On March 26, China Life Insurance Company Limited held its 2025 annual results conference. Regarding the net profit losses in the third and fourth quarters, President Li Mingguang stated that most of the investment assets and insurance contract liabilities of life insurance companies must be measured at current market value. Changes in market value are reflected either in the income statement or on the balance sheet, making fluctuations in net profit and net assets due to market value changes a normal and regular occurrence. The company's negative profit in the fourth quarter of 2025 essentially reflects the difference between the full-year result and the results from the first three quarters. The primary reason was a structural adjustment in the capital market, leading to a correction in some of the stock funds held by the company during that quarter.

Li Mingguang further elaborated on the loss, stating, "We believe such volatility is mostly temporary, reflecting normal changes in the capital market. Unlike other industries, life insurance companies operate with long-term and cross-cycle characteristics, which is a very distinct feature of the sector." He emphasized that the company's asset-liability management requires a cross-cycle, long-term approach, with investments focused on value and long-term horizons. "We advise against overinterpreting single-quarter profits. In our operations, we consistently adhere to a long-term philosophy, maintain income-expenditure coordination, continuously enhance our long-term and cross-cycle management capabilities, and strive to create sustainable value for investors." He also noted that China's economy has a solid foundation, numerous advantages, strong resilience, and great potential, with the fundamental conditions and trend for long-term growth remaining unchanged, which will provide a solid foundation for the company's development.

Li Mingguang stressed the importance of analyzing life insurers' financial statements over a longer period. He suggested that the effectiveness of a life insurance company's management becomes more apparent over an extended cycle, whereas shorter periods are more susceptible to volatility, which is a frequent phenomenon in the operational process.