PICC Insurance of China experiences sudden losses in Q4 2025; mysterious individual "Kong Fengquan" continues to increase holdings

Source: Tencent Finance

On March 27, China People’s Insurance released its annual report for 2025.

In terms of operating performance, China People’s Insurance achieved total operating revenue of 669.044 billion yuan for the year, an increase of 7.6% year-on-year; net profit attributable to shareholders of the parent company was 46.646 billion yuan, an increase of 8.8%. By the end of 2025, the company’s total assets reached 2,027.683 billion yuan, an increase of 14.8%; equity attributable to shareholders of the parent company was 308.991 billion yuan, an increase of 15.0%, with net assets per share of 7.0 yuan/share, an increase of 15.0%.

In terms of premium income, by the end of 2025, original insurance premium income was 738.333 billion yuan, an increase of 6.5%. Among them, the property insurance sector remains the core of China People’s Insurance, with China People’s Property Insurance achieving original insurance premium income of 555.777 billion yuan, a comprehensive cost ratio of 97.6%, and net profit increasing by 21.4% year-on-year;

In the life insurance sector, China People’s Life Insurance saw first-year premium income increase by 32.4%, with new business value on a comparable basis increasing by 64.5%. In terms of health insurance, original premium income for health insurance increased by 15.5% year-on-year, and the internet health insurance business maintains a market-leading position.

In terms of investment, total investment income for the year reached 92.323 billion yuan, an increase of 12.4%, with a total investment return rate of 5.7%, and third-party asset management scale reached 1.14 trillion yuan.

It is worth noting that despite the annual performance growth of China People’s Insurance, the performance in the fourth quarter was bleak. In the fourth quarter, operating revenue was 152.3 billion yuan, a year-on-year decrease of 2.85%, and net profit attributable to the parent company was a loss of 176 million yuan, compared to a profit of 6.538 billion yuan in the same period last year.

This year, the stock price of China People’s Insurance has also continued to decline. On March 27, the A-shares of China People’s Insurance fell by 3.7%, closing at 7.47 yuan, more than a 25% drop from the high point in January.

Additionally, the continued increase in holdings by individual shareholder “Kong Fengquan” among the top ten shareholders of China People’s Insurance last year has attracted attention. The 2025 financial report shows that Kong Fengquan increased holdings by 1,899,700 shares, with a shareholding ratio of 0.12%. In the fourth quarter, New China Life Insurance Co., Ltd. increased its holdings in China People’s Insurance, bringing its total shareholding ratio to 0.36%, becoming the fifth-largest shareholder of China People’s Insurance.

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责任编辑：曹睿潼