The life insurance industry reported a record-high net profit in 2025, raising questions about its sustainability. Within the official disclosure period, 57 non-listed life insurers released their Q4 2025 solvency reports. Compared to the same period in 2024, the number of disclosing companies decreased by two, namely Ruihua Health Insurance and Dingcheng Life.

Despite the reduction in reporting firms, the aggregate net profit reached a historic peak of 66.624 billion yuan, surpassing the previous record set in 2021 by one-third.

Data comparison reveals that in 2024, only three non-listed insurers—Taikang Life, China Post Life, and Zhongyi Life—reported net profits exceeding ten billion yuan. However, 2025 witnessed a dramatic shift, with the number of insurers crossing this profitability threshold multiplying several times. This occurred without fundamental changes in the industry's business models or core profit drivers.

Overall, the profit surge in 2025 was aided by a rebound in the capital markets and structural optimizations in products and channels, partly due to the deepened implementation of the "unified reporting" policy. Nevertheless, it is crucial to acknowledge the decisive impact of the accounting standards transition. The industry's 2025 profitability data requires rational assessment and preparatory measures.

Note: The 2025 net profit figures cited are cumulative Q4 data, representing unaudited full-year estimates.

The number of disclosing insurers decreased by two in 2025, yet net profits hit a record high. In Q4 2025, only 57 non-listed life insurers published solvency reports, two fewer than the 59 in the same period of 2024.

Based on this data, the combined net profit of these 57 insurers for full-year 2025 reached 66.624 billion yuan, a 167.65% increase compared to the 24.892 billion yuan reported by the same cohort in 2024. Among them, 47 insurers were profitable, and 10 incurred losses, indicating an increase in profitable companies compared to 2024.

Regarding growth trends, over 80% of the 57 non-listed life insurers saw their net profits rise year-on-year, reflecting broad-based improvement in industry profitability for 2025.

The latest figures show that the 57 life insurers disclosing Q4 2025 solvency reports reported a total profit of 66.624 billion yuan, a significant increase of 167.65% from 2024's 24.892 billion yuan. Notably, despite fewer reporting companies, the net profit figure hit an 8-year high.

This performance is attributed to the 2025 capital market recovery, which most insurers capitalized on. Furthermore, the expanding implementation of "unified reporting" contributed to underwriting profits through reduced channel costs. Additionally, structural optimizations in products and channels also enhanced the life insurance sector's profitability.

However, the most significant contributor was the accounting standards change. The industry-wide adoption of the new accounting standards led to a substantial improvement in reported profits, representing the decisive factor.

In 2025, 47 out of the 57 companies were profitable, accounting for 82.45% of disclosing firms, an increase of five from 2024. The number of loss-making companies decreased from 17 in 2024 to 10 in 2025, representing 17.55% of the total.

Among the 57 life insurers, 48 companies experienced positive net profit growth, constituting 84.21% of the disclosing firms. Nine insurers saw a decline in net profit, accounting for 15.79%.

Regarding growth rates, the total number of non-listed life insurers with net profit growth in 2025 increased by two compared to 2024, while the number with declining profits decreased by three. The counts of insurers with profit growth exceeding 200% and those with growth between 0-100% rose to 17 and 21, representing 29.82% and 36.84% respectively. Insurers with growth between 100%-200% decreased to 10, accounting for 17.54%, indicating intensified divergence in growth rates across the industry.

A rational perspective on the industry's 2025 profitability is essential, necessitating preparedness. Focusing on individual insurer performance, Taikang Life solidified its leading position among non-listed insurers with a net profit of 27.159 billion yuan, an 85.96% increase from 2024, contributing nearly one-fifth of the industry's total profit increment. Simultaneously, new entrants appeared in the top ten rankings, with CITIC Prudential Life and Taikang Pension achieving significant turnarounds from losses to join the industry's top ten by net profit.

Taikang Life's 2025 net profit of 27.159 billion yuan set another record high. Its profit increase of 12.554 billion yuan accounted for nearly one-third of the industry's total increment. Taikang Life remained the only non-listed life insurer with annual profits exceeding 100 billion yuan. The company had previously achieved profits over 200 billion yuan in 2019 and 2021, but profits halved in 2022 and remained subdued for the following two years until the new peak in 2025.

Another entity within the Taikang system, Taikang Pension, also entered the top ten profit rankings, placing sixth. Historically, Taikang Pension's profitability was less robust, with its peak profit of 1.075 billion yuan occurring in 2022, followed by two consecutive years of substantial losses that erased prior accumulated profits. The data from these two insurers also highlights the significant role of the new accounting standards during this period.

China Post Life maintained its second position in 2025, although its net profit declined by 9.16% to 8.347 billion yuan. Before implementing the new accounting standards in 2023, it reported a massive loss of 11.4 billion yuan; after the transition, its profit surged to nearly 10 billion yuan that year, making it a frequently discussed case in the industry.

CITIC Prudential Life rose to third place from 56th in 2024. Historically, as a former top-tier joint venture, it maintained relatively good profit levels until 2023. Accumulated issues surfaced in 2023 and 2024, resulting in consecutive losses of approximately 800 million and 1.8 billion yuan respectively. The adoption of the new accounting standards in 2025 led to a remarkable net profit of 5 billion yuan.

Other insurers in the 2025 net profit top ten included Cigna & CMBC Life, ICBC-AXA Life, ABC Life, Zhongyi Life, Bank of Communications Life, and Tongfang Global Life. Tongfang Global Life newly entered the top ten, jumping from 36th place in 2024 with a massive profit growth of 3448.83% to 1.269 billion yuan, securing the tenth position.

Data comparison shows that in 2024, only Taikang Life, China Post Life, and Zhongyi Life had profits over ten billion yuan, whereas 2025's profitability landscape transformed dramatically. This occurred alongside a reduction of two disclosing companies and without fundamental changes to industry business models or core profit drivers. Analysis of the top-performing insurers underscores the substantial impact of the new accounting standards, emphasizing the need for a rational view of the 2025 industry profit data and adequate preparation.

In the net loss ranking, most insurers had been in a loss-making position for nearly four years.

Additionally, Guobao Life's profitability was unstable, turning a profit in 2024 but recording a minor loss of 1 million yuan in 2025. Hengqin Life, Dajia Pension, and Heng An Standard Pension did not disclose complete data for 2022-2025 for various reasons, but available data indicates they have been loss-making in recent years.

Based on disclosed data, ten non-listed life insurers reported losses in 2025. Except for Changsheng Life, Huahui Life, and Guobao Life, the net losses of the other insurers narrowed to varying degrees.

Looking at individual company growth, profit increases from leading insurers significantly supported the overall industry growth, while faster growth rates were mostly seen among small and medium-sized insurers expanding their profit scales to new levels.

Among the top ten by profit increment in 2025, Taikang Life ranked first due to its industry-leading scale, with an increment exceeding 10 billion yuan, reaching 12.554 billion yuan. CITIC Prudential followed with a 6.765 billion yuan increment, ranking second, and a growth rate of 383.25%, simultaneously ranking third in annual net profit after returning to profitability.

Taikang Pension, which also returned to profitability and entered the net profit top ten, ranked third in increment with 4.017 billion yuan. Furthermore, Everbright Sun Life and Caixin Xiangji Life also turned losses into profits, ranking fifth and eighth on this list with increments of 1.838 billion yuan and 956 million yuan, respectively.

Besides these five insurers, others entering the top ten by profit increment in 2025 were Cigna & CMBC Life, ICBC-AXA Life, Tongfang Global Life, Lujiazui International Trust & Great Life, and Soochow Life. Six of the ten insurers on this list also featured in the net profit top ten ranking.

Regarding the top ten by growth rate, most significant increases resulted from a low base in 2024, and all top ten firms expanded their profits. Soochow Life's net profit grew by 3813.67% from 22 million yuan to 846 million yuan, ranking first in growth rate. Tongfang Global Life's profit increased by 3448.83% from 36 million yuan to 1.269 billion yuan, ranking second and entering the industry's top ten by net profit.

Cigna & CMBC Life's net profit was 536 million yuan in 2024, growing 518.51% to 3.312 billion yuan in 2025. Its 2025 net profit and increment were the highest among this growth rate list, ranking fifth in growth rate.

Additionally, Lujiazui International Trust & Great Life, Fosun Prudential Life, and China Merchants Renhe Life had net profits exceeding 100 million yuan in 2024. The other six insurers on the list were also profitable in 2024, but their profit scales were below 100 million yuan.

Besides these six insurers, others entering the top ten by growth rate were King Dragon Life, Huatai Life, Hongkan Life, and Dongfang Jiafu Life.

As only nine non-listed life insurers experienced a net profit decline in 2025, the bottom ten lists for increment and growth rate consist of these nine declining insurers and New China Pension, which remained profitable but with minimal growth.

Due to its large scale as the industry's second-largest, China Post Life's modest 9.16% decline in 2025 net profit still resulted in the largest absolute decrease of 841 million yuan, ranking first in decline amount.

Furthermore, Changsheng Life, Guobao Life, and Huahui Life reported losses in 2025. The other seven insurers were profitable in both 2024 and 2025, but their profit margins compressed for all except New China Pension.

Notably, behind the surface-level profit surge, some insurers demonstrated resilient and sustainable profitability. Amidst the fluctuating profit data, 15 insurers exhibited exceptional stability, achieving profits for eight consecutive years since 2018, becoming the industry's "perennial winners." However, three insurers continued to report losses. Additionally, seven insurers returned to profitability in 2025.

According to statistics, among the 57 non-listed life insurers disclosing data, 15 have been profitable for eight consecutive years since 2018. This is typically the result of stable strategies, excellent investment capabilities, unique shareholder advantages, and acute responsiveness to market changes.

Besides Taikang Life maintaining its multi-billion-yuan profit scale, Zhongyi Life has sustained annual profits over 1 billion yuan for six consecutive years. Furthermore, Cigna & CMBC Life, leveraging its significant growth in 2025, returned to the billion-yuan scale, reaching 3.312 billion yuan—exceeding its total profits from the previous four years—and ranking second in profitability among the long-term profitable insurers for 2025.

Besides these three insurers, ABC Life, Tongfang Global Life, and Lujiazui International Trust & Great Life also maintained continuous profitability in 2025 and newly reached the 1 billion yuan profit platform.

Nine other insurers maintained an eight-year profit streak, with 2025 profit scales between 0 and 1 billion yuan. These include MinSheng Life, Zhongying Life, Manulife-Sinochem, Zhonghe Life, BOC-Samsung Life, Hongkan Life, Allianz China, Heng An Standard Life, and MetLife.

Regarding the nature of these consistently profitable insurers, eight are Sino-foreign joint ventures, plus Allianz China as a wholly foreign-owned enterprise, allowing them to leverage international expertise from foreign shareholders in product development, risk control, and long-term value management. Additionally, four are bank-affiliated insurers, benefiting from their parent banks' strong customer bases and brand credibility, providing a solid foundation for business development.

While some celebrate, others face challenges. Three insurers have been in a state of persistent losses for nearly eight years: China Life, Three Gorges Life, and Huahui Life. However, the loss magnitudes for China Life and Three Gorges Life narrowed.

In 2025, seven insurers returned to profitability, achieving considerable profits.

Besides the aforementioned CITIC Prudential Life and Taikang Pension, which entered the net profit top ten, and Caixin Xiangji Life and Everbright Sun Life, which entered the profit increment top ten, other insurers turning losses into profits included Huagui Life, Sweda Life, and State Grid Life. These three insurers had been profitable previously, experienced losses in recent years, and returned to profitability in 2025.

Only Guobao Life transitioned from profit to a minor loss of 1 million yuan in 2025, exhibiting volatile and unstable profitability in recent years.

Overall, the life insurance industry witnessed a surge in net profit in 2025, with the vast majority of insurers reporting profit growth. Regulatory mandates required all insurers to adopt the new accounting standards this year, with most transitioning before the deadline in 2024 or 2025, leading to a continued rebound in profit figures. However, the short-term profit release driven by the accounting standards change will inevitably create greater future pressure, making preparedness an urgent priority.

Appendix: 2025 Net Profit Ranking of 57 Non-Listed Life Insurers.