China Life's total premiums in 2025 surpass 700 billion yuan for the first time, a year-on-year increase of 8.7%

On the evening of March 25, China Life Insurance Company Limited (hereinafter referred to as “China Life,” stock code: 601628.SH, 2628.HK) released its annual report for 2025.

In 2025, the company achieved a net profit attributable to shareholders of the parent company of 154.078 billion yuan, a strong growth of 44.1% on a high base, with an embedded value of 1.47 trillion yuan.

The report shows that in 2025, China Life’s total premium income exceeded 700 billion yuan for the first time, reaching 729.887 billion yuan, a year-on-year increase of 8.7%. The first-year premium income reached 116.205 billion yuan; long-term competitive advantages were solidified, with first-year premium income for ten years and above reaching 52.197 billion yuan, accounting for 44.92% of first-year premium income, among which, the first-year premium income for ten years and above in the individual insurance channel accounted for over 58% of the individual insurance channel’s first-year premium income. The company continued to promote marketing system reforms, and channel transformation released vitality. As of December 31, 2025, the company’s total sales force was 638,000, with the level of professionalism, specialization, and youth in the sales team continuously improving.

In 2025, the new single premium income proportions for life insurance, annuity insurance, and health insurance were 31.75%, 32.11%, and 31.23%, respectively, achieving balanced development, with the company’s market competition advantages becoming more prominent and development resilience stronger. The company actively responded to changes in the market interest rate environment, effectively implementing a package of policies, and the rigid costs of new business liabilities steadily declined for three consecutive years. The company vigorously promoted business structure transformation, and floating income-type business achieved strong growth.

In 2025, the new business value experienced rapid growth, increasing by 35.7% year-on-year, reaching 45.752 billion yuan. Dynamic optimization of major asset allocation significantly improved investment returns, achieving the best investment performance in recent years, with total investment income reaching 387.694 billion yuan, an increase of 79.443 billion yuan compared to the previous year, and a year-on-year increase of 25.8%. The total investment yield reached 6.09%, up 59 basis points from the same period last year.

As of December 31, 2025, China Life’s total assets and investment assets were 7.59 trillion yuan and 7.42 trillion yuan, respectively; the equity attributable to shareholders of the parent company reached 595.205 billion yuan, a year-on-year increase of 16.8%; the comprehensive solvency adequacy ratio reached 174.01%, and the core solvency adequacy ratio reached 128.77%, continuously maintaining adequate levels; the company had 327 million effective long-term insurance policies.

In addition, China Life’s multi-channel business synergy has formed a multi-polar driving development pattern, with core competitive advantages becoming more prominent. The individual insurance channel firmly maintained its basic development, continuing to play the role of a main force in value creation; the bancassurance channel effectively played a strategic development role, with strong growth in scale value; the group insurance channel strengthened quality improvement and efficiency enhancement, effectively improving operational benefits; the scale of policy-based health insurance business and the number of urban customized commercial medical insurance underwriting reached a historic high; internet insurance business achieved rapid growth.

At the same time, the company values sharing high-quality development results with investors. The board of directors proposed to distribute a cash dividend of 6.18 yuan (including tax) per 10 shares at the end of 2025, along with the interim cash dividend of 8.56 yuan (including tax) per 10 shares already distributed, resulting in a total annual dividend of 24.195 billion yuan, a year-on-year increase of 31.7%.

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