The property insurance industry grows fast in China and it is necessary to further investigate the profitability of the Chinese property insurance industry. This study investigates the evolution and determinants of the profitability of 53 Chinese property insurers during the year 2013–2017. Profitability is measured by profit ratio efficiency by data envelopment analysis (DEA) methodology and a profit ratio change index is applied to compare the performance of these insurers over different periods. Tobit regression models are used to investigate several influencing factors of profitability. The empirical results show the importance of proper arrangement of costs and revenues for an insurer and help to better understand the effect of firm size, age, and product specification on profitability. Some policy implications and suggestions are also proposed.