Bank-Affiliated Insurers Post RMB318.08 Billion Premiums in H1 2026

In the first half of 2026, nine bank-affiliated life insurers collectively generated RMB318.08 billion in insurance premium income, a year-on-year increase of 5.6%, and achieved combined net profits of RMB22.96 billion. The figures are based on the second-quarter solvency reports disclosed by the companies.

In terms of premium income, China Post Life, CCB Life, ICBC-AXA Life, Cigna & CMB Life, and ABC Life each recorded premiums exceeding RMB30 billion, at RMB129.14 billion, RMB37.05 billion, RMB32.43 billion, RMB31.16 billion, and RMB31.15 billion, respectively. Among them, Cigna & CMB Life, CCB Life, China Post Life, Sun Life Everbright Life, and BoComm Life saw year-on-year growth in premium income, while the remaining four insurers experienced declines.

On the profitability front, all nine bank-affiliated insurers were profitable. China Post Life, ICBC-AXA Life, ABC Life, and CCB Life each earned more than RMB3 billion in net profit, recording RMB7.07 billion, RMB4.32 billion, RMB3.31 billion, and RMB3.20 billion, respectively. Regarding comprehensive investment returns, insurers including BoComm Life, China Post Life, ABC Life, and CCB Life all reported year-on-year increases in the first half. Among the 57 non-listed life insurers that disclosed second-quarter solvency reports, five of the top ten by net profit were bank-affiliated.

The "report-act consistency" policy has affected the expense structures of bank-affiliated insurers. The policy requires companies to truthfully record commission expenses paid to distribution channels, ensuring that actual costs such as commissions align with filed materials. The policy was formally implemented for the bancassurance channel in 2023 and has been steadily enforced since. In March 2026, the Life Insurance Supervision Department of the National Financial Regulatory Administration issued a notice on further strengthening fee management for bank agency channels, reinforcing insurers' responsibilities under the policy. Benefiting from shareholder and channel resources, bank-affiliated insurers hold certain advantages in the bancassurance channel.