According to annual report statistics from insurance asset management companies, as of the submission date of May 11, all 35 insurance asset management companies have disclosed their 2025 annual reports, except for China-UK Yili Asset Management Co., Ltd., and the newly established AIA Asset Management and Hequan Insurance Asset Management, which commenced operations late last year.
Among these, Prudential Asset Management, which began operations in September 2025, lacks year-on-year comparative data. The remaining 34 insurance asset management companies collectively achieved operating revenue of 484.43 billion yuan in 2025, a year-on-year increase of 14.9%. Their combined net profit reached 218.97 billion yuan, representing an 18.4% growth compared to the previous year.
Industry insiders believe that both premium growth and the capital market environment have supported the dual increase in revenue and net profit for the insurance asset management sector. Building on this foundation, asset management companies must continue to enhance their core competitiveness and further increase the proportion of third-party asset management business.
Five Companies Achieve Net Profits Exceeding 10 Billion Yuan In 2025, three insurance asset management companies reported operating revenues exceeding 50 billion yuan. Specifically, China Life Asset Management reported revenue of 82.5 billion yuan, Taikang Asset Management reported 79.3 billion yuan, and Ping An Asset Management reported 50.1 billion yuan. Additionally, nine insurance asset management companies had operating revenues between 10 billion and 50 billion yuan. Regarding year-on-year changes in operating revenue, 27 companies experienced an increase, while only seven saw a decline.
In terms of net profit, five insurance asset management companies achieved net profits exceeding 10 billion yuan in 2025. Among them, China Life Asset Management posted a net profit of 49.16 billion yuan, Taikang Asset Management reported 40.24 billion yuan, and Ping An Asset Management, Changjiang Pension, and China Life Investment achieved net profits of 30.55 billion yuan, 10.71 billion yuan, and 10.4 billion yuan, respectively. Regarding year-on-year changes in net profit, 24 companies reported growth, while ten experienced a decline.
Regarding this performance, a partner in the financial industry consulting practice at Tianzhi International stated that the income of insurance asset management institutions primarily comes from management fees, which are related to the scale of assets under management and the management fee rate. This includes fixed components and performance-based fees linked to investment returns. Last year, the scale of insurance fund utilization in the industry continued to grow, leading to an increase in the asset scale managed by insurance asset management companies. Additionally, the strong investment performance of insurance funds last year allowed these companies to share in some excess performance-based fee income.
From the perspective of the deputy director of the Innovation and Risk Management Research Center at the University of International Business and Economics, the overall positive performance of the insurance asset management industry last year was driven by two core factors. On one hand, premium growth led to an increase in investable funds, while the favorable performance of the capital market boosted investment returns and management fee income. On the other hand, regulatory policies relaxed restrictions on equity investments for insurance funds, and the industry actively expanded third-party asset management business for entities such as banks and pension funds, jointly driving growth in scale and profits.
Three Asset Managers' Scale Exceeds One Trillion Yuan for the First Time Although most insurance asset management companies did not disclose their asset management scale in their annual reports, based on publicly available information, by the end of last year, 11 companies had a management scale exceeding one trillion yuan. Among these, three companies saw their management scale surpass the one trillion yuan threshold for the first time last year.
Specifically, by the end of last year, China Life Jiu Yin's total managed assets exceeded 1.3 trillion yuan. Meanwhile, as of the end of 2025, Dajia Asset Management's entrusted asset management scale was 10,297 billion yuan. Huatai Asset Management, a wholly-owned subsidiary of Huatai Insurance Group, is one of the more market-oriented insurance asset management companies. According to disclosures from Huatai Insurance Group, by the end of last year, Huatai Asset Management's asset management scale broke through the one trillion yuan mark. Within this, over 90% of the managed asset scale came from third-party clients, covering more than 500 companies including insurance firms, banks, large central and state-owned enterprises, pension funds, enterprise annuities, and occupational annuities.
The deputy director believes that a larger asset management scale can directly increase a company's management fee income and also help enhance its market credibility and brand influence. Simultaneously, a large-scale fund pool allows management institutions to conduct broader asset allocation to diversify risks. However, this also places higher demands on the investment research, risk control, and operational capabilities of the management institutions.
Regarding third-party business, the deputy director stated that the variation in this proportion directly reflects the differences in the market orientation and development strategies of insurance asset management companies. Increasing the share of third-party business is a significant development trend in the insurance asset management industry. This can reduce reliance on funds from a single shareholder, enhancing operational stability and profit flexibility. More importantly, competition in the third-party market can compel companies to improve their investment performance and service levels, which is key to building long-term core competitiveness.
The consulting partner indicated that in the future, insurance asset management companies need to enhance their investment performance and service levels by developing core capabilities in investment research, asset allocation, risk control and compliance, product design, and operational services to win over the market and clients.