China's Five Listed Insurers Post 78.12% Profit Surge in H1 2026

The semi-annual reports of A-share listed insurers have been fully disclosed. In the first half of 2026, the five major listed insurers—China Life, Ping An, PICC, CPIC, and New China Life—collectively achieved a net profit attributable to shareholders of RMB 317.387 billion, a year-on-year increase of 78.12%, adding RMB 139.195 billion compared with the same period last year. As of the end of the second quarter, the combined balance of equity-type assets held by the five insurers reached RMB 2.82 trillion.

By company, China Life posted a net profit attributable to shareholders of RMB 134.489 billion, up 228.6% year-on-year, ranking first among listed insurers. Ping An reported RMB 92.585 billion, up 36.1%, the highest level since 2020. PICC achieved RMB 36.745 billion, up 38.5%. CPIC recorded RMB 30.775 billion, up 10.4%. New China Life posted RMB 22.793 billion, up 54%. Among them, China Life, PICC, CPIC, and New China Life all set record highs for semi-annual net profit attributable to shareholders since their listings.

On the investment side, China Life realized investment income of RMB 112.902 billion in the first half, up 77.3% year-on-year. Its fair value changes reached RMB 135.835 billion, a surge of 131 times year-on-year. Underwriting financial results amounted to RMB 188.067 billion, up 91.9%. On a quarterly basis, China Life's first-quarter net profit attributable to shareholders was RMB 19.505 billion, down 32.3% year-on-year, while the second quarter alone reached RMB 114.984 billion, up 848% year-on-year.

On the liability side, China Life's total premium income in the first half of 2026 was RMB 536.634 billion, with new business premium income of RMB 180.039 billion, up 11.6% year-on-year. Its new business value reached RMB 38.167 billion, up 33.7%. Ping An Life and Health's new business value was RMB 24.847 billion, up 11.2%, with operating profit of RMB 55.872 billion, up 2.3%. CPIC Life's new business value was RMB 10.758 billion, up 12.7%, and its new business value margin improved by 2.5 percentage points to 17.5%.

In the property and casualty insurance segment, PICC P&C achieved underwriting profit of RMB 14.01 billion in the first half, up 19.8%, with a combined ratio of 94.5%, improving by 0.8 percentage points. CPIC P&C posted underwriting profit of RMB 4.817 billion, up 35.7%, with a combined ratio of 95%, improving by 1.3 percentage points. Ping An P&C achieved underwriting profit of RMB 8.42 billion, up 5.5%, with a combined ratio of 95.1%, improving by 0.1 percentage points.

Notably, the balance of equity-type assets stood at RMB 2.82 trillion, up 12.09% from the end of 2025. China Life's allocation to stocks and funds (excluding money market funds) rose from 16.89% at the end of 2025 to 19.14%, with the market value of its stock holdings exceeding RMB 1 trillion for the first time, approaching RMB 1.04 trillion. Its stock allocation as a proportion of investment assets increased from 11.25% to 13.06%. Ping An maintained a high stock position of over 14.5%, with stock holdings at RMB 963.886 billion and equity funds at RMB 317.979 billion, totaling RMB 1.28 trillion, accounting for 19.4% of investment assets, up 0.2 percentage points from the end of 2025.