New China Life Insurance's new single premium income was 61.7 billion yuan last year, with more than half sold through banks.

Judging by the value contribution structure, the bancassurance channel has become a new engine for China Life Insurance’s value growth. Wang Lianwen, Vice President of New China Life, said that in 2025, New China Life will elevate its bancassurance business development to a strategic level; both the proportion of bancassurance first-year premium and the proportion of new business value contribution will exceed half. In 2025, the bancassurance channel generated premium income of 72.1B yuan, up 39.5% year over year; the bancassurance first-year premium reached 37.93B yuan, up 52.3% year over year, accounting for 61.5% of total first-year premiums; installment premiums were close to 18B yuan, up 30%; new business value grew by 110%, and multiple key performance indicators reached historic highs.

On March 30, 2026, Yang Yucheng, Chairman of New China Life, stated at the company’s 2025 annual performance press conference that, amid the complex environment of deep industry transformation, the reduction of the assumed interest rate, and the full implementation of “reporting to the rules and merging compliance” (bao-xing-he-yi), New China Life achieved excellent results characterized by a double improvement in scale and value, and a double optimization in quality and structure. Multiple indicators hit record highs, which is “the most eye-catching set of results for the company since its founding.”

According to the annual report, in 2025, New China Life recorded total premium income of 18B yuan, up 14.9% year over year; first-year premiums (individual insurance channels, bancassurance channels, and group insurance) reached 61.7B yuan; embedded value was 287.84B yuan, up 11.4%; and net profit attributable to shareholders of the parent company was 36.28B yuan, up 38.3%.

New business value is a core metric for measuring the profit potential of life insurance companies. In 2025, New China Life’s new business value exceeded 9.8 billion yuan, up 57.4% year over year, continuing the high-growth trend since 2023.

Behind the growth in new business value is the adjustment of the business structure. Data show that in 2025, New China Life’s first-year premium income from long-term insurance amounted to 57.78B yuan, up 48.9% year over year. Of this, first-year installment premiums for long-term insurance were 37.2B yuan, up 36.7%, accounting for 64.4% of first-year premiums for long-term insurance.

Judging by the value contribution structure, the bancassurance channel has become a new engine for China Life Insurance’s value growth. Wang Lianwen, Vice President of New China Life, said that in 2025, New China Life will elevate its bancassurance business development to a strategic level; both the proportion of bancassurance first-year premium and the proportion of new business value contribution will exceed half. In 2025, the bancassurance channel generated premium income of 72.1B yuan, up 39.5% year over year; the bancassurance first-year premium reached 37.93B yuan, up 52.3% year over year, accounting for 61.5% of total first-year premiums; installment premiums were close to 180 billion yuan, up 30%; new business value grew by 110%, and multiple key performance indicators reached historic highs.

Wang Lianwen said that in terms of operating bancassurance customers, New China Life has built a foundation for long-term growth through a three-way coordinated model of “insurance + investment + services.” In terms of cooperation, there were 56 banks collaborating with the bancassurance channel; based on wide coverage, in 2025 it placed even more emphasis on deeper cultivation. Working together with the partner banks, it leverages their resource advantages to expand multi-dimensional coordination and deliver the “1+1>2” effect. In terms of team building, closely following the company’s “Strong Foundation Project 2.0,” the human resources growth rate in bancassurance business broke through 20%, and productivity improved by 17%.

Although the bancassurance channel has been surging, the individual insurance channel remains the core source of value for New China Life. According to the annual report, in 2025, the individual insurance channel achieved premium income of 120.6 billion yuan; of this, first-year installment premiums for long-term insurance were approximately 19 billion yuan, up 43.8% year over year; and the channel’s new business value after one year increased by 19.4% year over year.

When the bancassurance channel rises to a strategic position, does that mean the positioning of the individual insurance channel changes? New China Life’s President and Chief Financial Officer, Gong Xingfeng, said that New China Life’s positioning of individual insurance as a core channel has never changed—now it remains unchanged, and it will not change in the future either.

In Gong Xingfeng’s view, the individual insurance teams are New China Life’s partners. In the services they provide between them and customers, they have unique advantages. They also have irreplaceable, distinctive strengths in selling complex products that offer long-term, high guaranteed premium payments over many years—making them the core pillar that enables the company to navigate through long-term economic cycles.

Since 2024, New China Life has been deeply advancing the “XIN-generation” plan, promoting the marketing force to transition toward professionalization and career-based development. In 2025, New China Life’s scale of agents exceeded 130k. The per-capita productivity in individual insurance channels increased by 43% year over year, driving a significant growth in team income.

“China’s life insurance industry is facing a profound change in functional positioning and a transformation of its business model. For New China Life, this is a critical period where ‘opportunities and challenges coexist, with opportunities outweighing challenges.’” When discussing future development opportunities, Yang Yucheng said that the development of the life insurance industry faces three major sets of opportunities: China’s modernization entering a new journey, doing “five major articles well,” and opportunities in wealth management.

Yang Yucheng said, “Currently, people’s demand for preserving and growing their wealth is very strong and diverse, and capital continues to flow into the capital market and insurance products. The advantages of insurance products’ steady returns and intergenerational inheritance of retirement reserves become increasingly prominent. After customers choose to purchase insurance and a large amount of premiums flows into insurance companies, how these premiums can be transformed into long-term returns paid to customers—allowing them to pass through cycles, overcome volatility, and ultimately be realized—will impose higher requirements on a life insurer’s operating capabilities and investment capabilities.”

Yang Yucheng believes that at present, the biggest challenge facing China’s life insurance industry is how to manage the risk of the interest-rate spread in a low interest-rate environment, and to achieve effective asset-liability matching and coordinated development.

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