China Life Insurance Company (2628) investor relations material

Executive summary

• Achieved record financial results in 1H2026, with net profit attributable to equity holders up 228.6% year-over-year to RMB 134,489 million and gross written premiums rising 2.2% to RMB 536,634 million.

• Embedded value reached RMB 1.61 trillion, up 10% from end-2025, maintaining industry leadership.

• Interim cash dividend of RMB 0.358 per share (RMB 3.58 per 10 shares) proposed, totaling RMB 10.1 billion, up 50.4% year-over-year.

• Maintained robust solvency ratios (comprehensive: 197.78%, core: 156.80%) and a Class A risk rating for 32 consecutive quarters.

• Total assets reached RMB 8.09 trillion, up 6.6% from end-2025; equity holders' equity rose 11.6% to RMB 664,203 million.

Financial highlights

• Premiums from new policies rose 11.6% year-over-year to RMB 180,039 million; gross written premiums reached RMB 536.6 billion, up 2.2%.

• Net profit attributable to equity holders surged 228.6% year-over-year to RMB 134,489 million; earnings per share increased to RMB 4.76.

• Gross investment income increased 146.7% year-over-year to RMB 314,504 million; gross investment yield improved to 5.58%.

• Embedded value grew 10.0% to RMB 1,614,207 million as of June 30, 2026.

• Value of half year's sales grew 33.7% to RMB 38.2 billion.

Outlook and guidance

• Focus on deepening asset-liability interaction, product and business diversification, and digital-intelligent transformation in 2H2026.

• Plans to enhance investment portfolio resilience, accelerate customer service and sales system reforms, and maintain robust risk controls.

• Expects sufficient capital for insurance and investment needs in H2 2026, with readiness for future financing as needed.