On March 30, New China Life Insurance Company Ltd. held its 2025 annual results presentation. Chairman Yang Yucheng stated that the company's operating performance for 2025 reached new heights on a high base, with several core indicators including total assets, total premium income, embedded value, net profit, shareholder returns, and total market capitalization achieving record highs. He described the results as the most outstanding performance since the company's establishment.
Yang Yucheng elaborated on these achievements from four perspectives: company operations, comprehensive strength, service to national strategies, and fulfillment of social responsibilities.
First, the company's operations in 2025 were characterized by strong performance, optimized structure, enhanced value, stable returns, robust vitality, and resilience. Total assets approached 1.9 trillion yuan, an increase of 12.2% from the end of the previous year. Original insurance premium income reached 195.9 billion yuan, up 14.9% year-on-year. Embedded value grew to 287.8 billion yuan, an 11.4% increase. Net profit attributable to parent company shareholders was 36.3 billion yuan, surging 38.3% year-on-year. The company places high importance on shareholder returns and actively shares operational success with investors. The total cash dividend for 2025, combining interim and final dividends, will amount to 2.73 yuan per share, totaling 8.5 billion yuan. This represents an increase of over 600 million yuan from the previous year, a growth of 7.9%. Since its listing 15 years ago, the company has cumulatively distributed nearly 44.5 billion yuan in dividends to shareholders. Bolstered by strong performance and market influence, the company's stock price demonstrated sustained strength throughout the year, leading gains in the insurance sector, and its total market capitalization surpassed the 200 billion yuan mark.
Second, the company's comprehensive strength reached a new level in 2025, with significant achievements in management and operations reflecting high-quality results. Business competitiveness and market influence were notably enhanced. Operating revenue reached 157.8 billion yuan, a 19% year-on-year increase. Net assets stood at 111.5 billion yuan, an improvement of nearly 16%. Return on equity reached 34.7%, an increase of 8.8 percentage points. New business value surged 57.4% to 9.8 billion yuan, while the new business value margin improved by 1.5 percentage points to 16.2%. Total investment income rose nearly 31% to 104.3 billion yuan, with the total investment yield reaching 6.6%, an improvement of 0.8 percentage points. The company's solvency adequacy ratio remained at a high level, indicating a development path of "dual growth in scale and value, dual optimization of structure and quality." In terms of volume, both business scale and value saw comprehensive growth: first-year premiums for long-term insurance increased by 48.9%, with recurring premium payments within that category growing by 36.7%. New business value, its corresponding margin, and embedded value all achieved substantial improvements. Structurally, recurring premium payments accounted for over 60% of first-year long-term insurance premiums, while renewal premiums continued to provide stability. Notably, the company successfully executed a critical transition for participating insurance, whose proportion of total recurring premium business increased quarter-by-quarter, reaching 77% in the fourth quarter, leading to significant business structure optimization. In terms of quality, the 13-month persistence ratio was 97.1%, up 1.4 percentage points, and the 25-month persistence ratio was 93.3%, a substantial increase of 7.1 percentage points. The surrender rate decreased by 0.4 percentage points to 1.5%.
Third, the company's service to national strategies reached new heights in 2025. It continuously improved its management system for serving national strategies, strengthened organizational leadership, established specialized task forces, and developed implementation plans. In 2025, the company's investment balance dedicated to serving the "Five Key Areas of Finance" exceeded 360 billion yuan, with a year-on-year growth rate surpassing 20%. In inclusive finance, it enhanced inclusive insurance products, intensified promotion of inclusive businesses, underwrote 46 public-benefit insurance projects, and maintained an investment balance of nearly 55.6 billion yuan in the inclusive sector. For pension finance, it improved the multi-tiered health and pension insurance system, vigorously developed the second and third pillars of the pension system, with cumulative premiums for commercial annuity products under the third pillar exceeding 60 billion yuan. Its investment balance in the health and pension industry reached 26.8 billion yuan. In tech finance, it provided over 1.2 trillion yuan in risk protection to 14,000 technology-related enterprises, with a related investment balance of 140 billion yuan. Leveraging its strength as patient capital, the company supported technological innovation, and its initiative related to "Medium- and Long-Term Capital Entering the Market" was selected as an outstanding case at the "2025 CCTV Finance Financial Power Annual Ceremony." In green finance, it focused on investments in areas like green bonds and public REITs for clean energy, with a related investment balance of 75.1 billion yuan. In 2025, the company received important awards, including the "ESG Outstanding Case" from the Ministry of Ecology and Environment's Education and Communication Center. In digital finance, it supported the development of digital industry chain enterprises with an investment balance exceeding 68 billion yuan. Concurrently, the company emphasized technological development and application, increasing investment to comprehensively drive digital transformation.
Fourth, in 2025, the company fully fulfilled its social responsibilities, demonstrating the commitment of a state-owned enterprise. It achieved new results in rural revitalization, with cumulative assistance funds invested and coordinated exceeding 70 million yuan. For nine consecutive years, it ran a public welfare project supporting sanitation workers, providing tangible security and benefiting 6.7 million person-times cumulatively. The company actively engaged in charitable donations, contributing to earthquake relief efforts.
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