Achieving the best investment performance in recent years, China Life's total investment income in 2025 exceeds 380 billion yuan

On the evening of March 25th, China Life Insurance Company Limited (hereinafter referred to as “China Life,” stock code: 601628.SH, 2628.HK) released its 2025 annual report.
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 was 1.47 trillion yuan, maintaining the industry’s top position.
It is worth noting that in 2025, China Life achieved a total investment return of 14.7k yuan, an increase of 387.69B yuan compared to the same period in 2024; the total investment yield was 6.09%, up 59 basis points from the same period in 2024.

In 2025, China Life’s total premiums first exceeded 700 billion yuan, reaching 79.44B yuan, a year-on-year increase of 8.7%, surpassing the first year premiums of the “14th Five-Year Plan” by over 100 billion yuan.
First-year regular premiums reached 729.89B yuan, maintaining the industry’s top position; long-term competitive advantages remained solid, with first-year premiums for ten years or more reaching 116.21B yuan, accounting for 44.92% of total first-year premiums.
Among these, individual insurance channels’ first-year premiums for ten years or more accounted for over 58% of the channel’s total first-year premiums.
The company continued to promote marketing system reforms, channel transformation released vitality, and as of December 31, 2025, the total sales force was 638k people, maintaining industry leadership.
The sales team’s professionalism, specialization, and youthfulness continued to improve.

In 2025, the proportions of 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 advantages became more prominent, and resilience strengthened.
Actively responding to changes in market interest rate environments, the company effectively implemented a package of policies, with rigid costs of new business liabilities decreasing steadily for three consecutive years.
The company vigorously promoted business structure transformation, with floating income-type business achieving strong growth, accounting for nearly 50% of first-year premiums, indicating smooth progress in business restructuring.

As of December 31, 2025, China Life’s total assets and investment assets were 7.59 trillion yuan and 7.42 trillion yuan, respectively, crossing the 3 trillion yuan mark three times during the “14th Five-Year Plan” period.
Shareholders’ equity attributable to the parent company reached 52.2B yuan, a year-on-year increase of 16.8%.
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 ranked first among global life insurance companies.

In 2025, the total premiums from individual channels were 551.79 billion yuan, a year-on-year increase of 4.3%.
Among these, renewal premiums were 638k yuan, up 7.9%.
First-year premiums for ten years or more reached 75.9k yuan, further increasing the proportion to 58.48% of the channel’s first-year premiums.
The business structure continued to improve, and sustainable development capabilities were further enhanced.
The company actively promoted the development of floating income products, with dividend insurance business growing rapidly in 2025, and its share of first-year premiums in individual channels surged to nearly 60%, becoming an important support for new business premiums.
Main products gradually shifted toward medium- and long-term sales orientation, with more diverse payment and insurance terms.
The product types and business structure of first-year premiums in individual channels became more diversified and balanced.
The first-year new business value in individual channels reached 74.2k yuan, a year-on-year increase of 25.5%.

In 2025, bond market interest rates fluctuated slightly at low levels, with the ultra-long end of the yield curve widening;
the stock market performed strongly overall, with significant structural differentiation.
China Life continued to enhance its investment expertise, dynamically optimized asset allocation, and continuously improved the stability of portfolio returns, boosting long-term return potential.
In fixed income, the company flexibly adjusted allocation pace and strategies for different products, maintaining a solid core position.
In equity investments, the company actively promoted medium- and long-term capital market entry, seized market opportunities, increased equity investments decisively, and strategically laid out in new productive fields, steadily expanding high-dividend stock allocations.
The scale of equity investments in the public market exceeded 1.2 trillion yuan, an increase of over 450 billion yuan from the beginning of the year.
In alternative investments, the focus was on high-quality entities and core assets, with innovative investment models and forward-looking layouts.
The company’s asset allocation remained prudent, with overall asset quality remaining excellent.

As of December 31, 2025, China Life’s investment assets reached 74.237 trillion yuan, a 12.3% increase from the end of 2024.
The proportions of bonds, fixed-term deposits, and debt-based financial products remained basically stable, while the allocation to stocks and funds (excluding money market funds) increased from 12.18% at the end of 2024 to 16.89%, mainly because the company seized market opportunities and decisively increased equity investments, significantly expanding the scale of equity holdings.