China Life Insurance has reported a significant rise in profitability for 2025, supported by robust investment returns and continued progress in shifting toward higher-value insurance products.
The insurer recorded net profit attributable to shareholders of 154.08 billion yuan ($21.2 billion), representing a 44.1% year-on-year increase. Total premium income also grew steadily, rising 8.7% to 729.9 billion yuan, reflecting sustained demand across its portfolio.
A key driver of performance was investment activity, with total investment income climbing 25.8% to 387.7 billion yuan. The company achieved an investment yield of 6.09%, marking one of its strongest results in recent years.
Chairman Cai Xiliang highlighted the company’s overall progress, pointing to strengthened growth momentum, enhanced resilience, and expanded customer protection capabilities.
Strong balance sheet and market leadership
China Life maintained its leading position in the domestic life insurance market, with total assets increasing to 7.59 trillion yuan and investment assets reaching 7.42 trillion yuan. The company’s embedded value a key indicator of long-term profitability rose to 1.47 trillion yuan.
The insurer also reported solid capital strength, with a core solvency ratio of 128.77% and a comprehensive solvency ratio of 174.01%, both comfortably exceeding regulatory requirements.
Strategic focus on investments and product mix
Investment performance played a central role in the year’s results, supported by a more active allocation strategy. According to Vice-President Liu Hui, the company increased its exposure to equities, with publicly traded equity investments surpassing 1.2 trillion yuan.
At the same time, China Life continued to evolve its product offering, accelerating a shift toward participating and market-linked policies that align customer returns with investment performance.
This strategic transition contributed to a 35.7% increase in new business value, which reached 45.75 billion yuan—the fastest growth rate since 2017 highlighting the success of its focus on higher-quality, value-driven business.
Overall, the results underscore China Life’s ability to combine strong investment execution with product innovation, positioning the insurer for continued growth and long-term value creation in an evolving market landscape.
