China Life Insurance Company (2628) investor relations material

Executive summary

• Gross written premiums rose 1.1% year-over-year to RMB358,478 million, with long-term new policy premiums up 29.9% and short-term insurance premiums up 2.9%.

• Net profit attributable to equity holders fell 32.3% year-over-year to RMB19,505 million, mainly due to a high base in 2025 and market value fluctuations in equity investments.

• The value of new business surged 75.5% year-over-year, and first-year regular premiums grew 41.4%.

• The sales force expanded to 644,000, with improvements in both scale and quality.

Financial highlights

• Total assets increased 1.6% from year-end 2025 to RMB7,715,074 million.

• Operating income declined 15.3% year-over-year to RMB93,291 million.

• Net cash inflow from operating activities was RMB175,431 million, down 8.9% year-over-year.

• Gross investment income reached RMB35,536 million, with a gross investment yield of 2.21%.

• Net assets rose 0.6% from year-end 2025 to RMB611,987 million.

Outlook and guidance

• Plans to advance digital-intelligent transformation and foster new growth drivers for high-quality development.

• Focus on optimizing business structure, cost efficiency, and sustainable development under the “15th Five-Year Plan.”