China Reinsurance (Group) (1508) Q4 2025 earnings summary

Executive summary

• Achieved record-high combined premium of RMB 186 billion and parent company profit of RMB 9.7 billion, up 38% year-over-year.

• Significant increase in shareholder dividends, with dividend per share up 38.2% year-over-year.

• Maintained leading market share in domestic P&C and L&H reinsurance, with international business coverage expanded to over 200 countries/regions.

• Accelerated digital transformation and AI adoption, enhancing operational efficiency and data governance.

Financial highlights

• Overseas premium income reached RMB 39 billion, a fourfold increase year-over-year; overseas profit grew ninefold.

• Asset management income was RMB 118 billion, up 4.2% year-over-year, with a net profit rate of 1.4%.

• Gross written premiums reached RMB 180,368 million, up 1.1% year-over-year; insurance revenue was RMB 103,087 million, up 1.7%.

• Total assets reached RMB 527,763 million (+3.8%), and equity increased to RMB 119,315 million (+5.9%).

• Earnings per share was RMB 0.23, and ROE was 9.18%.

Outlook and guidance

• 2026 marks the start of the 15th Five-Year Plan, focusing on high-quality, stable, and internationalized growth.

• Plans to expand business scale, increase underwriting profits, and pursue prudent investment.

• Focus on business model transformation, digital capability enhancement, and comprehensive risk management for 2026.

• Profitability and dividend policy expected to remain stable, with continued focus on value creation and resilience.

• Internationalization and support for Chinese companies abroad, especially in new energy and EV sectors, are key priorities.