May 2026
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Largest Insurance Carriers Public Companies in China
Benchmark revenue and EBITDA valuation multiples for public comps like
Ping An Insurance, China Life, China Pacific Insurance, People's Insurance Co and PICC Property & Casualty.
 | Ping An Insurance was founded in 1988 and headquartered in Shenzhen. As an integrated financial service provider, the company offers healthcare services and integrated financial products. Ping An is China's second-largest life and P&C insurer. The company strives for an integrated financial services platform comprising life insurance, P&C insurance, banking, and other financial services. These business segments contributed 58%, 11%, 32%, and negative 4% of the company’s pretax profits, respectively, in 2024. | $8 | +11% | $143B | $195B | 1.3x | — | ||
| As the largest life insurance company in China, China Life commands about 16% market share by end-2024. The firm offers group and individual life insurance through exclusive agents, bancassurance, and other marketing platforms. While the bulk of profits stem from life insurance policies, additional operations include short-term policies such as accident and health insurance. The company is focusing on building a senior-care ecosystem and reforming a new agent team for long-term growth. | $5 | +4% | $131B | $116B | 1.3x | 4.5x | ||
| Established in 1988, China Pacific Insurance is China's third-largest life insurer and third-largest general property and casualty insurer, with headquarters in Beijing. The company strives to create an integrated financial services platform that encompasses insurance, banking, and asset management. CPIC's major shareholders are state-owned companies related to the Shanghai government. | $5 | +4% | $45B | $35B | 0.6x | 4.7x | ||
| PICC Group, headquartered in Beijing, is the largest state-owned insurance group in China. It holds a 69% stake in PICC Property and Casualty, an 80% stake in PICC Life, and a 69% stake in PICC Health Insurance. The P&C subsidiary is the largest nonlife insurer in the country, with approximately one-third of market share. The life insurance and health insurance subsidiaries hold about 2.9% and 1.3% of market share, respectively. The Ministry of Finance is the largest shareholder with a 61% stake, while China's Social Security Fund is the second-largest shareholder, holding nearly 13%. | $1 | -12% | $43B | $46B | 0.5x | — | ||
| PICC P&C is headquartered in Beijing. The company is the largest nonlife insurer in China, commanding nearly 33% market share in the country. It was founded by the People's Bank of China in 1949. The company is a flagship subsidiary of the PICC Group, a state-owned insurance group, which owns 69% of PICC P&C. The company offers a wide range of nonlife insurance products, including auto, commercial property, liability, credit and surety bond, accidents and health, energy and aerospace, and agricultural insurance. | $2 | -1% | $42B | $43B | 0.6x | 5.2x | ||
| New China Life Insurance is headquartered in Beijing and was established in 1996 by a combination of state-owned enterprises and private firms. It is currently the fourth-largest life insurer in China based on total assets. The company is partly owned by Huijin Investment, the government’s investment arm, which holds a 31% stake in New China Life. In 2011, the company was listed on both the Hong Kong and Shanghai stock exchanges.New China Life offers a wide range of life insurance products and services to both individual and institutional customers through its extensive distribution networks and diverse marketing channels. Additionally, it manages and invests insurance funds through its subsidiaries, including its Asset Management Company and Asset Management Company (Hong Kong). | $8 | +25% | $25B | $22B | 1.0x | 3.0x | ||
| China Taiping Insurance Holdings Co Ltd is a holding company that, through its subsidiaries, sells insurance products and offers a variety of investment management services. The company sells life, property and casualty, reinsurance, and pension insurance products. The firm also operates asset management and real estate management services. The majority of China Taiping Insurance's income is derived from life insurance, with the People's Republic of China contributing a portion of the company's revenue. The Group comprises business segments: the life insurance business, PRC property and casualty insurance business, Overseas property and casualty insurance business, reinsurance business, and Others. The majority of revenue is generated from the life insurance business. | $3 | +70% | $9B | $13B | 0.5x | — | ||
| China Reinsurance (Group) Corp is a Chinese company that is engaged in the reinsurance business. It provides various products and services including reinsurance, direct insurance, asset management, insurance brokerage, and insurance media service. The company offers a variety of reinsurance products for various property and casualty insurance, such as motor, property, agricultural, liability insurance, life, health, accident insurance, and asset management services. It operates through the following business segments: Property and casualty reinsurance, Life and health reinsurance, Primary property and casualty insurance, Asset Management, and Others. | $0 | +24% | $7B | $7B | 0.4x | — | ||
| SDIC Capital Co Ltd is engaged in securities, trusts, public funds, futures, insurance, etc. The company conducts its operations through four segments. The Brokerage segment mainly covers securities and futures brokerage services, along with the distribution of financial products as an agent. The Asset Management segment includes pooled, directional, and specific asset management activities. The Investment Banking segment offers services related to equity and debt financing, mergers and acquisitions, and financial advisory; the Credit business, and Others. | $1 | -7% | $6B | ($11B) | (5.4x) | (12.4x) | ||
| Sunshine Insurance Group Co Ltd is mainly engaged in the insurance business. The company has three operating segments; The life insurance segment offers a wide range of life insurance products mainly by Sunshine Life; The property and casualty insurance segment offers a wide range of property and casualty insurance products mainly by Sunshine P&C and Sunshine Surety, and Other business segment mainly provides corporation management and assets management services. It derives a majority of its revenue from the property and casualty insurance segment. | $0 | +6% | $5B | $6B | 0.4x | — | ||
| Waterdrop Inc is a technology platform dedicated to insurance and healthcare service. The Company is mainly engaged in operating an independent third-party insurance platform dedicated to providing insurance and healthcare service. The Company’s main businesses are the insurance marketplace, medical crowdfunding, and mutual aid. The insurance marketplace business is collaborated with insurance carriers to offer health and life insurance products to ensure a smooth and friendly user experience throughout the process from underwriting to claim services. The medical crowdfunding business enabled people with medical costs. | $1 | -1% | $517M | $379M | 0.6x | 6.4x | ||
| Median | $2 | +4% | $25B | $22B | 0.6x | 4.6x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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