New China Life Insurance Company (601336) investor relations material

Executive summary

• Achieved record highs in total assets (CNY 1.9 trillion), gross written premium (CNY 195.9 billion), embedded value (CNY 287.84 billion), net profit (CNY 36.3 billion), share value, and market capitalization, concluding the 14th Five-Year Plan with strong performance.

• Cash dividend reached CNY 2.73 per share, up 7.9%, and total market capitalization peaked at CNY 203.77 billion, leading the sector in stock price growth.

• Business performance characterized by optimal structure, rising value, stable returns, and strong resilience.

• Strategic focus on customer-centricity, team development, employee partnership, and a vision to become a leading financial service group in China.

• Comprehensive strength advanced with operating revenue of CNY 157.8 billion and equity attributable to shareholders at CNY 111.5 billion.

Financial highlights

• Total assets reached nearly CNY 1.9 trillion, up 12.2% year-over-year.

• Gross written premium was CNY 195.9 billion, up 14.9%; embedded value rose 11.4% to CNY 287.84 billion.

• Net profit reached CNY 36.3 billion, up 38.3%.

• Operating revenue was CNY 157.8 billion, up 19% year-over-year.

• Total investment income grew 30.9% to CNY 104.3 billion, with a total investment yield of 6.6%.

Outlook and guidance

• Confident in maintaining steady growth in 2026, focusing on value and volume growth, business quality improvement, and implementing the 15th Five-Year Plan.

• Emphasis on customer-centered strategy, diversified product offerings, and leveraging policy opportunities in pension and health insurance.

• Continued transition to participating business, with product portfolio expansion and innovation.

• Strategic priorities include digital transformation, technology investment, and strengthening core life insurance business.

• Aims to accelerate channel and team transformation, build a full life-cycle service ecosystem, and leverage long-term capital advantages.