China Life Insurance Company Limited (601628.SH, 2628.HK) delivered impressive financial results for the first three quarters of 2025, with net profit surging 60.5% year-on-year to RMB167.8 billion. The company’s revenue reached RMB537.9 billion, up 25.9% YoY, while net assets attributable to shareholders grew 22.8% from the beginning of the year to RMB625.83 billion.

**Key Highlights:** 1. **Profitability & Investment Performance:** - Q3 standalone net profit skyrocketed 91.5% YoY to RMB126.87 billion, driven by a 41.0% increase in total investment income (RMB368.55 billion) and a 20.3% decline in insurance service expenses (RMB95.68 billion). - Annualized return on investment rose 1.0 percentage point to 6.42%, supported by improved equity market returns.

2. **Operational Metrics:** - Premium income grew 10.1% YoY to RMB669.65 billion, fueled by renewal business (up 10.0% to RMB451.61 billion) and new policies (up 10.4% to RMB218.03 billion). Q3 new policy premiums surged 52.5% YoY. - New business value (NBV) expanded 41.8% YoY (comparable basis), accelerating from H1’s growth rate, with floating-rate products contributing over 45 percentage points to first-year premium mix.

3. **Sales Force & Reforms:** - Total agents stood at 657,000 (-5.3% YoY), with individual agents at 607,000 (-5.3% YoY but +2.5% QoQ). Retention rates and recruitment quality improved. - The surrender rate remained stable at 0.7%, flat YoY.

4. **Strategic Initiatives:** - Reforms in marketing and product structure (e.g., pension and health insurance offerings) are expected to sustain NBV growth and operational efficiency.

**Outlook:** China Life’s focus on value creation, cost optimization, and innovation in health/pension services positions it for steady full-year performance. Risks include premium volatility, equity market fluctuations, and interest rate declines.

*(Note: Detailed forecasts and ratings are available in the full report.)*