China Life Insurance Company Limited (CHINA LIFE, 601628.SH, 2628.HK) announced its financial results for the first three quarters of 2025, demonstrating strong performance across key metrics. The company achieved a 41.8% year-on-year increase in new business value, with net profit attributable to parent company shareholders reaching RMB167.8 billion, up 60.5% from the same period last year. Shareholders' equity rose 22.8% to RMB625.828 billion as of September 30, 2025.
The insurer maintained robust solvency ratios, with core and comprehensive solvency adequacy ratios at 137.50% and 183.94% respectively. China Life has maintained its Class A risk rating for 29 consecutive quarters. Total assets grew 9.6% to RMB7.417981 trillion, while investment assets increased 10.2% to RMB7.282982 trillion.
Premium income reached RMB669.645 billion, up 10.1% year-on-year, with new premium business growing 10.4% to RMB218.034 billion. The company achieved balanced development across life insurance (31.95%), annuity (32.47%), and health insurance (31.15%) segments. The surrender rate remained low at 0.74%.
China Life optimized its asset-liability management through diversified product offerings and dynamic pricing mechanisms. Floating-rate products now account for over 45% more of first-year regular premium business compared to 2024, significantly reducing liability costs. The company reported total investment income of RMB368.551 billion, with an investment yield of 6.42%, representing a 104 basis point improvement.
The insurer expanded its product portfolio with innovative offerings including long-term disability income insurance, elderly bone health coverage, and maternal disease protection. For pension services, China Life developed a comprehensive commercial annuity system and advanced its CCRC community, urban senior apartments, and wellness travel product lines, with 19 institutional projects across 15 cities.
Digital transformation initiatives yielded strong results, with the China Life app serving over 160 million registered users. Smart claims processing now handles 75% of cases, with average service time reduced to 0.28 days for electronic bill claims. The company processed 5.98 million direct payment claims worth RMB3.2 billion in the reporting period.
China Life's ESG performance earned an AA rating from MSCI, the highest among domestic life and health insurers. The company has integrated ESG principles throughout its investment process, supporting green transportation, rural industries, and Belt and Road initiatives.
Looking ahead, China Life will continue prioritizing customer needs, long-term value creation, and balanced asset-liability management while strengthening risk controls to achieve its 14th Five-Year Plan objectives.