The full operational picture for insurance asset management companies in 2025 has come into view.

Based on data from Wind and company annual reports, 35 insurance asset management institutions have fully disclosed their 2025 operating results to date, excluding Zhongying Yili Asset Management and the newly established AIA Insurance Asset Management and Hequan Insurance Asset Management which opened in December 2025. Among the 34 institutions with comparable year-on-year data, combined operating revenue reached 48.343 billion yuan, a year-on-year increase of 14.87%. Combined net profit was 21.897 billion yuan, a year-on-year increase of 18.44%, indicating double-digit growth in both industry revenue and net profit.

Regarding the industry landscape, the Matthew effect is pronounced at the top, with China Life Asset Management, Taikang Asset Management, and Ping An Asset Management firmly holding the top three positions. In terms of profitability, all disclosed companies were profitable except for Prudential Asset Management, which commenced operations in September of the previous year and recorded a net loss of 33 million yuan as its operating cycle did not cover a full fiscal year.

Notably, eight institutions experienced a "double decline" in both revenue and net profit. These are PICC Capital, Cigna & CMCG Asset Management, New China Asset Management, Great Wall Wealth Insurance Asset Management, Huaxia Jiuying Asset Management, Hezhong Asset Management, China Life Investment, and Hua'an Asset Management.

**Top 10 Account for Over 70% of Industry Revenue with 37.338 Billion Yuan** In terms of revenue, among the 34 comparable institutions, 25 saw revenue growth while 9 experienced a decline.

The combined revenue of the top ten institutions was 37.338 billion yuan, accounting for over 70% of the industry total. Specifically, China Life Asset Management, Taikang Asset Management, and Ping An Asset Management reported revenues of 8.250 billion yuan, 7.926 billion yuan, and 5.007 billion yuan, representing year-on-year growth of 23.08%, 26.16%, and 23.78% respectively.

It is noteworthy that China Life Investment reported operating revenue of 3.917 billion yuan for the period, a year-on-year decrease of 7.47%, making it the only institution among the top ten by revenue to experience a decline.

Following closely, Changjiang Pension delivered a strong performance with a year-on-year growth rate of 67.78%, achieving annual revenue of 2.446 billion yuan.

Another seven institutions surpassed the 10-billion-yuan revenue mark, listed in order: CPIC Asset Management (2.398 billion yuan), Taiping Asset Management (2.053 billion yuan), Huatai Asset Management (1.966 billion yuan), PICC Asset Management (1.760 billion yuan), Sunshine Asset Management (1.616 billion yuan), New China Asset Management (1.589 billion yuan), and China Re Asset Management (1.222 billion yuan). Among these, only New China Asset Management saw a slight revenue decline of 1.81%.

Apart from the aforementioned China Life Investment and New China Asset Management, seven other institutions reported year-on-year revenue declines: Cigna & CMCG Asset Management, CCB Insurance Asset Management, PICC Capital, Great Wall Wealth Insurance Asset Management, Huaxia Jiuying Asset Management, Hua'an Asset Management, and Hezhong Asset Management. Their respective declines were 2.15%, 3.59%, 4.27%, 9.96%, 11.70%, 12.27%, and 13.28%, corresponding to revenues of 451 million yuan, 811 million yuan, 400 million yuan, 195 million yuan, 496 million yuan, 253 million yuan, and 210 million yuan.

Regarding assets under management (AUM), the number of "trillion-yuan" institutions expanded from 8 to 11, highlighting the continued concentration effect at the top.

Specifically, China Life Asset Management's consolidated AUM exceeded 7 trillion yuan; Ping An Asset Management's AUM reached 6.17 trillion yuan; Taikang Asset Management's AUM was 4.8 trillion yuan; New China Asset Management's AUM approached 2 trillion yuan; PICC Asset Management's AUM was 1.9 trillion yuan; and Taiping Asset Management's AUM exceeded 1.5 trillion yuan. CPIC Asset Management under the CPIC Group and Changjiang Pension also belong to the trillion-yuan tier, with Changjiang Pension's AUM surpassing 1.53 trillion yuan.

Furthermore, Huaxia Jiuying, Huatai Asset Management, and Dajia Asset Management also entered the trillion-yuan "club" with AUM exceeding 1.3 trillion yuan, 1 trillion yuan, and 1 trillion yuan, respectively. Notably, Huaxia Jiuying, the asset management subsidiary of Ruizhong Life Insurance, resumed its annual report disclosure for the first time since 2020.

**11 Institutions, Including China Life Investment and Hua'an Asset, Report Profit Declines** Focusing on profitability, apart from Prudential Asset Management's loss, the remaining 34 institutions were profitable. Among these, 11 experienced a decline in net profit, with 8 seeing a "double decline" in both revenue and net profit.

China Life Asset Management, Taikang Asset Management, and Ping An Asset Management reported net profits of 4.916 billion yuan, 4.024 billion yuan, and 3.055 billion yuan, with year-on-year growth rates of 27.46%, 41.54%, and 24.64% respectively, all achieving double-digit growth.

Changjiang Pension and China Life Investment reported net profits of 1.071 billion yuan and 1.040 billion yuan, respectively. Among these, Changjiang Pension's profit surged by 212.20% year-on-year, a growth rate second only to Allianz Asset Management (225.56%). China Life Investment's net profit, however, decreased by 32.82% year-on-year.

Six insurance asset management institutions reported net profits in the range of 600 million to 1 billion yuan: CPIC Asset Management, Sunshine Asset Management, Huatai Asset Management, Taiping Asset Management, PICC Asset Management, and New China Asset Management. Their net profits were 910 million yuan, 891 million yuan, 855 million yuan, 832 million yuan, 689 million yuan, and 685 million yuan, respectively. Among these, CPIC Asset Management, Sunshine Asset Management, Huatai Asset Management, and PICC Asset Management all achieved profit growth, with year-on-year increases of 9.46%, 26.15%, 3.28%, and 8.50%, respectively. In contrast, Taiping Asset Management and New China Asset Management saw their net profits decline by 10.74% and 9.63% year-on-year.

It is noteworthy that, besides China Life Investment, Taiping Asset Management, and New China Asset Management, eight other institutions experienced declines in net profit: PICC Capital, China Re Asset Management, Cigna & CMCG Asset Management, Generali China Asset Management, Great Wall Wealth Insurance Asset Management, Huaxia Jiuying Asset Management, Hezhong Asset Management, and Hua'an Asset Management. Their respective year-on-year declines were 3.27%, 3.32%, 4.03%, 9.05%, 14.06%, 17.87%, 32.48%, and 51.04%, corresponding to net profits of 97 million yuan, 219 million yuan, 125 million yuan, 216 million yuan, 25 million yuan, 95 million yuan, 48 million yuan, and 44 million yuan. Excluding China Re Asset Management and Generali China Asset Management, the remaining six institutions all experienced a "double decline" in both revenue and net profit.

An industry expert pointed out that the core driver for the positive performance of insurance asset managers lies in the recovery of the capital market boosting investment management fee income. Leading companies achieved profit growth by leveraging their capabilities in equity and fixed-income investments. Simultaneously, the expansion of institutional client demand for pensions, enterprise annuities, and other products, along with product innovations such as "fixed-income plus" and FOFs, has driven the increase in AUM. Coupled with the standardized industry development following new asset management regulations, these factors collectively supported performance growth.

Another analyst explained that the performance growth is primarily supported by four factors: first, the recovery of the capital market improving investment returns; second, steady growth in industry premium income driving the steady expansion of AUM; third, pension finance and third-party business gradually becoming new growth engines for the industry; and fourth, regulatory promotion of long-cycle assessment mechanisms effectively enhancing the stability of industry profits. The analyst believes that the insurance asset management industry still possesses strong development potential in 2026. However, the core of future competition is no longer just "scale growth," but rather "which company can率先 complete asset structure adjustments under the low-interest-rate cycle, truly establish a long-term, stable, and cycle-resilient investment system, and form differentiated core capabilities in the era of pension finance and long-term capital."

The expert further opined that in the era of large-scale asset management, insurance asset management companies need to focus on core capability building: first, strengthen professional investment capabilities, deepen research in major asset allocation and细分领域, and enhance investment research and execution capabilities in areas such as equities, fixed income, and alternative investments; second, promote product innovation, developing customized and diversified asset management products围绕 the needs of institutional clients such as pensions and enterprise annuities, as well as emerging directions like pension finance and ESG; third, deepen customer service capabilities, enhancing institutional client stickiness through comprehensive solutions and expanding new business scenarios such as cross-border services; fourth, strengthen technology empowerment, using digital tools to optimize investment research, risk control, and operational efficiency; and fifth, improve compliance and risk control systems to meet regulatory requirements and ensure long-term sustainable business development.