New China Life Insurance (01336) announced its annual results for the period ending December 31, 2025. The group recorded total revenue of 1,555.51 billion yuan, an increase of 17.8% year-on-year. Net profit attributable to equity holders of the parent company reached 36.284 billion yuan, up 38.3% compared to the previous year. Basic weighted average earnings per share attributable to parent company shareholders stood at 11.63 yuan, with a proposed final cash dividend of 2.06 yuan per share for 2025.
The year 2025 marked a significant and inspiring milestone for New China Life Insurance. Throughout the year, the company thoroughly implemented major decisions and deployments by the central authorities concerning economic and financial work, firmly advancing along the path of financial development with Chinese characteristics. It proactively served the national development strategy and deepened comprehensive reforms in specialization, market orientation, and systematic operations, achieving remarkable results in high-quality development.
Building on the high base of 2024, the company reported total assets nearing 1.9 trillion yuan, total premiums of 195.871 billion yuan, embedded value of 287.84 billion yuan, net profit attributable to parent company shareholders of 36.284 billion yuan, and proposed total dividend payments of 8.516 billion yuan (including tax), all reaching historic highs. Solvency levels remained robust, while the company's stock price outperformed peers in both A-share and H-share insurance sectors. Its total market capitalization surpassed the 200 billion yuan mark, securing a position in the Fortune Global 500 list.
In 2025, the company generated original insurance premium income of 195.871 billion yuan, representing a year-on-year growth of 14.9%. First-year premiums for long-term insurance amounted to 57.782 billion yuan, up 48.9% compared to the previous year. Within this category, first-year regular premium for long-term insurance reached 37.2 billion yuan, an increase of 36.7%. Renewal premiums totaled 134.167 billion yuan, rising by 4.9% year-on-year.
The number of sales agents across all channels stood at 148,200, showing a slight increase compared to the end of 2024. New business value for the year reached 9.842 billion yuan, surging 57.4% year-on-year. The new business value margin under the first-year premium basis was 16.2%, an improvement of 1.5 percentage points from the prior year.
The company sustained growth in regular premium business, with first-year regular premiums for long-term insurance accounting for 64.4% of total first-year premiums in this category. The transition to participating insurance products achieved phased success, with the proportion of participating insurance in total regular premium business increasing quarter by quarter. By the fourth quarter, participating insurance accounted for 77.0% of the total. Renewal premiums constituted 68.5% of total premium income, reinforcing their role as a stabilizing force. The synergistic development of first-year and renewal businesses jointly drove steady growth in the company's premium income.
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