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

Executive summary

• Achieved record highs in total assets (RMB 1.9 trillion), GWP (RMB 195.87 billion), embedded value (RMB 287.84 billion), and net profit attributable to shareholders (RMB 36.28 billion), concluding the 14th Five-Year Plan with strong performance.

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

• Comprehensive strength advanced with operating revenue of RMB 157.75 billion and equity attributable to shareholders at RMB 111.54 billion.

Financial highlights

• GWP increased by 14.9% year-over-year to RMB 195.87 billion; embedded value rose 11.4% to RMB 287.84 billion.

• Net profit attributable to shareholders surged 38.3% year-over-year to RMB 36.28 billion.

• Total investment income grew 30.9% to RMB 104.33 billion, with a total investment yield of 6.6%.

• NBV margin (based on FYP) reached 16.2%, and ROE improved to 34.69%, up 19.0%.

Outlook and guidance

• Will focus on capturing industry opportunities and enhancing the "Insurance + Service + Investment" synergy.

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

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