Equity Holdings Exceed 1.2 Trillion Yuan! "Leading Goose" of Life Insurance Discloses Annual Report, Honghu Fund "Officially Announces" Scale Data for the First Time

On the evening of March 25th, CHINA LIFE disclosed its 2025 annual report.

Data shows that in 2025, the "leading goose" in the life insurance industry achieved an operating income of 615.678 billion yuan, a year-on-year increase of 16.5%; and a net profit of 154.078 billion yuan, a year-on-year increase of 44.1%.

In 2025, CHINA LIFE's total premium first exceeded 700 billion yuan, reaching 729.887 billion yuan, a year-on-year increase of 8.7%.

Regarding key investment details, CHINA LIFE disclosed that as of the end of 2025, the scale of its public market equity investments exceeded 1.2 trillion yuan, an increase of over 450 billion yuan from the beginning of the year.

Zishitang also discovered that in the "gaps" of CHINA LIFE's annual report, the scale of the highly anticipated Honghu Fund was "officially announced" for the first time.

Multiple Indicators Rank First in the Global Life Insurance Industry

As of December 31, 2025, CHINA LIFE's total assets and investment assets were 7.59 trillion yuan and 7.42 trillion yuan, respectively. Shareholders' equity attributable to the parent company was 595.205 billion yuan, a year-on-year increase of 16.8%.

At the end of the reporting period, CHINA LIFE's comprehensive solvency adequacy ratio reached 174.01%, and its core solvency adequacy ratio reached 128.77%, continuously maintaining an adequate level. The company had 327 million valid long-term insurance policies.

Zishitang also noted that as of the end of 2025, the scale of CHINA LIFE's life and health insurance reserves ranked first among global life insurance companies.

2025 Investment Yield Exceeded 6%

CHINA LIFE's annual report shows that in 2025, the company achieved a total investment income of 387.694 billion yuan, an increase of 79.443 billion yuan compared to the same period in 2024; the total investment yield was 6.09%, an increase of 59 basis points compared to the same period in 2024.

This life insurance giant's average total investment yield from 2023 to 2025 was 4.76%.

Honghu Fund "Officially Announced" as a Hundred Billion Yuan Private Fund

CHINA LIFE disclosed an important detail in its annual report:

"We vigorously promoted the entry of medium- and long-term funds into the market, seized market opportunities to resolutely increase equity investments, with public market equity investment scale exceeding 1.2 trillion yuan, an increase of over 450 billion yuan from the beginning of the year. We continued to utilize innovative models for private securities investment funds, with cumulative fund-raising scale exceeding 100 billion yuan, supporting the development of the capital market and forming a demonstration effect."

Among these, the statement "continued to utilize innovative models for private securities investment funds, with cumulative fund-raising scale exceeding 100 billion yuan" signifies that CHINA LIFE has made its first public statement: the company's joint venture with New China Life Insurance, the secondary private fund manager Guofeng Xinghua, also known as the Honghu Fund, officially surpassed the 100 billion yuan mark in total scale by the end of 2025.

The Honghu Fund has officially "announced" its promotion to a hundred billion yuan equity private fund in China.

Continued Allocation to High Dividend Stocks

Regarding investment operations over the past year, CHINA LIFE disclosed that its investment assets reached 7.42 trillion yuan, a 12.3% increase from the end of 2024. The allocation ratios for bonds, fixed deposits, and debt-type financial products remained largely stable.

Additionally, CHINA LIFE's allocation ratio to stocks and funds (excluding money market funds) increased from 12.18% at the end of 2024 to 16.89%, with an explanation that "this is mainly due to the company seizing market opportunities to resolutely increase equity investments, leading to a significant increase in equity investment scale."

Regarding specific asset allocation details, the following statement was made:

In 2025, bond market interest rates fluctuated slightly at low levels, and the spread of ultra-long-term yields widened; the stock market performed strongly overall, with significant structural differentiation. The company adhered to asset-liability driven management and the investment philosophy of long-term, value, and prudent investment, continuously enhancing investment professional capabilities, dynamically optimizing asset allocation, and consistently improving the stability of investment portfolio returns and long-term return potential.

On the fixed income side, we flexibly adjusted the rhythm and strategy of allocation, continuously consolidating the core holdings.

In terms of equity investments, we vigorously promoted the entry of medium- and long-term funds into the market, seized market opportunities to resolutely increase equity investment efforts, actively laid out areas related to new quality productive forces, and steadily carried out the allocation of high-dividend stocks.

In terms of alternative investments, we focused on high-quality entities and core assets, innovated investment models, and strengthened forward-looking planning. The company's asset allocation remained stable, and the overall asset quality was excellent.

Total Premium First Exceeded 700 Billion Yuan

In 2025, CHINA LIFE's total premium first exceeded 700 billion yuan, reaching 729.887 billion yuan, a year-on-year increase of 8.7%.

Among these, first-year premiums for policies with terms of ten years or more reached 52.197 billion yuan, accounting for 44.92% of the total first-year premiums. For the individual agency channel, first-year premiums for policies with terms of ten years or more accounted for over 58% of the individual agency channel's first-year premiums.

As of December 31, 2025, the company's total sales force was 638,000, maintaining its leading position in the industry. The professionalization, specialization, and youthfulness of the sales force continued to improve.

The proportion of new policy premiums for life insurance, annuity insurance, and health insurance was 31.75%, 32.11%, and 31.23%, respectively. The company vigorously promoted the transformation of business structure, with floating-income business achieving strong growth, accounting for nearly 50% of first-year premiums, indicating a smooth transformation of business structure.

Dividend-Paying Policies Saw Rapid Growth

In 2025, CHINA LIFE's individual agency channel total premium was 551.79 billion yuan, a year-on-year increase of 4.3%.

The life insurance giant stated that it vigorously promoted the development of floating-income products over the past year, and in 2025, dividend-paying policy business achieved rapid growth, with its proportion of first-year premiums in the individual agency channel soaring to nearly 60%, becoming an important support for new policy premiums.

The main products sold gradually strengthened the orientation towards medium- and long-term sales, with more diversified payment and insurance terms. The diversity and balance of policy types and business structures for first-year premiums in the individual agency channel increased. The new business value for the individual agency channel in the first year reached 39.299 billion yuan, a year-on-year increase of 25.5%.

As of December 31, 2025, the individual agency sales force was 587,000, with the team size remaining the largest in the industry. Among them, the marketing team size was 371,000, and the collection and distribution team size was 216,000.

Bank-Insurance Channel is a Key Focus Area

In 2025, CHINA LIFE's bank-insurance channel saw comprehensive improvement in all core indicators, with total premiums reaching 110.874 billion yuan, breaking the 100 billion yuan mark, a year-on-year increase of 45.5%. New policy premiums reached 58.506 billion yuan, a year-on-year increase of 95.7%, with dividend-paying policies accounting for approximately a 15 percentage point increase in new policy premiums year-on-year.

Why is the bank-insurance channel important for life insurance?

Simply put, banks have numerous branches, a large customer base, and high trust. Life insurance companies can quickly reach a vast number of depositors through the bank channel, delivering insurance products to more people. Compared to building their own sales force, the bank-insurance channel has lower costs and faster scaling, making it a critical platform for increasing premium scale and acquiring new customers.

As of the latest data, CHINA LIFE cooperates with over a hundred banks, with 77,000 new policy issuing outlets, a year-on-year increase of 25.9%, of which the number of star-rated outlets increased by 49.1%. The bank-insurance channel has 20,000 customer managers, with a year-on-year increase of 53.7% in per capita productivity.