China Life Insurance Company Limited (601628.SH) is scheduled to announce its first-quarter financial report for 2026 on April 30, 2026. According to the quarterly performance forecast data from Chuangyang Monthly as of March 27, 2026, the company's net profit is projected to be 150.00 billion yuan, representing a year-on-year decrease of 47.9%. Investors will be watching closely to see whether the actual results exceed expectations once the report is released. The Chuangyang Monthly A-share quarterly performance forecast data will provide investors with performance evaluation insights.
In the latest sell-side analysis, China International Capital Corporation (CICC) noted that China Life's 2025 performance met market expectations, with significant growth in both new business value and net profit attributable to parent company shareholders. Progress has been made in the transformation of the individual insurance channel, while the bancassurance channel demonstrated strong growth. The transition to participating insurance has yielded notable results, and liability costs have been optimized. Although the proportion of equity assets has increased, the net investment return rate may decline. Net assets and embedded value have shown steady growth, and the company's valuation remains attractive.
Breaking down by business segment: 1) Individual Insurance Channel Transformation: Although new single premiums declined, the agent structure has been optimized, with a 40% year-on-year increase in high-quality new recruits. New business value grew by 25.5% year-on-year. 2) Bancassurance Channel Growth: New single premiums increased by 95.7% year-on-year, and per capita productivity of client managers rose by 53.7%. 3) Participating Insurance Transition: Participating insurance accounted for nearly 60% of first-year regular premiums in the individual insurance channel, with the guaranteed cost of new business liabilities decreasing by over 60 basis points. 4) Equity Asset Allocation: The proportion of equity assets increased to 22.6%, although the net investment return rate may decline. 5) Net Asset and Embedded Value Growth: Embedded value and net assets attributable to parent company shareholders grew by 4.8% and 16.8% year-on-year, respectively.
Hua Tai Securities highlighted that China Life's 2025 performance showed a net profit attributable to parent company shareholders of 154.1 billion yuan, up 44% year-on-year, slightly below expectations. The growth was driven by investment performance and rising interest rates, with the total investment return rate reaching 6.09%, an increase of 59 basis points year-on-year. New business value grew by 35.7% year-on-year, with individual insurance and other channels increasing by 25.5% and 169.3%, respectively, driven significantly by the bancassurance channel. Despite a loss in the fourth quarter, the full-year dividend per share was RMB 0.856, up 32% year-on-year, though the dividend payout ratio slightly declined. The contract service margin balance increased by 3.5% year-on-year to 768.4 billion yuan, supporting future profit performance. While investment returns improved, solvency faced pressure, with the comprehensive solvency ratio declining to 174%. For 2026, new business value is expected to grow by 29% year-on-year.
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