In 2025, Dajia Insurance's premiums will exceed 10 billion, with net profit surging by 439%

Dajia Property Insurance welcomed its "highlight moment" in performance in 2025.

On January 27, Dajia Property Insurance disclosed its solvency report for the fourth quarter of 2025, revealing that the company achieved a total premium of 10.648 billion yuan for the year.

While breaking through in scale, Dajia Property Insurance also saw a substantial recovery in profitability, with a cumulative net profit of 137 million yuan in 2025, a staggering increase of 439% compared to 25.46 million yuan in 2024.

The value of this report mainly lies in the underwriting side's "turning losses into profits."

In the property insurance industry, a combined cost ratio of 100% is often regarded as the "line of life and death" for profit and loss. In 2024, Dajia Property Insurance's indicator was still at 102.99%, meaning that for every 100 yuan of premium income, nearly 103 yuan had to be spent on underwriting;

However, by 2025, Dajia Property Insurance managed to reduce the combined cost ratio to 99.83%.

Although there is only a thin profit margin of 0.17 percentage points, this signifies that the insurance company has developed the ability to "generate blood" through its business itself, rather than solely relying on investment income to subsidize underwriting losses.

Analyzing the cost structure, the optimization of the loss ratio is key.

In 2025, Dajia Property Insurance's combined loss ratio decreased from 62.75% the previous year to 61.03%, and the combined expense ratio was also controlled at 38.81%. In the context of deepening reforms in auto insurance and intensified competition in non-auto insurance, this level of cost control is particularly challenging.

On the scale front, Dajia Property Insurance did not lose momentum due to cost control.

The report shows that in 2025, Dajia Property Insurance's written premium reached 10.573 billion yuan, with auto insurance written premium at 6.518 billion yuan, accounting for about 61.6%, still the company's ballast;

Non-auto insurance business also showed improvement, with the total written premium of the top five non-auto insurance types reaching 1.823 billion yuan, showing significant growth compared to the previous year.

However, the other side of the coin is a somewhat mediocre performance on the investment side.

Under the dual pressure of a low-interest-rate environment and "asset scarcity," Dajia Property Insurance's financial investment return rate for 2025 was 2.74%. Although it rebounded from 2.01% in 2024, the overall investment return rate fell from 3.92% to 2.71%.

This also means that, although its total assets have reached 15.14 billion yuan, there is still room for improvement in the efficiency of fund utilization. With thin profits on the underwriting side, the performance on the investment side will directly determine the company's future profit ceiling.

In addition, the cash flow situation still requires continuous attention.

Although the net cash flow from operating activities turned positive in the fourth quarter of 2025, the cumulative net cash flow for the year was still -190 million yuan.

Although this has significantly narrowed compared to -790 million yuan in 2024, the continuous net outflow indicates that the company's "reservoir" is still in a recovery period.

For Dajia Property Insurance, 2025 is undoubtedly a year of crossing the survival line;

However, how to make the nearly 3 billion yuan of net assets on the books truly "run" in 2026 and achieve a "dual-wheel drive" of investment and underwriting will be the core challenge for the management team going forward