New China Life Insurance (NCI) released unaudited results for the six months ended 30 June 2026, showing solid growth across core metrics.

Revenue and Profit NCI’s total revenue climbed 17.5% year-on-year to RMB81.55 billion, driven by a 6.8% increase in insurance revenue to RMB26.44 billion and stronger investment returns. Net profit attributable to shareholders surged 54.0% to RMB22.79 billion, with total investment income up 27.0% to RMB57.53 billion.

Premium and Business Mix Gross written premiums rose 6.9% to RMB129.57 billion. First-year regular premiums from long-term business grew 27.7% to RMB32.61 billion, lifting the share of regular premiums in first-year long-term premiums to 85.2% (up 20.8 percentage points). Renewal premiums reached RMB88.46 billion, accounting for 68.3% of total premiums.

Value Indicators The value of the first-half new business increased 11.9% to RMB6.92 billion, while the embedded value expanded 7.8% from year-end to RMB310.38 billion. Annualised total investment yield improved to 6.7%, up 0.8 percentage points.

Balance-sheet Strength Total assets edged up 3.1% to RMB1.96 trillion. Insurance contract liabilities rose 5.8% to RMB1.62 trillion. Core and comprehensive solvency margin ratios stood at 126.21% and 195.74%, respectively—both above regulatory requirements.

Dividend and Capital The board proposed a first-half cash dividend of RMB0.73 per share, totalling about RMB2.28 billion, an increase of 9.0% over the prior-year interim payout. NCI completed a RMB10 billion undated capital bond issue in July 2026, taking outstanding capital supplementary bonds to RMB30 billion.

Segment Performance • Traditional insurance contributed RMB24.41 billion to pre-tax profit. • Participating insurance added RMB2.52 billion. • Other businesses posted a RMB0.30 billion pre-tax loss, reflecting investment management and miscellaneous items.

Operational Metrics Persistency ratios improved: the 13-month ratio reached 97.5% (up 1.3 percentage points) and the 25-month ratio 93.6% (up 1.1 percentage points). Agent headcount totalled 144 thousand.

Outlook Management reaffirmed its “insurance + service + investment” strategy, targeting balanced premium growth, higher long-term regular premiums, and continued enhancement of investment capability to support sustainable earnings and solvency.