In 2025, amid the reshaping of the global economic landscape, family wealth management faces multiple historic challenges. The market environment has become more volatile, and residents’ demand for stable capital planning has reached an all-time high. The aging population has intensified, with the average life expectancy exceeding 80 years, making traditional financial arrangements insufficient to fully cover elderly care needs.
As the leading player in China’s life insurance industry, China Life Insurance Co., LTD. (hereinafter referred to as “China Life,” stock code: 601628.SH, 2628.HK) has always adhered to the concept of “customer-centered,” focusing on building a simple, quality, and warm “China Life Good Service” sub-brand.
The company continuously optimizes product design and enriches product supply, striving to provide customers with more diversified and considerate protection. To meet the public’s actual needs for scientifically and reasonably formulating medium and long-term insurance protection plans for their families and for personal and family retirement, China Life Insurance has recently launched two new annuity insurance products: Guoshou Xinxiang Hongying Annuity Insurance and Guoshou Xinyue Wenying Pension Annuity Insurance.
New Annuity Insurance Products
Guoshou Xinxiang Hongying Annuity Insurance:
Eligibility: Available to individuals over 28 days old and under 75 years old in good health.
Protection Types: Special survival benefit, annuity, maturity benefit, and death benefit.
Payout Structure: After the contract takes effect, a special survival benefit will be paid annually from the sixth to the tenth year. An annuity will be paid annually from the eleventh year until the end of the insurance period. At maturity, a maturity benefit of 12 times the basic insurance amount will be paid. If the insured passes away during the insurance period, a death benefit will be paid based on the premiums paid minus any benefits already received, or the cash value of the contract, whichever is higher.
Guoshou Xinyue Wenying Pension Annuity Insurance:
Eligibility: Available to individuals over 28 years old and under 75 years old in good health.
Protection Types: Pension annuity, birthday benefit, and death benefit.Payout Structure: Men can start receiving the pension annuity at age 60, and women at age 55. The pension annuity will be paid annually based on the basic insurance amount. If the insured survives until the birthday benefit date, they will receive the benefit based on the premiums paid. If the insured passes away during the insurance period, a death benefit will be paid as stipulated in the contract.
Commitment to Customer Needs
The launch of these two new insurance products demonstrates China Life Insurance’s acute insight into market demands and innovative supply, as well as its deep concern and commitment to customers. These products aim to provide more diverse and high-quality risk protection to many families, helping to realize the vision of a beautiful life.
Company Performance
According to China Life’s 2024 performance report, the company achieved a total premium of 671.457 billion yuan, marking a new peak with a year-on-year growth of 4.7% and maintaining a solid leading position. The company has also continuously strengthened cost control and underwriting management, achieving a total investment income of 308.251 billion yuan. With efforts on both the capital and liability sides, the net profit attributable to the parent company’s shareholders exceeded 100 billion yuan, reaching a historical best of 106.935 billion yuan with a significant year-on-year growth of 108.9%.
Future Outlook
China Life Insurance will continue to deepen the structural reform on the financial supply side, firmly grasp the main line of high-quality supply, and promote a virtuous cycle of supply and demand at a higher level. Adhering to the orientation of people’s demands, the company will focus on innovation, continuously enrich the supply of diversified products, promote the optimization of product structure, better serve the growing insurance protection and family financial management needs of the general public, and fully safeguard people’s happy and beautiful life.
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