China Life's Liming Guang Discusses Channel Development Strategy: Multi-Polar Growth Engines Collaborate to Drive Growth, with Individual Insurance Channels Fully Leveraging Their Role as the Core Main Channel

On March 26, China Life Insurance Company Limited (hereinafter referred to as “China Life,” stock code: 601628.SH, 2628.HK) held its 2025 annual performance release conference simultaneously in Beijing and Hong Kong. During the event, China Life President Li Mingguang introduced the company’s business and operations.

Regarding channel development, Li Mingguang stated that China Life fully leverages the advantages of an omnichannel approach, with individual insurance as the foundation, and multiple channels such as bancassurance and group insurance flourishing. The company continues to improve the professionalism of its channels, enhance product and service offerings, and comprehensively meet the diversified insurance needs of customers for annuities, life insurance, health insurance, and other coverage, forming a well-supported, multi-driven strategic layout.

Li Mingguang emphasized that among all sales channels, the individual insurance channel plays a leading role with sustainable development capabilities. Data shows that in 2025, the overall development of the individual insurance channel remained steady with continuous improvement in key indicators. The channel is accelerating its transformation and upgrading, with a more diversified business structure. In terms of scale, the total premium income reached 551.79 billion yuan, a year-on-year increase of 4.3%. Renewal premiums totaled 442.29 billion yuan, up 7.9% year-on-year. In terms of value, new business value for individual insurance was 39.3 billion yuan, a 25.5% increase, contributing 85.9% to the overall value, fully demonstrating the channel’s primary role in value contribution. Structurally, the proportion of first-year premiums with a ten-year or longer premium payment period increased further to 58.5%, indicating stable sustainable development. The proportion of flexible premium payments in the first year also surged to nearly 60%, reflecting significant transformation results. Meanwhile, the individual insurance channel steadily advances its marketing system reform, focusing on quality and volume, strengthening premium growth and talent development, optimizing team structure, and continuously enhancing team strength. The channel is accelerating its transition toward professionalism, specialization, and youthfulness. The team’s quality continues to improve, with new personnel increasing by 40% year-on-year, a 2.2 percentage point increase in 13-month retention rate, and personnel aged 45 and below accounting for an additional 2.3 percentage points.

Regarding the development of the bancassurance channel, Li Mingguang noted that over the past year, the channel effectively played a strategic role, continuously enriching its product portfolio to meet diverse customer needs, resulting in leapfrog growth in business and a significant increase in premium scale. In 2025, the total premium income from this channel reached 110.87 billion yuan, a 45.5% increase year-on-year; new single premiums totaled 58.51 billion yuan, up 95.7%, contributing 25% to the company’s new single premiums. Additionally, the bancassurance channel maintained comprehensive channel deployment, expanding and improving branch operations, with double-digit growth in new and star-rated branches. The focus on professional development drove steady quality improvement in the team, with the average first-year premium capacity per customer manager increasing by 53.7% year-on-year. He stated that moving forward, the bancassurance channel will focus on deepening channel engagement and boosting branch capacity as key breakthroughs, supported by strengthening team capabilities, upgrading professional skills, deepening cooperative ecosystems, and continuously enhancing channel contributions.