China's Top Five Insurers Commit Over 20 Trillion Yuan to Support A-Shares

China's capital markets received significant positive news on Monday (20th). The five major listed insurers—China Life, PICC, Ping An, CPIC, and New China Life—rarely issued a joint statement on the same day, expressing firm confidence in China's economic prospects and the long-term investment value of capital markets.

As of the end of 2025, the combined investment assets of these five insurance giants exceeded 20 trillion yuan. Their collective action is seen as a crucial signal that 'patient capital' is accelerating its entry into the market.

### Leveraging the Advantages of 'Patient Capital'

In this joint announcement, the five insurers unanimously emphasized their commitment to leveraging insurance funds as 'patient capital' and 'long-term capital'.

China Life Asset Management revealed that it has been actively allocating assets at current market levels, with daily net purchases of equity assets—including A-shares and on- and off-exchange funds—exceeding 10 billion yuan. PICC explicitly stated it will seize valuation recovery opportunities through concrete actions and firmly serve as a 'stabilizing ballast' for the market.

Analysts point out that the core significance of increased equity investment by insurers lies in optimizing the funding structure of the A-share market. As medium- to long-term capital, insurance funds possess countercyclical allocation capabilities during periods of market irrationality, helping to mitigate volatility, stabilize investor expectations, and boost confidence. Moreover, the sustained inflow of insurance capital will drive the A-share pricing system to place greater emphasis on companies' long-term value and intrinsic returns.

### Strong Performance Enables Tangible Shareholder Returns

The confidence behind the five insurers' market support stems from their robust operational strength. Data shows that in 2025, the five listed insurers achieved a combined net profit attributable to shareholders of 425.291 billion yuan, a year-on-year increase of 22.4%, marking a record high in profitability. Supported by strong performance, their total 2025 dividend payout surpassed the 100-billion-yuan threshold for the first time, reaching 102.394 billion yuan, up 12.8% year-on-year.

Among them, Ping An's 2025 dividend amounted to 48.891 billion yuan, with its cash dividend total having increased for 15 consecutive years. CPIC and New China Life also stated they will further optimize dividend timing and actively prepare for interim profit distributions to enhance dividend stability and predictability, thereby improving investor satisfaction.

### Strategic Focus on New-Quality Productive Forces

This collective insurer stance has deep institutional roots. With the 2025 release of policies such as the 'Implementation Plan for Promoting Long-Term Capital into the Market,' the performance evaluation of state-owned insurers has gradually shifted toward a long-cycle assessment combining 'current year + 3-year cycle + 5-year cycle.' This transformation is shifting the role of insurance capital from passive financial investors to active value discoverers.

On investment direction, the five insurers have reached strong consensus, identifying technological innovation, new-quality productive forces, strategic emerging industries, and high-dividend stocks as key investment areas.

As of the end of 2025, the five insurers' total stock investment reached 2.5 trillion yuan, accounting for 12.2% of their investment assets. Market forecasts suggest that in 2026, the insurance industry as a whole could allocate up to 900 billion yuan in new investments to public market equity assets. This accelerated entry of 'long-term money' will provide sustained momentum for the high-quality development of China's capital markets.