New China Life Insurance Company (601336) Q4 2025 earnings summary

Executive summary

• Achieved record highs in total assets (RMB 1.9 trillion, +12.2%), gross written premium (RMB 195.9 billion, +14.9%), embedded value (RMB 287.84 billion, +11.4%), and net profit attributable to shareholders (RMB 36.3 billion, +38.3%), concluding the 14th Five-Year Plan with strong performance.

• Cash dividend reached RMB 2.73 per share, up 7.9%, with total dividends RMB 8.5 billion and total market capitalization peaking at RMB 203.77 billion.

• ROE improved to 34.7% (+8.8 ppt), new business value (NBV) rose to RMB 9.8 billion (+57.4%), and NBV margin increased to 16.2% (+1.5 ppt).

• Operating revenue was RMB 157.8 billion (+19%), and equity attributable to shareholders reached RMB 111.54 billion.

Financial highlights

• Total investment return was RMB 104.3 billion (+31%), with a total investment yield of 6.6%.

• Net assets reached RMB 111.5 billion (+16%).

• 13-month and 24/25-month policy persistency rates improved to 97.1% (+1.4 ppt) and 93.3% (+7.1 ppt), respectively; surrender rate decreased to 1.5% (-0.4 ppt).

• FYP from long-term business increased by 48.9%; FYRP rose by 36.7%.

• Renewal premiums accounted for 68.5% of GWP.

Outlook and guidance

• Confident in maintaining steady growth in 2026 on a high base, focusing on value and volume growth, business structure optimization, and channel development.

• Emphasis on customer-centered strategy, product innovation, and expanding participating and health insurance products.

• Bancassurance channel expected to continue strong growth, with further cooperation with banks and technology empowerment.

• Strategic focus on digital transformation, AI empowerment, and comprehensive financial services.

• Will implement the 15th Five-Year Plan, optimize business mix, and enrich product supply.