New China Life Insurance's investment income will exceed 100 billion yuan in 2025

China Economic News reporter Chen Jingjing, Beijing report

On the evening of March 27, New China Life Insurance (601336.SH) released its 2025 full-year performance report

showing that in 2025, New China Life’s total premium income was RMB 195.871 billion, up 14.9%; shareholders’ equity attributable to shareholders of the parent company reached RMB 111.5 billion, up 15.9%; and net profit attributable to shareholders of the parent company was RMB 36.284 billion, up 38.3%.

It is worth noting that the new business value is a core metric for measuring the profit potential of life insurance companies. In 2025, New China Life’s new business value exceeded RMB 9.8 billion, increasing significantly by 57.4% year over year, continuing its strong growth momentum.

New China Life’s first-year premium income for long-term insurance reached RMB 57.782 billion, up 48.9%. Of this, installment premium income was RMB 37.2 billion, up 36.7%; single premium income was RMB 20.582 billion, up 77.6%.

In terms of channels, in 2025, New China Life’s premium income through its individual insurance (direct selling) channels totaled RMB 120.6 billion. Of this, first-year premium income for long-term insurance was about RMB 19.0 billion, up 43.8%; and the one-year new business value in the channel grew by 19.4% year over year.

It is understood that since 2024, New China Life has promoted the implementation of the “XIN Generation” plan, with its marketing team transitioning toward specialization and professionalization. In 2025, the per-capita production of channel managers in individual insurance increased by 43% year over year, driving growth in team income. The headcount of agents exceeded 130,000; both the monthly qualification rate and the top-performer rate improved to some extent.

Meanwhile, the bank insurance channel has become a new engine for value growth at New China Life. In 2025, premium income via the bank insurance channel was RMB 72.1 billion, up 39.5%. Of this, first-year premium income for long-term insurance was about RMB 37.9 billion, up 52.3%; first-year installment premium income for long-term insurance was about RMB 18.0 billion, up 29.6%; and one-year new business value was nearly RMB 5.3 billion, up 110.2%.

In 2025, New China Life’s total investment return rate was 6.6%, and its average total investment return rate over the past decade exceeded 5.1%. Its full-year investment return exceeded RMB 100 billion, reaching RMB 104.3 billion, up 30.9%.

In addition, a reporter from the China Business News learned from New China Life that it actively participated in investing in the National Venture Capital Investment Guidance Fund, the Z&K Chuangxin Star Fund, and others, and has laid out its investments in the first batch of technology-innovation bond ETFs and AI chip enterprises. By the end of 2025, the outstanding investment balance related to technology innovation reached RMB 140 billion.

(Editor: Li Hui; Reviewer: He Shasha; Proofreader: Yan Yuxia)

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