On September 25, China Life Insurance Company Limited promoted two "post-75" executives, Lan Yonghong and Zhang Xinyu, to assistant president positions in a single announcement.
China Life issued a resolution announcement from the 20th meeting of the eighth board of directors on September 25, nominating Lan Yonghong and Zhang Xinyu as assistant presidents.
Reviewing China Life's personnel changes this year reveals a clear and concise pattern. At the beginning of the year, China Life internally promoted Wu Jian to vice president, while mid-year vice president Bai Kai was transferred to China Taiping. After Wu Jian, Lan Yonghong, and Zhang Xinyu complete all personnel procedures, China Life's management team will form a "one president, three vice presidents, three assistant presidents" structure.
In the first half of the year, China Life achieved growth in both volume and value: total premium income reached 525.088 billion yuan, up 7.3% year-on-year, the highest growth rate for the same period in nearly five years; new business value increased 20.3%; net profit attributable to shareholders reached 40.931 billion yuan, up 6.9% year-on-year; total assets and investment assets both exceeded 7 trillion yuan, reaching 7.29 trillion yuan and 7.13 trillion yuan respectively, up 7.7% and 7.8% from the beginning of the year.
**Internal Promotion of Two Post-75 Assistant Presidents** **"One President, Three Vice Presidents, Three Assistant Presidents" Structure Formed**
On September 25, China Life promoted two "post-75" assistant presidents, Lan Yonghong and Zhang Xinyu, in one move.
Lan Yonghong has worked in China Life's individual insurance business line for many years, gradually advancing from branch companies to the headquarters management team. According to available information, Lan Yonghong was born in August 1976, making him 49 years old this year. He graduated from Nanjing University and New York Institute of Technology in the United States, holding a Master of Business Administration degree. In January 2010, he was approved as deputy general manager of China Life's Longyan branch, and the following year was approved for the position of deputy general manager (presiding over work) of Longyan branch. In 2016, he joined China Life's headquarters, serving as deputy general manager of the individual insurance sales department, deputy general manager and general manager of the individual insurance operations department. On November 16, 2022, he was approved as president of China Life Insurance Sales Co., Ltd. In July of the following year, he served as director and president of China Life Nianfeng Insurance Agency Co., Ltd. Since March 2025, he has concurrently served as general manager of China Life's individual insurance operations department.
Complementing Lan Yonghong's focus on individual insurance, Zhang Xinyu has specialized in underwriting and has experience in group insurance. According to available information, Zhang Xinyu was born in June 1978, making him 47 years old this year. He graduated from Renmin University of China with a Master of Engineering degree. From 2018 to 2022, he successively served as assistant general manager, chief engineer, and deputy general manager of China Life's R&D center, deputy general manager of the underwriting and claims department, and deputy general manager of the underwriting and claims/reinsurance department. Since November 2022, he has served as general manager of China Life's underwriting and claims/reinsurance department. Since December 2024, he has concurrently served as general manager of China Life's group business/strategic customer department.
Looking at China Life's senior management changes this year, the company internally promoted "near post-75" Wu Jian to vice president at the beginning of the year. Since joining China Life's headquarters in 1996, Wu Jian has been engaged in underwriting, claims, management and other aspects, successively serving as assistant general manager of Guangxi branch, assistant general manager, deputy general manager, deputy general manager (presiding over work), and general manager of the business management department, general manager of underwriting and claims department, deputy general manager (presiding over work) and general manager of Yunnan branch.
While adding new members to the senior management team, China Life's vice president Bai Kai was transferred to China Taiping and attended the mid-year work conference as vice general manager of China Taiping.
After the personnel procedures for Wu Jian, Lan Yonghong, and Zhang Xinyu are fully completed, China Life's leadership team will form a "one president, three vice presidents, three assistant presidents" structure. Specifically: President Li Mingguang, Vice President, Chief Investment Officer, and Board Secretary Liu Hui, Vice President and Chief Risk Officer Ruan Qi, Vice President Wu Jian, Chief Compliance Officer and Compliance Head Xu Chongmiao, Assistant President and Chief Actuary Hou Jin, Assistant President Lan Yonghong, Assistant President Zhang Xinyu, Audit Director Hu Zhijun, and Financial Director Yuan Ying.
**Premium and Net Profit Both Increase** **Total Assets and Investment Assets Both Exceed 7 Trillion**
On August 27, China Life released its financial report for the first half of 2025. Facing a complex and volatile market environment, China Life delivered a high-quality report card.
As of the end of the reporting period, China Life achieved total premium income of 525.088 billion yuan, up 7.3% year-on-year, the highest growth rate for the same period in nearly five years, with market share steadily increasing. New business value grew rapidly, up 20.3% to 28.546 billion yuan. By business segment, life insurance business total premiums were 439.134 billion yuan, up 8.5% year-on-year; health insurance business total premiums were 78.958 billion yuan, up 2% year-on-year; accident insurance business total premiums were 6.996 billion yuan, with overall stable performance.
From the premium structure perspective, business quality continued to optimize. In the first half of the year, renewal premiums reached 363.833 billion yuan, up 10.48% year-on-year; new single premiums also achieved 161.255 billion yuan in revenue, maintaining positive growth. Among new single premiums, first-year regular premium payments reached 81.249 billion yuan. Of these, first-year regular premium payments for ten years and above were 30.305 billion yuan, accounting for 37.3% of first-year regular premium payments.
In terms of channels, the individual insurance foundation remained solid. During the reporting period, China Life's individual insurance channel total premiums were 400.448 billion yuan, up 2.6% year-on-year, of which renewal premiums were 326.563 billion yuan, up 10.4% year-on-year. First-year regular premium payments were 64.085 billion yuan, of which first-year regular premium payments for ten years and above were 30.28 billion yuan, accounting for over 45% of first-year regular premium payments, demonstrating solid sustainable business development capability. The individual insurance channel's new business value reached 24.337 billion yuan in the first half, up 9.5% year-on-year.
The bancassurance channel showed comprehensive improvement in all core indicators with significantly enhanced operational efficiency. In the first half, bancassurance channel total premiums reached 72.444 billion yuan, up 45.7% year-on-year; new single premiums reached 35.873 billion yuan, up 111.1% year-on-year; first-year regular premium payments reached 17.032 billion yuan, up 34.4% year-on-year; renewal premiums reached 36.571 billion yuan, up 11.7% year-on-year, accounting for 50.48% of channel total premiums. The bancassurance channel had 18,000 account managers, with per capita productivity significantly improving by 51.8% year-on-year.
With the decline in long-term interest rates and regulatory stepwise reduction of predetermined interest rates, participating insurance has gradually become a focus for insurance companies. In the first half, China Life actively promoted business structure transformation, achieving significant breakthroughs in floating return products, which increased their share of first-year regular premium payments by over 45 percentage points year-on-year, showing initial transformation results.
The asset side also performed steadily. At the end of the reporting period, China Life's total assets and investment assets both exceeded 7 trillion yuan, reaching 7.29 trillion yuan and 7.13 trillion yuan respectively, up 7.7% and 7.8% from the beginning of the year. Shareholders' equity attributable to the parent company reached 523.619 billion yuan, up 2.7% year-on-year. In the first half of 2025, the company achieved net investment income of 96.067 billion yuan, with a net investment yield of 2.78%; total investment income of 127.506 billion yuan, with a total investment yield of 3.29%. Benefiting from excellent asset-liability linkage management, China Life achieved net profit attributable to parent company shareholders of 40.931 billion yuan during the reporting period, up 6.9% year-on-year.
**Another Health Management Subsidiary Established** **Future Focus on Three Growth Pillars**
As the segment of the financial sector closest to people's livelihood protection, the insurance industry spans risk compensation, health management, and healthcare services. China Life continues to strengthen its layout in the three major areas of health, pension, and wealth management.
On September 19, China Life (Nanjing) Health Management Co., Ltd. was established with registered capital of approximately 323 million yuan. Its business scope includes health consulting services, elderly care services, patient care services, etc. Equity penetration shows that the company is wholly owned by Beijing China Life Pension Industry Investment Fund (Limited Partnership) under China Life. The China Life Pension Industry Investment Fund focuses on investments in health, pension and other fields, and has invested in 17 companies according to enterprise warning systems.
In recent years, China Life's layout in the three major areas of health, pension, and wealth management has begun to show results.
In "insurance + wealth management," in the first half of the year, China Life achieved collaborative sales of property insurance company business premiums of 12.584 billion yuan, with policy numbers up 9.5% year-on-year; built insurance-banking collaborative service scenarios, with Guangfa Bank acting as agent for China Life bancassurance first-year regular premiums of 1.302 billion yuan; meanwhile, collaborative sales of pension insurance subsidiary business reached 8.876 billion yuan.
In the "insurance + health" field, China Life integrated internal and external resources to build a health management service ecosystem, launching inclusive services such as online consultations and VIP value-added services, providing customers with diversified benefits and convenient medical and health service channels to promote customer health improvement. At the same time, it continued to develop and promote products integrating health protection and health management, exploring the greater value of health management services in urban customized commercial health insurance projects. Additionally, it optimized health service process management and key link control, enhanced digital intelligence support for health management, injecting new momentum into company business development.
Looking at the "insurance + pension" ecosystem, China Life has cumulatively established 19 institutional pension projects in 15 cities, launched four "Suixinju" travel and residence products, and explored home-based elderly care service construction to empower the main insurance business.
Looking ahead to the second half of the year, China Life Chairman Cai Xiliang stated that for China Life, three aspects should be grasped: First, closely combine company operations with serving the overall situation and meeting customer needs, fully explore potential growth points in the three major areas of pension, health, and wealth management, optimize product and service supply, and enrich insurance application scenarios. Second, adhere to long-cycle and cross-cycle operations, focusing not only on reasonable premium scale growth but also on long-term stable value to ensure the company's long-term healthy development. Third, grasp the fundamental requirements of intensive and connotative development, making greater efforts in promoting cost reduction and efficiency improvement, marketing system reform, healthcare ecosystem construction, and technology empowerment to further consolidate the company's core competitiveness.