China Life Insurance Company Limited (2628) investor relations material

Executive summary

• Gross written premiums reached RMB 525.09 billion, up 7.3% year-over-year, marking a record high for the period, with net profit attributable to equity holders rising 6.9% to RMB 40.93 billion.

• Total assets surpassed RMB 7.29 trillion, embedded value increased to RMB 1.48 trillion, and equity holders' equity rose 2.7%.

• Maintained industry leadership in business scale, value, and solvency, with a comprehensive solvency ratio of 190.94%.

• Interim cash dividend of RMB 0.238 per share (RMB 2.38 per 10 shares, totaling RMB 6.73 billion) proposed.

• Delivered risk solutions to over 480,000 enterprises and institutional clients and settled over 48 million claims, paying out more than RMB 160 billion.

Financial highlights

• Net profit attributable to equity holders was RMB 40.93 billion, up 6.9% year-over-year; EPS rose to RMB 1.45.

• Gross written premiums reached RMB 525.09 billion, up 7.3% year-over-year; value of half year's sales rose 20.3% to RMB 28.55 billion.

• Embedded value increased 5.5% to RMB 1,477.83 billion.

• Net cash inflow from operating activities increased 7.1% year-over-year to RMB 300.44 billion.

• Investment income reached RMB 127.51 billion, with a gross investment yield of 3.29%.

Outlook and guidance

• Plans to maintain stable and progressive growth, accelerate strategic innovation, and strengthen risk control and compliance.

• Focus on business quality, profitability, asset-liability management, and digital empowerment in H2 2025.

• Industry expected to shift from scale expansion to value creation and efficiency, with emphasis on customer value and risk-based pricing.

• Sufficient capital anticipated for insurance and investment needs, with further financing as needed.