China Life President: The bancassurance channel will focus on deepening the channel and boosting branch capacity as key breakthroughs

On March 26, Li Mingguang, President of China Life Insurance Co., Ltd. (China Life, 601628.SH; 02628.HK), stated at the company’s 2025 annual performance briefing that China Life fully leverages its advantages in multi-channel operations, with the individual insurance channel as the foundation, and the bancassurance and group insurance channels flourishing in multiple areas. The company continues to enhance the professional management level of its channels, strengthen product service supply capabilities, and comprehensively match and meet customers’ diverse insurance protection needs, including annuities, life insurance, and health insurance, establishing a good framework driven by multiple supports and multiple poles.

Li Mingguang emphasized that among all sales channels, the individual insurance channel plays a primary role and has a solid capacity for sustainable development. At the same time, the individual insurance channel steadily promotes marketing system reforms, adhering to quality improvement while maintaining volume, strengthening优增优育, optimizing team structure, continuously enhancing team hard power, and accelerating the team’s transition towards professionalism, specialization, and youthfulness. The quality of the team is continuously improving, with new forces growing stronger,优增人力 increasing by 40% year-on-year, and the 13-month retention rate improving by 2.2 percentage points year-on-year. The proportion of personnel aged 45 and below increased by 2.3 percentage points year-on-year.

Regarding the development of the bancassurance channel, he stated that over the past year, the bancassurance channel has effectively played a strategic development role, continually enriching the bancassurance product system to meet diverse customer needs, achieving leapfrog business development and significantly increasing premium scale. “In the next step, the bancassurance channel will focus on deepening the channel and enhancing outlet productivity as key breakthroughs, with strengthening team capabilities as effective support, upgrading professional capabilities, deepening the cooperation ecosystem, and continuously improving channel contribution.”

The annual report shows that in 2025, the total premium of China Life’s individual insurance channel reached 551.79 billion yuan, a year-on-year increase of 4.3%; among which, renewal premiums accounted for 442.285 billion yuan, a year-on-year increase of 7.9%. The first-year regular premium was 89.171 billion yuan, and the first-year regular premium for ten years and above was 52.148 billion yuan, further increasing its share of the individual insurance channel’s first-year regular premium to 58.48%, with a continuous improvement in business structure. The new business value for the year was 39.3 billion yuan, a year-on-year increase of 25.5%, with value contribution reaching 85.9%.

In 2025, the total premium of China Life’s bancassurance channel was 110.87 billion yuan, a year-on-year increase of 45.5%; new single premiums reached 58.51 billion yuan, a year-on-year increase of 95.7%, contributing 25% to the company’s new single premiums. In terms of productivity, the per capita first-year regular premium capacity of customer managers increased by 53.7% year-on-year.

The Paper News reporter Hu Zhi Ting

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