On March 26, China Life Insurance Company Limited held its 2025 annual results conference. When discussing the reform of the individual agency channel and the development of the bancassurance channel, Assistant President Lan Yonghong stated that the individual agency channel is the company's core distribution channel, contributing 85% to the company's total new business value. It serves as the foundation for the company's business development, while the bancassurance channel is a strategic growth channel for the company. Against the backdrop of low interest rates, an aging population, and clients seeking more diversified and stable family wealth allocation, the company leverages the long-term nature of life insurance products to offer clients more choices in the pension finance sector. At the same time, the protective features of insurance can help clients enhance their risk coverage.

Regarding the reform of the individual agency channel, Lan Yonghong pointed out that the company achieved good results last year. First, this is reflected in the development of the agency force: in 2025, the ability to recruit high-quality agents increased by 40% year-on-year, and the retention rate of new agents improved significantly, with the 13-month retention rate rising by 2.2 percentage points compared to the previous year. The proportion of core personnel within the force remained stable or increased, and the age, education level, and structure of the team also improved, with the share of agents under 45 years old increasing by 2.3 percentage points year-on-year.

Second, the reform is reflected in business performance: the structure of new policies improved, participating insurance grew rapidly, and the proportion of policies with terms of ten years or more was relatively high. The value of new business also grew quickly. In 2026, the company will continue to advance the deep reform of the individual agency marketing system, adhere unwaveringly to high-quality development, focus on value creation, continuously optimize the business structure, and promote both qualitative improvements and steady quantitative growth throughout the year.