With New China Life's 2025 year-end cash dividend paid, five listed insurers —
PICC, China Life, Ping An, CPIC and New China Life — completed 2025 dividend
distributions, with cumulative cash payouts reaching CNY102.39 billion, the
first time above CNY100 billion. That compares with CNY90.79 billion in 2024, an
increase of CNY11.61 billion (+12.78% YoY). The insurers are accelerating
mid-year (interim) dividends and moving dividend frequency from once-yearly to
twice-yearly, increasing dividend intensity. They cited an unchanged long-term
positive outlook for China’s economy and ongoing gains from industrial upgrading
and tech innovation as support for capital markets. Several institutional
investors said they will increase equity allocations and deploy insurance funds
as long-term, patient capital to support market stability.
