PICC's Ding Xiangqun details the "14th Five-Year Plan" strategic layout: focusing on four key areas, striving to achieve a strong start

March 27, 2025 financial frontline news: China Property Insurance (PICC) held its 2025 annual performance briefing today. When Ding Xiangqun, Chairman of PICC Group and Chairman of China Property & Casualty Insurance, delivered a speech, he said that this year is the first year of the “15th Five-Year Plan” (“15th Five-Year Plan” as the starting point), and the “15th Five-Year Plan” period is a crucial time for our country to basically achieve socialist modernization, consolidate the foundation, and make an all-out push. Overall, the insurance industry is also expected to enter a golden period of sustained and rapid growth. PICC will strengthen strategic determination, firmly and unswervingly follow the path of financial development with Chinese characteristics, focus on serving the building of a strong financial country, and accelerate the building of a world-class insurance and financial group that is internationally competitive, with outstanding functions, efficient operations, distinct core businesses, modern governance.

Regarding the future development landscape, Ding Xiangqun emphasized that PICC will be more focused on its core business, pursue offset development, and effectively play the role of the “keystone” for the property and casualty insurance business line. It will build a new engine for the life insurance business line, strengthen the investment line and its “drivers,” activate the technology line “accelerator,” and form a tiered development pattern with a more distinct core business, more optimized layout, and a more balanced structure. It will be more responsive to the trend of upgrading economic structure, anchor on the two major directions of upgrading consumption on the demand side and developing “supply-side mind and production power,” to build a new curve for the development of property and casualty insurance. It will speed up building PICC’s auto insurance into a globally leading property and casualty insurer with strong protection, strong strength, reasonable structure, and international competitive capability. It will put greater emphasis on capturing changes in residents’ wealth structure, fully leverage insurance’s comparative advantages in household security and wealth transfer, and build PICC Life into a first-class life insurer characterized by value growth, a lean and solid team, leading services, and strong asset accumulation capabilities. It will lead and promote integrated development of health insurance and health management, strengthen capacity building in professional areas, and build PICC Health into a first-class health insurer where functions are effectively leveraged, regulatory advantages are prominent, and quality and performance rank among the best.

Ding Xiangqun also said that PICC will further leverage the characteristics of insurance as “patient capital,” strengthen the ability to make proactive investments and generate absolute returns, grow third-party asset management, and enhance the investment line’s value creation capability, thereby achieving a higher level of dynamic balance between assets and liabilities. It will more actively and prudently advance international development, relying on resilience-based preparedness, exploring international development, and focusing on overseas integrated service demand, while actively exploring ways to provide international services. It will more proactively seize the opportunities of artificial intelligence development, deepen reform of the science and technology system and digital development, accelerate the release of technological productive forces, and seize the commanding heights of digital transformation.

When discussing its plans for the next steps, Ding Xiangqun said, “The opening determines the whole picture, and starting well determines the momentum.” Ding Xiangqun stressed that in 2026, PICC will adhere to the principle of making progress while ensuring stability, better coordinate deepening reforms and high-quality development, and better coordinate development and security, striving hard to accelerate the building of a world-class insurance and financial group. The company will focus on strengthening efforts in four areas to fully and wholeheartedly achieve a good start to the “15th Five-Year Plan.”

First, strengthen efforts to serve the overall interests by innovatively leveraging insurance’s cross-cycle and counter-cyclical stabilizing role. It will focus on supporting consumption recovery, innovation-driven development, and opening up to the outside world, coordinate the development of dual-carbon leadership and people’s livelihood protection, and make greater contributions to the overall picture of economic and social development. In serving the overall interests, it will expand new space for our own development.

Second, strengthen efforts to promote high-quality development. It will firmly grasp the primary task of high-quality development, build a high-quality business portfolio, strengthen high-quality underwriting and profitability, expand high-quality investment, improve high-quality service capability, and do a good job in high-quality market value management, thereby promoting the effective improvement in “quality” and the rational growth in “scale.”

Third, strengthen efforts to deepen reforms. It will respond to the expectations of grassroots reform, continuously promote corporate governance reform, reform of the strategic governance and control system and mechanisms, reform of mechanisms to empower grassroots development, reform of sharing customer resources, digital reform, reform of the cadres and personnel system. As for the six reform initiatives, we have already started last year; this year is the year to deepen and extend further downward.

Fourth, strengthen efforts to prevent and control risks. It will always place risk prevention and control in a prominent position, improve risk source prevention and control capability, strengthen risk prevention and control in key areas such as large concentrated and uncertain major business risks and market risks induced by bidirectional fluctuations in interest rates, as well as cyber security risks. It will uphold compliance-led operations with persistence, and enhance the digital level of risk control.

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