New China Life Insurance Company Ltd. (NCI) reported a strong first-half performance for 2026, driven by robust investment gains and steady premium growth.

Revenue and Earnings • Total revenue reached RMB 81.55 billion, up 17.50% year on year. • Net profit attributable to shareholders surged 54.00% to RMB 22.79 billion. • Profit before tax rose 64.20% to RMB 26.62 billion.

Premium and Value Growth • Gross written premiums increased 6.90% to RMB 129.57 billion. • First-year regular premiums advanced 27.70% to RMB 32.61 billion. • New business value climbed 11.90% to RMB 6.92 billion; NBV margin on first-year premiums improved 2.30 percentage points to 17.20%.

Investment Performance • Investment assets exceeded RMB 1.90 trillion, up 3.30% from end-2025. • Annualised total investment yield rose to 6.70%, an increase of 0.80 percentage points. • Other investment income jumped 43.60% to RMB 40.36 billion, reflecting higher realised gains.

Balance-Sheet Metrics • Total assets stood at RMB 1.96 trillion, 3.10% above the 2025 year-end level. • Embedded value reached RMB 310.38 billion, a 7.80% rise in six months. • Core and comprehensive solvency margin ratios were 126.21% and 195.74%, respectively, above regulatory minimums.

Segment Results • Traditional insurance contributed RMB 24.41 billion to pre-tax profit. • Participating insurance added RMB 2.52 billion. • Other businesses recorded a RMB 0.30 billion pre-tax loss.

Operational Indicators • 13-month persistency ratio improved to 97.50%; 25-month ratio reached 93.60%. • Annualised net investment yield was 2.60%; annualised comprehensive investment yield remained steady at 6.40%.

Dividend and Capital Actions • The Board proposes an interim cash dividend of RMB 0.73 per share (tax inclusive), up 9.00% year on year, totaling approximately RMB 2.28 billion, pending shareholder approval. • On 23 July 2026 the company completed issuance of RMB 10 billion undated capital bonds at a 1.90% coupon for the first five years, strengthening capital adequacy.

Outlook Management emphasised continued focus on the “insurance + service + investment” model, targeted expansion of protection-oriented premiums, disciplined asset-liability management, and ongoing digital transformation to sustain high-quality growth in the second half of 2026.