China Life Insurance Company Limited (SH601628, stock price 38.61 yuan, market value 1.09 trillion yuan) released its 2026 semi-annual report after the market close on August 27. The report shows that the company achieved a net profit attributable to shareholders of the parent company of 134.489 billion yuan in the first half of the year, a substantial year-on-year increase of 228.6%. Total premiums reached 536.634 billion yuan, solidifying its leading market position, with new business value growing rapidly by 33.7% in the first half.

In terms of performance, China Life recorded operating revenue of 434.307 billion yuan in the first half of 2026, up 81.5% year-on-year. Net profit attributable to shareholders of the parent company reached 134.489 billion yuan, a sharp increase of 228.6% year-on-year. Net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses was 134.560 billion yuan, up 228.1% year-on-year. Earnings per share stood at 4.76 yuan, and the weighted average return on equity reached 21.07%.

On the insurance business front, the company's total premiums for the first half amounted to 536.634 billion yuan, with new policy premiums reaching 180.039 billion yuan, a year-on-year increase of 11.6%. Notably, first-year regular premiums surpassed 100 billion yuan in a half-year period for the first time, reaching 101.294 billion yuan, up 24.7% year-on-year and ranking first in the industry. Premiums from first-year regular policies with terms of ten years or more totaled 36.121 billion yuan, up 19.2% year-on-year, accounting for 35.66% of total first-year regular premiums. New business value for the first half reached 38.167 billion yuan, growing rapidly by 33.7% from the same period last year, continuing to lead the industry.

In investment operations, the company continued to optimize its asset allocation structure, leading to improved investment returns. Total investment income for the first half reached 314.504 billion yuan, an increase of 186.998 billion yuan compared with the same period last year. The total investment yield was 5.58%, up 229 basis points year-on-year. The company stated that it will continue to deepen the coordination between assets and liabilities, scientifically manage liability costs, and steadily advance investments in high-quality assets in areas such as new productive forces, achieving favorable investment results.

Beyond the financial results, the report disclosed several other key developments. The board of directors recommended an interim cash dividend of 0.358 yuan per share (including tax) for 2026, totaling approximately 10.119 billion yuan, up 50.4% year-on-year, underscoring the company's commitment to sharing the fruits of high-quality development with investors. As of the end of the reporting period, the company's total assets stood at 8.09 trillion yuan, up 6.6% from the end of 2025. Shareholders' equity attributable to the parent company reached 664.203 billion yuan, up 11.6% year-on-year, while embedded value hit 1.61 trillion yuan, firmly ranking first in the industry. The comprehensive solvency adequacy ratio was 197.78%, and the core solvency adequacy ratio was 156.80%, consistently maintaining sufficient levels. The company has retained an A-class rating in the insurance industry's risk comprehensive assessment for 32 consecutive quarters and climbed to 47th place in Forbes' "Global 2000" ranking. Additionally, China Life has ramped up efforts to support new productive forces and high-level technological self-reliance, with sci-tech finance investments exceeding 1 trillion yuan and investments in new productive forces surpassing 540 billion yuan. Institutional elderly care services now cover 39 projects across 19 cities nationwide.

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