Administration, and the China Disabled Persons’ Federation issued the “Implementation Plan for Accelerating the Establishment of a Long-term Care Insurance System.” The “Implementation Plan” mentions that employees participating in long-term care insurance will have contributions jointly paid by employers and employees, alongside the basic medical insurance contributions. The rate will be reasonably determined based on the national benchmark rate, with an overall rate controlled at around 0.3%, shared equally by employers and employees, each contributing about 0.15%. The contribution base for employers is the total wages of employees, while the contribution base for individuals is their personal wage income.

Financial Regulatory Authority Plans to Further Standardize Consumer Complaint Handling by Banking and Insurance Institutions

To protect the legal rights of financial consumers, standardize the handling of consumer complaints by banking and insurance institutions, and promote diversified resolution of financial consumer disputes, the Financial Regulatory Authority has recently revised the “Management Measures for Handling Consumer Complaints in the Banking and Insurance Industries” and formed the “Draft for Public Consultation on the Management Measures for Handling Financial Consumer Complaints by Banking and Insurance Institutions,” which is now open to public feedback.

◆ Corporate Dynamics

China Life’s Net Profit Grew by 44% Last Year

On March 25, China Life disclosed its annual report for 2025. The data shows that in 2025, it achieved operating revenue of 615.678 billion yuan, a year-on-year increase of 16.5%; net profit reached 154.078 billion yuan, a year-on-year increase of 44.1%.

China Pacific’s 2025 Performance Announcement: Life Insurance Business Structure Continues to Optimize

China Pacific announced its full-year performance for 2025, achieving insurance service performance of 21.989 billion yuan, a year-on-year increase of 9.5%. Its professional life insurance subsidiary, China Pacific Life, has continuously optimized its business structure, with significant results in the transformation of participating insurance, where the proportion of new premiums from participating insurance in all channels accounts for nearly 90% of new premiums from long-term insurance.

China Taiping: New Business Value of Taiping Life Insurance Reached 18.609 Billion Yuan in 2025, a Year-on-Year Increase of 40.1%

On March 26, China Taiping released its annual report for 2025. The report shows that Taiping Life Insurance achieved scale premiums of 295.855 billion yuan in 2025, a year-on-year increase of 12.7%. The intrinsic value reached 465.479 billion yuan, an increase of 10.2% compared to the end of the previous year; the new business value reached 18.609 billion yuan, a year-on-year increase of 40.1%; the new business value rate was 19.8%, up 3.2 percentage points year-on-year. Net profit was 42.165 billion yuan, a year-on-year increase of 17.7%; operating profit was 28.916 billion yuan, a year-on-year increase of 4.8%.

Ping An Insurance’s Operating Profit Attributed to Parent Company Increased by 10.3% in 2025

On the evening of March 26, Ping An Insurance (Group) Company of China, Ltd. released its annual report for 2025. Ping An stated that it achieved operating profit attributable to parent company shareholders of 134.415 billion yuan in 2025, a year-on-year increase of 10.3%. The net profit attributable to parent company shareholders after deducting non-recurring items was 143.773 billion yuan, a year-on-year increase of 22.5%. The equity attributable to parent company shareholders first exceeded one trillion yuan, reaching 1,000.419 billion yuan, an increase of 7.7% compared to the beginning of 2025.

◆ Financial Personnel Changes

Zhang Daoming Appointed as a Member of the CPC Committee of China Insurance Group, Expected to Take Over as President of PICC Property and Casualty Insurance

On March 24, the official website of China Insurance Group updated that Zhang Daoming, the interim head, executive director, vice president, and financial officer of PICC Property and Casualty Insurance, has been appointed as a member of the CPC Committee of China Insurance Group. According to convention, after the board resolution is passed and approved by the National Financial Supervision and Administration, Zhang Daoming will take up the position of vice president of the group. Recent market information indicates that Zhang Daoming has been confirmed as the new president of PICC Property and Casualty Insurance. His prior appointment as a member of the CPC Committee of China Insurance Group further confirms that his arrangement to succeed Yu Ze as president of PICC Property and Casualty Insurance has basically been finalized.

Qiu Zhikun Appointed Chairman of Bank of China Samsung Life Insurance Co., Ltd.

The Beijing Regulatory Bureau of the National Financial Supervision and Administration has approved Qiu Zhikun’s qualifications to serve as chairman of Bank of China Samsung Life Insurance Co., Ltd., requiring him to assume office within two months from the date of approval, otherwise the approval will automatically become invalid, and it emphasizes that he must comply with regulatory requirements, strengthen risk compliance awareness, and perform his duties faithfully and diligently.

ICBC AXA Life President Appointment Approved

On March 24, ICBC AXA Life Insurance Co., Ltd. announced the appointment of its president: based on the resolution of the 49th meeting of the company’s board of directors and approved by the Shanghai Regulatory Bureau of the National Financial Supervision and Administration, Bao Lingjie will serve as the company’s president (general manager) starting March 19, 2026.

CITIC Prudential Life: General Manager and CEO Chang Ying Resigns, Liu Jun Appointed as Interim Head

Recently, CITIC Prudential Life Insurance Co., Ltd. announced that, after review and approval by the fourth meeting (extraordinary meeting) of the eighth board of directors, Chang Ying has resigned from the positions of general manager and CEO, with Liu Jun appointed as the company’s interim head.

(Editor: Wang Xinyu)

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