China Life Insurance Company (2628) H1 2025 earnings summary

Executive summary

• Gross written premiums reached RMB 525.09 billion, up 7.3% year-over-year, marking the fastest growth in five years and a record high for the period.

• Net profit attributable to equity holders was RMB 40.93 billion, a 6.9% increase year-over-year.

• Total assets surpassed RMB 7 trillion, reaching RMB 7,292.36 billion, with embedded value at RMB 1,477.83 billion.

• Maintained industry leadership in business scale, value, and solvency, with a comprehensive solvency ratio of 190.94%.

• Interim cash dividend of RMB 2.38 per 10 shares (RMB 6.73 billion total) proposed.

Financial highlights

• Value of half year's sales rose 20.3% to RMB 28.55 billion.

• Total revenues for the period were RMB 239.49 billion, up 2.2% year-over-year.

• Net cash inflow from operating activities increased 7.1% year-over-year to RMB 300.44 billion.

• Gross investment income reached RMB 127.51 billion, with a gross investment yield of 3.29%.

• Equity holders' equity increased 2.7% year-over-year to RMB 523.62 billion.

Outlook and guidance

• Plans to maintain stable and progressive growth momentum, accelerate strategic innovation, and strengthen risk control and compliance.

• Company to prioritize business quality, profitability, asset-liability management, and digital empowerment in H2 2025.

• Sufficient capital anticipated for insurance and investment needs; further financing to be arranged as needed.

• Industry expected to shift focus from scale expansion to value creation and efficiency.