China Life Insurance Company (2628) Q1 2025 earnings summary

Executive summary

• Achieved gross written premiums of RMB354,409 million in Q1 2025, up 5.0% year-over-year, with renewal premiums rising 9.7% and new policy premiums down 4.5%.

• Net profit attributable to equity holders reached RMB28,802 million, a 39.5% increase year-over-year, driven by enhanced asset-liability management and market interest rate changes.

• Maintained a stable sales force of 646,000, with improved agent recruitment and retention rates.

• Total assets grew to RMB6,976,390 million, up 3.1% from year-end 2024.

Financial highlights

• Operating income was RMB110,177 million, down 8.9% year-over-year.

• Net cash inflow from operating activities was RMB192,530 million, up 4.8% year-over-year.

• Earnings per share (basic and diluted) rose to RMB1.02, up 39.5% year-over-year.

• Gross investment income reached RMB53,767 million, with a gross investment yield of 2.75%.

Outlook and guidance

• Focus on high-quality development, balancing scale, value, growth, and efficiency.

• Continued emphasis on customer-centric strategies and transformation towards a world-class life insurer.