New high! China Life's profit in 2025 exceeds 154 billion yuan! Investment income significantly increased

The first annual report for 2025 from A-share listed insurance companies has been released. On the evening of March 25, China Life Insurance announced its performance report, indicating a net profit attributable to shareholders of 154.078 billion yuan for 2025, continuing to reach new highs, with a year-on-year increase of 44.1%.

China Life stated that the company values sharing the results of high-quality development with investors, and the board of directors proposed a final cash dividend of 6.18 yuan (including tax) for every 10 shares for the end of 2025, along with the interim cash dividend already distributed for 2025, bringing the total annual dividend to 8.56 yuan (including tax) per 10 shares, with a total dividend amounting to 24.195 billion yuan, a year-on-year increase of 31.7%.

As for the significant increase in profits for 2025 on a high base, China Life explained that the reasons include “the company’s continuous deepening of asset-liability linkage, further promotion of product and business diversification, scientific management of liability costs, ongoing improvement of input-output efficiency, and dynamic optimization of major asset allocation, leading to a substantial increase in investment income.”

The annual report showed that in 2025, China Life achieved total investment income of 387.694 billion yuan, an increase of 79.443 billion yuan compared to the same period in 2024, with a growth rate of 25.8%. The increase in investment income mainly comes from “the growth of investment asset scale and proactive investment operations.”

China Life’s total investment yield for 2025 was 6.09%, an increase of 59 basis points from the same period in 2024. This investment performance is considered one of the best in recent years, both within the insurance industry and for China Life itself. According to statistics from Wind data reported by Securities China, the 6.09% total investment yield is the “third highest” annual investment performance since China Life’s A-share listing in 2007, second only to 6.24% in 2015 and 11.07% in 2007.

As of December 31, 2025, China Life’s investment assets amounted to 7.4 trillion yuan, an increase of 12.3% from the end of 2024.

China Life emphasized the continuous enhancement of investment expertise, dynamic optimization of major asset allocation, and ongoing improvement of the stability of investment portfolio returns to enhance long-term return potential. In terms of fixed income, the company flexibly adjusts the pace and strategy of allocation, continuously solidifying the base allocation. In equity investments, it vigorously promotes the entry of medium to long-term funds into the market, resolutely increases equity investment intensity to seize market opportunities, actively lays out in new productivity-related fields, and steadily develops high-dividend stock allocations, with public market equity investment exceeding 1.2 trillion yuan, an increase of over 450 billion yuan since the beginning of 2025.

From the perspective of asset allocation structure, the proportion of China Life’s investments in bonds, time deposits, and debt-type financial products has remained basically stable, while the proportion of stocks and funds (excluding money market funds) increased from 12.18% at the end of 2024 to 16.89%, primarily due to the company’s resolute increase in equity investment intensity in response to market opportunities, leading to a significant increase in equity investment scale.

By the end of 2025, China Life’s total assets reached 7.59 trillion yuan, a year-on-year increase of 12.1%; net assets reached 608.393 billion yuan, a year-on-year increase of 16.7%.

In terms of insurance business, China Life’s total premium income exceeded 700 billion yuan in 2025, reaching 729.887 billion yuan, a year-on-year increase of 8.7%. The company stated that it is vigorously promoting business structure transformation, with floating income-type business achieving strong growth, accounting for nearly 50% of first-year regular premiums.

Among the main channels, the total premium from individual insurance channels was 551.790 billion yuan, a year-on-year increase of 4.3%. The total premium from bank insurance business was 110.874 billion yuan, a year-on-year increase of 45.5%, a significant source of premium growth. Among these, the new single premium from bank insurance reached 58.506 billion yuan, with a year-on-year increase of 95.7%.

China Life reported that as of the end of 2025, the company’s total sales force numbered 638,000, maintaining its industry-leading position, with continuous improvements in the professionalism, specialization, and youthfulness of the sales team.

The annual report highlighted China Life’s focus on value and efficiency, with new business value reaching 45.752 billion yuan in 2025, a year-on-year increase of 35.7%. The intrinsic value at the end of 2025 was 1.47 trillion yuan, an increase of 4.76% from the end of 2024, firmly maintaining the industry’s top position.

Typesetting: Liu Junyu

Proofreading: Zhu Tianting