At a time when its stock price has reached a new high, New China Life Insurance's net profit for the first three quarters increased by nearly 60% year-on-year.
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On October 30, New China Life Insurance’s stock price reached a historic high.
On the same day, this life insurance giant disclosed its third quarter report for 2025.
The announcement shows: In the third quarter of 2025, New China Life Insurance’s operating income was 67.211 billion yuan, up 30.8% year-on-year, and net profit attributable to the parent company was 18.058 billion yuan, up 88.2% year-on-year.
For the first three quarters, operating income was 137.252 billion yuan, up 28.3% year-on-year, and net profit attributable to the parent company was 32.857 billion yuan, up 58.9% year-on-year.
The “performance” of the above key indicators can be described as strong.
Investment Yield Exposed
In recent years, life insurance companies’ investment businesses have been particularly noteworthy and have a crucial impact on the entire financial statement.
New China Life Insurance disclosed: As of the end of September this year, the company’s annualized total investment yield was 8.6%; annualized comprehensive investment yield was 6.7%, total assets exceeded 1.8 trillion yuan, an increase of 8.3% over the end of last year.
Premium Income Continues to Grow
The announcement disclosed: In the first three quarters, the company realized original insurance premium income of 172.705 billion yuan, up 18.6% year-on-year; long-term insurance first-year premium income of 54.569 billion yuan, up 59.8% year-on-year; long-term insurance first-year regular premium income of 34.9 billion yuan, up 41.0% year-on-year.
During the reporting period, New China Life Insurance’s long-term insurance first-year single premium income was 19.669 billion yuan, up 109.2% year-on-year; renewal premium income was 114.62 billion yuan, up 5.9% year-on-year, continuing to play a “ballast” role.
In addition, in the first three quarters, the company’s surrender rate was 1.2%, down 0.1 percentage points from the same period last year; the 13-month and 25-month policy continuation rates for individual life insurance business continued to improve year-on-year; the growth in first-year regular premiums and continuous improvement in business quality helped the company's new business value increase sharply by 50.8% year-on-year.
New Business Value (NBV) is an indicator measuring the future expected profit from new insurance policies sold by an insurance company within a certain period. It reflects the net profit expected to be generated by the insurance company over the coming years by selling new business.
Bancassurance Channel Becomes a Highlight
Zishitang found: In the first three quarters, the bancassurance channel achieved long-term insurance first-year premium income of 35.938 billion yuan, up 66.7% year-on-year, among which long-term insurance first-year regular premium income was 16.832 billion yuan, up 32.9% year-on-year.
In practice, the bancassurance channel often drives an insurance company’s new business growth, especially in long-term insurance and regular premium sales.
Looking at the group channel, in the first three quarters, it achieved premium income of 2.968 billion yuan, up 16.7% year-on-year, among which short-term insurance premium income was 2.603 billion yuan, up 14.0% year-on-year.
For the group channel, it mainly refers to an insurance company providing group insurance products for employees or members by cooperating with enterprises, institutions, or organizations.
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