China Life Insurance Company Limited reported a RMB134.49 billion net profit attributable to equity holders for the first half of 2026, soaring 228.6 % year-on-year. The surge was driven by a sharp rise in investment income, which more than quadrupled to RMB314.50 billion, delivering a 5.58 % gross investment yield versus 3.29 % a year earlier.

Total revenues climbed 81.5 % to RMB434.56 billion, while operating cash flow remained solid at RMB282.88 billion. The board declared an interim cash dividend of RMB0.358 per share, totalling RMB10.12 billion, up 50.4 % from the prior year’s interim payout.

Gross written premiums edged up 2.2 % to RMB536.63 billion. Premiums from new policies reached RMB180.04 billion, an 11.6 % increase, with first-year regular premiums crossing the RMB100 billion mark for the first time on a half-year basis. The value of half-year sales accelerated 33.7 % to RMB38.17 billion, reflecting higher profitability of new business.

By distribution, the individual agent channel contributed RMB402.27 billion in premiums, including RMB75.53 billion of first-year regular premiums, up 17.9 %. Bancassurance premiums rose 12.4 % to RMB81.46 billion, supported by a 49.3 % jump in first-year regular premiums. Group insurance generated RMB14.58 billion, and other channels, including online business and government-sponsored programmes, added RMB38.33 billion.

Total assets expanded 6.6 % since year-end to RMB8.09 trillion, with investment assets at RMB7.95 trillion. Equity attributable to shareholders increased 11.6 % to RMB664.20 billion. Embedded value reached RMB1.61 trillion, remaining industry-leading. The comprehensive and core solvency ratios stood at 197.78 % and 156.80 %, respectively, both well above regulatory minimums.

Management highlighted disciplined asset-liability interaction, a growing share of semi-priced products, and deeper digital-intelligent operations. Health and pension offerings were broadened, while green and technology-focused investments exceeded RMB540 billion.

Operating expenses were contained: the 14-month and 26-month policy persistency rates improved to 93.50 % and 90.30 %, and the surrender rate declined to 0.45 %.

Looking ahead, China Life plans to prioritise value growth, strengthen risk management, and leverage its AI-enabled service platform to bolster customer engagement and operational efficiency during the remainder of its 15th Five-Year Plan inaugural year.