China's Five Listed Insurers Declare First Mid-Year Dividends Totaling RMB 39.05 Billion

China's five major A-share listed insurers recently unveiled their 2026 interim dividend plans in tandem, marking the first collective mid-year payout by listed insurers on the A-share market. The five companies—PICC, China Life, Ping An, CPIC, and New China Life—plan to distribute a combined interim dividend of approximately RMB 39.05 billion for 2026, with payout levels generally higher than those of the 2025 interim period.

PICC proposed a cash dividend of RMB 0.11 per share (pre-tax), totaling about RMB 4.865 billion, up 46.67% year on year. China Life plans RMB 0.358 per share (pre-tax), for a total of roughly RMB 10.119 billion, a 50.4% increase. Ping An's interim dividend stands at RMB 0.98 per share (pre-tax), up 3.2% year on year, amounting to about RMB 17.745 billion. New China Life proposed RMB 0.73 per share (pre-tax), with a total payout of approximately RMB 2.277 billion, up 9%. CPIC's board approved an interim dividend resolution, proposing RMB 0.42 per share (pre-tax), totaling about RMB 4.041 billion—the company's first mid-year dividend.

The collective move toward interim dividends is underpinned by sustained improvement in operating performance. In the first half of 2026, the five insurers generated a combined net profit attributable to shareholders of RMB 317.387 billion, a year-on-year surge of 78.12%, setting a new record on top of the already high base of the same period in 2025. Several insurers posted record profits. Since its listing, China Life has distributed cumulative dividends exceeding RMB 255 billion, while Ping An's cumulative dividends over the past decade have surpassed RMB 390 billion. CPIC, in 2026, proactively adjusted its dividend schedule and implemented its first interim dividend, aiming to establish a semi-annual regular payout mechanism.

In terms of operating profit, Ping An reported RMB 84.196 billion attributable to shareholders for the first half of 2026, up 8.3% year on year. CPIC's operating profit attributable to shareholders reached RMB 21.149 billion, up 6.2%. This metric is derived from reported net profit, excluding items with significant short-term volatility in the income statement, as well as one-off material items and related income and expenses that management deems outside the scope of daily operations.

Regarding solvency adequacy, all listed insurers maintained sufficient levels above regulatory requirements. As of the end of June 2026, the comprehensive solvency adequacy ratios for PICC, China Life, Ping An, CPIC, and New China Life stood at 246.6%, 197.78%, 198.1%, 255%, and 195.74%, respectively.