In 2025, New China Life Insurance is committed to the general working tone of “seeking progress while maintaining stability,” focusing on value as the core and concentrating on the development of first-year premium business. The company has maintained a good development trend in core business and significantly enhanced the linkage effect of assets and liabilities. From January to May this year, premium income reached 99.086 billion yuan, a year-on-year increase of 26%. On the basis of total assets exceeding 1.75 trillion yuan in the first quarter, with premium, revenue, and net profit maintaining double-digit growth year-on-year, and the value of new business increasing by 67.9%, the company delivered a strong opening report card. The annualized total investment return rate in the first quarter was 5.7%, up by 1.1 percentage points year-on-year, reflecting stable and progressive investment returns and a strong momentum for high-quality development.
Writing the “Five Major Articles” on Insurance and Resonating with National Strategy
As a large state-owned insurance company, New China Life Insurance has always kept in mind the “major concerns of the country,” serving national strategic development from a higher position and with greater efforts. The company fully exerts the economic shock absorber and social stabilizer functions of the insurance industry.
Since 2025, New China Life Insurance has been deeply involved in the construction of a multi-level social security system, underwriting 20 people’s welfare insurance projects in places such as Jiaozuo and Zhengzhou. It has cumulatively provided insurance coverage of approximately 1.45 trillion yuan to over 30,000 enterprise customers. The second pillar annuity business of Xinhua Pension Company increased by 1.7 billion yuan. The balance of the exclusive pension insurance for commercial insurance annuities in the third pillar was 2.1 billion yuan, maintaining a leading position in the industry.
The company leverages its patient capital advantage, successfully implementing a 50 billion yuan investment in the Honghu Phase I pilot Fund established with peers. It actively participates in the Phase II fund and plans to invest 10 billion yuan (inclusive) in listed companies to promote the entry of long-term funds into the market. Taking stakes in high-quality listed companies such as Hangzhou Bank and Beijing Enterprises Holdings reflects the concepts of long-term investment, stable investment, and value investment.
Jointly initiated the Zhongguancun Strategic Emerging Industries Fund with Zhongguancun Group and other entities, with an intended scale of 10 billion yuan, to increase support for scientific and technological innovation and facilitate the development of new productive forces. As of the end of the first quarter, the investment balance of New China Life Insurance’s “Five Major Articles” increased by nearly 60% year-on-year.
Adhering to a Customer-Centric Approach to Promote Reform and Transformation
In response to new market changes and customer demands, New China Life Insurance adheres to a customer-centered strategic orientation. Centering on the concepts of “Good products at New China,” “Good services at New China,” and “Good life at New China,” the company is fully promoting the in-depth and solid implementation of professionalization, marketization, and systematization reforms in aspects such as product, service, team, and institutional building.
Good Products at New China:
New China Life Insurance has firmly grasped the leading product, establishing a main product framework with market competitiveness and providing customers with comprehensive insurance protection covering diseases, pensions, accidents, medical care, wealth management, and other aspects. Dividend insurance, as a long-term financial instrument that combines “personal protection + guaranteed benefits + floating returns,” with its characteristic of “being able to weather economic cycles,” can better meet customers’ demands for flexible returns. The company has launched the “New China Red Fortune Season,” taking multiple measures to promote the transformation of dividend insurance.
It has been vigorously promoting the continuous popularity of dividend insurance products such as Shengshi Rongyao Smart Win Edition Whole Life Insurance (Dividend Type), Shengshi Anying Pension Annuity Insurance (Dividend Type), and New China Zunyue Whole Life Annuity Insurance (Dividend Type), helping customers achieve wealth appreciation and a happy and healthy life. On June 6, New China Life Insurance keenly grasped the direction of the national medical insurance payment method reform, perceived the public’s demand for high-quality medical services, and launched a dual-wheel driven medical security solution of “product + service,” introducing the new product “Medical Worry-Free Medical Insurance” to better meet the diversified medical service needs of the general public.
Good Services at New China:
New China Life Insurance leverages its industry advantages, strengthens resource integration, enhances service capabilities, and upgrades its “Respect, Safety, Prosperity, and Joy” customer rights system. It enriches ten major service contents including medical care, health care, financial intelligence, tax law, education, entertainment, and culture. The company actively builds a three-in-one elderly care ecosystem of “institution + home + travel and residence.” Currently, it has laid out 37 high-quality health care communities in 27 cities including Luoyang and Zhumadian in Henan Province. Adhering to the concept of “fast claims settlement and excellent service,” relying on technological empowerment, New China Life Insurance has created an intelligent and efficient claims settlement model. As of the end of April 2025, since its establishment, the company has paid out a total of 127.082 billion yuan in claims, among which the total amount paid out this year is 4.989 billion yuan. The one-stop settlement and direct payment service has also taken root in multiple regions including Zhengzhou. The company has launched the “Digital Human” product explanation, continuously iterated the capabilities of the intelligent customer service cluster, and was the first in the industry to achieve the application scenarios of the DeepSeek model.
Good Life at New China:
New China Life Insurance conducts organizational development from a strategic perspective. With the full implementation of the new basic Law, the XIN plan creates an integrated career growth program for the agent team and builds a comprehensive and multi-level entrepreneurial growth platform. The WLP full life cycle planner training system plans a brand-new development track for outstanding sales personnel, promotes the all-round growth of the knowledge structure of sales talents, enhances the ability of customer service and insurance supply, and further consolidates the professional foundation of the sales team. The “Strengthening the Foundation Project” has comprehensively upgraded the training, workplace, and brand culture of the four-level institutions, continuously enhancing the competitiveness of the grassroots teams and institutions. In the first quarter of 2025, the premiums of New China Life Insurance through its three major channels – individual insurance, banking, and syndicated insurance – all achieved double-digit growth. The average daily premium paid by outstanding personnel in the individual insurance channel doubled year-on-year, and the effectiveness of high-quality reform and transformation has become evident.
Investment Returns Steadily Improving, Efforts on Both Asset and Liability Sides
Since 2024, in the face of changes in the market environment, New China Life Insurance has strengthened the coordination between its assets and liabilities, with efforts made in both directions. While enhancing its investment capabilities and increasing investment returns, it has also improved its product sales capabilities, strengthened the refined management of expenses, and significantly improved the quality and efficiency of its operations.
On the liability side, New China Life Insurance adheres to value as the core, focuses on the development of futures payment business, continuously improves the business structure and quality, and significantly increases its scale and value. In the first quarter of 2025, the first-year premium of long-term insurance was 27.2 billion yuan, increasing by nearly 150% year-on-year. Among them, the first-year premium of long-term insurance was 19.5 billion yuan, increasing by 117% year-on-year, reaching the best level for the same period.
The 13-month and 25-month continuation rates of personal life insurance business increased year-on-year. The rapid growth of the first-year payment premium and the continuous improvement of business quality have contributed to a significant increase in the company’s new business value, with the new business value growing by 67.9% year-on-year. On the asset side, in the face of significant fluctuations in the stock and bond markets, the company has maintained strategic resolve, continuously improved asset quality, consolidated investment strategies, and enhanced portfolio structure. As a result, its investment performance has been outstanding, highlighting the high flexibility of the asset side. In the first quarter of 2025, the company’s annualized return on total investment was 5.7%.
Practicing the “Grand Insurance Concept” to Safeguard the Better Life of the People in Central Plains
New China Life Insurance will firmly implement all the decisions and plans of the Central Committee of the Communist Party of China, continue to adhere to high-quality development, take “practicing the grand insurance concept and building a powerful New China” as its strategic goal, closely follow national policies and market changes, and center on the “Five Major” – “having a broad vision, providing major products, developing major markets, expanding major services, and making major investments” – to plan and layout for achieving higher-level development during the “15th Five-Year Plan” period.
Continue Promoting Reform and Development:
Comprehensively optimize the systems and mechanisms, and enhance capabilities in all aspects such as products, teams, channels, institutions, technology, and operations. Vigorously improve the product structure and business structure, promote the transformation of dividend insurance, and increase the proportion of floating return type products and health protection type products. Make new breakthroughs in the organization’s development and growth of the team, striving to break the deadlock in the growth of the team.
Elevate Customer Service to a Strategic Level:
Continuously improve the group’s service functions and layout, and enrich the construction of the service ecosystem in ten major fields such as medical care, health preservation, and elderly care. Strengthen the effective integration of services with the optimization of products, sales, and teams, and truly form a synergy to empower the main business of life insurance with services.
Leverage the Patient Capital Advantage of Insurance Funds:
Focus on value investment and long-term investment, truly playing the role of the main force in serving the real economy.
Leverage the Advantages of the Insurance Industry:
Implement the free insurance project for environmental sanitation, increase the intensity of targeted consumption assistance, and expand the practical exploration of “insurance + sports,” etc., to fulfill the responsibility and commitment of state-owned enterprises with concrete actions.
Looking Ahead
The Henan Branch of New China Life Insurance will continue to enhance its political stance, closely follow the strategy of the head office, focus on its main responsibilities and business, and continue to comprehensively do a good job in the “five major articles” of finance. It will continuously sing the brand concepts of “New China Life Insurance provides long-lasting protection” and “New China Life Insurance provides beautiful protection” across the Central Plains, making new and greater contributions to the high-quality development of the local economy and society in Henan.
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