China Pacific Insurance expects continued premium growth into 2026

New business value (NBV) grew 31% in the first nine months of the year.

China Pacific Insurance (Group) Co Ltd (CPIC) is expected to post a 20% rise in net profit in 2025, supported by stronger investment returns and continued growth in new business, according to a Morningstar report.

The insurer’s net earned premiums are forecast to reach $40.9b (CNY292.3b) this year, up 4.6%, whilst net income is expected to climb to $7.5b (CNY53.8b).

Morningstar expects the company’s earnings per share to increase to $0.79 (CNY5.63), from $0.65 (CNY4.67) last year.

The company’s investment returns hit new highs this year, with a 6.42% annualised return, supported by higher stock values and government-led technology fund investments.

Morningstar expects mid-cycle investment returns to stabilise around 4%.

New business value (NBV) grew faster than expected, rising 31% in the first nine months of 2025, driven by growth in both agency and bancassurance channels.

Bancassurance remains the main growth driver due to rising demand and network expansion. CPIC management expects new regular premiums to grow 20% to 30% in 2026.

($1.00 = CNY7.13)