On March 30, New China Life Insurance Company Ltd. (NCI) held its 2025 performance briefing. Vice President Wang Lianwen stated that in recent years, NCI's bancassurance business has maintained strong growth momentum. After elevating business development to a strategic level in 2025, it met expectations by achieving a historic peak. Data shows that in 2025, NCI's new bancassurance premium income reached 37.93 billion yuan, a year-on-year increase of 52.3%. Regular premium income was 17.97 billion yuan, up 30% year-on-year, while new business value surged 110% compared to the previous year.
In terms of market performance, NCI's ranking for regular premium bancassurance business steadily improved, with its market share continuing to expand. Internally, both new premium income and new business value contributions exceeded 50%, increasingly highlighting their supportive role in the company's strategic development. The bancassurance business has consistently adhered to a philosophy that balances both scale and value, progressing steadily amid competition.
Discussing its differentiated core competitiveness, Wang Lianwen pointed out that NCI's bancassurance business has consolidated its existing advantages through a development characteristic of "steady progress," which is mainly reflected in three areas: steady progress in customer operations, steady progress in channel cooperation, and steady progress in team building.
Regarding the development trends of the bancassurance market in 2026, Wang Lianwen summarized three core characteristics: First, the market size is growing steadily. Customer demand continues to diversify, banks' need for revenue growth is strengthening, and new bancassurance premiums are expected to maintain steady growth, with the first quarter already showing positive trends. Second, regulatory requirements have increased significantly. Policies like "integration of reporting and operations" are being advanced, consumer protection mechanisms are continuously improving, customer expectations for product and service experience are rising, and banks have higher expectations for partners' comprehensive operational service capabilities. The industry must seek development within compliance and create value through development. Third, the market landscape is accelerating its polarization. The industry is evolving towards an oligopolistic structure, with the Matthew effect becoming prominent and the characteristic of the strong getting stronger being significant. Insurers with high specialization and strong solvency management capabilities will seize market opportunities.
Based on this market assessment, Wang Lianwen clarified that NCI's bancassurance strategy for 2026 will center on "steady progress," implemented through three specific measures: deepening bank-bank cooperation to jointly pursue a path of win-win development with partner banks, focusing on the "five major financial tasks"; strengthening technological empowerment to enhance the team's professionalism and comprehensive service levels; and expanding the service ecosystem to meet customers' diverse, whole-life-cycle insurance protection needs.
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