--- title: "Dividends exceed 100 billion yuan for the first time! The five major listed insurance companies are clustered to distribute dividends, can high dividends be sustained?" type: "News" locale: "en" url: "https://longbridge.com/en/news/290960628.md" description: "The five major listed insurance companies in A-shares plan to distribute a total cash dividend of approximately 102.394 billion yuan in 2025, an increase of 12.78% year-on-year, marking the first time it has surpassed the 100 billion yuan threshold. Ping An leads with 48.891 billion yuan, while China Life has a growth rate of 31.70%, taking the lead. CPIC, PICC Group, and NCI follow closely behind. The total dividend scale across the industry exceeds 120 billion yuan, with high dividends becoming a new model for asset allocation in the low-interest-rate era" datetime: "2026-06-26T09:44:06.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/290960628.md) - [en](https://longbridge.com/en/news/290960628.md) - [zh-HK](https://longbridge.com/zh-HK/news/290960628.md) --- # Dividends exceed 100 billion yuan for the first time! The five major listed insurance companies are clustered to distribute dividends, can high dividends be sustained? In the era of low interest rates, where should asset allocation go? The five listed insurance companies in A-shares have provided a new observation sample for the market with a dividend payout of over 100 billion yuan. Recently, the five listed insurance companies in A-shares entered a concentrated payout period for the 2025 dividends. Data shows that China Life Insurance, China Pacific Insurance, Ping An Insurance, PICC Group, and NCI plan to distribute a total cash dividend of approximately 102.394 billion yuan for the entire year of 2025, a year-on-year increase of about 12.78%, marking the first time it has surpassed the 100 billion yuan mark. Including China Taiping, AIA, Sunshine Insurance, and others listed in Hong Kong, the total dividend scale for the entire industry exceeds 120 billion yuan. What is the confidence behind the high dividends of insurance companies? Can this wave of "red envelope rain" arrive on schedule every year? **100 Billion Dividend "Report Card": Who is Leading?** The reporter noticed that there are significant differences in the "red envelope" thickness among various insurance companies in this round of "red envelope rain." Ping An Insurance ranks first among A-share listed insurance companies with a total annual dividend payout of 48.891 billion yuan, a year-on-year increase of 5.90%. On June 10, Ping An was the first to complete the distribution of the 2025 year-end dividend, kicking off the dividend distribution for the five major listed insurance companies. According to the implementation announcement, Ping An will distribute a cash dividend of 1.75 yuan per share (including tax) based on a total share capital of 18.107 billion shares, with a total distribution of 31.688 billion yuan, of which 18.655 billion yuan is distributed in A-shares. Adding the previously distributed interim dividend of approximately 17.202 billion yuan, Ping An's total annual dividend for 2025 reaches 48.891 billion yuan, a year-on-year increase of 5.90%, equivalent to a cash dividend of 2.70 yuan per share (including tax). China Life Insurance ranks second with a total dividend of 24.195 billion yuan for the year, but its growth rate is the most impressive. On June 25, China Life announced that it would distribute the year-end dividend on August 20, 2026, at 0.7106 HKD per share (approximately 0.618 yuan). According to the previously disclosed plan, the total amount of the year-end dividend is approximately 17.468 billion yuan, and combined with the interim dividend, the total annual cash dividend reaches 24.195 billion yuan, a year-on-year increase of 31.70%, leading the growth rate among the five major insurance companies. China Pacific Insurance ranks third. On June 10, it held its annual shareholders' meeting and approved the profit distribution plan for 2025. The plan shows that China Pacific will distribute a cash dividend of 1.15 yuan per share (including tax), with a total distribution amount of 11.063 billion yuan, a year-on-year increase of 6.50%. PICC Group ranks fourth. On June 25, the shareholders' meeting approved the year-end dividend plan, which will be distributed on July 31. According to the previously announced plan, PICC will distribute 1.45 yuan (including tax) for every 10 shares, with a year-end distribution of 6.412 billion yuan In addition to the interim dividends already distributed, the total annual dividend per 10 shares amounts to 2.20 yuan, with a total distribution of 9.729 billion yuan for the year, a year-on-year increase of 22.20%. New China Life Insurance ranks fifth with 8.516 billion yuan. On June 26, New China Life Insurance held a shareholders' meeting to review the profit distribution plan for 2025, proposing a final cash dividend of 2.06 yuan per share (tax included), with a final cash distribution of approximately 6.426 billion yuan. Including the interim dividend, the total cash dividend for the year amounts to 8.516 billion yuan, a year-on-year increase of 7.90%. Hong Kong-listed insurance companies also performed well. China Taiping's total dividend for 2025 reached 4.421 billion Hong Kong dollars, setting a new record, with a year-on-year increase of 251.4%; AIA's total annual dividend exceeded 20 billion Hong Kong dollars, a year-on-year increase of 10%; Sunshine Insurance's annual dividend was 2.185 billion yuan, basically flat compared to the previous year. **The "Confidence" Behind Dividend Growth: The Cake Has Grown Bigger** Where does the confidence for such generous dividends come from? Experts indicate that the overall dividend level of listed insurance companies in 2025 has increased, mainly due to the recovery of capital market returns and the continuous reduction of liability costs by regulatory agencies, leading to a sustained expansion of the industry's net profit. First, investment income has played a crucial role. In 2025, the total investment return rate of the five major insurance companies significantly improved. China Life's total investment income reached 387.694 billion yuan for the year, a year-on-year increase of 25.8%, with a total investment return rate of 6.09%; New China Life's total investment return rate reached 6.6%, ranking among the industry leaders; Ping An's comprehensive investment return rate was 6.3%, at a relatively high level over the past five years. Secondly, the decline in liability costs has released profit space. The continuous reduction of the prescribed interest rate, the implementation of the "insurance and banking integration" policy, and the accelerated transformation of floating income products such as participating insurance have significantly reduced the rigid liability costs of insurance companies. China Pacific Insurance's new premium income from participating insurance accounted for 50%; New China Life's participating insurance accounted for 77% of its premium income in the fourth quarter of 2025; China Life's floating income business accounted for nearly 50% of first-year premium income. The scale of dividends reaching hundreds of billions has sparked market discussions, with some investors concerned that insurance companies are "overdrawing profit dividends," consuming capital, and affecting future operational development. In response, several brokerage research reports pointed out that the current dividends of listed insurance companies are not "overdrawn," and the growth in total dividends mainly comes from the expansion of the net profit cake, rather than an increase in the dividend ratio. Soochow Securities' research report shows that driven by investment income, the total net profit attributable to shareholders of listed insurance companies is expected to grow by 26.6% in 2025, with the overall dividend rate remaining stable. The solvency adequacy ratio of listed insurance companies has generally decreased compared to the beginning of the year but remains above regulatory requirements. Kaiyuan Securities' research report indicates that the NBV of listed insurance companies is expected to continue the rapid growth trend of 2025 in 2026. The expectation of double-digit growth in asset scale driven by premiums will continue, supporting steady increases in annual profits and dividends for insurance companies. **Can High Dividends Continue? Investors Need to Distinguish the Tracks** The impressive dividend data has not driven the secondary market performance of the insurance sector, which shows a "high dividend, low valuation" divergence pattern. According to data from Eastmoney, as of the close on June 26, the average dividend yield of five listed insurance companies in A-shares is approximately 3.99%, which is about 226 basis points higher than the yield of ten-year government bonds. Among them, Ping An's dividend yield is 5.72%, NCI's dividend yield is 4.58%, and CPIC, PICC Group, and China Life have dividend yields of 4.05%, 3.18%, and 2.44%, respectively. However, high dividends do not seem to provide a "safety cushion" for stock prices. Since 2026, the insurance sector has remained sluggish, and as of June 25, the Wind Insurance Index has fallen by approximately 23% year-to-date, significantly underperforming the CSI 300 Index by over 25 percentage points. The stark contrast between high dividends and low valuations reflects market concerns about the sustainability of insurance companies' profits. Will high dividends continue? Many interviewees generally believe that the future dividend capacity of insurance companies will show significant track differentiation, and the differences in profit resilience will directly determine the sustainability of individual stock dividends, as not all insurance stocks possess long-term allocation value. Tian Lihui, a finance professor at Nankai University, stated that the high dividend trend of insurance stocks should be viewed dialectically in terms of its "quasi-debt attributes" and the coexisting contradiction of "equity risk." On one hand, insurance companies hedge interest rate risks by increasing allocations to high-dividend assets, with some companies having dividend yields exceeding 5%, providing defensive value; on the other hand, net profits are significantly affected by fluctuations in the equity market, and stock price elasticity remains stronger than pure bonds. For ordinary investors, he offers three suggestions: First, prioritize targets with stable dividend rates of 30%-40% and solvency ratios exceeding 200% to ensure that dividends have sustainable capital support; second, limit the allocation of insurance stocks to within 15% of equity positions to diversify the volatility risk of a single industry; third, hold long-term, spanning at least one interest rate cycle, to avoid missing out on the compounding effect of dividends due to short-term stock price fluctuations, truly transforming "high dividends" into "stable returns." 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