On March 26, 2026, CHINA TAIPING officially convened its 2025 full-year results presentation. Its specialized life insurance subsidiary, Taiping Life, leveraging the transition to participating insurance as its core strategy, has firmly seized the first-mover advantage amid the industry's transformation wave, delivering a report card marked by stable operations, successful transition, and a long-term vision for high-quality development.
The success of the participating insurance transition highlights a critical aspect of the life insurance sector: gaining the initiative often determines the outcome. Those who can anticipate industry trends early can secure a leading position. As early as August 2024, aligning with regulatory guidance and industry trends, Taiping Life took the lead in initiating its transition to participating insurance, making it a top priority for the company with a firm stance and swift action.
As a core segment of the industry's transformation, the participating insurance business stands as the central highlight of Taiping Life's 2025 operational results. Throughout 2025, Taiping Life continued to advance the optimization and upgrade of its business structure. The participating insurance business achieved leapfrog growth, with the proportion of new single-premium periodic payments for participating insurance across all channels approaching 90% of the total new single-premium periodic payments for long-term insurance, fully demonstrating the effectiveness of the transition.
Taiping Life's transformation represents a comprehensive overhaul encompassing product portfolio, performance evaluation orientation, value management, sales force training, brand promotion, and service support. The company has not only successfully scaled up its participating insurance business but has also fundamentally strengthened the foundation for long-term stable operations. The continuous optimization of the business structure has further solidified the robustness of the company's operations.
Taiping Life stated that it will steadfastly advance its "Three Diversifications" strategic direction: product diversification, diversification of term structures, and refined interest rate risk management. Under the premise of strictly maintaining risk controls, the company aims to achieve an organic unity of stable profits, stable channels, and capital creation. Concurrently, it plans to further enrich its product offerings, building a more resilient and competitive product matrix to pave the way for sustained long-term growth. The company emphasized that stable operations are the fundamental guarantee for fulfilling insurance contracts and honoring long-term commitments to customers. Through the continued deepening of the participating insurance transition, Taiping Life has significantly enhanced its business structure's adaptability to changes in the interest rate environment, ensuring stable realization of customer interests across economic cycles through a sustainable development model, thereby solidifying a strong operational foundation for the company's long-term, high-quality development.
The bancassurance channel is poised to become a major engine and primary driver for the company's development. Taiping Life clearly stated during the results presentation that, fueled by continuous growth in household savings, increasingly diverse customer demands, and the deepening implementation of the "unified reporting and conduct" policy, the bancassurance channel is entering a new golden period of development and is expected to achieve sustained and rapid growth in the future.
From an industry development perspective, the strong growth momentum of the bancassurance channel stems from the synergistic resonance across four key dimensions: the market, banks, insurance companies, and customers. Based on its precise assessment of industry trends, Taiping Life has positioned the bancassurance channel at the core of its strategic development. The company plans to allocate corresponding strategic resources, providing comprehensive support in areas such as team building, product supply, and policy backing.
Regarding collaborative cooperation, the company will focus on three core dimensions: synergy on the asset side, product synergy, and synergy in health and retirement service resources. It aims to develop deep partnerships with cooperating banks to jointly serve customers' diverse needs and collaboratively contribute to the "Five Key Areas of Finance." The company remains committed to strictly adhering to compliance standards, regulating sales practices in line with regulatory requirements, and working with banks to safeguard consumers' legitimate rights and interests.
In terms of enhancing quality and efficiency, Taiping Life will concentrate on key areas such as branch utilization, sales force productivity, and cost optimization. It will continue to iterate, upgrade, and deepen reforms to drive the bancassurance business towards stable, high-quality, and rapid development.
The year 2026 marks the beginning of the 15th Five-Year Plan period and is a crucial year for Taiping Life to comprehensively deepen reforms and enhance the quality and efficiency of its operations across the board. The company regards serving national strategies and fulfilling its responsibilities as a central state-owned enterprise as a key mission. It will continue to promote high-quality development, striving to become the leading force for value growth within the group and a flagship for high-quality development. Simultaneously, the company will comprehensively elevate its professional operational standards, maintain market competitiveness, and provide stable career development opportunities for both internal and external staff, ensuring employees feel a genuine sense of security, accomplishment, and well-being.