China Life Insurance (02628) releases its first-quarter performance, with a net profit attributable to shareholders of 19.505 billion yuan, a decrease of 32.3% year-on-year.

China Life Insurance (02628) announced its first quarter performance in 2026, with total operating income of 93.291 billion yuan, a year-on-year decrease of 15.3%; net profit attributable to the parent company's shareholders was 19.505 billion yuan, a year-on-year decrease of 32.3%; earnings per share were 0.69 yuan. The announcement stated that in the first quarter of 2026, the company continued to deepen the link between assets and liabilities, actively balancing long-term value and short-term benefits, and continuously improving its operational resilience. Due to the relatively high base in the same period of 2025 and the impact of fluctuations in the fair market value of some equity investments at the end of the reporting period, profits for this period decreased compared to the same period last year. In the first quarter of 2026, the company achieved total insurance premiums of 358.478 billion yuan, a year-on-year increase of 1.1%. Among them, new long-term insurance premiums were 85.660 billion yuan, a year-on-year increase of 29.9%; short-term insurance premiums were 42.702 billion yuan, a year-on-year increase of 2.9%; renewal premiums were 230.116 billion yuan, a year-on-year decrease of 6.8% due to the impact of the cessation of some business renewals. The business structure continued to optimize, with first-year regular premium growth up 41.4% year-on-year, and the proportion of ten-year and above first-year regular premiums in first-year regular premiums increased by 4.4 percentage points compared to the same period last year. The company is actively advancing product and business diversification, promoting the development of floating income type business, with the proportion of first-year regular premiums from floating income type business exceeding 90%. The rigid cost of new business liabilities continues to decrease year-on-year, and the transformation of the business structure has achieved significant results. The new business value in the first quarter of 2026 increased rapidly by 75.5% compared to the same period in 2025. The surrender rate was 0.24%, a decrease of 0.05 percentage points year-on-year.