Weekly Insurance Overview (3.20—3.27)

Caixin Net × Enterprise Alert App

◆ Regulatory Voices

“Implementation Plan for Accelerating the Establishment of a Long-Term Care Insurance System” Issued

On March 26, the National Healthcare Security Administration, the Ministry of Civil Affairs, the Ministry of Finance, the Ministry of Human Resources and Social Security, the Ministry of Agriculture and Rural Affairs, the National Health Commission, the State Taxation Administration, and the China Disabled Persons’ Federation jointly issued the “Implementation Plan for Accelerating the Establishment of a Long-Term Care Insurance System.” The Implementation Plan mentions that employer-provided employees who participate in long-term care insurance pay jointly by the employing unit and the employee, with contributions paid together with employees’ basic medical insurance premiums. Based on a reasonable determination of contribution rates at the national level using benchmark premium rates, the overall premium rate is controlled at around 0.3%, shared by the employing unit and the individual on a proportionate basis, with each at around 0.15%. The contribution base for the employing unit is the total wages of employees, and the contribution base for individuals is the employee’s own wage income.

The National Financial Regulatory Administration Plans to Further Standardize the Handling of Consumer Complaints by Banking and Insurance Institutions

To protect the lawful rights and interests of financial consumers, standardize the handling of consumer complaints by banking and insurance institutions, and promote diversified resolution of financial consumer disputes, recently, the National Financial Regulatory Administration, based on the “Measures for the Administration of the Handling of Consumer Complaints in the Banking and Insurance Industries,” revised and formulated the “Measures for the Administration of the Handling of Financial Consumer Complaints by Banking and Insurance Institutions (Draft for Soliciting Opinions on Revisions),” and publicly solicited opinions from the public.

◆** Company Updates**

China Life’s Net Profit Grew 44% Last Year

On March 25, China Life disclosed its 2025 annual report. The data show that in 2025, operating revenue was RMB 615.68B, up 16.5%; net profit was RMB 154.08B, up 44.1%.

China Taiping Releases 2025 Performance: Life Insurance Business Structure Continues to Be Optimized

China Taiping released full-year 2025 performance. For the full year, insurance service performance was RMB 21.99B, up 9.5%. Its specialized life insurance subsidiary, China Taiping Life, has continued to optimize its business structure. The transformation of participating insurance has achieved notable results, and the initial premium for participating insurance across all channels in new policy periods as a share of the initial premium for long-term insurance new policy periods is close to 90%.

China Pacific Insurance: 2025 Taiping Life New Business Value Reached RMB 18.61B, Up 40.1%

On March 26, China Pacific Insurance released its 2025 annual report. The report shows that in 2025, China Taiping Life achieved scale premium income of RMB 295.86B, up 12.7%. Embedded value reached RMB 465.48B, up 10.2% compared with the end of the previous year; new business value reached RMB 18.61B, up 40.1%; new business value rate was 19.8%, up 3.2 percentage points year over year. Net profit was RMB 42.17B, up 17.7%; operating profit was RMB 28.92B, up 4.8%.

China Ping An’s Operating Profit Attributable to Shareholders of the Parent Company Grew 10.3% YoY in 2025

On the evening of March 26, China Ping An Insurance (Group) Company, Ltd. released its 2025 annual report. China Ping An said that in 2025, operating profit attributable to shareholders of the parent company was RMB 134.42B, up 10.3%. Non-recurring profit attributable to shareholders of the parent company was RMB 143.77B, up 22.5%. Shareholders’ equity attributable to shareholders of the parent company first exceeded RMB 1 trillion, reaching RMB 1,000.419 billion, up 7.7% from the beginning of 2025.

◆** Financial Personnel**

Zhang Daoming Appointed as a Party Committee Member of PICC Group; May Succeed as President of PICC Property and Casualty

On March 24, the official website of PICC updated information. Zhang Daoming, the temporary head, executive director, vice president, and chief financial officer of PICC Property and Casualty, has been appointed as a Party committee member of PICC Group. According to convention, after the board of directors passes the resolution and upon approval by the National Financial Regulatory Administration, Zhang Daoming will serve as vice president of PICC Group. Recent market reports from multiple parties indicate that the new president of PICC Property and Casualty has been finalized as Zhang Daoming. By first appointing Zhang Daoming as a Party committee member of PICC Group, the personnel arrangement that he will succeed Ze and serve as president of PICC Property and Casualty has further been corroborated as essentially in place.

Qiu Zikundong: Chairman of BOC-Samsung Life Insurance Company Limited

The National Financial Regulatory Administration’s Beijing Regulatory Bureau approved Qiu Zikundong’s qualifications for the position of chairman of BOC-Samsung Life Insurance Company Limited. It required that he assume the post within 2 months from the date the reply is issued; otherwise, the reply would automatically become invalid. The approval also emphasized that he must comply with regulatory requirements, strengthen risk and compliance awareness, and perform his duties faithfully and diligently.

ICBC-AXA Life’s Appointment as President Approved

On March 24, ICBC-AXA Life Insurance Company Limited released an announcement on the appointment of its president. According to the resolutions of the company’s 49th meeting of the shareholders, and with approval from the Shanghai Regulatory Bureau of the National Financial Regulatory Administration, starting from March 19, 2026, Bao Lingjie will serve as the company’s president (general manager).

China Merchants Cigna Life: General Manager and CEO Ying Chang Resigns; Liu Jun Appointed as Temporary Responsible Person

Recently, China Merchants Cigna Life Insurance Company Limited announced that, following approval at the company’s 8th session of the board of directors, 4th meeting (extraordinary meeting), it approved Chang Ying’s resignation as the company’s general manager and CEO, and appointed Liu Jun as the company’s temporary responsible person.

(Editor: Wang Xinyu)

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