China Pacific Insurance (Group) Co., Ltd. (CPIC) disclosed the Q4 2025 solvency report of its wholly owned health-insurance subsidiary, Pacific Health Insurance Co., Ltd. (PHI). The filing highlights solid capital adequacy, resilient liquidity and continued risk-management enhancements.

Solvency Position • Admitted assets reached 13.42 billion yuan, against admitted liabilities of 8.85 billion yuan. • Actual capital stood at 4.57 billion yuan, versus a minimum capital requirement of 2.09 billion yuan. • Core and comprehensive solvency ratios were 180% and 218%, respectively—well above the 100% regulatory minimum.

Liquidity Metrics • Net operating cash inflow for Q4 was 245.27 million yuan, reversing the prior-quarter outflow. • Three-month and 12-month base-scenario liquidity coverage ratios improved to 134% and 108%; mandatory stress-scenario coverage remained ample at 384% (three months) and 159% (12 months). • A 5-day liquidation ratio described as “sound” and low reliance on short-term funding indicate limited liquidity risk.

Operating Highlights • Gross written premium grew 41.1% year-on-year in Q4 to 1.86 billion yuan; full-year premiums totalled 8.93 billion yuan. • Net profit reached 33.71 million yuan for the quarter and 260.25 million yuan for 2025, translating into a full-year ROE of 7.44% and ROA of 2.43%. • Comprehensive investment yield improved to 6.89% for 2025, versus an average 5.02% over the past three years.

Risk Management and Ratings • PHI’s 2022 regulatory SARMRA score was 80.15; the 2025 self-assessment rose to 88.32, reflecting strengthened controls in liquidity, reputational and operational risk. • The integrated risk rating (IRR) remained “BBB” for Q2–Q4 2025, denoting compliance with solvency standards and low unquantifiable risks.

Management Actions During Q4, PHI: 1) ran multi-scenario emergency drills covering reputational, liquidity and IT-security events; 2) updated key operational-risk policies ahead of new regulatory rules effective 1 July 2026; 3) finalised a 2026 action plan addressing gaps identified in both regulatory feedback and internal reviews.

Overall, CPIC’s health-insurance arm closed 2025 with capital buffers more than double regulatory requirements, stronger liquidity coverage and a clear roadmap for further risk-management enhancements.