On the evening of October 30, China Life Insurance Co., Ltd. (hereinafter referred to as "China Life", stock code: 601628.SH, 2628.HK) announced its third quarter performance report.
In the first three quarters, China Life actively completed the "five major articles" in finance, focusing on long-term value creation and efficiency improvement, and coordinated efforts in omni-channel operations, and its business development was stable and progressing. The linkage between assets and liabilities continues to deepen, the market leadership position is stable and improving, the development resilience continues to be demonstrated, and the long-term competitive advantage is further consolidated.
New business value, scale of first-year regular premiums of ten years or more, and proportion of first-year regular premiums continue to lead, with total premiums and first-year regular premiums firmly ranking first. In the first three quarters, China Life achieved total premiums of 676.144 billion yuan, a year-on-year increase of 1.0%. Among them, first-year regular premiums reached 116.751 billion yuan, ranking first in the industry, with a year-on-year increase of 6.2%; renewal premiums reached 459.476 billion yuan, a year-on-year increase of 1.7%; the surrender rate was 0.66%, a year-on-year decrease of 0.08 percentage points. We continued to deepen our product supply and business diversification development strategies, and the proportions of new policy premiums for life insurance, annuity insurance, and health insurance were 22.74%, 41.30%, and 32.20% respectively. We scientifically managed liability costs and continued to improve the efficiency of intensive utilization of resources. The cost of guaranteeing new business liabilities and the cost of guaranteeing liabilities of existing business have both decreased, and the value of new business has achieved rapid growth, increasing by 13.1% on the same period last year.
A total investment income of 190.177 billion yuan was achieved, with a total investment return rate of 3.23%, ranking among the top in the industry. In the first three quarters, bond market interest rates continued to fall and stock market volatility increased. China Life adheres to asset-liability matching management and the concepts of long-term investment, value investment, and sound investment, continues to optimize the allocation of major asset classes based on market conditions, maintains the strategic determination to invest through cycles, and continuously enhances its ability to respond to market changes. Fixed-income investments will strengthen allocation timing and active management, continue to stabilize allocation positions, and consolidate the foundation for income. Equity investment deepens diversified strategies and long-term layout, continuously optimizes position structure, and enhances earnings resilience. The total investment income was 190.177 billion yuan, the total investment rate of return reached 3.23%, and the average investment rate of return in the past 20 years reached 5.15%.
Net profit after excluding the impact of short-term fluctuations such as public market equity reached RMB 94.22 billion, achieving a rapid year-on-year growth of 15.8%. As of the end of the third quarter, China Life's total assets reached RMB 8,152.647 billion, investment assets reached RMB 7,995.332 billion, an increase of 7.4% and 7.7% respectively from the end of 2025; net assets reached RMB 665.880 billion, an increase of 9.4% from the end of 2025. In the first three quarters, China Life achieved a net profit of 89.43 billion yuan attributable to shareholders of the parent company; net profit after excluding the impact of short-term fluctuations such as public market equity was 94.220 billion yuan, achieving a rapid year-on-year growth of 15.8%. Development resilience continues to be demonstrated, and long-term operating advantages are further consolidated.
The total sales force exceeds 660,000, the team size ranks first in the industry, and the quality and efficiency of team building continues to improve. In the first three quarters, China Life took quality improvement and quantity stabilization as its general tone, focused on the goal of "optimizing incremental sales and strengthening existing sales", and accelerated the transformation of its sales team into a professional, professional and youthful one. As of the end of the third quarter, China Life's total sales force was 665,000, of which 616,000 were individual insurance sales force. We adhered to the classified construction and professional development of the sales force, strengthened the three-dimensional optimization and staged training, and achieved a significant year-on-year increase in high-performance manpower and excellent growth manpower.
As of the end of the third quarter, China Life's solvency was sufficient and stable, with the core solvency adequacy ratio reaching 156.29% and the comprehensive solvency adequacy ratio reaching 197.56%, an increase of 27.52% and 23.55% from the beginning of the year. The endogenous capital creation capability is strong. The comprehensive risk rating of the insurance company has maintained a Class A rating for 33 consecutive quarters. MSCI's ESG rating jumped to AAA, and its sustainable management level ranks among the world's leaders.
Looking forward to the future, China Life stated that it will adhere to customer-centeredness, deeply implement the core ideas of "three persistences", "three improvements" and "three breakthroughs" for high-quality development, continuously deepen the linkage of assets and liabilities, steadily promote the construction of health and wellness ecology, comprehensively promote digital intelligence transformation, strengthen risk prevention and control, use new results of reform and development to promote comprehensive strength to a new level, and strive to achieve a good start in the "15th Five-Year Plan".
