The People's Insurance Company (Group) of China (1339) Q4 2025 earnings summary

Executive summary

• Insurance revenue rose 6.1% year-over-year to RMB 570.7bn, with net profit attributable to equity holders up 9.6% to RMB 46.2bn.

• Net profit reached RMB 62,451 million, up 10.0% year-over-year.

• Total assets rose 14.8% to RMB 2,027,592 million, and net assets attributable to equity holders increased 15.0% to RMB 309.2bn.

• Total investment income reached RMB 92,987 million, up 13.2% year-over-year, hitting a historic high.

• Cash dividend per share increased 22.2% to RMB 0.22.

Financial highlights

• Total operating revenue was RMB 669,254 million, up 7.6% year-over-year.

• Net investment gains increased 32.9% to RMB 47,709 million.

• Net cash from operating activities was RMB 118,689 million, up 34.9%.

• Group solvency margin ratio at 250%, with core solvency margin ratio at 201%.

• Combined ratio for P&C improved to 97.5%, down 1.3ppts.

Outlook and guidance

• Focus for 2026 includes accelerating world-class enterprise development, optimizing business structure, and enhancing risk management and digital transformation.

• Plans to intensify support for strategic national goals, high-quality development, and reform initiatives.

• Priorities include expanding customer base and enhancing investment capabilities.