On March 26, CHINA TAIPING (00966) held its full-year 2025 results presentation. Wang Xuze, General Manager of Taiping Life, attended and stated that the company will further advance its "Three Diversifications" transformation. In August 2024, Taiping Life took the lead in the industry to initiate the transformation of participating insurance. By 2025, participating insurance premiums accounted for nearly 90% of the company's long-term insurance premiums across all channels, ranking among the top listed insurers. For the full year 2025, the company achieved a new business value of RMB 8.661 billion, a year-on-year increase of 2.7%. Insurance service revenue and insurance service performance grew by 3.2% and 5.9% year-on-year, respectively. The contractual service margin reached RMB 191.67 billion, an increase of 2%. The persistency ratios for both agency and bancassurance channels maintained a leading position in the industry. Wang Xuze stated that in 2026, the company will strengthen its development confidence, maintain strategic focus, and promote the "Three Diversifications" transformation—product diversification, policy term structure diversification, and refined interest rate risk management. The aim is to achieve an organic unity of stable profits, stable channels, and capital creation while strictly adhering to risk control. Simply put, this means focusing on participating insurance as the core while broadening the product lines for health insurance, pension insurance, and annuity insurance, extending policy terms, and reducing the impact of interest rate fluctuations on profitability. Since the beginning of 2026, the effects of the "Three Diversifications" transformation have become apparent. The proportion of annuity insurance business has increased, the share of new regular-premium policies with terms of five years or more has steadily risen, and value creation capabilities have been further enhanced.