PICC Insurance of China experiences sudden losses in Q4 2025; mysterious individual "Kong Fengquan" continues to increase holdings

Ask AI · What investment logic lies behind Kong Fengquan’s net buying against the trend?

By丨Ma Xiao

Edited by丨Liu Peng

On March 27, China Life Insurance Company (PICC) released its 2025 annual report.

In terms of operating performance, for the full year, China Life Insurance Company (PICC) achieved total operating revenue of 6690.44 billion yuan, up 7.6% year over year; net profit attributable to shareholders of the parent company was 466.46 billion yuan, up 8.8% year over year. By the end of 2025, the company’s total assets reached 20276.83 billion yuan, up 14.8%; shareholders’ equity attributable to shareholders of the parent company was 3089.91 billion yuan, up 15.0%. Net assets per share were 7.0 yuan/share, up 15.0%.

In terms of premium income, as of the end of 2025, original insurance premium income was 7383.33 billion yuan, up 6.5%. Among them, the property insurance segment remains China Life Insurance Company (PICC)’s core business: PICC Property and Casualty achieved original insurance premium income of 5557.77 billion yuan, a combined expense ratio of 97.6%, with net profit up 21.4% year over year;

For the life insurance segment, PICC Life’s first-year premium on a comparable basis grew 32.4% year over year, with new business value increasing 64.5% on a comparable basis. In the health insurance segment, PICC Health’s original insurance premium income increased 15.5% year over year, and its internet health insurance business has maintained a leading position in the market.

In terms of investments, for the full year, total investment income was 923.23 billion yuan, up 12.4%, with a total investment yield of 5.7%. The scale of third-party asset management reached 1.14 trillion yuan.

It is worth noting that although China Life Insurance Company (PICC)’s full-year performance grew, its single-quarter performance in the fourth quarter was bleak. In the fourth quarter, operating revenue was 152.3 billion yuan, down 2.85% year over year; net profit attributable to the parent company was a loss of 1.76 billion yuan, compared with a profit of 65.38 billion yuan in the same period last year.

Since this year, China Life Insurance Company (PICC)’s share price has also continued to decline. On March 27, China Life Insurance Company (PICC) A shares fell 3.7%, closing at 7.47 yuan, which is more than a 25% drop from the high point in January.

In addition, last year, sustained net buying by the individual shareholder “Kong Fengquan” among China Life Insurance Company (PICC)’s top ten shareholders drew attention. The 2025 financial report shows that Kong Fengquan increased his holdings by 1,899,700 shares during the period, with a shareholding ratio of 0.12%. In the fourth quarter, Xinhua Life Insurance Co., Ltd. increased its holdings of China Life Insurance Company (PICC), with a combined shareholding ratio of 0.36%, becoming the fifth-largest shareholder of China Life Insurance Company (PICC).