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Analysis: The Equity Bet Behind China’s Insurance Profit Surge

By Wu Yujian
2026年04月09日 18:39
Listed insurers’ strong earnings mask a growing dependence on stocks — now being tested as markets turn volatile
Listed insurers’ strong earnings mask a growing dependence on stocks, which is now being tested as markets turn volatile.

Chinese listed insurance companies’ move to put more money into stocks in 2025 paid off with strong profits, but that bold bet is beginning to look like more of a gamble as the market turns volatile.

Eight major listed insurers — including Ping An Insurance (Group) Co. of China Ltd. (601318.SH), China Life Insurance Co. Ltd. (601628.SH) and New China Life Insurance Co. Ltd. (601336.SH) — reported their combined net profits jumped 26.6% to 457.5 billion yuan ($64 billion) last year, driven by investment returns supercharged by a stock market rally.

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