New China Life Insurance Co., Ltd. Class A · SSE:601336
New China Life Insurance Co., Ltd. Class A — New China Life Co H — FY2025 Earnings Presentation
25 slides from New China Life Insurance Co., Ltd. Class A's earnings presentation, Mar 30, 2026
Slide 1: 2025 Annual Results Announcement
2025 Annual Results Announcement 30 March 2026 This document is for specific use only; the "Disclaimer" is an integral part of this document. 1
Slide 2: Disclaimer
Disclaimer These materials are for information purposes only and do not constitute or form part of an offer or invitation to sell or issue or the solicitation of an offer or invitation to buy or subscribe for securities of New China Life Insurance Company Ltd. (the “Company”) or any of its holding
Slide 3: Business Overview
01 BUSINESS OVERVIEW This document is for specific use only; the "Disclaimer" is an integral part of this document. 3
Slide 4: Core Indicators Hit Record Highs
Core Indicators Hit Record Highs In 2025, the Company drove business performance to new heights and successfully concluded the “14th Five-Year Plan”. Core indicators delivered impressive results with total assets, GWP, embedded value, net profit, shareholders’ return and total market capitalization
Slide 5: Comprehensive Strength Rose to New Stage
Comprehensive Strength Rose to New Stage In 2025, the Company seized industrial opportunities and delivered outstanding results off the high growth of last year. Comprehensive strength rose to a new stage. Both business volume and value enhanced, quality and structure optimized. Equity Attributable
Slide 6: Volume and Value Grew in Tandem
Volume and Value Grew in Tandem Unit: RMB in millions NBV EV GWP RMB 195.87 billion 14.9 % 11.4% 287,840 1.5pt 13,000 16.2% 258,448 16.0% 9.0% 75,427 11,000 9,842 9,000 14.6% 15.0% 69,215 48.9 % 36.7 % 4.9 % 7,000 6,253 14.0% 57.4% 12.2% 5,000 212,414 13.0% 3,000 189,233 FYP from Long-term FYRP from
Slide 7: Structure and Quality Continued to Optimize
Structure and Quality Continued to Optimize Business Structure Business Quality FYRP proportion in FYP (long-term 13-month 64.4% insurance business) persistency ratio 1.4 pt 97.1% Renewal premiums 25-month proportion in GWP 68.5% persistency ratio 7.1 pt 93.3% FYP from participating Surrender rate i
Slide 8: Serving National Strategies Reached New Heights
Serving National Strategies Reached New Heights In 2025, the Company improved management framework of serving national strategies, established a dedicated task force for the “five priorities” in finance and formulated implementation plans. Investment balance reached over RMB 360 billion, marking a y
Slide 9: Fulfilling Social Responsibilities Delivered New Results
Fulfilling Social Responsibilities Delivered New Results In 2025, the Company fulfilled social responsibilities and demonstrated commitment as a responsible SOE, through vigorous efforts in rural revitalization, public welfare projects for sanitation workers, earthquake relief, etc. Rural Revitaliza
Slide 10: Brand Culture Gathered New Strength
Brand Culture Gathered New Strength Built a New Corporate Made Breakthroughs Culture System in Brand Influence Customer first, Branded high-speed trains Values striving as the foundation Openness and inclusiveness, Sponsored marathon events excellence in execution NCI Spirit Professional iron army,
Slide 11: Development Approach
02 DEVELOPMENT APPROACH This document is for specific use only; the "Disclaimer" is an integral part of this document. 11
Slide 12: Strategic Planning Charted New Course
Strategic Planning Charted New Course In 2025, anchored to the vision of forging “China’s leading financial service group with insurance business at its core”, the Company initiated formulation of its “15th Five-Year Plan”, initiated the strategic orientation of “embracing the big insurance philosop
Slide 13: Three Fronts Drove Reform and Innovation
Three Fronts Drove Reform and Innovation In 2025, the Company focused on strategic mainlines, consolidated efforts to refine coordinated development of “insurance + service + investment”, and enforced a series of reform and transformation measures. Product innovation transformed Built up investm
Slide 14: Product Innovation Delivered Notable Outcomes
Product Innovation Delivered Notable Outcomes In 2025, the Company made breakthroughs in product innovation, and established a “comprehensive and exquisite” product portfolio, improved product competitiveness, demonstrating strong market reputation featuring “Better Products with NCI”. Establish a d
Slide 15: Individual Insurance Channel Achieved Breakthrough in Marketing Transformation
Individual Insurance Channel Achieved Breakthrough in Marketing Transformation In 2025, the Company made breakthroughs in individual insurance channel by enhancing top-level design and policy support, and actively embraced the modern marketing concept of "Product + Service + Scenario + Technology".
Slide 16: Bancassurance Channel Realized Comprehensive Development
Bancassurance Channel Realized Comprehensive Development In 2025, the Company elevated the bancassurance channel to a strategic priority with enhanced strategic prioritization and repositioning, achieving record highs in premium income, FYP from long-term insurance business and new business value. F
Slide 17: Service Ecosystem Grew More Mature
Service Ecosystem Grew More Mature In 2025, the Company continued to forge the five major service brands and build a service ecosystem covering "medical care, healthcare, old- age care, wealth management, commerce, taxation, law, education, leisure and culture”. Through the promotion of excellent me
Slide 18: Service Capabilities Were Fully Elevated
Service Capabilities Were Fully Elevated In 2025, the Company accelerated the development of large model-driven digital intelligence capabilities. By leveraging technology to empower operations, the Company provided rapid services—from policy application to claim settlement—for sales force and custo
Slide 19: Investment Performance Achieved Steady Growth
Investment Performance Achieved Steady Growth Unit：RMB in millions In 2025, the Company actively integrated into the national development strategy, and seized market opportunities. The Company achieved strong investment returns through enhancing investment research capabilities and optimizing asset
Slide 20: Fundamental Management Remained Solid
Fundamental Management Remained Solid In 2025, the Company focused on “laying a solid foundation, securing long-term benefits, and strengthening sustainable momentum”. By building a powerful headquarters, empowering branch development, optimizing resource allocation, and perfecting the risk control
Slide 21: Future Outlook
03 FUTURE OUTLOOK This document is for specific use only; the "Disclaimer" is an integral part of this document. 21
Slide 22: Future Outlook
Future Outlook With corporate culture as our soul and strategy as our guide, the Company will capture industry opportunities, enhance the "Insurance + Service+ Investment " synergy. The Company will concentrate on our core business, deepen reforms relentlessly, elevate developmental energy to forge
Slide 23: Future Outlook
Future Outlook With corporate culture as our soul and strategy as our guide, the Company will capture industry opportunities, enhance the "Insurance + Service+ Investment " synergy. The Company will concentrate on our core business, deepen reforms relentlessly, elevate developmental energy to forge
Slide 24: NCI for Enduring Protection, Greater Health, A Better Life
NCI for Enduring Protection NCI for Greater Health NCI for A Better Life Better Products, Better Service and Better Life with NCI This document is for specific use only; the "Disclaimer" is an integral part of this document. 24
Slide 25: Q&A Session
Q&A Session This document is for specific use only; the "Disclaimer" is an integral part of this document. 25