"Life insurance industry leader's first quarter report card: policy numbers hit a historic high"

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On the evening of April 29, China Life disclosed its first quarter report.

The announcement shows: In the first quarter of 2026, the company achieved a net profit attributable to shareholders of the parent company of 19.505 billion yuan, a year-on-year decrease of 32.3%; operating income of 93.291 billion yuan, a year-on-year decrease of 15.3%; and total profit of 19.466 billion yuan, a year-on-year decrease of 40.3%.

The short-term pressure on net profit is due to the dual impact of a high base in the same period last year and fluctuations in the capital market in the first quarter.

However, if you look through the profit statement at the main business, the core operating indicators of this life insurance giant present a different picture: premium income hit a record high for the same period, business structure continued to optimize, the sales team remained at the top of the industry, and investment strategies responded steadily to market volatility.

The following analyzes the “gold content” of this first quarter report from three dimensions: insurance business, channel personnel, and asset allocation.

Insurance business hits record high for same period

In the first quarter, China Life achieved total premiums of 358.478 billion yuan, of which new long-term insurance premiums were 85.66 billion yuan, a year-on-year increase of 29.9%; short-term insurance premiums were 42.702 billion yuan, a year-on-year increase of 2.9%.

During the reporting period, first-year regular premiums increased significantly by 41.4% year-on-year, and the proportion of first-year regular premiums for terms of ten years or more in first-year regular premiums increased by 4.4 percentage points over the same period last year, with business structure continuing to improve.

At the same time, floating income-type businesses such as participating insurance and universal insurance continued their growth momentum.

Floating income-type business refers to products whose policyholder returns are linked to the insurance company's investment performance; their guaranteed interest rates are relatively low, which helps reduce rigid liability costs.

During the reporting period, the proportion of first-year regular premiums from floating income-type business in first-year regular premiums increased, the rigid cost of new business liabilities decreased further year-on-year, and the results of business structure transformation were significant.

Total sales force reaches 644,000

By the end of the first quarter, China Life’s total sales force was 644,000, including 594,000 individual insurance sales staff, achieving year-on-year positive growth, with the team size continuing to lead the industry.

Meanwhile, the company has continued to promote the “selectively increase and cultivate” strategy, and the quality of the team has continued to improve.

High-performing personnel refers to salespeople whose individual performance remains stable and among the top tier, which is a key measure of the core combat strength of the team; selectively increased personnel refers to newly recruited high-potential sales talents selected through stringent standards, serving as the source for team optimization and iteration.

Investment side responds steadily to market volatility

This first quarter, the bond market saw low and narrow interest rate fluctuations, while the stock market became more volatile due to external shocks.

Specifically, in fixed income investment, the company capitalized on the widening spread of long-term interest rates and increased allocation to long-term bonds, continually consolidating its portfolio base; in equity investment, the company pursued a balanced and diversified strategy, dynamically optimizing its holdings structure and continuously improving investment quality and efficiency.

Thanks to the effective implementation of these strategies, the company’s investment side withstood pressure in a complex market environment. In the first quarter of 2026, China Life achieved total investment income of 35.536 billion yuan, with a total investment yield of 2.21%.

Information shows: During the reporting period, China Life continuously deepened asset-liability linkage, actively balanced long-term value and short-term results, optimized its asset allocation structure, enhanced the stability of investment portfolio returns and long-term return potential, and continuously improved operating resilience.

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