What happened
At its 2026 interim results briefing, China Life reported net profit attributable to shareholders of 134.489 billion yuan for the first half, up 228.6% year on year. Total premium income reached 536.634 billion yuan, and new policy premiums grew 11.6% to 180.039 billion yuan.
Total investment income came in at 314.504 billion yuan, an increase of 186.998 billion yuan from a year earlier, producing a total investment yield of 5.58%. Investment assets stood at 7.95 trillion yuan at the end of June, with the stock and fund allocation ratio rising to 19.14%.
The insurer highlighted progress across channels: first-year regular premiums exceeded 100 billion yuan for the first time in a half-year period, and the individual agency channel generated new business value of 33.464 billion yuan, up 37.5% year on year. Management also said the company is expanding investments in new quality productive forces, with deployed scale exceeding 540 billion yuan and an average annual compound growth rate of 30%.
Why it matters
The results underscore how investment returns are increasingly driving earnings at major Chinese insurers, especially under new accounting standards that mark most assets to market. China Life said its average investment return over the past two decades is 5.15%, which it frames as evidence of stability amid short-term fluctuations.
The company is also reshaping its business mix by pushing channel diversification, upgrading sales force quality, and directing capital toward strategic sectors such as AI, semiconductors, health and biotech, green energy, and new infrastructure. These moves signal a long-term strategy rather than reliance on a single quarter's market performance.
Key facts
H1 attributable net profit was 134.489 billion yuan, up 228.6% year on year.
Total investment income reached 314.504 billion yuan, with a total investment yield of 5.58%.
First-year regular premiums surpassed 100 billion yuan in a half-year period for the first time, totaling 101.294 billion yuan.
Individual agency new business value rose 37.5% to 33.464 billion yuan, contributing 87.7% of total new business value.
Investment assets reached 7.95 trillion yuan at the end of June, with stock and fund allocation at 19.14%.
Investment in new quality productive forces exceeded 540 billion yuan, growing at an average annual compound rate of 30%.
What to watch next
China Life is advancing its 'seed plan' pilot and building financial insurance planner teams, so the evolution of its agency workforce in terms of size, retention, and professionalism bears watching.
With management emphasizing additional investment in core tracks including AI, semiconductors, health and biotech, green energy, and new infrastructure, future capital deployment in these areas could shape long-term returns.