The Zhitong Finance App learned that Societe Generale Securities released a research report stating that China Life Insurance (02628) is a stable leader in life insurance and has a wide customer base. The bank maintains the company's “gain” rating and investors are advised to pay attention. The company's revenue for the first three quarters of 2026 was 367.812 billion yuan, down 31.6% year on year; net profit to mother was 89.430 billion yuan, down 46.7% year on year. Net loss to mother for the third quarter was 45.059 billion yuan; the company disclosed net profit of 94.220 billion yuan after excluding short-term fluctuations such as open market equity, an increase of 15.8% over the previous year.
According to the report, the company's total premiums are steady, and the value of the new business is still growing: in the first three quarters of 2026, the company achieved a total premium of 676.144 billion yuan, +1.0% over the same period last year. First-year premiums of $116.751 billion, +6.2% year-on-year, and renewal premiums of $459.476 billion, +1.7% year-on-year. The total premium growth rate was moderate, but the futures business maintained positive growth. The company disclosed that the scale and proportion of first-year premiums with a ten-year term or more is still at the leading level in the industry. In terms of new business value, the company was +13.1% year-on-year in the first three quarters of 2026. According to insurance types, life insurance, annuity insurance, and health insurance account for 22.74%, 41.30%, and 32.20% of premiums, respectively; the company announced that new business and stock business debt guarantee costs have all declined, which is conducive to long-term debt cost control.
The total premiums of individual insurance channels for the first three quarters of 2026 were 505.208 billion yuan, +0.5% year over year, 87.525 billion yuan for the first year, +3.9%; total premiums for banking insurance channels were 106.960 billion yuan, +4.1% year over year, and premiums paid for the first year were 28.821 billion yuan, +13.9% year over year. As of the end of the third quarter of 2026, the total sales force was 665,000, including 616,000 individual insurance sales personnel.
In the first three quarters of 2026, the company's total investment income was 190.177 billion yuan, and the total return on investment was 3.23%. As of the end of September 2026, the company's investment assets were RMB 79,95,332 billion, +7.7% compared to the end of 2025; total assets of RMB 8152,647 billion, +7.4% compared to the end of 2025; and equity attributable to parent shareholders of RMB 651.84 billion, +9.5% compared to the end of 2025. The core solvency adequacy ratio is 156.29%, and the comprehensive solvency adequacy ratio is 197.56%.