China Life Insurance Company (2628) H2 2025 earnings summary

Executive summary

• Achieved record highs in gross written premiums, total assets, and net profit, solidifying market leadership and comprehensive strength.

• Gross written premiums surpassed RMB 729.9 billion, total assets exceeded RMB 7.59 trillion, and net profit attributable to equity holders increased 44.1% to RMB 154.1 billion.

• Provided insurance coverage for over 270 million rural residents annually and cumulative investments in the real economy exceeded RMB 5 trillion.

• Maintained top industry ratings in asset-liability management and consumer protection for 30 consecutive quarters, with the last eight at AAA.

• Received over 60 industry awards and continued to share high-quality development benefits with investors through increased dividends.

Financial highlights

• Gross written premiums rose 8.7% year-over-year to RMB 729.9 billion.

• Net profit attributable to equity holders increased 44.1% to RMB 154.1 billion.

• Total assets grew 12.1% to RMB 7.59 trillion; gross investment income up 25.8% to RMB 387.7 billion.

• Total revenues for 2025 were RMB 616.1 billion, up 16.5% year-over-year.

• Earnings per share rose to RMB 5.45 from RMB 3.78.

Outlook and guidance

• Focus on modern governance, innovation-driven management, and robust capability development for 2026.

• Plans to accelerate digital-intelligent transformation and deepen reforms in key areas for 2026.

• Aims to maintain industry leadership, optimize business structure, and cultivate new growth engines.

• Expects sufficient capital for insurance business and investment needs in 2026.

• Continued emphasis on digital-intelligent operations, customer service, and consumer protection.