New China Life Insurance Company (601336) investor relations material

Executive summary

• Achieved strong growth in the first half of 2026, with net profit attributable to shareholders up 54.0% year-over-year to RMB 22.79 billion and operating revenue up 18.9% to RMB 83.26 billion.

• Embedded value rose 7.8% to RMB 310.4 billion; new business value increased 11.9% to RMB 6.92 billion.

• Maintained high persistency ratios (13-month: 97.5%, 25-month: 93.6%) and low surrender rate (0.7%).

• Focused on high-quality development, optimizing business structure, and improving profitability and efficiency.

• Integrated into national development strategies, emphasizing insurance, service, and investment coordination.

Financial highlights

• Gross written premiums (GWP) reached RMB 129.57 billion, up 6.9% year-over-year; operating revenue was RMB 83.26 billion, up 18.9%.

• Total assets reached RMB 1.96 trillion, up 3.1%; net assets at RMB 123.6 billion, up 10.8%.

• Annualized total investment yield was 6.7%, up 0.8 percentage points year-over-year.

• FYRP for long-term insurance grew 27.7%, with regular premium business accounting for 85.2% of FYRP.

• Individual and bank insurance channels recorded RMB 17.7 billion and RMB 14.6 billion in premiums, up 24% and 32% respectively.

Outlook and guidance

• Confident in fulfilling full-year growth targets, focusing on dual increases in volume and value, and further optimizing business structure.

• Will continue to prioritize long-term, high-value business, digital transformation, and AI-driven operational upgrades.

• Embarking on the 15th Five-Year Plan with a focus on innovation, reform, and high-quality growth.

• Plans to deepen system and mechanism reforms, optimize incentive and assessment mechanisms, and strengthen Party building and corporate culture.

• Plans to maintain strong solvency and balance business expansion with shareholder returns.