FINANCE

Ping An Boosts Stake in Rival China Life to Over 10%

Published: Feb. 6, 2026 2:15 a.m. GMT+8

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Since 2024, Ping An has been active in Hong Kong’s stock market, acquiring significant stakes in the H shares of multiple banks and insurers. Photo: VCG

Ping An Insurance (Group) Co. of China Ltd. has increased its stake in rival China Life Insurance Co. Ltd.’s Hong Kong-listed shares to more than 10%, continuing an aggressive buying spree of high-dividend financial stocks to secure stable yields.

According to disclosure data from the Hong Kong Stock Exchange, the Shenzhen-based insurance giant purchased 10.895 million H-shares of China Life on Feb. 2 at an average price of HK$33.26 per share. The transaction, valued at about HK$362 million ($46.4 million), raised Ping An’s holding in China Life to 10.12%, triggering a regulatory disclosure requirement.

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Ping An Insurance increased its stake in China Life’s Hong Kong shares to 10.12% by buying 10.895 million shares for HK$362 million on Feb. 2, 2025.
The company has significant stakes in major Chinese banks and insurers, with a book value of 150.2 billion yuan in banks and 16.5 billion yuan in insurers.
These acquisitions focus on high-dividend, low-volatility Hong Kong stocks, driven by falling interest rates and tax advantages.

AI generated, for reference only

Who’s Who

Ping An Insurance (Group) Co. of China Ltd.: Ping An Insurance (Group) Co. of China Ltd. is a Shenzhen-based insurance giant. It has been aggressively buying high-dividend financial stocks, particularly Hong Kong-listed shares of banks and insurers like China Life and China Pacific Insurance. This strategy aims to secure stable yields amid falling interest rates and to capitalize on undervalued assets.

China Life Insurance Co. Ltd.: China Life Insurance Co. Ltd. is a rival insurer in which Ping An Insurance (Group) Co. of China Ltd. has aggressively increased its stake in its Hong Kong-listed shares to over 10%. Ping An views China Life's shares as a high-dividend financial stock, providing stable yields amidst falling interest rates.

Agricultural Bank of China: Agricultural Bank of China is one of the "Big Four" banks in China. Ping An Insurance (Group) Co. of China Ltd. significantly increased its stake in Agricultural Bank of China, holding 20.1% as of late 2025. This acquisition reflects Ping An's strategy to invest in high-dividend financial stocks for stable returns amid falling interest rates.

China Merchants Bank: China Merchants Bank is one of the financial institutions in which Ping An Insurance has built substantial positions. As of late 2025, Ping An held a 20.07% stake in China Merchants Bank, highlighting its strategy of investing in high-dividend financial stocks for stable yields.

ICBC: ICBC, or Chinese Industrial and Commercial Bank, is one of the lenders in which Ping An Insurance (Group) Co. of China Ltd. holds a significant interest. As of late 2025, Ping An had an 18.08% stake in ICBC. This investment is part of Ping An's strategy to acquire high-dividend financial stocks for stable returns.

Postal Savings Bank of China: Postal Savings Bank of China is one of the five lenders in which Ping An Insurance has significant interests. As of late 2025, Ping An held a 17.01% stake in the bank. This investment is part of Ping An's broader strategy to acquire high-dividend financial stocks for stable returns amid falling interest rates.

China Construction Bank: China Construction Bank is one of the five major lenders in which Ping An Insurance (Group) Co. of China Ltd. holds a significant interest. As of late 2025, Ping An held a 4.99% stake in China Construction Bank as part of its strategy to acquire high-dividend financial stocks.

China Pacific Insurance (Group) Co. Ltd.: China Pacific Insurance (Group) Co. Ltd. (CPIC), also known as 中国太平洋保险(集团)股份有限公司, is an insurance company. As of late 2025, Ping An Insurance (Group) Co. of China Ltd. holds a 10.17% stake in CPIC. The book value of Ping An's holdings in CPIC and China Life combined is approximately 16.5 billion yuan.

ZhongAn Online P & C Insurance Co. Ltd.: ZhongAn Online P & C Insurance Co. Ltd. (众安在线财产保险股份有限公司) is an insurance company. Ping An Insurance (Group) Co. of China Ltd. holds a 9.18% stake in ZhongAn Online P & C Insurance Co. Ltd. This investment is part of Ping An's strategy to acquire high-dividend financial stocks for stable yields, viewing them as "quasi-fixed income" assets.

Huatai Securities Co. Ltd.: Huatai Securities Co. Ltd. published a research report indicating that recent stake increases by Chinese insurers prioritize dividend yields, averaging 5.3% historically. The report also highlights that Hong Kong stocks are the primary targets, favored for lower valuations, higher dividend yields, and tax advantages.

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What Happened When

2024：: Ping An frequently targeted the H-shares of banks and fellow insurers beginning this year, looking for assets with low volatility and consistent payouts.

August 2025：: Ping An raised its stake in China Life to 5.04% by purchasing shares at an average price of HK$22.40.

late 2025：: Ping An held a 20.1% stake in Agricultural Bank of China and significant interests in four other Chinese banks.

February 2, 2026：: Ping An purchased 10.895 million H-shares of China Life at an average price of HK$33.26 per share, raising its holding to 10.12%.

AI generated, for reference only