On October 30, New China Life Insurance Company Ltd. (NCI, Stock Codes: HKEX 01336, SSE 601336) released its Q3 2025 financial results. Throughout 2025, NCI has adhered to a customer-centric strategy, focusing on enhancing market competitiveness through comprehensive reforms in specialization, marketization, and systematic transformation. This approach has strengthened sales capabilities and stabilized business growth, with accelerated expansion in long-term premium installment policies and a solid renewal premium base.

As of September 30, 2025, NCI achieved operating revenue of RMB 137.252 billion, up 28.3% year-on-year (YoY), and net profit attributable to shareholders of RMB 32.857 billion, surging 58.9% YoY. Q3 net profit alone reached RMB 18.058 billion, an 88.2% YoY increase. The annualized total investment yield stood at 8.6%, while the comprehensive investment yield was 6.7%. Total assets exceeded RMB 1.8 trillion, rising 8.3% from year-end 2024.

**Premium Growth and Quality Improvement Drive 50.8% New Business Value Surge** In the first three quarters, gross written premiums hit RMB 172.705 billion (+18.6% YoY), with long-term first-year premiums at RMB 54.569 billion (+59.8% YoY). Notably, long-term first-year installment premiums grew 41.0% to RMB 34.9 billion, and single-premium policies soared 109.2% to RMB 19.669 billion. Renewal premiums rose 5.9% to RMB 114.62 billion, underpinning stability. The lapse rate improved to 1.2% (-0.1 ppts YoY), with 13- and 25-month persistency ratios climbing. These factors propelled a 50.8% YoY jump in new business value.

**Agency Channel Transformation: Productivity Up 50%** The agency channel embraced modern marketing concepts, prioritizing institutional management and capacity-building. Since Q2, NCI pivoted to dividend insurance products, driving strategic growth. The "XIN Generation" recruitment plan added over 30,000 agents (+140% YoY), with monthly high-performer counts rising. Productivity per agent surged 50%, boosting team income. Long-term first-year agency premiums reached RMB 18.436 billion (+48.5% YoY), including RMB 17.874 billion from installments (+49.2% YoY).

**Banking Channel Optimization: Long-Term First-Year Premiums Up 66.7%** The bancassurance channel balanced scale and value, refining product structures and expanding dividend insurance offerings. Long-term first-year premiums via this channel grew 66.7% to RMB 35.938 billion, with installment premiums up 32.9% to RMB 16.832 billion.

**Group Channel: Balanced Growth with 16.7% Premium Increase** Targeting state-owned enterprises, the group channel saw premiums rise 16.7% to RMB 2.968 billion, including RMB 2.603 billion from short-term policies (+14.0% YoY).

As 2025 marks the final year of China’s 14th Five-Year Plan and the preparatory phase for the 15th, NCI will align with national strategies, advancing its vision to become a top-tier insurance-centric financial services group. The company pledges multi-dimensional reforms in products, services, investments, and risk control while safeguarding against systemic risks to ensure sustainable growth.