New China Life Insurance Company Ltd. (NCI) reported first-quarter 2026 net profit attributable to shareholders of RMB 6.50 billion, up 10.5 % year on year, despite a 33.7 % slide in operating income to RMB 22.13 billion. Management attributed the revenue decline to weaker fair-value gains on trading financial assets amid capital-market volatility, yet higher investment income and continued premium growth supported bottom-line expansion.
Total assets edged down 2.4 % from the end of 2025 to RMB 1,853.65 billion, reflecting portfolio rebalancing and lower repurchase activity. Equity attributable to shareholders rose 10.8 % to RMB 123.56 billion, underpinned by retained earnings and a RMB 5.51 billion improvement in other comprehensive income. NCI’s comprehensive solvency margin ratio remained solid at 204.41 %, comfortably above regulatory requirements, although it softened from 210.47 % three months earlier.
Insurance operations maintained double-digit momentum. Gross written premiums reached RMB 83.50 billion, a 14.0 % increase versus the prior-year period, driven by: • Individual insurance premiums of RMB 53.46 billion (+20.0 %), including a 22.2 % surge in first-year regular premiums. • Bancassurance premiums of RMB 27.96 billion (+4.0 %), with first-year regular premiums up 30.7 %. • Group insurance premiums of RMB 2.08 billion (+16.9 %). The value of new business advanced 24.7 % to RMB 4.66 billion, while the surrender rate declined 0.1 percentage point to 0.4 %, highlighting improved policy retention.
Investment assets totaled RMB 1,798.20 billion. The annualised total investment yield stood at 2.1 %, and the comprehensive investment yield at 1.8 % for the quarter. Net cash generated from operating activities increased 8.1 % to RMB 36.31 billion, offset by a RMB 78.82 billion outflow from financing activities as repurchase positions were unwound.
Basic and diluted earnings per share both rose to RMB 2.08, up 10.1 % year on year. Weighted average return on equity declined 1.15 percentage points to 5.53 %, reflecting higher equity capital and lower revenue. NCI’s unaudited results reinforce management’s strategic focus on premium quality, persistency and disciplined capital management amid a volatile investment environment.