On August 27, China Life Insurance Company Limited (hereinafter referred to as "China Life", stock codes: 601628.SH, 2628.HK) released its 2025 interim report.

In the first half of 2025, China Life adhered to the theme of high-quality development, actively positioned itself to respond to market changes, vigorously promoted transformation and reform, achieved steady business growth, and delivered outstanding results characterized by stability with progress, quality improvement through advancement, simultaneous enhancement of quantity and quality, and achievement of both efficiency and speed.

**Business Indicators Maintain Leadership, Reaching New Heights**

While maintaining operational stability, China Life channels worked diligently to expand, with key indicators achieving new records. In H1 2025, the company's total premiums reached 525.088 billion yuan, creating the best historical performance for the same period, up 7.3% year-on-year, with market share steadily increasing. Among these, life insurance business total premiums were 439.134 billion yuan, up 8.5% YoY; health insurance business total premiums were 78.958 billion yuan, up 2.0% YoY; accident insurance business total premiums were 6.996 billion yuan. In H1 2025, first-year regular premium reached 81.249 billion yuan, maintaining the industry's top position; long-term competitive advantages were further highlighted, with ten-year and above first-year regular premiums reaching 30.305 billion yuan, accounting for 37.30% of first-year regular premiums. Among these, the individual insurance channel's ten-year and above first-year regular premiums accounted for over 45% of the channel's first-year regular premiums. As of June 30, 2025, the company's total sales force was 641,000 people, maintaining a leading sales team scale while continuously advancing marketing system reform and steadily improving team quality.

**Operating Quality and Efficiency Continuously Optimized, Achieving New Breakthroughs**

China Life integrated asset-liability management concepts throughout all operational management segments, emphasizing value and efficiency orientation, maintaining leading scale value, and continuously improving operating quality and efficiency. The company actively promoted diversified product supply in terms of forms, terms, and costs. In H1 2025, the proportions of life insurance, annuity insurance, and health insurance new single premiums were 30.32%, 32.01%, and 33.42% respectively. The company vigorously promoted business structure transformation, with floating return products achieving strong growth, increasing their share of first-year regular premiums by over 45 percentage points compared to the same period last year, achieving a breakthrough in business structure transformation. The company strengthened cost reduction and efficiency improvement, actively implemented "regulatory compliance integration," enhanced refined management, and under the diversified balanced development strategy, further reduced new business liability rigid costs while significantly improving expense input-output efficiency. The 14-month policy persistency rate reached 92.10%, up 0.6 percentage points year-on-year, establishing a more solid development foundation. New business value in H1 2025 achieved rapid growth, increasing 20.3% compared to the restated results for the same period in 2024, reaching 28.546 billion yuan, continuing to lead the industry.

**Comprehensive Strength Continuously Enhanced, Reaching New Heights**

China Life persisted in high-quality development, with comprehensive strength continuously strengthening. As of June 30, 2025, China Life's total assets and investment assets both exceeded 7 trillion yuan, reaching 7.29 trillion yuan and 7.13 trillion yuan respectively; shareholders' equity attributable to parent company shareholders reached 523.619 billion yuan, up 2.7% YoY; comprehensive solvency adequacy ratio reached 190.94%, core solvency adequacy ratio reached 139.54%, maintaining consistently high levels; embedded value was 1.48 trillion yuan, ranking first in the industry; the company held 327 million valid long-term insurance policies.

**Service to National Interests More Solid, Demonstrating New Responsibility**

China Life weaves a nationwide protection network with 18,000 branch institutions, extending services to Ali, Tibet, "the roof of the world's roof," continuously extending its service network. Leveraging long-term capital and patient capital advantages, the company resolutely serves as a main force in supporting the real economy, continuously increasing financial support for strategic emerging industries, advanced manufacturing, and green industries, providing precise and powerful service to the national agenda. The company steadily promoted medium and long-term fund entry into the market, increasing public market equity scale by over 150 billion yuan compared to the beginning of the year, with cumulative investment of 35 billion yuan in private securities investment funds, supporting capital market development through concrete actions. The company actively participated in innovative investment varieties such as gold, broadening insurance fund investment channels and enhancing investment portfolio diversity. China Life continuously improved ESG management effectiveness, drawing a blueprint for high-quality development through responsible finance.

Additionally, China Life continuously deepened asset-liability coordination. In H1 2025, the company achieved net profit attributable to parent company shareholders of 40.931 billion yuan, up 6.9% year-on-year. Focusing on enhancing investor returns and satisfaction, the company actively responded to the "Quality Enhancement, Efficiency Improvement, and Return Focus" special action, sharing high-quality development results with investors. The board of directors proposed distributing interim cash dividends of 2.38 yuan per 10 shares (before tax), with interim cash dividends reaching 6.727 billion yuan.

**Individual Insurance Sustainable Development Capability Solid** **Reform and Efficiency Enhancement Results Steadily Emerging**

The individual insurance channel adheres to high-quality development as fundamental guidance, consistently maintains value leadership, accelerates channel transformation and upgrading based on steady operations, and achieves more diversified business structure. In H1 2025, individual insurance channel total premiums were 400.448 billion yuan, up 2.6% YoY, of which renewal premiums were 326.563 billion yuan, up 10.4% YoY. First-year regular premiums were 64.085 billion yuan, of which ten-year and above first-year regular premiums were 30.280 billion yuan, accounting for over 45% of first-year regular premiums, demonstrating solid sustainable development capability. The individual insurance channel vigorously promoted floating return product development, with participating insurance achieving rapid growth, accounting for over 50% of the channel's first-year regular premiums and becoming important support for new single premiums. The individual insurance channel's new business value in H1 reached 24.337 billion yuan, up 9.5% YoY.

In H1 2025, the individual insurance channel continuously advanced marketing system reform, constantly strengthened the "customer resources build teams" concept, maintained normal team operations, consolidated team management formation, deeply cultivated "quality growth and cultivation," optimized team structure, and continuously improved team professionalization and vocalization levels. As of June 30, 2025, individual insurance sales force was 592,000 people, maintaining basic stability, of which marketing team scale was 376,000 people and income development team scale was 216,000 people. Quality growth and cultivation achieved real results, with quality growth personnel up 27.6% YoY.

**Implementing "Regulatory Compliance Integration" for Cost Reduction and Efficiency Enhancement** **Bancassurance Channel Achieves Scale and Value Enhancement**

The bancassurance channel actively promoted channel transformation, continuously expanded bank cooperation, and enhanced outlet operations in scope and quality. Focusing on professional construction, the channel promoted team quality and efficiency enhancement while enriching the bancassurance product system to meet customers' diversified needs.

In H1 2025, all core indicators of the bancassurance channel comprehensively improved: total premiums reached 72.444 billion yuan, up 45.7% YoY; new single premiums reached 35.873 billion yuan, up 111.1% YoY; first-year regular premiums reached 17.032 billion yuan, up 34.4% YoY; renewal premiums reached 36.571 billion yuan, up 11.7% YoY, accounting for 50.48% of channel total premiums. The bancassurance channel had 18,000 customer managers, with per capita productivity up significantly by 51.8% YoY.

**Policy Health Insurance Steadily Advanced** **Supporting Multi-Level Medical Security System Construction**

Centering on efficiency, the group insurance channel focused on professional operations, strengthened refined control, optimized traditional business transformation, and promoted steady development of short-term insurance business. In H1 2025, group insurance channel total premiums were 14.437 billion yuan, of which short-term insurance premiums were 13.162 billion yuan. The group insurance channel's short-term insurance comprehensive cost ratio decreased significantly with effective efficiency improvement. As of June 30, 2025, the group insurance channel sales team scale was 31,000 people, with per capita productivity up 6.7% YoY, achieving steady improvement.

The company actively conducted various policy health insurance businesses, supporting multi-level medical security system construction. In H1 2025, China Life's other channels total premiums reached 37.759 billion yuan, up 8.1% YoY. As of June 30, 2025, the company participated in underwriting over 200 critical illness insurance projects, over 70 long-term care insurance projects, and over 140 urban customized commercial medical insurance projects.

The company continued promoting internet insurance business development, improving centralized operations and unified management of internet insurance business operating systems, providing customers with quality service experiences. In H1 2025, China Life's internet insurance business total premiums reached 70.486 billion yuan, achieving significant year-on-year growth.

**Adapting to Industry Operating Logic Evolution** **Continuously Enhanced Diversified Product Supply Capability**

Adhering to life insurance core responsibilities and maintaining customer-centricity, China Life actively promoted product supply innovation and breakthroughs. In H1 2025, the company launched over 80 products, continuously building a product supply system with rich forms adapted to market needs, better serving people's livelihoods and real economy development through high-quality product supply.

Serving national development strategies, the company strengthened product development in key areas. China Life resolutely implemented the new "National Ten Articles," actively pursued the financial "Five Major Articles," expanded commercial pension insurance product libraries, increased health insurance product innovation efforts, and expanded inclusive insurance coverage. In commercial pension insurance, focusing on risk protection and wealth management functions, combined with differentiated pension security needs of pre-retirement and elderly populations, the company continuously enriched commercial annuity products to meet customers' diverse pension security and inter-temporal financial planning needs. In health insurance, the company improved diversified and differentiated health insurance product systems, launching multiple company-first health insurance products including personal long-term disability income loss products in H1, closely following medical and pharmaceutical technology development to include more innovative drugs and devices in health protection responsibilities. In inclusive insurance, the company promoted inclusive insurance expansion and quality improvement, focusing on "two new," "elderly," "small and micro enterprises," and "rural" key inclusive groups and specific regional protection needs, providing exclusive products and personalized solutions, launching elderly-specific travel accident, domestic service personnel accident and disease, and "Belt and Road" series insurance products. The company effectively met specific group protection needs, providing approximately 2.7 trillion yuan in risk protection for small and micro enterprises and individual businesses. Widely participating in third-pillar pension construction, personal pension insurance premiums achieved significant year-on-year growth, with commercial insurance annuity accumulating nearly 4 trillion yuan in future liability reserves.

Focusing on customer needs and maintaining diversified product supply strategies, China Life conducted extensive customer demand research, promoted agile and effective product supply, provided cradle-to-legacy insurance protection for customers, and continuously optimized product structure. First, providing whole life cycle insurance protection by launching multi-series products based on different life cycle insurance protection need characteristics. Second, achieving more diversified product forms by maintaining asset-liability integrated management, building floating return product systems covering different product categories adapted to market environments based on customers' different risk preference characteristics and suitability management requirements, actively supporting company business transformation and development.

**Expanding and Upgrading "Insurance + Services" System** **19 Institutional Elderly Care Projects in 15 Cities**

Adhering to the "customer-centric" philosophy, China Life vigorously promoted "insurance + services" ecosystem construction to empower main business development. Through comprehensive financial business cooperation with China Life Group member units, the company actively built comprehensive financial ecosystems while steadily promoting big health and big elderly care ecosystem construction based on establishing differentiated advantages and meeting customers' diversified needs.

Expanding comprehensive financial ecosystems. Fully leveraging China Life Group's insurance, investment, and banking business sector collaborative development advantages and centering on the "One China Life, Lifelong Protection" business philosophy, the company continuously enriched comprehensive financial product service systems, conducted insurance collaboration, insurance-banking collaboration, and insurance-investment collaboration businesses, providing customers with comprehensive, whole life cycle quality financial insurance services including insurance protection, wealth management, and health and elderly care.

In H1 2025, the company achieved collaborative sales of China Life P&C business premiums of 12.584 billion yuan, with policy numbers up 9.5% YoY; built insurance-banking collaborative service scenarios with China Guangfa Bank acting as agent for the company's bancassurance first-year regular premiums of 1.302 billion yuan; achieved collaborative sales of China Life Pension Insurance Company business scale of 8.876 billion yuan; continuously deepened business cooperation with China Life Asset Management Company and China Life Investment Company, promoting insurance-investment collaboration depth development based on insurance and investment advantages.

Promoting big health and big elderly care ecosystem construction. In H1 2025, China Life steadily advanced big health and big elderly care service system construction, creating comprehensive, multi-level health and elderly care service ecosystems.

In "insurance + health," the company integrated internal and external resources, built health management service ecosystems, launched inclusive services such as online consultations and VIP value-added services, providing customers with diversified benefits and convenient medical health service channels; continuously developed and promoted products integrating health protection and health management, exploring greater value realization of health management services in urban customized commercial health insurance projects; optimized health service process management and key link control, improving health management digital intelligence support levels. In "insurance + elderly care," adhering to the "reassuring children, comforting elderly" elderly care ecosystem construction philosophy and leveraging insurance funds' long-term, steady advantages, the company steadily promoted diversified elderly care service supply, accelerated strategic regional deployment, and focused on building China Life characteristic elderly care ecosystems. Actively promoting CCRC elderly care communities, urban center elderly care apartments, and health and elderly tourism three major elderly care product line deployment implementation, as of June 30, 2025, the company had cumulatively deployed 19 institutional elderly care projects in 15 cities, launched four "Free Choice Residence" tourism products, researched and explored home-based elderly care service construction to meet customers' diverse elderly care needs and empower insurance main business development.

**Investment Assets Exceed 7 Trillion Yuan** **Net Profit Attributable to Parent Company Exceeds 40.9 Billion Yuan, Up 6.9% YoY**

Continuously strengthening asset-liability management. In H1 2025, bond market rates maintained low-level fluctuations with scarce quality assets; stock markets generally fluctuated upward with obvious structural differentiation. Facing complex market environments, China Life maintained asset-liability matching principles and long-term investment, value investment, and steady investment philosophies, maintained strategic determination, seized market opportunities for cross-cycle investment deployment, continuously optimized asset allocation structures, and stabilized investment return levels.

Asset allocation remained steady with overall excellent asset quality. In fixed income, the company flexibly adjusted allocation pace and variety strategies, continuously consolidating allocation base positions. In equity investment, the company steadily promoted medium and long-term fund market entry, actively deployed new quality productivity-related fields, and increased quality high-dividend asset allocation efforts. In alternative investment, the company focused on quality entities and core assets, innovated investment models, and stabilized allocation scale.

Investment returns maintained steady improvement. As of June 30, 2025, China Life's investment assets reached 7,127.153 billion yuan, up 7.8% from 2024 year-end. In H1 2025, the company achieved net investment income of 96.067 billion yuan with a net investment yield of 2.78%; achieved total investment income of 127.506 billion yuan with a total investment yield of 3.29%. The company achieved net profit attributable to parent company shareholders of 40.931 billion yuan, up 6.9% YoY.

**High-Level Digital Intelligence Operations and Services Advanced** **Deepening "China Life Good Service" Brand Foundation**

In H1 2025, based on the new stage of digital economy development and centered on customers and driven by data, China Life comprehensively promoted digital finance depth and implementation, innovatively applied artificial intelligence, big data, cloud computing and other new technologies, promoted more efficient, broader, and better operational service experiences, continuously deepened the "simple, quality, warm" "China Life Good Service" brand foundation, empowering company high-quality development through high-level digital intelligence operational services.

Digital foundation continuously consolidated. China Life comprehensively deepened technical autonomous control capabilities, continuously promoted data center intelligent, simplified, distributed architecture transformation, achieving more elastic, secure, and reliable computing infrastructure. The company optimized "technology + mechanism" dual-driven data management systems with industry-leading data management capabilities, successfully selected for the National Data Administration's 2025 Trusted Data Space Innovation Development Pilot Units, demonstrating outstanding strength and industry influence in data management. The company led development of financial industry standard "Insurance Industry Information System Classification and Basic Construction Requirements," continuously contributing China Life experience and wisdom.

Digital intelligence empowerment for quality and efficiency improvement. Seizing artificial intelligence development opportunities and centering on China Life's life insurance APP, the company built real-time direct customer digital operational service matrices, promoting deep integration of AI large models and other new technologies with business scenarios. Claims services were fast and warm, practicing insurance missions through action. In H1 2025, claim payments exceeded 48 million person-times with claim expenditures of 160.9 billion yuan, of which health insurance responsibility claim expenditures exceeded 34 billion yuan. Digital underwriters drove underwriting intelligent audit rates to 95.8%, seat intelligent assistants helped 95519 manual connection rates remain at high levels, and new intelligent customer service robots achieved over 95% response accuracy. In H1 2025, commercial insurance claims cases exceeded 12 million with digital intelligence service claim cases accounting for over 75%. The company innovatively launched medical insurance and commercial insurance integrated fast claims services with pilot area fast claims service cases achieving 25% unmanned rates.

Service supply warm and diversified. "Online one-click direct access, offline right beside you" service system expanded touchpoints and upgraded experiences. The company piloted official enterprise WeChat customer services, creating fast, precise new service touchpoints. China Life's life insurance APP underwent comprehensive renovation with cumulative registered users exceeding 160 million. Over 760 service counters completed image renovation, with aerial customer service one-stop service person-times up 30.3% YoY. Through online and offline touchpoints, the company provided warm elderly-friendly services exceeding 10.11 million person-times. "China Life 6.16 Customer Festival," "Listen to Famous Doctors Talk About Immunity," and other diversified value-added service activities covered over 51.49 million customer person-times.

Consumer protection work solid and orderly. "Consumer Protection +" financial education promotion activities expanded reach, helping consumers identify and prevent typical problems harming financial market order such as "financial fraud" and "proxy surrender," effectively protecting legitimate rights and interests. Related activities reached consumers up 81.3% YoY, winning China Financial Media's 2025 Financial Consumer Education Promotion Outstanding Case Award. Personal insurance service quality index ranked first in the industry for two consecutive years, consumer protection regulatory evaluation ranked highest in the industry for four consecutive years, and customer satisfaction improved to high levels.

The company actively coordinated development and security, focused on optimizing efficient and rigorous risk management systems, solidly implemented new regulatory requirements including product pricing dynamic adjustment mechanisms, marketing system reform, and "regulatory compliance integration," deeply integrating risk control and compliance measures into business scenarios. Simultaneously, the company actively promoted risk control digital intelligence transformation, strengthened application of big data, artificial intelligence and other new technologies in risk prevention and control, innovatively built integrated risk prevention and control management models, promoted multi-dimensional, agile and efficient risk monitoring and early warning systems to achieve effectiveness, promoted source risk prevention and penetrating management, and continuously improved risk management levels. China Life's solvency risk management capability scored among the top personal insurance companies in industry SARMRA evaluations, with comprehensive risk ratings maintaining A-level for 28 consecutive quarters.

**Comprehensively Implementing New Development Philosophy** **Promoting Industry Intensive and Connotative Development**

"Since this year, with deepening implementation of 'regulatory compliance integration,' product pricing dynamic adjustment mechanisms, personal marketing system reform, and implementation of universal insurance new regulations, standardized policy dividends, and strengthened consumer rights protection measures, signals guiding long-term sustainable industry development have become stronger," the report analyzes.

Predictably, in the coming period, industry operating logic will accelerate transformation from scale expansion to value creation and efficiency improvement, with competition focus comprehensively shifting to customer long-term value operations, service quality experiences, risk pricing capabilities, and cost refined control. In this context, improving asset-liability matching management capabilities, accelerating product transformation and health and elderly care ecosystem deployment will become key focuses of industry high-quality development, while achieving cost reduction and efficiency improvement through technology-empowered operations, building professional and vocational sales teams, and deepening comprehensive services based on customer whole life cycles will become key paths for industry intensive and connotative development model realization.

Facing the future, China Life will continuously strengthen Party building, enhance responsibility and action, completely, accurately, and comprehensively implement new development philosophy, and excel in the financial "Five Major Articles." Simultaneously, the company will continuously enhance long-cycle and cross-cycle operational management capabilities, maintain confidence and seize momentum, promote transformation and reform with greater efforts, focus more on efficiency priority, long-term philosophy, asset-liability coordination, and risk prevention and resolution, striving to achieve successful "14th Five-Year Plan" completion and making new contributions to Chinese-style modernization construction.