H1 2025 Gross Written Premium
By Justin Zhang | Executive Director – China Market
1. Premium Income of P&C Insurers Reaches 964.5 Billion RMB in H1 2025, Growth Rate Slows Slightly
Recently, PICC Property & Casualty – the largest P&C insurer by scale – released a profit forecast increase announcement, stating that its net profit in the first three quarters of 2025 is expected to rise by approximately 40% to 60% year-on-year.In addition, China Life Insurance and New China Life Insurance also indicated that their net profits attributable to shareholders are expected to grow by at least 45% year-on-year.
Regarding the reason for the profit growth, all three companies stated that it “mainly benefits from the significant growth in investment income.”From the H1 2025 data, amid the same investment environment, the average investment return rate of P&C insurers increased compared with the same period last year. Coupled with the improvement in the comprehensive cost ratio, the net profit of the P&C industry hit a new high in recent years, exceeding 50 billion yuan for the first time.
Similar to the continuous growth in profits, the premium scale of the P&C industry also maintained expansion. According to data disclosed by the China Banking and Insurance Regulatory Commission (CBIRC), the P&C industry’s premium income exceeded 900 billion yuan in H1 2025. However, the premium growth rate showed a trend of “starting low, rising mid-term, then declining”: by the end of August, it had decreased slightly compared with the same period last year.
This is partly due to the slowed growth of non-auto insurance business – the growth rate of health insurance dropped from double digits to single digits, while that of agricultural insurance also declined.
2. Smooth Undertaking of Tian’an P&C’s Business: Shenergy P&C Ranks 12th in Premium Scale Within One Year of Establishment
Since the CBIRC’s disclosed P&C premium data now includes Shenergy P&C for the first time, the premium growth rate has been partially boosted by the addition of this new company from a comparable perspective. Excluding this factor, the premium growth rate of the P&C industry in H1 2025 should be below 5%.
Shenergy Property & Casualty was established in January 2024. In July of the same year, it signed the Acquisition and Undertaking Agreement with Tian’an Property & Casualty to acquire the latter’s insurance business asset package. According to Tian’an P&C’s last disclosed data, its premium income reached 16.3 billion yuan in 2020, ranking around 11th among P&C insurers.
In 2024, Shenergy P&C’s written premium was only 3.5 billion yuan due to less than one year of operation. However, in H1 2025, its written premium exceeded 8.3 billion yuan, securing the 12th position among P&C insurers. Based on the business development characteristics of P&C companies, it is expected that Shenergy P&C’s full-year premium in 2025 will be around 16 billion yuan – similar to Tian’an P&C’s scale in its prime. This indicates that the overall business progress of Shenergy P&C has not been significantly affected after undertaking Tian’an P&C’s business.
3. Ping An P&C Grows Over 7%; China Continent & ZhongAn Outperform Market; Dajia, BYD & Zhonghui Rise Rapidly in Rankings
A. Ping An P&C: Auto & Non-Auto Insurance Both Outpace Market GrowthCurrently, the Matthew effect is prominent in the P&C industry. From the H1 2025 premium ranking, the top 10 companies remain unchanged – the “traditional top three” retain their positions: PICC Property & Casualty (1st), Ping An Property & Casualty (2nd), and CPIC Property & Casualty (3rd)
In H1 2025, the growth rate of Ping An P&C’s original insurance premium income increased significantly, rising by 7.1% year-on-year. This not only surpasses the market average but also ranks among the fastest-growing leading insurers.
By business line: As one of Ping An’s core competitive advantages, its auto insurance business has maintained steady development, with a growth rate exceeding the industry average. In line with current marketing trends, Ping An P&C held the “Auto Insurance Three Conveniences” brand launch event in September 2025, featuring celebrity endorsements by Yue Yunpeng, Pang Bo, and Tang Xiangyu to promote its “three exemptions and full handling” claims service.
In terms of non-auto insurance: The premium growth rates of other insurance types, health insurance, agricultural insurance, and accident insurance all exceeded 10% in H1 2025. Among these, other insurance types and health insurance contributed significantly to the company’s premium growth, accounting for 2.1% and 1.4% respectively.
b. China Continent & ZhongAn Outperform Market; Taikang Online & Zking Rise in Rankings
The P&C industry continues to transform toward non-auto insurance. To promote the high-quality development of this segment, the CBIRC recently issued the Notice on Matters Concerning Strengthening the Supervision of Non-Auto Insurance Business, which will take effect on November 1, 2025. This marks the full implementation of the “unification of reported and implemented rates” for non-auto insurance starting next month, targeting the “three major chronic issues”: high expenses, low rates, and generalized liabilities.
Currently, non-auto insurance contributes significantly to the industry’s premium growth. Therefore, most companies with premium growth rates exceeding the market also have high growth in non-auto insurance.
- Among companies with a 30-billion-yuan scale: China Continent Property & Casualty, CPIC Property & Casualty (Tai Ping), and ZhongAn Property & Casualty outperformed the market in premium growth, with non-auto insurance growth rates all exceeding 7%.
- Among companies with a 10-billion-yuan scale: Taikang Online Property & Casualty and Zking Property & Casualty achieved over 10% premium growth, with their rankings rising by 2 and 1 places respectively. Specifically, Taikang Online’s written premium for non-auto insurance reached 10 billion yuan (up over 40% year-on-year), while Zking Property & Casualty’s non-auto insurance premium grew by over 15%.
4. Dajia P&C Rises in Rankings; BYD Insurance & Samsung P&C Maintain High Growth for 2 Consecutive Years
Companies with fast premium growth are mostly small and medium-sized insurers. Among 84 P&C companies in H1 2025, 42 achieved growth rates exceeding the market – including 10 with less than 10 billion yuan in premium scale last year and 25 with less than 3 billion yuan.
Among companies with a 3-billion-yuan scale: Dajia Property & Casualty, Zhongyuan Agricultural Insurance, and Zhonghui Mutual Insurance grew rapidly (over 20% premium growth), with their rankings rising by 2, 3, and 7 places respectively. Except for Dajia Property & Casualty (which has a large auto insurance business), the growth of the other two is mainly driven by non-auto insurance.
While many companies have achieved rapid premium growth, few can maintain this momentum above the market average consistently. Notable exceptions include BYD Insurance, Samsung Property & Casualty, Yangtze River Property & Casualty, and Hezhong Property & Casualty – all of which have achieved over 20% premium growth for two consecutive years.
- BYD Insurance: Backed by its shareholder (a leading new energy vehicle enterprise), its auto insurance premium exceeded 1.3 billion yuan in H1 2025, with extremely fast scale expansion.
- Samsung Property & Casualty: It has maintained above-market growth in both auto and non-auto insurance in recent years, and currently has a high proportion of non-auto insurance business.
Data Source: Actuarial Information & CBIRC Official Disclosures