In the first quarter of 2025, the premium income of Zhongyou Life once surpassed that of Taikang Life, briefly claiming the top spot among non-listed life insurers. By the end of the year, however, Taikang Life reclaimed its leading position in both premium income and net profit, though Zhongyou Life still demonstrated notable strengths.

With the release of the fourth-quarter 2025 solvency reports from non-listed insurers, discussions about who is the leading non-listed insurer have reignited.

During the first quarter of 2025, Zhongyou Life reported premium income of 80.107 billion yuan, temporarily exceeding Taikang Life's 70.026 billion yuan and briefly occupying the leading position among non-listed life insurers.

However, starting from the second quarter of 2025, Taikang Life regained its top position.

For the full year of 2025, Taikang Life led non-listed life insurers with insurance business revenue of 238.664 billion yuan, while Zhongyou Life ranked second with 159.166 billion yuan.

In terms of net profit, Taikang Life's 27.159 billion yuan significantly outperformed Zhongyou Life's 8.347 billion yuan.

Looking at net profit growth rate, Taikang Life achieved a year-on-year increase of 84.5%, whereas Zhongyou Life experienced a decline of 9.2%.

Some media outlets lamented that Zhongyou Life saw "revenue growth without profit growth."

In 2025, Taikang Life's financial investment yield and comprehensive investment yield were 4.11% and 2.65%, respectively. In comparison, Zhongyou Life's corresponding figures were 3.4% and 0.74%.

If judged solely by insurance business metrics, Taikang Life indeed maintains an edge over Zhongyou Life.

However, from another perspective, Zhongyou Life possesses its own distinct advantages.

This is reflected in its return on assets.

By the end of 2025, Zhongyou Life's total assets stood at 681.876 billion yuan, while Taikang Life's amounted to 2 trillion yuan. Zhongyou Life's Return on Assets (ROA) was 1.28%, compared to Taikang Life's 1.42%. Since ROA indicates asset operating efficiency, Zhongyou Life is not far behind in this aspect.

Furthermore, examining Return on Equity (ROE), which is more critical for shareholder returns, Zhongyou Life achieved 49.75%, more than double Taikang Life's 22.7%.

This level of return on equity leads the entire insurance industry.

Taikang Life primarily relies on its own agent team and network, whereas Zhongyou Life mainly leverages the extensive, grassroots network of China Post and Postal Savings Bank.

A credit rating report from CSCI Pengyuan stated that Zhongyou Life receives substantial support from China Post in areas such as branding, business synergy, and capital replenishment, and primarily conducts its business through the China Post marketing network. The rapid growth of Zhongyou Life's premium income is closely linked to the nationwide branch network support from its parent company, China Post, and Postal Savings Bank.

Data from the aforementioned rating report shows that in 2024, China Post and Postal Savings Bank contributed scale premiums of 106.159 billion yuan and 17.964 billion yuan, respectively, to Zhongyou Life, amounting to a combined contribution of 91.98%.

In November 2025, the National Financial Regulatory Administration approved China Post to operate insurance agency businesses. Leveraging its network of over 50,000 branches covering both urban and rural areas, this approval allows for broader promotion and sales of Zhongyou Life's products, which is expected to further boost Zhongyou Life's premium income.

As of the end of 2025, Zhongyou Life's core solvency adequacy ratio was 92.19%, with the company forecasting a further decline to 80.23% in the next quarter.

Zhongyou Life attributed the decline in solvency primarily to the continued downward trend of the 750-day curve and fluctuations in阶段性bond yields. The company stated that its solvency adequacy ratio complies with its risk appetite and meets the regulatory requirements for insurers. The company is proactively managing its capital and has issued perpetual capital bonds to supplement its capital base.