New China Life Insurance Company (601336) Q3 2026 earnings summary

Executive summary

• 9M 2026 insurance premiums rose 3.5% YoY to RMB 178.741bn, while attributable net income fell 32.2% to RMB 22.282bn amid volatile investment results and a high prior-year base.

• Insurance service performance strengthened: service revenue increased 4.4% and issued-contract service result rose 12.4% YoY.

Financial highlights

• 9M operating revenue was RMB 85.174bn, down 37.9% YoY; attributable net income was RMB 22.282bn, down 32.2%, and adjusted net income was RMB 22.355bn, down 29.6%.

• Q3 revenue was RMB 1.916bn, down 97.1% YoY; attributable net loss was RMB 511m versus positive income in the prior-year comparison.

• 9M operating profit was RMB 23.975bn versus RMB 36.961bn YoY; net income was RMB 22.285bn versus RMB 32.861bn.

• 9M operating cash flow was RMB 87.0bn, down 3.5% YoY; investment assets reached RMB 1,961.944bn at Sep. 30, up 6.6% from year-end.

Outlook and guidance

• Strategic priorities include high-quality development, closer insurance-investment-services coordination, customer-focused service, and continued professional, market-oriented and systematic reforms.

• Investment strategy emphasizes long-term value, longer-duration bonds, dividend and high-dividend assets, risk control in trading assets, and selective alternative investments tied to emerging productive forces.