New China Life Insurance Company Ltd.

NCI said 2025 total assets were close to RMB 1.9 trillion, up 12.2% year over year. Gross written premium was RMB 195.9 billion, up 14.9%; operating revenue was RMB 157.8 billion, up 19%; net profit was RMB 36.3 billion, up 38.3%; net assets were RMB 111.5 billion, up 16%; ROE was 34.7%, up 8.8 percentage points; EV was RMB 287.8 billion, up 11.4%; new business value was RMB 9.8 billion, up 57.4%; NBV margin was 16.2%, up 1.5 percentage points; total investment income was RMB 104.3 billion, up 31%; and total investment yield was 6.6%, up 0.8 percentage points. Persistency improved, with 13-month persistency at 97.1% and 25-month persistency at 93.3%, while surrender rate fell to 1.5%. Management also said combined cash dividends were RMB 2.73 per share, totaling RMB 8.5 billion, up RMB 600 million and 7.9% year over year. For 2026, management guided to steady growth on a high base, continued product transition, more participating and health/annuity products, deeper bancassurance development, and better asset-liability coordination; no specific numeric 2026 targets were given.

Chairman Yang framed 2025 as a milestone year with record highs in assets, premiums, profit, value and investment income, and said the company is now entering a new phase under the 15th Five-Year Plan and its 30th anniversary. His tone was confident and strategic: he emphasized the customer-centered model, the insurance-plus-service-plus-investment framework, reform execution, and building a first-class financial service group with insurance at the core. He also highlighted the company’s role in national strategies, pension finance, inclusive finance, green finance and technology finance.

CFO Gong said the company delivered strong top-line growth and that 2025 created a high base, but he expressed confidence that growth can remain steady in 2026. He pointed to the transition toward participating business as a key focus, saying 2025 participating business sales were RMB 12 billion and that the company will expand annuity, health, and participating products while balancing asset-liability management. On investment, management said the 6.6% total investment yield could be 6.9% after considering other indicators, and they remain focused on diversified allocation, matching liabilities, and reducing sensitivity to short-term market swings. They also said AI and technology investment will continue, with plans to build 7 virtual employees and pursue cloud and data infrastructure upgrades.

Analysts focused on three main concerns: whether 2026 growth can hold after a high 2025 base, how far NCI will push the shift to participating products, and whether rising equity allocation could raise earnings volatility. Management responded that 2026 should still deliver steady growth, driven by product and channel transformation, and said participating business is only at the beginning of its transition. On investments, management said it is constructive on China’s capital markets but will keep asset-liability matching, diversification, and risk control as priorities to limit the effect of market swings. They also said the company is materially increasing AI use, with 111 AI agents already in place and a plan to expand digital productivity further in 2026.