China Life Insurance (Group) Co. has reported a 44.1% increase in full-year 2025 net profit, driven by a rise in gross written premiums and in gross investment income.

Net profit attributable to equity holders reached 154.08 billion yuan (US$22.35 billion), up from 107 billion yuan a year earlier. Gross written premiums rose to 729.89 billion yuan from 671.46 billion yuan, while gross investment income climbed to 387.69 billion yuan from 308.25 billion yuan. Total revenues surged 16.5% to 615.07 billion yuan.

China Life reported an 8.7% rise in gross written premiums for 2025, led by first-year regular premiums. The company highlighted long-term competitive advantages, noting that policies with a payment duration of 10 years or longer accounted for 44.9% of all first-year premiums, and over 58% in the individual agent channel.

The group said it further diversified its product mix in 2025. Premiums from new life insurance accounted for 31.8% of the portfolio, annuity insurance premiums made up 32.1%, and health insurance premiums comprised 31.2%, AM Best reported. The value of 2025 sales rose 35.7%, as China Life said it prioritised business value and profitability.

China Life said it optimised asset allocation across major asset classes, leading to a substantial increase in investment income. The gross investment yield was 6.09%, up 59 basis points from the previous year.

China Life’s results emerged against a favourable backdrop for the country’s insurance sector. Total insurance industry assets in China reached 41.3 trillion yuan ($5.9 trillion) by the end of 2025, up 15% year-on-year, supported by strength in life insurance and renewed momentum in bancassurance, according to data from the National Financial Regulatory Administration.

China’s Insurance Association announced a new reference rate for ordinary life insurance products at 1.99%, down 14 basis points from the previous quarter, marking the second consecutive quarter in which the benchmark rate trailed the industry’s maximum pricing level by more than 25 basis points.