China Life Insurance releases annual performance, with a total dividend of nearly 24.2 billion yuan in 2025, a year-on-year increase of 31.7%.

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

Against complex domestic and external circumstances, China Life upholds long-termism and implements the core approach of “three steadfast commitments,” “three improvements,” and “three breakthroughs.” Multiple key core indicators hit record highs, maintaining its position as an industry leader and delivering a successful wrap-up of the “14th Five-Year Plan.”

Core performance takes comprehensive lead, operating quality and efficiency reach new highs In 2025, the company achieved net profit attributable to shareholders of the parent company of RMB 154.078 billion, up 44.1%; embedded value reached RMB 1.47 trillion. New business value for the year reached RMB 45.752 billion, up 35.7%, continuing to lead the industry. Total assets and investment assets were RMB 7.59 trillion and RMB 7.42 trillion, respectively—during the “14th Five-Year Plan” period, both consistently surpassed the three-trillion-yuan thresholds. Shareholders’ equity was RMB 595.205 billion, up 16.8%.

The premium scale achieved a historic breakthrough: total premiums of RMB 729.887 billion, up 8.7%, marking the first time surpassing RMB 700 billion. First-year regular premiums were RMB 116.205 billion, firmly ranking first in the industry; first-year regular premiums for terms of 10 years and above were RMB 52.197 billion, accounting for 44.92% of first-year regular premiums. The share of first-year regular premiums for individual insurance channels with terms of 10 years and above exceeded 58% of first-year regular premiums in the individual insurance channel. The business value content continued to improve.

Solvency remained ample: the comprehensive solvency adequacy ratio was 174.01%, and the core solvency adequacy ratio was 128.77%. Effective life insurance policies totaled 327 million policies. The total market capitalization and the reserves for life insurance and health insurance ranked first globally among life insurance companies. The company shared development results with investors: the total dividend for the year reached RMB 24.195 billion, up 31.7%.

All-channel collaboration boosts momentum, and a diversified structure consolidates advantages The company has built a multi-polar driving framework such as individual insurance, bank insurance, group insurance, and internet insurance, with coordinated and efficiency-enhancing efforts across all channels.

Individual insurance channel: total premiums of RMB 551.79 billion, up 4.3%; first-year regular premiums of RMB 89.171 billion; premiums for terms of 10 years and above accounted for 58.48%; new business value for the year reached RMB 39.299 billion, up 25.5%. Sales headcount was 0.587 million; increment headcount increased year over year by 40%. The professionalism and specialization of the team continued to improve.

Bank insurance channel: total premiums of RMB 110.874 billion, up 45.5%; new single premiums of RMB 58.506 billion, up 95.7%; first-year regular premiums of RMB 26.478 billion, up 41.0%. More than 100 partner banks; the number of new business issuance outlets reached 77,000; per-customer-manager productivity increased by 53.7% year over year.

Group insurance channel: total premiums of RMB 26.23 billion. The comprehensive cost ratio for short-term insurance declined significantly, providing risk coverage of more than RMB 1.2 trillion for over 200,000 small and micro enterprises. Team productivity per capita continued to rise steadily.

Other channels: government-backed health insurance covers more than 200 critical-illness insurance programs, more than 70 long-term care insurance products, and more than 140 city-customized medical insurance projects. Internet insurance total premiums reached RMB 114.789 billion, up 38.9%.

With a diversified and balanced business mix, the shares of new business premiums for life insurance, annuity insurance, and health insurance were 31.75%, 32.11%, and 31.23%, respectively, achieving balanced development. The rigid-cost nature of new business liabilities declined for three consecutive years. Floating return-type business accounted for nearly 50% of first-year regular premiums, and the transformation results were evident.

Investment performance hits the best level in recent years, and asset-liability linkage deepens In 2025, China Life adheres to the concepts of long-term, value, and prudent investment, dynamically optimizing asset allocation. Total investment returns were RMB 387.694 billion, up 25.8%. Total investment yield was 6.09%, up by 59 basis points compared with the same period last year, achieving the best investment performance in recent years.

The company increased its allocation to equity investments. The allocation ratios of stocks and funds rose from 12.18% to 16.89%. The scale of equity investments in public markets exceeded RMB 1.2 trillion, increasing by more than RMB 450 billion from the beginning of the year. It focused on new quality productive forces and high-dividend sectors. Fixed-income assets strengthened the base of the portfolio, and alternative investments focused on high-quality core assets, with overall asset quality remaining sound.

The company integrates asset-liability management throughout the entire process, implements a dynamic adjustment mechanism for the assumed interest rate, and matches liability needs with a multi-product system, achieving efficient linkage between assets and liabilities.

Product offerings innovate with precision, and the health and wellness care ecosystem accelerates construction In 2025, China Life launched more than 170 new products, optimizing supply around three major directions: retirement, health, and inclusive coverage. Commercial pension insurance remained at the forefront of the industry, and the personal pension business performed strongly. Health insurance premiums reached RMB 120.221 billion, with multiple innovative products launched such as disability and nursing care, and elderly-specific insurance. Inclusive insurance covers groups including rural residents and new urban citizens. Farmland-related insurance underwrote 242 million person-times, providing risk protection of RMB 3 trillion.

Leveraging the group’s integrated financial strengths, it deepened “insurance + investment + banking” collaboration and built service scenarios such as “life insurance + property and casualty insurance” and “insurance-banking coordination” to provide customers with full-lifecycle financial services. At the same time, it accelerated the “insurance + health and wellness care” ecosystem development: it laid out 20 institutional elderly-care projects across 16 cities, launched four travel-and-living for retirement products, and the number of registered users for the health and wellness care platform grew steadily.

Digital and intelligent technologies empower, improving quality and efficiency; service and risk control upgrade on two fronts The company has built a digital and intelligent closed-loop enabling system. It was selected as a national pilot for innovation in trusted data spaces, and AI technologies comprehensively cover business operation segments. The share of digital-and-intelligent services in claims handling for compensation cases exceeded 75%. One-stop claim direct settlement exceeded 5.3 million cases. The intelligent review rate for policy maintenance services reached 99%. The proportion of AI-assisted code-writing accounted for 30%, greatly improving operational efficiency.

Building the “China Life Good Service” brand, services exceeded 3 billion person-times throughout the year. China Life’s life insurance app accumulated 170 million users, and the respect-for-the-elderly mode continued to be optimized. It opened up a “one-day claim for critical illness” green channel, serving 230,000 people. It provided barrier-free services to 27.78 million elderly people. It continued to deepen the “big consumer protection” framework, with regulatory assessments remaining among the top in the industry; its customer service quality index stayed at the forefront among the first tier.

With precise and efficient risk prevention and control, it achieves full-domain monitoring through AI anti-fraud and anti-money laundering. It obtained the ISO27701 privacy information management certification. It has maintained an A-category risk comprehensive rating for 30 consecutive quarters, and kept the AAA top rating for the past eight quarters. Its MSCI ESG rating jumped to AA, with globally leading capabilities in sustainable development.

Targeting the new goals of the “15th Five-Year Plan,” striving to create a world-class life insurer During the “14th Five-Year Plan” period, China Life has remained at the forefront of the industry, with both scale and value rising in parallel. In 2026, the company will adhere to high-quality development, comprehensively deepen reforms focusing on key areas such as digital and intelligent transformation, all-channel collaboration, and building investment capabilities. It will continue to strengthen the risk control line, and accelerate the creation of a world-class life insurer with distinctive features of socialism with Chinese characteristics—modern governance, outstanding functions, and excellent development—serving China’s path to modernization with financial strength.