On March 26, CPIC Chairman Fu Fan stated in his address within the 2025 annual report that 2026 marks the 35th anniversary of CPIC's establishment and the inaugural year of the company's 15th Five-Year Plan. Facing the broad new journey of the 15th Five-Year Plan, the company will firmly adhere to the general principle of "seeking progress while maintaining stability, improving quality, and enhancing efficiency." It will focus on its main responsibilities and core businesses, striving to strengthen core functions and enhance core competitiveness. Building on 35 years of solid accumulation, the company will ride the momentum, seize opportunities, tackle challenges with the courage of reform, and break new ground with the power of innovation. In serving the great practice of Chinese modernization, CPIC aims to deliver excellent results worthy of the era and the people.
The past year saw accelerated evolution in global changes spanning a century, alongside a complex and severe international political and economic landscape. Meanwhile, China's economy maintained stable operation, with its development resilience further strengthening. Domestic technological revolution and industrial transformation continued to deepen. Steady progress was made in green development and low-carbon transition, livelihood security and health care for the elderly, rural revitalization and agricultural security, risk prevention, and social governance, injecting strong vitality into the long-term healthy development of the insurance industry. CPIC consistently maintained strategic focus, actively responded to changes in internal and external situations, adhered to the value-centric approach, comprehensively deepened reforms, accelerated long-term capability building, and achieved stable operational results.
In 2025, the Group achieved total operating revenue of 435.156 billion yuan, a year-on-year increase of 7.7%. Insurance service revenue reached 288.910 billion yuan, up 3.4% year-on-year. Net profit attributable to equity holders of the parent company was 53.505 billion yuan, growing 19.0% year-on-year. Operating profit attributable to equity holders of the parent company amounted to 36.523 billion yuan, an increase of 6.1% year-on-year, indicating steady growth in both revenue and profitability. As of the end of 2025, the Group's embedded value stood at 6,133.65 billion yuan, up 9.1% from the end of the previous year. Net assets attributable to equity holders of the parent company reached 3,021.43 billion yuan, an increase of 3.7% from the end of the prior year. Total assets under management grew to 3.89 trillion yuan, a 9.8% increase from the end of the previous year, reflecting a steady enhancement of the Group's overall comprehensive strength.
Throughout the year, the company deepened its transformation, leading to optimized development in its core businesses. The life insurance business adhered to the value growth principle and promoted the upgrade of diversified channel models. New business value reached 18.609 billion yuan, surging 40.1% year-on-year. The new business value margin was 19.8%, an improvement of 3.2 percentage points year-on-year. The agency channel enhanced the professionalization, specialization, and digital-intelligent capabilities of its team, further boosting the productivity of core personnel. The bancassurance and group government channels saw steady growth in their value contributions. Deepening customer tiering management and continuous optimization of the product portfolio led to participating insurance products accounting for over half of new regular-premium policies, maintaining good business quality. The property and casualty insurance business prioritized profitability, continuously optimized its business mix, effectively improved underwriting profitability, achieved significant growth in underwriting profit, and maintained stable premium income. The auto insurance business continued to enhance its refined management level, strengthened channel specialization, and steadily increased operational resilience. Non-auto insurance proactively reduced high-risk, low-profit business and comprehensively advanced the integrated risk reduction management system for "prevention, reduction, rescue, and claims." On the investment side, efforts focused on building cross-market, cross-cycle asset allocation capabilities and seizing capital market opportunities. The Group's comprehensive investment return rate on investment assets remained at a favorable level, providing strong support for the Group's profit realization.
The company demonstrated determination and responsibility in serving the broader national interests. It solidly advanced the "Five Major Areas of Finance," promoting deep integration and positive interaction between insurance and economic and social development. In technology finance, it supported the development of new productive forces, built specialized product systems like the "Worry-Free Sci-Tech Innovation" comprehensive insurance, provided over 67 trillion yuan in technology insurance coverage, and achieved a technology investment scale exceeding 130 billion yuan. In green finance, it facilitated the green transformation of the economy and society, with green insurance coverage surpassing 310 trillion yuan. It actively issued green insurance debt plans, ABS, and REITs, with green investment scale exceeding 300 billion yuan. In inclusive finance, critical illness insurance, long-term care insurance, and inclusive commercial health insurance products covered over 500 million people in 262 cities nationwide. Agricultural insurance provided approximately 1.3 trillion yuan in risk coverage for more than 17 million farmer households, with claims benefiting nearly 6 million farmer households. In pension finance, it enriched the supply of health and elderly care services. The "Taiping Home" project expanded to 15 parks in 13 cities, hosting over 3,000 residents. "Yuanshen Rehabilitation" hospitals opened in Xiamen and Jinan. Health and elderly care services cumulatively covered over 12 million customers. Innovative practices like the talent enterprise annuity plan in Shanghai's Lingang New Area and the auto-enrollment enterprise annuity mechanism in Xiong'an New Area were implemented orderly. In digital finance, the company continued building a large insurance model foundation and computing power platform. It deepened digital-intelligent operations in scenarios like life insurance customer management, sales force empowerment, P&C risk reduction services, and health insurance claims, effectively improving operational efficiency and effectiveness.
The company balanced breaking old patterns with establishing new ones, making innovation strides more forceful. It supported Chinese automotive companies in "going global," cumulatively providing coverage for over 20,000 exported new energy vehicles in Thailand, marking the first successful case of a domestic insurer in the international service field of new energy vehicle insurance. It launched the "Taiping Excellent Care 2.0" digital-intelligent empowerment solution, embedding AI into processes like fund calculation and disability assessment, pushing efficiency, accuracy, and risk control capabilities to new levels. It successfully launched a 30-billion-yuan strategic emerging industry M&A fund and a 20-billion-yuan private securities fund, injecting financial vitality into the real economy. The company smoothly completed the reform of the board of supervisors and improved the director履职保障机制, continuously enhancing corporate governance efficacy. Innovative capital operations included the premium issuance of a zero-coupon H-share convertible bond, setting multiple historical records and successfully attracting numerous international long-term investors, providing solid support for future core business development and strategic advancement. The company improved its ESG governance system, released the Group's five-year carbon reduction targets, deepened climate risk quantitative management capabilities, and saw its MSCI ESG rating upgraded to the highest AAA level, reaching international leading standards.
2025 was the final year of the 14th Five-Year Plan. Over the past five years, facing multiple internal and external challenges, the company consistently maintained confidence and focus, unwaveringly deepened transformation and reform, responded to environmental uncertainties with the certainty of its own development, and propelled the company forward on the path of high-quality development. By the end of 2025, the Group's assets under management approached 3.9 trillion yuan. Embedded value increased by over 33% cumulatively over five years, and cumulative total profits exceeded 2.2 trillion yuan. The total number of Group customers steadily increased to nearly 190 million. The number of customers holding two or more policies and the average number of policies per customer both achieved double-digit growth, further enhancing customer value and loyalty.
The period of the 15th Five-Year Plan involves profound and complex changes in the development environment, where strategic opportunities coexist with risks and challenges, and uncertain, unpredictable factors are increasing. The insurance industry must discern long-term trends and proactively adapt and innovate. Currently, a new round of technological and industrial revolution is accelerating breakthroughs. Emerging risks and financing needs in innovative fields present new development opportunities for both the liability and asset sides of insurance companies. Population aging and declining birthrates exacerbate the challenge of "getting old before getting rich," but also stimulate demand for multi-level pension finance products and health and elderly care services. Artificial intelligence profoundly influences consumer cognition patterns and behaviors, spurring new industrial formats and business models, while also demanding more innovative insurance products and services. Simultaneously, the company is clearly aware that industry transformation is still in a challenging phase. On one hand, the importance of insurance's functions as the "two instruments and three networks" is increasingly prominent, requiring further capability upgrades to play a greater role in economic and social development. On the other hand, facing the叠加 of factors like the reform of the personal marketing system, pressure on P&C underwriting profitability, the low-interest-rate era, and volatility in the equity market, the industry's need to cultivate new growth drivers and create new development space is more urgent than ever.
New starting points breed new opportunities; the new journey calls for new actions. For the 15th Five-Year Plan, CPIC has set the vision of building "a first-class insurance and financial services group with market leadership and international competitiveness." It will continue to deepen reform and攻坚, advance on the journey to first-class, actively create a new局面 of high-quality development, and strive to provide shareholders with sustained, stable investment returns.
The company will consolidate its core business foundation and solidify its competitive advantage through professional operations. The life insurance business will adhere to the value principle and deepen business transformation. The agency channel will accelerate the development of high-performing teams and further increase per capita productivity, based on stabilizing the team foundation. The bancassurance channel will seize market opportunities, deepen the development of mid-to-high-end customers, and consolidate the foundation for value growth. The product matrix will be further enriched to precisely match product service resources with customer needs and optimize profit source structures. The P&C business will focus on enhancing underwriting profitability, optimizing the business mix, and cultivating new growth drivers. It will actively explore model innovation in areas like new energy vehicle insurance and smart driving, strengthen precise pricing, professional underwriting, and claims handling capabilities for new customer groups, new products, and new businesses, and健全 risk reduction management and risk dispersion mechanisms. The company will actively respond to the low-interest-rate environment, continuously optimize the asset-liability linkage mechanism, strengthen the matching of asset-liability costs and returns and durations, and enhance the capability for major asset class allocation and execution, laying a foundation for achieving long-term stable investment returns.
The company will seize opportunities of the era to advance breakthroughs in three major strategic transformations. For the Great Health and Pension strategy, it will capitalize on new health insurance policies, innovate commercial health insurance products, and enhance the professional operational advantages in health insurance. Service will drive product innovation and risk reduction management. It will strengthen professional pension management, accelerate efforts in pension finance, promote the expansion of the enterprise annuity market, scale up the second pillar, seize opportunities in personal pension business, create integrated product-service solutions, and build a differentiated competitive advantage for the third pillar. For the internationalization strategy, it will enhance forward-looking strategic research, improve cross-border service supply capabilities and global asset allocation capabilities. Using Hong Kong as a "bridgehead" for cross-border connection and a "launchpad" for business innovation, it will promote business布局 in key markets and gradually integrate into the international market. For the "AI+" strategy, it will focus on strengthening digital-intelligent innovation, building an enterprise-level artificial intelligence capability system, accelerate the场景化 and规模化 R&D and implementation of AI applications, and promote efficiency improvement, business process reengineering, customer experience optimization, and service model innovation.
The company will focus on deepening reforms to forge long-term competitiveness for the future. It will continuously improve modern corporate governance mechanisms, further solidify the governance foundation under the new "two committees and one layer" structure, clarify market-oriented incentives and constraints through a governance mechanism with clear responsibilities and efficient operations, and further unleash the vitality of grassroots operations. It will vigorously select outstanding young cadres and build a market-competitive talent development mechanism, laying a solid professional reserve team for CPIC's long-term development. The company will健全 the risk and compliance management system, strengthen research, judgment, and early warning, and enhance the ability to precisely control risks and respond practically. It will further improve the market value management mechanism, consolidate the foundation for value creation, strengthen value transmission and value operation, and steadily enhance returns to investors.
2026 marks the 35th anniversary of CPIC's establishment and the inaugural year of the company's 15th Five-Year Plan. Facing the broad new journey of the 15th Five-Year Plan, the company will firmly adhere to the general principle of "seeking progress while maintaining stability, improving quality, and enhancing efficiency." It will focus on its main responsibilities and core businesses, striving to strengthen core functions and enhance core competitiveness. Building on 35 years of solid accumulation, the company will ride the momentum, seize opportunities, tackle challenges with the courage of reform, and break new ground with the power of innovation. In serving the great practice of Chinese modernization, CPIC aims to deliver excellent results worthy of the era and the people.