The ongoing deepening of asset-liability linkage continues! In 2025, China Life’s one-year new business value and attributable net profit for the year both achieved strong growth on a high baseline.

(Source: Beijing Business Daily)

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 2025 annual report.

In 2025, facing increasingly complex and volatile internal and external environments, China Life deeply practices long-termism, follows the core ideas of “Three Persistences,” “Three Enhancements,” and “Three Breakthroughs,” continuously strengthens asset-liability management, deepens omni-channel business collaboration, accelerates reforms in key areas, and achieves multiple core indicators at record highs. It maintains a leading position in both scale and value, delivering a performance that combines speed and quality, with excellent structure and efficiency, and coordinated development of growth and safety, successfully concluding the “14th Five-Year Plan.” In 2025, the company achieved a net profit attributable to shareholders of the parent company of 154.08B yuan, a strong increase of 44.1% on a high base; embedded value reached 14.7 trillion yuan, remaining the industry leader.

Business development reaches new heights. In 2025, China Life’s total premiums first surpassed 700 billion yuan, reaching 14.7k yuan, an 8.7% year-on-year increase, exceeding 1 trillion yuan compared to the first year of the “14th Five-Year Plan.” First-year regular premium reached 729.89B yuan, maintaining the industry’s top position; long-term competitive advantages remain solid, with first-year premiums for ten years or more totaling 116.21B yuan, accounting for 44.92% of total first-year premiums; among individual insurance channels, premiums for ten years or more accounted for over 58%. Continued reform of marketing systems and channel transformation unleashed vitality. As of December 31, 2025, the company’s total sales force numbered 638k, maintaining industry leadership; the professionalism, specialization, and youthfulness of the sales team continued to improve.

Business structure is more diversified and balanced. China Life has comprehensively built a strong strategic depth, coordinated omni-channel development, and deepened product supply and business forms with multiple dimensions—term, cost, and type. In 2025, the new business premiums for life insurance, annuities, and health insurance were 31.75%, 32.11%, and 31.23% respectively, achieving balanced development. The company’s market competitive advantage is more prominent, and resilience is stronger. In response to changes in market interest rates, the company effectively implemented a package of policies, with rigid costs of new business liabilities steadily decreasing for three consecutive years. The transformation of business structure is advancing smoothly, with floating-yield products experiencing strong growth, accounting for nearly 50% of first-year premiums, supporting the structural shift.

Operational quality and efficiency steadily improve. Emphasizing value and benefit, in 2025, the value of new business grew rapidly, increasing by 35.7% year-on-year to 52.2B yuan, continuing to lead the industry. Cost reduction and efficiency enhancement are strengthened, with refined management significantly improving cost input-output efficiency. Asset allocation is dynamically optimized, investment returns increased substantially, achieving the best investment performance in recent years. Total investment income reached 638k yuan, up 45.75B yuan from the previous year; the investment yield was 6.09%, an increase of 59 basis points year-on-year.

Comprehensive strength continues to grow. As of December 31, 2025, China Life’s total assets and investment assets were 75.9 trillion yuan and 74.2 trillion yuan respectively, crossing the 10 trillion yuan threshold three times during the “14th Five-Year Plan.” Shareholders’ equity attributable to the parent company reached 387.69B yuan, a 16.8% increase; the comprehensive solvency adequacy ratio was 174.01%, and the core solvency adequacy ratio was 128.77%, both maintaining sufficient levels; the company held 327 million effective long-term insurance policies. Its total market value and reserves for life and health insurance rank first among global life insurers.

China Life integrates asset-liability management concepts throughout its operations, with continuous deepening of asset-liability linkage.

Additionally, China Life’s omni-channel business collaboration has been strengthened, forming a multi-polar development pattern with more prominent core competitive advantages. The individual insurance channel firmly maintains its development foundation, continuing to serve as the main driver of value creation; bancassurance channels effectively play strategic roles, with strong growth in scale and value; group insurance channels focus on quality and efficiency, with operational benefits significantly improved; policy-based health insurance business and city-specific commercial medical insurance participation hit record highs; internet insurance business achieves rapid growth.

Over the past year, the company received awards such as the 15th China Securities “Golden Bauhinia Award” for Outstanding Listed Company; ranked first among S&P’s “Top 50 Global Life Insurance Companies”; maintained an A-level risk rating for 30 consecutive quarters in the insurance company risk comprehensive rating, with the last 8 quarters consecutively rated AAA—the highest; MSCI)ESG rating rose to AA, placing it among the world’s leading sustainable management levels. The company also values sharing high-quality development results with investors; the board of directors proposed a final cash dividend of 6.18 yuan per 10 shares (tax included) for 2025, and combined with the interim dividend paid, the total annual dividend per 10 shares is 8.56 yuan (tax included), totaling 79.44B yuan, a 31.7% increase year-on-year.

Strengthening core main channels

Individual insurance channel continues positive momentum

Deeply practicing high-quality development, the individual insurance channel always adheres to value-led growth, with steady progress across all indicators. The channel accelerates transformation and upgrading, with a more diversified business structure.

In 2025, China Life’s individual insurance premiums totaled 551.79 billion yuan, a 4.3% increase; renewal premiums were 75.9k yuan, up 7.9%. First-year premiums for new policies reached 74.2k yuan, with ten years or more of first-year premiums at 595.21B yuan, further increasing the share to 58.48%. The business structure continues to improve, and sustainable development capacity is further enhanced. The company vigorously promotes floating-yield products, with dividend insurance new business premiums growing rapidly, accounting for nearly 60% of first-year premiums, becoming an important support for new business premiums. Core products increasingly focus on medium- and long-term sales, with more diversified payment and policy terms. The product and business structure of the first-year premiums in the individual channel are more balanced and diversified. The new business value for the individual channel reached 24.2B yuan, a 25.5% increase year-on-year.

The company’s individual insurance channel adheres to high-quality development, steadily advancing marketing system reforms, maintaining normal operations of the sales force, consolidating management, enhancing talent quality, optimizing team structure, and continuously improving team strength. As of December 31, 2025, the sales force numbered 587k, remaining the largest in the industry, including 371k in marketing and 216k in distribution teams; team quality continues to improve, with talent growth up 40.0% year-on-year, and new recruits steadily increasing.

Effectively leveraging strategic development

Bancassurance new business value surges

The bancassurance channel proactively meets customer needs for retirement and wealth transfer, while also controlling costs and improving efficiency, leading to significant growth in premiums and new business value. The channel maintains a comprehensive layout, expanding and improving branch operations. Focused on professional development, the team’s quality and stability are enhanced. The product system is enriched to meet diverse customer needs, with floating-yield products seeing notable sales increases.

In 2025, China Life’s bancassurance core indicators all improved, with total premiums reaching 442.29B yuan, surpassing 100 billion yuan for the first time, a 45.5% increase; new single premiums hit 89.17B yuan, up 95.7%, with dividend insurance’s new premiums increasing about 15 percentage points year-on-year; first-year premiums for new policies were 52.15B yuan, up 41.0%; renewal premiums were 39.3B yuan, up 13.1%, accounting for 47.23% of total channel premiums. The number of partner banks exceeded 100, with 77k new outlets, a 25.9% increase; star-rated outlets grew by 49.1%. The bancassurance customer manager team reached 20k, with per capita productivity up 53.7%.

Deepening multi-channel customer protection

Expanding multi-faceted insurance coverage

Focusing on benefit-driven operations, the group insurance channel promotes steady business growth while strengthening professionalization and refined management, achieving quality and efficiency improvements. In 2025, total premiums from the group insurance channel were 26.23 billion yuan; short-term insurance premiums were 23.70 billion yuan. The comprehensive cost ratio for short-term insurance significantly declined, greatly improving efficiency. The channel actively implements the “Five Articles” of financial policy, providing risk coverage exceeding 12 trillion yuan for over 200,000 small and micro enterprises. As of December 31, 2025, the sales team numbered 31k, with per capita productivity up 6.9%, steadily improving.

Actively expanding policy-based health insurance, participating in multi-level medical security systems. In 2025, total premiums from other channels reached 587k yuan, a 6.2% increase. By year-end, the company participated in over 200 critical illness insurance projects, more than 70 long-term care insurance projects, and over 140 city commercial medical insurance projects.

Continuing rapid development of internet insurance. In 2025, total internet insurance premiums reached 371k yuan, a 38.9% increase. The company continuously enriches products, enhances services, and optimizes experiences to improve online customer management.

Investment professional capabilities steadily improve

Portfolio return stability enhances

Upholding the mission of serving the real economy, the company directs insurance funds precisely into key areas and weak links of the real economy, supporting the development of new productive forces and high-level technological independence.

In 2025, bond market interest rates fluctuated slightly at low levels, with long-end yields widening; the stock market performed strongly with clear structural differentiation.

Adhering to asset-liability linkage management and long-term, value, and prudent investment philosophies, China Life continuously improves investment professionalism, dynamically optimizes asset allocation, and enhances portfolio return stability and long-term growth potential. In fixed income, the company flexibly adjusts allocation pace and strategies, maintaining a solid core position. Equity investments focus on medium- and long-term capital entry, seizing market opportunities, and actively deploying in fields related to new productive forces, steadily increasing high-dividend stocks. The scale of equity investments in the public market exceeded 1.2 trillion yuan, an increase of over 450 billion yuan from the start of the year. In alternative investments, the company focuses on high-quality entities and core assets, innovates investment models, and strengthens forward-looking deployment. Asset allocation remains prudent, with overall good asset quality.

As of December 31, 2025, China Life’s investment assets totaled 74.237 trillion yuan, a 12.3% increase from the end of 2024. The proportions of bonds, fixed deposits, and debt-based financial products remained stable; the proportion of stocks and funds (excluding money market funds) rose from 12.18% at the end of 2024 to 16.89%, mainly due to the company’s decisive increase in equity investments to seize market opportunities.

In 2025, China Life achieved total investment income of 216k yuan, up 58.51B yuan from 2024; the total investment yield was 6.09%, an increase of 59 basis points year-on-year.

Agilely sensing market product demands

Expanding the connotation of “diversity” in supply

Focusing on product innovation and diversified supply under the new development pattern, the company swiftly perceives evolving market needs, optimizes product supply structure, and continuously improves the product and service supply system. In 2025, China Life launched over 170 products to meet the growing insurance needs of economic and social development and the people’s increasing demand for protection.

Implementing national strategic deployment, improving social security. China Life actively implements the new “Guo Shiyi” policies, focuses on the “Five Articles” of finance, and serves national economic and social development. In commercial pension insurance, to meet the needs of the elderly for retirement security and the pre-retirement needs of the non-elderly, the company increases supply of pension annuities, other annuities, and endowment insurance products aligned with commercial insurance features, enriching the personal pension system and providing comprehensive retirement coverage across the lifecycle; in health insurance, expanding coverage, deepening segmentation, and promoting integration of health protection and health services, the company develops products such as long-term disability income loss, nursing care benefits, maternal and child disease insurance, fracture and accident medical products for the elderly, and other first-in-market health insurance products. It also continues to expand coverage and service scope, including new medicines and devices. In inclusive insurance, the company serves rural populations, urban newcomers, small and micro enterprises, the elderly, students, and children, as well as key areas like the Belt and Road Initiative and regional development, launching specialized products such as rural revitalization, domestic helpers, Silver Age health, and Belt and Road series to meet diverse and personalized social needs.

Strengthening multi-product supply and effective asset-liability management. China Life adheres to the overall direction of diversified product supply, expanding the connotation of “diversity,” and reinforcing asset-liability linkage management. As insurance needs across different groups and regions become more diverse and segmented, the company embeds protection functions into wealth management, retirement reserves, education, and medical scenarios, achieving precise coverage of protection needs and improving product accessibility and adaptability. It maintains asset-liability linkage management, implements mechanisms linking guaranteed interest rates with market rates, and dynamically adjusts products. The company continuously enriches dividend and floating-yield products, upgrades and iterates product structures, and improves a multi-dimensional, multi-term, and multi-cost product system to better meet customers’ diversified insurance needs.

In 2025, China Life’s commercial insurance annuity business remained industry-leading, with personal pension business ranking among the top, contributing to the protection of Silver Age happiness. Health insurance premiums reached 26.48B yuan, a 0.9% increase. The company actively supports rural revitalization, insuring 242 million rural residents and providing risk coverage of 30 trillion yuan.

Deepening the integrated financial ecosystem

Building a distinctive health and wellness service ecosystem

Upholding the “customer-centric” philosophy, China Life vigorously promotes the “Insurance + Service” ecosystem, empowering core business development.

Leveraging the advantages of the three major business sectors—insurance, investment, and banking—within China Life Group, centered on the “One China Life, Lifelong Protection” philosophy, the company continuously enriches its integrated financial product and service system, conducting insurance collaboration, bank-insurance synergy, and insurance-investment cooperation to provide comprehensive, full-lifecycle financial insurance services including protection, wealth management, and health and elderly care.

In 2025, the company’s collaborative sales of China Life Property & Casualty Insurance’s business premiums reached 52.37B yuan, with policies increasing by 12.3% year-on-year, forming a “life + property” product combination model, expanding multi-scenario marketing. It built service scenes such as “Xin Xu Bao” and “An Xin Fu” bank-insurance cooperation, and partnered with China Guangfa Bank for customer activities like “Little Financial Expert,” “Guangfa Open Day,” and “Comprehensive Financial Experience Day.” The scale of China Life’s pension insurance business continued steady growth; cooperation with China Life Asset Management and China Life Investment was deepened, leveraging insurance and investment advantages to promote integrated development.

Advancing a big health and elderly care ecosystem. In 2025, China Life steadily promoted the construction of a health and wellness service system, focusing on institutional elderly care, home-based elderly care, and health services, enriching diverse wellness service offerings, and building a China Life-specific health and wellness ecosystem.

In “Insurance + Elderly Care,” the company adheres to the concept of “making the elderly安心, making children放心,” leveraging the long-term, stable advantages of insurance funds, actively deploying CCRC elderly communities, urban elderly apartments, and wellness travel products. By the end of 2025, it had established 20 institutional elderly care projects across 16 cities including Beijing, Tianjin, Qingdao, Suzhou, Shenzhen, and Chengdu, launching the first four “Sui Xin Ju” travel elderly care products. It explores home-based elderly care services to meet diverse needs and empower core business growth. In “Insurance + Health,” the company integrates internal and external resources, continuously enriches health service offerings, and develops services such as medical consultation, rehabilitation, and nursing, providing customers with diverse rights and benefits. It optimizes health service processes and key control points, improving digital and intelligent levels of wellness services. By the end of 2025, the company’s wellness platform registered users increased by 8.8% compared to 2024.

Building a digital and intelligent closed-loop empowerment system

Data intelligence dual engines energize high-quality development

Upholding the core orientation of technology serving the insurance main business, China Life has built a comprehensive data-driven digital intelligence closed-loop system, focusing on data governance, fully unleashing data element potential, continuously expanding computing power, and applying large models across knowledge bases, intelligent agents, and AI robots. The dual engines of data and intelligence continuously inject momentum into high-quality development. The company actively aligns with national “Artificial Intelligence+” initiatives, constructing an AI capability system covering all management and operational links; it established a “hundred-million-level data—thousands of features—hundred-dimensional tags” data space, and was selected as a pilot unit for the national trusted data space innovation development in 2025; it has won awards in the “Data Elements” competition for two consecutive years, actively participates in setting industry standards, and continuously contributes China Life’s wisdom to industry technological innovation, demonstrating industry influence with technological strength.

Enhancing service capabilities. The customer-centric data intelligence service ecosystem is being upgraded, with more accurate intelligent recommendations and smoother voice interactions. Intelligent claims processing continues to iterate, with over 75% of claims handled through digital intelligence services; in 2025, over 5.3 million claims were paid directly through one-stop digital processes, with 680k claims identified and prompted for customer application; direct data connections support fast claims, enabling instant payments.

Driving quality and efficiency. AI-powered R&D creates new paradigms, with AI-assisted coding reaching 30%. Large models empower agents’ professional and personalized sales efforts, improving customer outreach efficiency, with annual customer visits increasing over 15%. Intelligent technology is reshaping underwriting processes for group and bancassurance businesses, promoting scale and quality improvements. AI-assisted manual operations are vigorously promoted, with digital underwriters exceeding 24% in 2025, and 99% of policy servicing being automatically reviewed, with some regions achieving over 60% fully automated processes.

Strengthening risk prevention and control. AI-based anti-fraud, anti-money laundering, anti-sales misrepresentation, and consumer protection systems conduct comprehensive risk monitoring, accurately identifying and blocking risks in real time. Digital auditors and multi-scenario intelligent applications enhance audit supervision. Customer data protection is reinforced, establishing trusted data circulation barriers, with ISO27701 privacy management system certification achieved, and data security reaching international standards.

“China Life Good Service” becomes more tangible

“Big Consumer Protection” enhances consumer confidence

Upholding a people-centered value orientation, the company improves all touchpoint services, innovates service models, and effectively protects consumers’ legal rights. In 2025, China Life served over 3 billion people, building the “China Life Good Service” brand characterized by simplicity, quality, and warmth. Consumer protection evaluations remain among the industry’s top, providing solid support for high-quality development.

Enhanced touchpoint convenience. The digital service matrix combining online and offline channels continues to expand. The China Life insurance APP was upgraded, optimizing the “one-click online service” experience, with 170 million users; “Cloud Counter” virtual customer service responds efficiently, maintaining high connection rates. The “Respect for the Elderly” mode in the APP is continuously optimized, with “zero-input” voice reporting becoming more convenient, and customer service lines and AI capabilities significantly improved, greatly increasing service efficiency. Nearly 2,500 offline outlets nationwide make services more tangible and accessible.

Warmth in service demonstrates sincerity. Tailored service scenarios are created based on customer groups. For critical illness clients with urgent funds needs, a “Critical Illness One-Day Payout” fast channel is available, serving 230k customers; themed service activities for parents, self-care, health, and VIP clients attracted 58.31 million participants; the “Art Returns to the Mountain” youth arts公益 project has reached 20 provinces, supporting rural cultural revitalization; barrier-free services for the elderly reached 27.78 million times. As a main drafting unit, the company participated in formulating the industry standard “Insurance Institution Elderly Customer Service Norm,” contributing to service standards.

Consumer protection work bears responsibility. The “Big Consumer Protection” framework is continuously deepened, with solid management of suitability, product classification, and sales qualification, and improved consumer protection management systems. Over 20 million “voices of customers” were listened to in the year, with service quality indices remaining industry-leading. A new financial education ecosystem was created, with innovative offline “Elderly Companionship Classes,” themed videos, and scenario-based, engaging publicity content. In 2025, the number of consumers reached through education campaigns increased by 31.4% year-on-year.

Embarking on the new journey of the “14th Five-Year Plan”

Accelerating the creation of a world-class Chinese life insurance company with Chinese characteristics

During the “14th Five-Year Plan,” guided by the spirit of the 20th CPC National Congress and subsequent plenary sessions, as well as the Central Financial Work Conference, the insurance industry’s role as an “economic shock absorber” and “social stabilizer” has been increasingly prominent. In the first year of the “15th Five-Year Plan,” China will implement more proactive macro policies, continue expanding domestic demand, optimize supply, improve increment, activate stock, develop new productive forces according to local conditions, and advance the construction of a unified national market, promoting high-quality economic growth and rational quantity growth, laying a solid economic foundation for industry development.

Meanwhile, “risk prevention, strengthened regulation, and high-quality development” remain the main themes. Regulatory policies around the “Five Articles” of finance, high-quality development, asset-liability management, and standardized operations are continuously improved. Reforms in personal marketing systems and the “reporting and operation integration” are deepening; dynamic adjustment of product guaranteed interest rates is orderly advancing, further guiding industry reform and establishing a foundation for sustainable, healthy development.

China Life states that in 2026, it will adhere to the theme of high-quality development, maintain the general tone of steady progress, and focus on the core ideas of “Three Persistences,” “Three Enhancements,” and “Three Breakthroughs.” It will promote comprehensive reforms in digital transformation, management model upgrades, omni-channel collaboration, customer management, and investment capacity building, striving for breakthroughs, serving the national strategy, further consolidating its leading position, maintaining steady scale and value growth, optimizing business structure, cultivating new drivers and growth poles, solidifying safety barriers, and accelerating the goal of becoming a “modern governance, prominent functions, outstanding development, advanced management, and innovation-driven” world-class Chinese life insurance company, making new achievements in the modernization of China.