新华保险2026年中期净利同比增54%，新业务价值和中期分红同步增长

N ew China Lif e I nsu ranc e C om pany Ltd .

(A joint stock company incorporated in the People’s Republic of China with limited liability)

Stock Code : 01336

新華人壽保險股份有限公司

全 國 統 一 客 服 電 話

NEW CHINA LIFE INSURANCE COMPANY LTD.

INTERIM REPORT

NCI Official Account

Interim Report 2026

新華人壽保險股份有限公司

IR Website

30th Anniversary of NCI

Forging ahead with Vigor at Thirty
NCI stands firm at thirty. Today, after three decades of relentless endeavour, NCI has ridden the waves of the
times and stood out from the crowd, growing from a small, little-known private life insurance company into a
renowned global 500 enterprise, a large state-owned life insurer with assets exceeding RMB1 trillion, and an
A+H share listed company with significant market influence.

Huijin took a
stake and greatly
boosted the
strength of NCI.
NCI was born out
of the times.
On 6 September 1996, NCI was
inaugurated at the Great Hall
of the People, becoming one
of the first batch of joint-stock
insurance companies approved
for establishment following the
enactment of the Insurance Law ,
thus embarking on a magnificent
journey to cultivate China’s insurance
market.

Huijin
became
the
largest
shareholder of NCI. Its corporate
governance
was
improved,
development strength significantly
strengthened,
management
practice enhanced and corporate
operation more regulated. NCI
embarked on a new chapter of
development.

NCI expanded network
nationwide.
Seizing the historic opportunities after China acceded to
the WTO, NCI comprehensively accelerated its strategic
layout and completed the nationwide service network
by 2004, making the Company a cornerstone rooted in
China and safeguarding the livelihoods of hundreds of
millions of people.

02

NCI embarks on
a new chapter
at thirty.

State-owned
capital steered
the helm
and elevated
corporate
mission of NCI.

The year 2026 marks the 30th
anniversary of the founding of
NCI, and the first year of its “15th
Five-Year Plan”. Building on thirty
years of accumulated strength, NCI
continues its strong momentum
with key performance indicators
remaining industry-leading.

In 2019, the Party organization of
NCI was formally placed under CIC,
making the Company directly under
the management of CIC. The Party
leadership and corporate governance
was organically integrated and the
mission of a state-owned financial
enterprise and market-oriented genes
mutually compatible and enhancing.
The Company has practiced the
political and people-oriented nature
of financial work in its high-quality
development.

NCI went public
in Shanghai and
Hong Kong.
In December 2011, NCI was successfully
listed on the Shanghai and Hong
Kong stock exchanges, becoming
the first insurance company in China
to be simultaneously listed on the
A share and H share markets. This
landmark breakthrough signified the
Company’s formal entry into a new
phase of capitalized, standardized and
internationalized development.

NCI conducted
reforms and delivered
remarkable results.
In 2023, the Company’s new management team
fully initiated professional, market-oriented and
systematic reforms with clear strategy, excellent
service, firm reform, revitalization, internal
strength and robust investment, launching a
complete array of reform and transformation
measures. The Company’s reform momentum
has built up, and its market competitiveness was
enhanced, resulting in new records in operating
performance. Core operating indicators in 2025
reached historical highs.

03

Forging ahead with Vigor at Thirty
Forging ahead with perseverance over the past three decades, NCI has always maintained an enterprising
spirit and innovative vitality. With a flexible and efficient decision-making mechanism and a united, pragmatic
execution culture, the Company has cast the NCI Professional Iron Army spirit of pioneering and fighting into
the very fabric of its development. With tremendous courage and wisdom, braving wind and rain and pressing
forward with resolve, NCI has achieved numerous breakthroughs and created one miracle after another.
Unit: RMB in 100 millions
Total Assets

18,994.84
16,922.97
14,032.57
12,550.44
11,277.21
10,043.76
8,789.70

4,936.93

5,658.49

6,437.09

6,605.60

6,991.81

2014

2015

2016

7,102.75

7,339.29

2017

2018

3,867.71

2011

2012

2013

2019

2020

2021

2022

2023

2024

Gross Written Premiums

2025

1,958.71

1,595.11

1,634.70

1,630.99

1,659.03

1,705.11

2021

2022

2023

2024

1,381.31

947.97

977.19

2011

2012

1,222.86

1,036.40

1,098.68

1,118.59

1,125.60

1,092.94

2013

2014

2015

2016

2017

2018

2019

2020

Embedded Value

2025

2,878.40
2,588.24

2,555.82

2,505.10

2021

2022

2023

2,406.04

2,584.48

2,050.43
1,731.51
1,534.74
1,294.50
1,032.80
852.60
489.91

2011

04

568.70

2012

644.07

2013

2014

2015

2016

2017

2018

2019

2020

2024

2025

Unit: RMB in 100 millions
Total Market Value

1,961.19

1,925.58

1,352.92

1,472.21

1,370.80

1,335.31
1,242.31

1,262.46

1,162.68
987.10

796.15

847.96

803.73

791.83

2022

2023

688.54

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2024

Net Profit Attributable to Shareholders of the Company

2025

362.84

262.29

145.59

86.01
64.06
27.99

29.33

2011

2012

44.22

2013

2014

2015

142.94

149.47
98.22

87.12

2022

2023

79.22
49.42

53.83

2016

2017

2018

2019

2020

2021

2024

Dividends to Shareholders

2025

85.16
78.93

43.99

43.36

44.92
33.69
26.52

24.02

10.00
2.81

2011

2012

4.68

6.55

8.73

2013

2014

2015

14.97

16.22

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

05

Deepening Reforms to Boost Momentum
Since taking office, the new management team has been energetic and forward-looking, advanced the
customer-centric, professional, market-oriented and systematic reforms through a clear top-level design,
detailed and pragmatic measures, and “forced-march” efficient execution. With a series of genuine, practical
and decisive measures, the Company’s development momentum has been comprehensively reshaped.

Strategic
Mainlines  

Customer as the Center, Sales Team as the
Foundation, Employee as the Partner

Customer as the Center
With a spirit of altruism and great love, the Company remains committed to its value proposition of “enduring
protection, greater health and a better life” for its customers. Dedicated itself to meeting customers’
diverse needs for insurance protection, medical, health and old-age care services and wealth management,
the Company integrates customer service system into its standard marketing and team building, achieving
synergistic fusion of “insurance + services + scenarios + technology + operations” to create greater value
for customers and act as a guardian of people’s beautiful lives.

Sales Team as the Foundation
The Company establishes a new modern marketing concept, systematically drives marketing model
transformation and builds a professional, career-oriented and comprehensive marketing team. Through
organizational transformation, model innovation and management upgrades, the Company provides
comprehensive and multi-dimensional support and empowerment for team development, forging a modern
marketing model with a powerful back-office empowerment and autonomous sales team operation and
featuring business growth driven by organizational development. A career platform to “pioneer the great
love enterprise and fulfill entrepreneurial dream” is offered for each insurance sales consultant.

Employee as the Partner
The Company treats employees as business partners to build a first-class talent enterprise. Through the
development of ideological and corporate culture, reform of systems and mechanisms, optimization of
human resources framework, enhancement of incentive and restraint mechanisms and improvement of
working environment, the Company is dedicated to creating a career development platform for all managers
and employees. This will enable them to become co-creators of the Company’s value and partners in its
success, making New China Life an organization where employees can strive to grow, innovate and excel,
and realize their ideal of serving and creating shared value for the country and the people.

06

Commitments
for Customers  

NCI for Enduring Protection, for Greater
Health and for a Better Life

NCI for Enduring Protection
Upholding the original aspiration of long-termism, the Company has built the foundation for
the lifetime protection. With rich and diverse products, the Company provides customers
with full-lifecycle services. The Company also optimizes claim processes and fulfills its
insurance responsibilities, offering efficient end-to-end services from policy inception to
claim settlement. By delivering full and timely payouts, the Company honors the insurance
commitment and demonstrates the fundamental value of insurance protection through
concrete actions.

NCI for Greater Health
The Company further deepens the linkage between medical and old-age care resources to
build an integrated health security system. Advancing the integrated innovation of health
insurance and health management, the Company offers customers with one-stop solution
of “insurance + old-age care + medical services”. Meanwhile, the Company continues
to expand the scope of healthcare services. By exercising the payment function and riskreduction management function of commercial insurance, the Company facilitates the frontloading of health management into insurance products.

NCI for a Better Life
The Company enriches diversified ecosystem supply to meet multi-faceted demands
for high-quality life. Efforts have been made to comprehensively upgrade the customer
management system, step up the layout of healthcare and old-age care service ecosystem,
and refine lifetime service offerings to build an integrated customer service system and
foster differentiated competitiveness in customer management.

07

Synergistic Development of Three Pillars to Lead the Market
Since 2025, NCI has established and progressively refined its distinctive synergistic development of “insurance
+ service + investment”. The Company has elevated “service” to a strategic priority, significantly enhanced
service capabilities, and built a multi-level service ecosystem, thus creating a second growth curve, and forging
a unique competitive strength underpinned by the synergistic development of three pillars.

Insurance pillar: focusing on main responsibilities and business to
persistently enhance market competitiveness
The Company adheres to returning to the essence of insurance, and practices the new modern marketing concept featuring
deep integration of “products + services + scenarios + technology”. The Company strengthens the innovation-driven product
development, and builds a “comprehensive and exquisite” product portfolio that caters to lifetime needs of customers. The
channel strategy of “dual-core channels and dual-core drivers”, including individual insurance channel and bancassurance channel,
is implemented, and group insurance and other business channels are strengthened to achieve balanced growth across multiple
channels. Targeted efforts have been made to advance the organizational development and agent recruitment, and establish a regular
framework underpinned by the basic law and supported by a series of specialized agent recruitment initiatives, aiming to boost the
core competitiveness on the liability side through various measures.

Service pillar: refining the service ecosystem to
pioneer new paths for value growth
Empowered by technology, the self-service claim function is upgraded and enables immediate claim settlement upon discharge and
second-level fund arrival. The Company also offers distinctive services covering advanced medical expense, early compensation for
critical-illness condolences and coverage for advanced therapies. The “virtual counter” service is launched to allow customers to
safely and conveniently process sophisticated services online. Meanwhile, the Company integrates high-quality service resources,
iteratively upgrades its five major service brands, namely “Xinhua Zun”, “Xinhua An”, “Xinhua Rui”, “Xinhua Yue” and “Xinhua
Kang”, continues to refine the ten service systems covering medical care, healthcare, old-age care, wealth management, commerce,
taxation, law, education, leisure and culture. The ecosystem of “institutional elderly care + home-based elderly care + travel-based
health and elderly care” is established to improve the ecosystem for customer service.

Investment pillar: building long-term and
sound investment to empower insurance business
The Company makes efforts to strengthen the investment research system, expand investment professional talent pool, enrich
diversified investment strategies, optimize the asset allocation structure and bolster investment risk management. With robust
professional capabilities and prudent investment strategies, the Company secures industry-leading investment performance. The
Company also fully leverages the strengths of insurance funds as patient capital, long-term capital and strategic capital, firmly serving
as a mainstay supporting the real economy and a ballast stone underpinning financial stability. By virtue of its strong investment
performance and professional capabilities, the Company creates great value for customers and investors and empowers agent team,
greatly coordinating the improvements of the quality and efficiency of service and the development of insurance business.

08

Honoring Responsibilities to Exemplify Culture
NCI has consistently embedded social responsibility into the very fabric of its corporate development. The
Company deeply serves the real economy, supports rural revitalization and participates in public welfare
initiatives, steadfastly fulfilling the mission of a state-owned financial enterprise through pragmatic and
dedicated actions.

Public Welfare Initiatives Conveying the Warmth of Insurance
New China Life Foundation donated RMB123 million cumulatively since its establishment in 2016. Supported by
the Foundation, the “Caring for Sanitation Workers” project of the Company, launched in August 2017, now covers
hundreds of cities nationwide. The project has benefited nearly 6.70 million sanitation workers cumulatively, settled
550 claims and disbursed claim payment over RMB48 million. Anchored in its core business, the Company actively
participates in two national public welfare projects of rural revitalization, namely “Dingliangzhu” (頂樑柱) and “Jiayou
Baobei” (加油寶貝), harnessing the “insurance + public welfare” model to precisely serve the needs of agriculture,
rural areas and rural residents. As of the end of June 2026, the Company has provided basic protection to 644
thousand rural residents across the country, and settled over 7 thousand claims with aggregate claim payment above
RMB11 million through these two projects.

Advocating Corporate Culture to Shape the NCI Professional Iron Army
The Company has fully established a “Holistic Culture Philosophy”, practiced the financial culture with Chinese characteristics, and fostered
the NCI culture that is deeply aligned with its state-owned nature, precisely adapted to the insurance industry, and synchronized with its
development stage. Such efforts have optimized the political ecosystem of NCI, rejuvenated the spiritual outlook of cadres and employees,
boosted team morale, and strengthened confidence in its development, lifting the corporate cohesion and morale to new heights.

Core Principles of Corporate Culture
Cultural Theme: S triving for self-improvement, upholding integrity and pursuing innovation, staying honest and
prudent, making steady progress for long-term success
Vision: To forge China’s leading financial service group with insurance business
at its core
Missions: T o serve as a builder of the great rejuvenation of the Chinese nation
To serve as a guardian of people’s beautiful life
To serve as a practitioner of financial culture with Chinese characteristics
To serve as a contributor to social harmony and stability
Value: C ustomer first, Striving for excellence, Openness and inclusivity, Turning
good intentions into good results
NCI Spirit: P rofessional iron army, pursuit of excellence, benevolence and virtue,
inheritance and innovation

09

HONORS AND AWARDS

Fortune Global 500: No.414 (2026)
Fortune China 500: No.98 (2026)
FORTUNE

Forbes Global 2000: No.378 (2026)
FORBES

Insurer Financial Strength (IFS) Rating: “A” (Strong)
FITCH RATINGS

China’s 500 Most Valuable Brands: No.81 (2026)
World Brand Lab (WBL)

China’s Top 500 Most Valuable Brands: No.164 (2026)
World’s Top 100 Most Valuable Insurance Brands: No.79 (2026)
Brand Finance

Bauhinia Award — 2026 Listed-insurance Company for
High-quality Development
TSINGHUA Financial Review , Tsinghua University PBC School of Finance

“Annual Growth Top 100” and “Beijing-Tianjin-Hebei Region
Top 100” of Brand Value List of Chinese Listed Companies 2026
National Business Daily

“Lingyun Summit Award” (淩雲絕頂獎) (Outstanding Project Award) of the
2026 Insurance-technology Competition
INSLAB

CITE Golden Wisdom Award · Digital-intelligent Finance Practice Award
Internet Finance Working Committee of Internet Society of China

10

IMPORTANT INFORMATION
1

The board of directors, directors and members of senior management of the Company guarantee
the correctness, accuracy and completeness of the contents of this report, and that there is no false
representation, misleading statement or material omission in this report, and are legally liable for this
report jointly and severally.

2

The Interim Report 2026 of the Company was considered and approved at the 11th meeting of the
ninth session of the Board on 26 August 2026, which 10 directors were required to attend and 10
of them attended in person.

3
4

The 2026 interim condensed consolidated financial statements of the Company are unaudited.
The Company plans to distribute 2026 interim cash dividend of RMB0.73 (tax inclusive) per share
to all shareholders, approximately RMB2,277 million in total. The above dividend distribution plan is
subject to the approval of shareholders’ general meeting.

5

Mr. YANG Yucheng, the Chairman of the Company, Mr. GONG Xingfeng, the President and Financial
Principal of the Company, Mr. PAN Xing, the Chief Actuary of the Company and Mr. HUA Yong, the
Head in charge of Accounting Department of the Company, guarantee the correctness, accuracy and
completeness of the interim condensed consolidated financial information in the Interim Report 2026.

6

The forward-looking statements such as future plans and development strategies in this report do

7

No funds were misappropriated for non-operating purposes by the controlling shareholder or its

8

No external guarantee provided by the Company violated the decision-making procedures of the

9

The major risks of the Company include market risk, credit risk, insurance risk, operational risk,

not constitute substantive undertakings. Investors are advised to be cautious about investment risks.

related parties of the Company.

Company.

reputation risk, strategic risk, liquidity risk, etc. The Company has taken various measures to effectively
manage and control all sorts of risks. Please refer to the “Management Discussion and Analysis”
of this report for details.

IMPORTANT INFORMATION | INTERIM REPORT 2026

11

CONTENTS

Embark on a New Chapter at Thirty

About New China Life
Business Overview

13

Business Performance
Management Discussion and Analysis

21

Embedded Value

47

Corporate Governance
Corporate Governance

57

Environmental and Social Responsibility

60

Significant Events

62

Changes in Share Capital and Shareholders’
Profile

65

Other Information
Definitions

69

Corporate Information

71

Financial Report
Financial Statements

73

About New
Business
Corporate
Other
China Life Performance Governance Information

Financial
Report

BUSINESS OVERVIEW
MAJOR OPERATING INDICATORS
Unit: RMB in millions

Total Assets

Total Revenue

1,958,077

1,899,484
3.1%

Net Profit Attributable to
Shareholders of the Company

81,554
69,429

22,793

17.5%

54.0%

14,799

As at
31 Dec. 2025

As at
30 Jun. 2026

Dividend per Share

2025 H1

2026 H1

Gross Written Premiums

Insurance Service Result of
Insurance Contracts Issued
10,872

129,570

121,262

9.0%

8,511

6.9%

2025 H1

2026 H1

Annualized Total
Investment Yield

2025 H1

2026 H1

RMB0.73(1)

RMB0.67

5.9%

2025 H1

2025 H1

2026 H1

Embedded Value

6.7%

287,840

2026 H1

As at
31 Dec. 2025

27.7%

2025 H1

2026 H1

Value of the First Half Year’s
New Business
6,916

310,384

6,182

As at
30 Jun. 2026

2025 H1

11.9%

7.8%

0.8pt

2026 H1

Note:
1.

Subject to approval of shareholders’ general meeting. Similarly hereinafter.

ABOUT NEW CHINA LIFE | INTERIM REPORT 2026

13

HIGHLIGHTS
In the first half of 2026, the Company centered on the inward-focused and high-quality development,
implemented the three strategic mainlines of “customer at the center, sales team as the foundation and
employee as the partner”, refined the synergistic development of “insurance + service + investment”,
and advanced professional, market-oriented and systematic reforms. The Company consolidated the
foundation to foster solid development roots, and focused on the essence of insurance to forge core
competitiveness and strategic priorities to ensure rigorous execution. As a result, the operating results
of the Company maintained sound and positive momentum, and the development trend of both volume
and value enhancement, as well as structure and profitability optimization became increasingly apparent.
A strong start to the “15th Five-Year Plan” was successfully achieved.

SERVING NATIONAL STRATEGIES
Over RMB1.4
trillion to underpin
the real economy
Over RMB500

billion to advance
“five priorities” in
finance

As of 30 June 2026, the Company underpinned the real economy with investment
balance exceeding RMB1.4 trillion, representing a year-on-year increase of over
15%. The investment balance in serving the “five priorities” in finance, namely
technology finance, green finance, inclusive finance, pension finance, and
digital finance, exceeded RMB500 billion, representing a year-on-year increase
of over 40%. The Company invested more than RMB220 billion in technology
finance, providing protection of sum assured over RMB1 trillion for nearly 12
thousand technology companies. The Company invested more than RMB110
billion in green finance, providing protection of sum assured over RMB310 billion
for nearly 6.7 thousand green enterprises. In inclusive finance, the Company
supported the development of the private-owned economy and medium, small
and micro enterprises with investment nearly RMB46 billion. Protection of sum
assured worth RMB1.6 trillion was offered for over 39 thousand enterprises.
The Company also underwrote 26 people’s welfare projects in the first half
of the year, with cumulative sum assured over RMB1 trillion, covering over
1 million people. The policy-oriented health insurance business cumulatively
alleviated the medical burden by RMB374 million. The Company invested over
RMB26 billion in pension finance. Vigorous efforts were made to advance the
second and third pillars of pension businesses, with the scale of enterprise
and occupational annuities under management continuing to expand. First year
premiums from the commercial pension annuity, individual pension and other
businesses reached nearly RMB8.7 billion. The Company also invested RMB100
billion in digital finance, speeded up digital transformation and stepped up the
construction of digital infrastructure to enhance digital operation capabilities.

14

INTERIM REPORT 2026 | ABOUT NEW CHINA LIFE

About New
Business
Corporate
Other
China Life Performance Governance Information

Financial
Report

LIFE INSURANCE
In the first half of 2026, the life insurance business of the Company
maintained sound development, with improvements in business volume
and value. The gross written premiums (“GWP”) reached RMB129,570
million, representing a year-on-year (“YoY“) increase of 6.9%. The value of
the first half year’s new business realized RMB6,916 million, increasing by

NBV in 2026 H1:

RMB6,916 million,
a YoY increase of

11.9%

11.9% year on year. The headcounts of agents (contracted sales agents) in
all distribution channels of the Company reached 143,877.

INVESTMENT BUSINESS
In the first half of 2026, based on the analysis and assessment of macroeconomic
Total investment

situations and capital markets, the Company identified key trends and seized

assets: over

opportunities to allocate funds to high-quality anchor assets to optimize its asset

RMB1.9 trillion

structure and stabilize the sources of long-term returns. As of 30 June 2026,

Annualized total

the investment assets of the Company exceeded RMB1.9 trillion, representing

investment yield of

an increase of 3.3% compared with the end of last year. The annualized total

2026 H1: 6.7%

investment yield of the first half year was 6.7%, up by 0.8 percentage point
year on year, and the annualized comprehensive investment yield of the first
half year was 6.4%, remaining flat year on year.

SHAREHOLDERS’ RETURNS
The Company places great emphasis on sharing its growth outcomes with
investors, and proposes to distribute 2026 interim cash dividend of RMB0.73
(tax inclusive) per share to all shareholders, totaling around RMB2,277 million,
representing an increase of 9.0% on the interim cash dividend paid in the
prior year. Since 2024, the Company has distributed interim dividends in

Interim cash dividend
of RMB0.73 (tax

inclusive) per share,
totaling around

RMB2,277 million

addition to its annual dividends for three consecutive years.

ABOUT NEW CHINA LIFE | INTERIM REPORT 2026

15

SERVICE ECOSYSTEM
Up until now, the service ecosystem of the Company has served customers in
individual insurance, bancassurance, group insurance and Internet insurance,

61 high-quality

covering 16 core services across five major areas, including health management,

healthcare & old-age

finance, taxation, legal and business affairs, and business travel. The Company

care communities

has deployed 61 high-quality healthcare and old-age care communities in 42

83 high-quality

cities domestically, and 83 high-quality travel-based projects across 67 cities

travel-based projects

domestically and overseas, providing customers with a diverse range of travel-

Over 400 medical

based old-age care options.

institutions
domestically and

The Company integrated internal and external high-quality medical resources

abroad

to deliver lifelong health management services to customers, ranging from
disease prevention and medical assistance to overseas medical treatment.
The Company has built an “excellent medical care” service system, with a
service network covering over 400 medical institutions domestically and abroad,
offering customers diversified, professional and systematic medical services.

TEAM AND DISTRIBUTION CHANNEL BUILDING
The Company implemented the “dual-core channels and dual-core drivers”
development strategy for individual insurance and bancassurance channels.
While consolidating the traditional strengths of individual insurance channel,
the Company focused on expanding and strengthening the bancassurance
channel.
The individual insurance channel has embraced the new modern
marketing concept and upheld the sales team as its foundation. Guided
by the NCI corporate culture and building a “professional, career-oriented
and comprehensive” sales team, the Company advanced the strategic
implementation of the “XIN Generation” initiative (「XIN一代」), striving to
build a team of Whole Life Planner (“WLP”) who excelled in expertise, service,
quality and overall competence. In the first half of 2026, 20 thousand new
agents were added, marking a breakthrough in team building. Productivity
per capita rose by 18% year on year, boosting significant growth in team
income.

16

INTERIM REPORT 2026 | ABOUT NEW CHINA LIFE

• Individual insurance
channel: 20

thousand new
agents added
Productivity per
capita rose by

18% YoY

• Bancassurance
channel: Agent
headcounts
increased by

24% YoY

• Group insurance:
Productivity per
capita increased by

8.4% YoY

About New
Business
Corporate
Other
China Life Performance Governance Information

Financial
Report

The bancassurance channel, as one of the dual-core distribution channels,
accelerated its development and boosted its momentum, with a focus
on the parallel objectives of value enhancement and regular-premium
advancements, further improving its market ranking. The product system
was further enriched, team scale and its professional service capability grew
in both quantity and quality. The agent headcounts in bancassurance channel
during the first half of the year increased by 24% year on year and by 7%
compared with the end of 2025. The written regular premium per capita
during the first half of the year rose by 9.7% year-on-year.
The group insurance deepened reforms to revitalize its team, made every
effort to advance the development of standard unit, vigorously promoted
the excellent agent introduction, updated the basic law and strengthened
training to enhance their skills. The productivity per capita increased by
8.4% year on year.

PRODUCTS
Deeply practicing the customer-centric philosophy, the Company intensified
A product portfolio
of 230 offerings

the supply of diversified insurance products, improved the inclusive insurance
system, and continued to enrich the comprehensive and exquisite product

available in the

portfolio catering to customers’ needs throughout their whole life cycle. To

market

mark its 30th anniversary, the Company leveraged the synergistic advantages
of the “high-quality assets, products and services” to craft a range of quality
products, as a reward for customers. As of the end of June 2026, the Company
maintained a product portfolio of 230 offerings available in the market.

ABOUT NEW CHINA LIFE | INTERIM REPORT 2026

17

CLAIM SETTLEMENT

Total compensation

The claim settlement services of the Company accelerated the transition

amount: RMB7.29

towards online, intelligent and convenient solutions, driving an upgrade

billion

from “functional sufficiency” to “experience-led” delivery. In 2026, the

Total claim cases:

self-service claim settlement system was fully renewed, enabling all types

2.377 million

of claims to be processed online with self-service. There were nearly 300

Daily average

hospitals offering direct claim settlement in 25 provinces and municipalities.

compensation amount:

In the first half of 2026, a total of 2.377 million claim cases were settled

RMB40.20 million

with compensation amount of RMB7.29 billion. The average number of daily

Daily average claim

claims reached 13 thousand with daily average compensation amount of

cases: 13 thousand

RMB40.20 million. 97% of individual claims were submitted online.

13-month

BUSINESS QUALITY

persistency ratio:

The Company deepened business quality control, and consolidated the long-

97.5%

term mechanism for quality management, driving sustained improvement

25-month

in business quality indicators. As of the first half of the year, the 13-month

persistency ratio:

persistency ratio of individual life insurance business was 97.5%, up by 1.3

93.6%

percentage points year on year, and the 25-month persistency ratio was 93.6%,
growing by 1.1 percentage points year on year.

TECHNOLOGY EMPOWERMENT
The Company accelerated the unleashing of new quality productive forces
driven by AI and put into place the digital employee system on a large scale.
The intelligent marketing assistant cumulatively generated over 4 million
proposals during the first half of the year. The intelligent application module
of digital employee in charge of claim settlement processed an average of
over 30 thousand image documents per day, with a recognition accuracy
rate exceeding 99%. The recommendation hit rate of digital employee in
charge of group insurance bidding surged from 60% to 90%, precisely
empowering business growth. The AI-based interview of digital employee in
charge of human resources recruitment covered over 3 thousand candidates,
contributing to higher quality and greater efficiency in talent selection.
95567, an official digital service ambassador, supported the explanation of
16 types of insurance products and provided step-by-step guidance for 16
types of online businesses, serving customers through multimodal videobased interactive services.

18

INTERIM REPORT 2026 | ABOUT NEW CHINA LIFE

Over 4 million
proposals automatically
generated

Over 30 thousand
image documents
processed per day,
with a recognition
accuracy rate

exceeding 99%

About New
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Corporate
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Financial
Report

ANALYSIS OF CORE COMPETITIVENESS
The Company has conducted in-depth research into the operational principles of the life insurance industry,
adhering to the synergistic development of “insurance + service + investment”. Through innovating and upgrading
its business philosophy and deepening institutional and mechanism reforms, the Company has forged a multidimensional synergy under the “One NCI” (「一個新華」) framework. On the insurance side, the Company remains
committed to strengthening and expanding its core insurance business. The business and product structures
have become increasingly diverse, and the “dual-core” distribution channels comprising individual insurance and
bancassurance fully demonstrated. The quality of the agent team keeps improving, the operational capabilities of
subordinate institutions are enhanced significantly, and the full-process empowerment of AI speeds up, further
solidifying the core competitiveness of the life insurance business. On the service side, the scope of five service
brands of “Xinhua Zun, Xinhua An, Xinhua Rui, Xinhua Yue and Xinhua Kang”, continues to expand, while the
precision in customer segmentation management has significantly improved. The service ecosystem is deeply
integrated with product sales and customer management, and possesses extensive resources and network to
meet the diverse needs of customers throughout their entire life cycle. On the investment side, persisting in the
transition towards long-term value, the Company has established a scientific and rigorous investment research
system, and built a professional and capable investment team, an open and diverse investment ecosystem, and
a resilient asset allocation structure. Thus, investment returns remain stable, and the asset-liability coordination is
effective, further strengthening the endogenous growth momentum of the Company’s high-quality development.

ABOUT NEW CHINA LIFE | INTERIM REPORT 2026

19

BUSINESS
PERFORMANCE

About New
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Financial
Report

MANAGEMENT DISCUSSION AND ANALYSIS
FINANCIAL ANALYSIS
Major accounting data and financial indicators
Unit: RMB in millions
For the six months ended
30 June
Key accounting data
Total revenue
Profit before income tax
Net profit attributable to shareholders of the Company
Net cash flows from operating activities

Total assets
Total liabilities
Equity attributable to shareholders of the Company

2026

2025

Change

81,554
26,623
22,793
56,190

69,429
16,218
14,799
58,719

17.5%
64.2%
54.0%
-4.3%

As at
30 June
2026

As at
31 December
2025

Change

1,958,077
1,834,462
123,578

1,899,484
1,787,906
111,544

3.1%
2.6%
10.8%

For the six months ended
30 June
Key financial indicators
Basic weighted average earnings per share attributable
to shareholders of the Company (RMB)
Diluted weighted average earnings per share
attributable to shareholders of the Company (RMB)
Weighted average return on equity attributable to
shareholders of the Company
Weighted average net cash flows from operating
activities per share (RMB)

Net assets per share attributable to shareholders of the
Company (RMB)

2026

2025

Change

7.31

4.74

54.2%

7.31

4.74

54.2%

18.87%

15.93%

2.94pt

18.01

18.82

-4.3%

As at
30 June
2026

As at
31 December
2025

Change

39.61

35.75

10.8%

BUSINESS PERFORMANCE | INTERIM REPORT 2026

21

Other key financial and regulatory indicators
Unit: RMB in millions
For the six

For the six

months ended

months ended

30 June 2026/

30 June 2025/

As at

As at

30 June

31 December

2026

2025

Change

Reinsurance contract assets

11,016

11,065

-0.4%

Insurance contract liabilities

1,621,596

1,532,638

5.8%

Indicators

Insurance revenue

26,442

24,753

6.8%

Insurance service expenses

(15,570)

(16,242)

-4.1%

(228)

(229)

-0.4%

(38,312)

(34,007)

12.7%

Net expenses from reinsurance contracts held
Finance expenses from insurance contracts issued
Finance income from reinsurance contracts held

170

168

1.2%

Surrender rate(1)

0.7%

0.8%

-0.1pt

Note:
1.

Surrender rate = surrenders/(balance of life insurance and long-term health insurance contract liabilities at the beginning of the period + premium
income of long-term insurance contracts). The indicator is calculated on the basis of IFRS 4.

The discrepancy between the P.R.C. GAAP and the IFRS Accounting Standards
There is no difference between the consolidated net profit of the Company for the six months ended 30 June 2026
and the consolidated equity of the Company as at 30 June 2026 as stated in the interim condensed consolidated
financial statements prepared in accordance with the IFRS Accounting Standards and the interim financial statements
prepared in accordance with the P.R.C. GAAP.

22

INTERIM REPORT 2026 | BUSINESS PERFORMANCE

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Financial
Report

The items and reasons for the change beyond 30% in the consolidated financial
statements
Unit: RMB in millions
As at

As at

30 June 31 December
Balance sheet
Financial assets at fair value

2026

2025

Change

Main reason(s) for change

754,659

579,756

30.2%

Increase in held for trading

through profit or loss
Equity investments designated

bonds and stocks
51,808

38,556

34.4%

at fair value through other

Increase in non-trading
stocks

comprehensive income
Other liabilities

39,483

30,337

30.1%

Increase in final cash
dividend of 2025

Unit: RMB in millions
For the six months ended
30 June
Income statement
Other investment income

2026

2025

Change

Main reason(s) for change

40,358

28,096

43.6%

The year-on-year increase
in the realized gains on
investment assets

Net impairment losses on

331

(54)

N/A

financial assets

Reversal of expected credit
losses on part of debt
investment assets

Share of profits and losses of

1,805

638

182.9%

associates and joint ventures

Increase in investment
income from associates
and joint ventures

Profit before income tax

26,623

16,218

64.2%

The year-on-year increase in
investment performance

Income tax expense

(3,827)

(1,417)

170.1%

The year-on-year increase in
profit before tax

Net profit for the period

22,796

14,801

54.0%

The year-on-year increase in
investment performance

Net profit for the period

22,793

14,799

54.0%

attributable to shareholders of

The year-on-year increase in
investment performance

the Company
Total other comprehensive

(4,331)

(21,364)

-79.7%

Decrease in insurance

income for the period, net of

contract financial

tax

fluctuations losses
recognized in other
comprehensive income

BUSINESS PERFORMANCE | INTERIM REPORT 2026

23

BUSINESS ANALYSIS
Trend of insurance industry
In the first half of 2026, the global political and economic landscapes were complex and turbulent, geopolitical
conflicts continued to escalate, financial markets experienced severe volatility, and external uncertainties intensified.
Meanwhile, China’s economic development achieved innovation-driven and high-quality progress. A raft of
macroeconomic policies continued to be implemented, driving the economy to stabilize and recover. The national
economy got off to a good start of the “15th Five-Year Plan”, solidifying the foundation for the high-quality
development of insurance industry. Regulatory policies continued to guide the industry’s transition to high-quality
development, improve institutional rules and regulations, and rectify disorderly market competition. Those enabled
the insurance industry to better perform its functions as an “economic shock absorber, social stabilizer, economic
safety net, social security net and disaster prevention net”, to deliver on the “five priorities” in finance, and to
better serve the society, people’s livelihoods and the real economy. Since the beginning of the year, under a low
interest rate environment, the “deposit migration” effect among households became prominent. Combined with
the sustained release of demand for wealth management, healthcare and old-age care security, the insurance
premiums achieved steady growth in the first half of the year. The product mix and channel structure underwent
adjustment, with the proportion of floating-return products steadily rising. The bancassurance channel experienced
rapid and higher-quality development. The insurance industry as a whole demonstrated a favorable trend of steady
progress with enhanced quality and efficiency.

Insurance business
In the first half of 2026, adhering to the general principle of “seeking progress while maintaining stability, improving
quality and efficiency”, the Company has remained committed to the inward-focused and high-quality development.
Strengthening strategic guidance and prioritising its core life insurance business, the Company continued to deepen
professional, market-oriented and systematic reforms. To pursue the sound and sustainable development, the
Company diligently carried out various work that laid the foundations, benefited the long-term development and
built up future strengths, led by a sound attitude towards performance. Efforts have been made to promote the
synergistic development of “insurance + service + investment”, enhance the “customer-centric” operation and
service capabilities, enrich the customer service ecosystem encompassing medical care, healthcare, old-age care,
etc., boost investment in AI technology and deepen service empowering. Thus, the market competitiveness of
the Company has steadily risen, the value of its core life insurance business has continued to grow, and its overall
business has maintained a sound development momentum.

24

INTERIM REPORT 2026 | BUSINESS PERFORMANCE

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Other
China Life Performance Governance Information

GWP: RMB

129,570 million
YoY increase of 6.9%

Financial
Report

Business volume
In the first half of the year, the Company realized GWP of RMB129,570
million, representing a year-on-year increase of 6.9%. First year
regular premiums (“FYRP”) from long-term insurance business
amounted to RMB32,612 million, increasing by 27.7% year on
year. Regular premiums with payment periods of ten years or more
amounted to RMB2,853 million, increasing by 132.1% year on year.
Renewal premiums amounted to RMB88,461 million, representing
a year-on-year increase of 12.2%.

NBV in 2026 H1:

6,916 million

RMB

YoY increase of

11.9%

Business value
As of 30 June 2026, the embedded value of the Company reached
RMB310,384 million, increasing by 7.8% compared with the end
of last year. The Company realized the value of the first half year’s
new business of RMB6,916 million, increasing by 11.9% year on
year. The new business value (“NBV”) margin based on first year
premiums (“FYP”) was 17.2%, up by 2.3 percentage points year
on year.

FYRP accounting for

85.2% of FYP from
long-term insurance
business
YoY increase of

20.8pt

Business structure
In the first half of the year, the Company’s regular premium business
continued to grow, with FYRP from long-term insurance business
accounting for 85.2% of FYP from long-term insurance business,
representing an increase of 20.8 percentage points compared with
the same period of last year. The Company continued to promote the
development of long-term insurance business, and regular premiums
with payment periods of ten years or more accounted for 20.9%
of FYRP from long-term insurance business in the second quarter.
Renewal premiums accounted for 68.3% of GWP, maintaining
a “solid contributor” to GWP. First year business and renewal
business developed jointly to boost stable growth in the Company’s
premium income.

BUSINESS PERFORMANCE | INTERIM REPORT 2026

25

13-month persistency
ratio: 97.5%
YoY increase of 1.3pt
25-month persistency
ratio: 93.6%
YoY increase of 1.1pt

Business quality
The Company deepened business quality control, and improved
institutionalized operation and closed-loop management, thereby
solidifying the long-term mechanism for quality management and
facilitating the improvement of business quality indicators. The
13-month persistency ratio of individual life insurance business
was 97.5%, representing a year-on-year increase of 1.3 percentage
points. The 25-month persistency ratio was 93.6%, representing a
year-on-year increase of 1.1 percentage points. The surrender rate
was 0.7% from January to June 2026, a decrease of 0.1 percentage
point compared with that of last year.

Unit: RMB in millions
For the six months ended 30 June
GWP

2026

2025

Change

129,570

121,262

6.9%

First year premiums from long-term insurance business
Regular premiums

38,273

39,622

-3.4%

32,612

25,528

27.7%

2,853

1,229

132.1%

Regular premiums with payment periods of ten
years or more
Single premiums

5,661

14,094

-59.8%

Renewal premiums

88,461

78,831

12.2%

Premiums from short-term insurance business

2,836

2,809

1.0%

Notes:
1.

Numbers may not be additive due to rounding.

2.

The GWP mentioned above are calculated pursuant to IFRS 4. Similarly hereinafter.

26

INTERIM REPORT 2026 | BUSINESS PERFORMANCE

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Financial
Report

Analysis by distribution channels
Unit: RMB in millions
For the six months ended 30 June

2026

2025

Change

18,125

14,506

24.9%

17,715

14,248

24.3%

Individual insurance channel
First year premiums from long-term insurance business
Regular premiums
Single premiums

410

258

58.9%

Renewal premiums

63,545

57,462

10.6%

550

558

-1.4%

82,220

72,526

13.4%

19,902

24,939

-20.2%

Premiums from short-term insurance business
Total
Bancassurance channel
First year premiums from long-term insurance business
Regular premiums

14,652

11,104

32.0%

Single premiums

5,250

13,835

-62.1%

Renewal premiums

24,643

21,247

16.0%

9

6

50.0%

44,554

46,192

-3.5%

Premiums from short-term insurance business
Total
Group insurance
First year premiums from long-term insurance business

246

177

39.0%

Renewal premiums

273

122

123.8%

2,277

2,245

1.4%

Total

2,796

2,544

9.9%

GWP

129,570

121,262

6.9%

Premiums from short-term insurance business

Note:
Numbers may not be additive due to rounding.

BUSINESS PERFORMANCE | INTERIM REPORT 2026

27

Individual life insurance business
Individual insurance channel
The individual insurance channel continued to practice a new modern
marketing concept, adopted the “customer-centric marketing” as its core
operational principle, and concentrated efforts on implementing three key
annual tasks of optimizing business structure, strengthening team building

20.6%
YoY growth in NBV of individual
insurance channel

and solidifying ecosystem empowerment. Keeping firmly to the overall
objective of high-quality transformation and development, the Company
implemented the three-year development plan for team building.
In terms of team building, the Company followed a team-driven approach.

24.3%

Guided by the basic law and honor system, combined with diversified

YoY growth in the FYRP from

talent introduction and cultivation systems, the Company optimized the

long-term insurance business of

team structure to consolidate its foundation, effectively improving the

individual insurance channel

quantity and quality of sales team. A tiered cultivation system for the
high-performing team was established to promote the vertical growth
of core manpower. The “Insurance Entrepreneur” talent strategy was
deepened to reinforce the endogenous motivation and value orientation. The
Company expanded development paths to offer customized development
environments and dedicated empowerment for talents on different tracks,
including professional services, team development, high-net-worth client
management and self-media IP.
In terms of product promotion, the Company optimized the business

16.2%

structure through the marketing of diversified and long-term products. In

YoY growth in monthly average

types of insurance product, the previously dominant single-product structure
was refined, with the premiums from annuity insurance accounting for over
half of the total premiums in the second quarter. In term structure, regular
premiums with payment periods of ten years or more achieved the best
performance in five years, with the premiums increasing by 133.3% year on
year. Meanwhile, the Company vigorously promoted product bundling sales,
deepened business operations based on customers’ needs, and made every
effort to satisfy customers’ comprehensive insurance protection needs.

28

INTERIM REPORT 2026 | BUSINESS PERFORMANCE

number of high-performing agents

About New
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In terms of customer management, the Company consistently adhered
to the customer-centric principle. Leveraging a three-in-one ecosystem
operating framework comprising the headquarters coordinated ecosystem,
branch distinctive ecosystems, and agent personal ecosystems, the
Company advanced the deep integration of products, benefits, scenarios,

Financial
Report

31.7%
YoY growth in monthly average
comprehensive productivity per
capita

ecosystems and technology. This guided an agent to transform from singleproduct salesperson into full life-cycle service provider, and enhanced both
the quality and efficiency of customer base and business value.
In the first half of 2026, the individual insurance channel realized total
premiums of RMB82,220 million, representing a year-on-year increase of
13.4%. First year regular premiums from long-term insurance business
amounted to RMB17,715 million, representing a year-on-year increase of
24.3%. The agent headcounts in the individual insurance channel(1) totaled
128 thousand. The monthly average number of qualified agents(2) was 26.8
thousand, up by 7.2% year on year. The monthly average qualified rate(3)
was 20.7%, up by 2.1 percentage points year on year. The monthly average
number of high-performing agents(2) reached 20.8 thousand, increasing by
16.2% year on year. The monthly average high-performing rate(3) was 16.1%,
up by 2.8 percentage points year on year. The monthly average number
of agents with first year commission (“FYC”) over RMB10,000(2) totaled
4.6 thousand. The monthly average proportion of agents with FYC over
RMB10,000(3) accounted for 3.5% of monthly average agent headcounts,
representing a year-on-year increase of 0.4 percentage point. The monthly
average comprehensive productivity per capita(4) was RMB22.0 thousand,
representing a year-on-year increase of 31.7%.

Notes:
1.

The agent headcounts in individual insurance channel includes contracted sales agents and full-time premium collectors, and no longer covers
employed sales personnel. The indicators below are calculated based on such caliber.

2.

Monthly average number of qualified agents = (∑ numbers of qualified agents in a month)/the number of months in the reporting period. The
calculation formulas for monthly average number of high-performing agents and monthly average number of agents with FYC over RMB10,000
are the same, where monthly number of qualified agents (high-performing agents, agents with FYC over RMB10,000) refers to the number of
agents who have issued one insurance policy or more (including card-type short-term accident insurance policy) which are not cancelled by policy
holders in a month and whose FYC in the month is equal to or greater than RMB800 (RMB3,000, RMB10,000).

3.

Monthly average qualified rate = monthly average number of qualified agents/monthly average number of agents * 100%. The calculation formulas
for monthly average high-performing rate and the monthly average proportion of agents with FYC over RMB10,000 are the same, where monthly
average number of agents = {∑ [(number of agents at start of the month + number of agents at end of the month)/2]}/the number of months in
the reporting period.

4.

Monthly average comprehensive productivity per capita = monthly average first year regular premiums/monthly average number of agents.

BUSINESS PERFORMANCE | INTERIM REPORT 2026

29

Bancassurance channel
The bancassurance channel remained customer-centric principle to provide

32.0%

bank clients with healthcare and old-age care services in whole life cycle

YoY growth in the FYRP from

and offer richer protection to meet customers’ diversified needs. The

long-term insurance business of

Company further enriched the product system, achieving comprehensive

bancassurance channel

development of multiple product types including participating insurance,
whole life insurance, annuity insurance and endowment insurance. The
team scale and its professional service capability grew in both quantity
and quality, with the number of performing agents with regular premiums
and productivity per capita continuing to increase. The Company also
strengthened strategic synergies across various banking partners, deepened

20.1%

cooperation, and achieved improvements in both business proportion and

YoY growth in monthly average

market ranking among major banking partners. Business quality continued

number of performing outlets

to improve, and persistency ratios rose steadily, laying a solid foundation

with regular premiums

for the long-term and robust development of bancassurance channel.
In the first half of 2026, the bancassurance channel advanced the business
pace and capitalized on market opportunities, achieving premiums of
RMB44,554 million. First year regular premiums from long-term insurance
business amounted to RMB14,652 million, representing a year-on-year
increase of 32.0%, and renewal premiums reached RMB24,643 million,

19.8%

representing a year-on-year increase of 16.0%. The monthly average number

YoY growth in monthly average

of performing outlets with regular premiums(1) increased by 20.1% year on
year, and the monthly average number of performing agents with regular
premiums(2) grew by 19.8% year on year.

number of performing agents
with regular premiums

Notes:
1.

Monthly average number of performing outlets with regular premiums = the sum of performing outlets with regular premiums of each month/
the number of months in the reporting period, where the performing outlets refer to outlets whose regular premium is greater than 0 during the
reporting period.

2.

Monthly average number of performing agents with regular premiums = the sum of performing agents with regular premiums of each month/the
number of months in the reporting period, where the performing agents refer to agents who underwrite policies with regular premium greater
than 0 during the reporting period.

30

INTERIM REPORT 2026 | BUSINESS PERFORMANCE

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Group insurance business

In terms of support and empowerment, the Company

The group insurance took “high-quality development”

continuously enhanced product competitiveness,

as its core objective, unified the four key concepts

upgraded the health management service system

of “comprehensive profitability, broad business vision,

and empowered scenario-based marketing with new

holistic talent management and integrated collaboration”,

technologies.

and continued to deepen the professional transformation
and market-oriented reform.

In terms of characteristic development, the Company
strengthened underwriting for customers in key areas

In terms of customer expansion, the Company refined

such as technology, green and inclusive finance,

the three-tier operational framework for strategic

providing protection with sum assured over RMB3

clients, ensuring coordination between headquarters

trillion, and participated in 26 people’s welfare insurance

and branches and implementing a visual management

projects covering 15 provinces and municipalities.

approach, which resulted in a steady increase in the
number of strategic clients.

In the first half of 2026, the group insurance realized
premiums of RMB2,796 million, representing a year-on-

In terms of profitability enhancement, the Company

year increase of 9.9%. In particular, first year premiums

optimized underwriting management and control, strictly

from long-term insurance business amounted to RMB246

managed expenses and costs, reduced expenditure and

million, representing a year-on-year increase of 39.0%.

enhanced efficiency, with a year-on-year decrease in the

The Company realized premiums of RMB1,016 million

comprehensive cost ratio. The Company also accelerated

from policy-oriented health insurance(1), representing a

the development of occupational insurance business,

year-on-year increase of 1.9%, covering over 17 million

promoted marketing tailored to corporate scenarios,

customers.

and continued to enhance the value of group insurance.
In terms of basic management, efforts have been

Note:
1.

Premiums from policy-oriented health insurance do not include
entrusted fund business.

made to strengthen the management of team activities,
advance the development of standard unit, and optimize
the three-tier training system, so as to improve the basic
management.

BUSINESS PERFORMANCE | INTERIM REPORT 2026

31

Analysis by types of insurance products
Unit: RMB in millions
For the six months ended 30 June

2026

2025

Change

129,570

121,262

6.9%

53,391

74,299

-28.1%

First year premiums from long-term insurance business

3,000

33,955

-91.2%

Renewal premiums

50,331

40,287

24.9%

60

57

5.3%

48,492

18,269

165.4%

GWP
Traditional insurance

Premiums from short-term insurance business
Participating insurance

(1)

First year premiums from long-term insurance business

34,502

4,627

645.7%

Renewal premiums

13,990

13,642

2.6%

–

–

–

31

16.1%

Premiums from short-term insurance business
Universal insurance

(1)

(2)

36

First year premiums from long-term insurance business

–

–

–

Renewal premiums

36

31

16.1%

Premiums from short-term insurance business

–

–

–

27,206

28,246

-3.7%

Health insurance

771

1,040

-25.9%

Renewal premiums

24,104

24,871

-3.1%

Premiums from short-term insurance business

2,331

2,335

-0.2%

445

417

6.7%

First year premiums from long-term insurance business

–

–

–

Renewal premiums

–

–

–

445

417

6.7%

First year premiums from long-term insurance business

Accident insurance

Premiums from short-term insurance business
Notes:
1.

Participating health insurance is included in the participating insurance. Universal health insurance is included in the universal insurance.

2.

A dash (–) denotes an amount of less than RMB500,000.

32

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Analysis by branches
Unit: RMB in millions
For the six months ended 30 June

2026

2025

Change

GWP

129,570

121,262

6.9%

Shandong Branch

12,378

11,560

7.1%

Zhejiang Branch

8,598

7,849

9.5%

Henan Branch

8,382

7,760

8.0%

Guangdong Branch

8,219

7,623

7.8%

Beijing Branch

7,541

7,492

0.7%

Shaanxi Branch

6,993

6,441

8.6%

Hubei Branch

6,527

5,948

9.7%

Jiangsu Branch

6,059

5,636

7.5%

Inner Mongolia Branch

5,095

4,390

16.1%

Hunan Branch

4,596

4,179

10.0%

Other Branches

55,182

52,384

5.3%

In the first half of 2026, 57.4% of GWP of the Company were derived from ten branches mentioned above.

Insurance products
Product highlights
The Company adhered to the “customer-centric” philosophy, and consolidated the synergistic development of
“insurance + service + investment”. Efforts were made to enrich a multi-tiered and multi-functional health protection
product portfolio, expand offerings in diversified pension and wealth management products, and enhance the
comprehensive, precisely targeted, and well-structured inclusive insurance product system to meet customers’
insurance needs throughout their entire life cycle.

BUSINESS PERFORMANCE | INTERIM REPORT 2026

33

Health Protection Products

Pension & Wealth Management Products

To address customers‘ needs for differentiated
health protection, the Company continued to enrich
its multi-tiered and multi-functional health protection
product portfolio, covering diverse population groups
including standard and substandard applicants. The
Company
broadened
product
liabilities
to
accommodate older age groups, and launched the
Celebration Edition of Health Multi-Protection (健康多
倍保慶典版) critical illness product, adding protection
for acute critical conditions. Through modular liability
design and flexible combination of riders, the
Company met the personalized needs of different
customers. The Company also enriched insurance
protection for individuals with suboptimal health
conditions by developing “Medical Care Anxin (Easy
Underwriting Edition)” (醫藥安欣(易核版)), a mid-range
medical insurance product tailored for substandard
applicants. Aligned with the DRG reform in medical
insurance, this product offers distinctive protection
including general medical treatment, critical illness
treatment and outpatient pharmacy and medical
devices, critical illness VIP medical services, minor
medical expenses and rehabilitation nursing, and is
supported by six major health management services,
including disease prevention, chronic disease
management, medical consultation services and
rehabilitation nursing.

Focusing on participating insurance, the Company
increased the supply of diversified pension and
wealth management products, covering multiple
product types including long-term annuities, whole
life insurance and endowment insurance, and
formed a diversified product portfolio spanning
different payment terms and product types to meet
customers’ differentiated needs for wealth
management and inheritance. Actively responding to
the national strategy to address population aging, the
Company continued to expand the supply of
products such as commercial pension insurance,
individual pension insurance and exclusive
commercial pension insurance, supporting the
development of a multi-tiered and multi-pillar
pension insurance system and meeting customers’
diverse pension security needs.

Inclusive Insurance Products
Focusing on key groups and areas, the Company continued to improve the inclusive
insurance product system. Concentrating on key groups such as the elderly,
children and adolescents, women, new urban residents, small and micro enterprise
owners and rural populations, and driven by product innovation, the Company
enriched the supply of exclusive products, contributing to the protection and
improvement of people’s livelihoods. As of the end of June 2026, a comprehensive, precisely targeted and well-structured inclusive insurance product system had
been initially established, covering nearly 50 exclusive products for specific groups
such as the elderly and children, women, new urban residents, and students and
children, 4 exclusive products for rural revitalization, 1 exclusive product for small
and micro enterprises, 6 policy-oriented health insurance products, 2 people’s
welfare insurance products, and 2 tax-advantaged health insurance products, thereby effectively meeting the diverse and inclusive financial needs of the general
public and the real economy.
As of the end of June 2026, the Company maintained a product portfolio of
230 offerings available in the market.

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Business quality
For the six months ended 30 June

2026

2025

Change

13-month persistency ratio(1)

97.5%

96.2%

1.3pt

25-month persistency ratio

93.6%

92.5%

1.1pt

Persistency ratio of individual life insurance business
(2)

Notes:
1.

13-month persistency ratio = premiums under in-force regular premium life insurance policies 13 months after their issuance as a percentage of
premiums under life insurance policies becoming in-force during the issuance.

2.

25-month persistency ratio = premiums under in-force regular premium life insurance policies 25 months after their issuance as a percentage of
premiums under life insurance policies becoming in-force during the issuance.

Analysis of insurance revenue and insurance service expenses
Unit: RMB in millions
For the six months ended 30 June

2026

2025

Change

Insurance revenue
Contracts measured with premium allocation approach

1,753

1,715

2.2%

Contracts not measured with premium allocation approach

24,689

23,038

7.2%

26,442

24,753

6.8%

Total
Insurance service expenses
Contracts measured with premium allocation approach

2,194

2,093

4.8%

Contracts not measured with premium allocation approach

13,376

14,149

-5.5%

Total

15,570

16,242

-4.1%

Insurance service result of insurance contracts issued

10,872

8,511

27.7%

In the first half of 2026, insurance service result of insurance contracts issued increased by 27.7% compared with
the same period of the previous year, of which, the insurance revenue increased by 6.8% and insurance service
expenses decreased by 4.1% compared with the same period of the previous year.

BUSINESS PERFORMANCE | INTERIM REPORT 2026

35

Analysis on insurance contract liabilities
Unit: RMB in millions
As at
30 June
2026

As at
31 December
2025

Change

Liabilities for remaining coverage
Liabilities for incurred claims

1,604,819
16,777

1,518,168
14,470

5.7%
15.9%

Insurance contract liabilities in total
Insurance contracts not measured with premium
allocation approach
Insurance contracts measured with general model
Insurance contracts measured with variable fee
approach
Insurance contracts measured with premium
allocation approach

1,621,596

1,532,638

5.8%

1,618,620
917,583

1,530,171
846,422

5.8%
8.4%

701,037

683,749

2.5%

2,976

2,467

20.6%

Insurance contract liabilities in total
Including: Contractual service margin for issued
insurance contracts

1,621,596

1,532,638

5.8%

193,857

181,723

6.7%

For the six months ended 30 June

2026

2025

Change

Contractual service margin for insurance contracts
issued on initial recognition in the period

8,308

6,144

35.2%

Component

In the first half of 2026, insurance contract liabilities increased by 5.8% compared with the end of the previous
year, of which liabilities for remaining coverage increased by 5.7% compared with the end of the previous year.
Contractual service margin for insurance contracts issued on initial recognition in the period increased by 35.2%
year on year, mainly due to changes in the scale and structure of new business.

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Analysis on reinsurance contract assets
Unit: RMB in millions
As at
30 June
2026

As at
31 December
2025

Change

Reinsurance contract assets for remaining coverage
Reinsurance contract assets for incurred claims

9,855
1,161

9,788
1,277

0.7%
-9.1%

Reinsurance contract assets

11,016

11,065

-0.4%

Contracts not measured with premium allocation approach
Contracts measured with premium allocation approach

10,946
70

11,002
63

-0.5%
11.1%

Reinsurance contract assets

11,016

11,065

-0.4%

Component

In the first half of 2026, reinsurance contract assets decreased by 0.4% compared with the end of the previous year.

Asset management business
Investment
assets exceeded
RMB

1.9 trillion

Annualized total
investment yield
achieved

6.7%

As at 30 June 2026, the Company’s investment assets exceeded RMB1.9
trillion, increasing by 3.3% compared with the end of the previous year.

In the first half of 2026, the annualized total investment yield of the
Company’s investment portfolio was 6.7%, up by 0.8 percentage point
year on year. The annualized comprehensive investment yield was 6.4%,
remaining flat year on year.

BUSINESS PERFORMANCE | INTERIM REPORT 2026

37

In the first half of 2026, China’s economy operated smoothly, laying a solid foundation for the economic performance
of the whole year. Long-term interest rates continued to fluctuate within a low range, while the stock market
exhibited extreme divergence with heightened volatility.
The Company also improved the investment research system, deepened macroeconomic analysis and judgment,
and seized trading timing. The Company maintained strategic stability in the overall asset allocation. Guided by
the medium- to long-term strategic asset allocation, the Company proactively undertook tactical asset allocation
according to market conditions, effectively capitalized on investment opportunities and achieved positive results.
In terms of fixed-income assets, on the one hand, the Company selectively allocated to long-duration interest rate
bonds from an asset-liability matching perspective to manage the asset-liability duration gap and further replenish
the fixed-income asset portfolios. On the other hand, while maintaining stable fixed-income asset portfolios, the
Company actively allocated to fixed-income enhanced assets to improve return flexibility.
In terms of equity investment, on the one hand, persisted in the principle of value-oriented and long-term
investment, the Company actively boosted equity holdings as anchor assets to stabilize long-term investment
returns. On the other hand, the Company discerned market trends and seized structural opportunities to capture
return potential.

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Investment portfolio
Unit: RMB in millions
As at 30 June 2026

Investment assets

As at 31 December 2025

Amount

Amount

Proportion

Amount

Proportion

change

1,901,854

100%

1,841,227

100%

3.3%

Classified by investment type
Cash and cash equivalents

33,065

1.7%

42,898

2.3%

-22.9%

Term deposits

226,952

11.9%

293,964

16.0%

-22.8%

975,101

51.3%

914,024

49.6%

6.7%

250,094

13.2%

216,452

11.8%

15.5%

235,706

12.4%

172,574

9.4%

36.6%

95,879

5.0%

108,143

5.8%

-11.3%

Financial investments
Bonds
Stocks

(1)

Funds
Other financial investments

(2)

Investments in associates and joint
ventures
Investment properties
Other investment assets

(3)

61,891

3.3%

65,633

3.6%

-5.7%

10,953

0.6%

11,424

0.6%

-4.1%

12,213

0.6%

16,115

0.9%

-24.2%

754,659

39.7%

579,756

31.5%

30.2%

605,459

31.8%

574,524

31.2%

5.4%

468,892

24.6%

609,890

33.1%

-23.1%

61,891

3.3%

65,633

3.6%

-5.7%

10,953

0.6%

11,424

0.6%

-4.1%

Classified by accounting methods
Financial assets at fair value
through profit or loss
Financial assets at fair value through
other comprehensive income(4)
Financial assets measured at
amortised cost(5)
Investments in associates and joint
ventures
Investment properties
Notes:
1.

Stocks include common stocks and preferred stocks.

2.

Other financial investments include equity investment plans, debt investment plans, trust products, asset management plans, private equity,
unlisted equity investments, perpetual bonds, certificates of deposit, etc.

3.

Other investment assets mainly include statutory deposits, financial assets purchased under agreements to resell, dividend receivables, interest
receivables, etc.

4.

Financial assets at fair value through other comprehensive income include debt investments at fair value through other comprehensive income
and equity investments designated at fair value through other comprehensive income.

5.

Financial assets measured at amortized cost include debt investments at amortized cost, term deposits, cash and cash equivalents, etc.

BUSINESS PERFORMANCE | INTERIM REPORT 2026

39

Investment income
Unit: RMB in millions
For the six months ended 30 June

2026

2025

Change

54

105

-48.6%

Interest income from term deposits

3,467

4,554

-23.9%

Interest and dividend income from financial investments

17,894

18,589

-3.7%

1,711

638

168.2%

135

134

0.7%

71

78

-9.0%

Net investment income(2)

23,332

24,098

-3.2%

Realized gains/(losses) on investment assets

38,234

11,012

247.2%

Fair value gains/(losses) on investment assets

(4,380)

10,230

N/A

339

(52)

N/A

57,525

45,288

27.0%

Interest income from cash and cash equivalents

Share of results of associates and joint ventures under
equity method
Rental income from investment properties
Interest income from other investment assets

(1)

Net impairment losses on financial assets
Total investment income

(3)

Other Comprehensive Income

(2,486)

3,642

N/A

Comprehensive investment income(4)

55,039

48,930

12.5%

Annualized net investment yield(5)

2.6%

3.0%

-0.4pt

Annualized total investment yield

6.7%

5.9%

0.8pt

6.4%

6.4%

–

(5)

Annualized comprehensive investment yield(5)
Notes:
1.

Interest income from other investment assets includes interest income from statutory deposits, financial assets purchased under agreements to
resell, etc.

2.

Net investment income includes interest and dividend income from cash and cash equivalents, term deposits, financial investments, share of
results of associates and joint ventures under equity method and rental income from investment properties.

3.

Total investment income = net investment income + realized gains/(losses) on investment assets + fair value gains/(losses) on investment assets
+ net impairment losses on investment assets.

4.

Comprehensive investment income = total investment income + net fair value of debt investments at fair value through other comprehensive
income and equity investments designated at fair value through other comprehensive income for the reporting period + movements in other
comprehensive income for the reporting period under the equity method.

5.

Annualized investment yield = (investment income – interest expenses of financial assets sold under agreements to repurchase)/(monthly average
investment assets – monthly average financial assets sold under agreements to repurchase – monthly average interest receivables) * 2.

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Average investment yield for the previous three years
For the six
months
ended
30 June from
2024 to 2026

2023-2025

Change

3.0%

3.2%

-0.2pt

Due to declining interest rate

5.8%

4.7%

1.1pt

Due to recovery in capital market

6.4%

5.4%

1.0pt

Due to recovery in capital market

Average annualized net

Reason for change

investment yield
Average annualized total
investment yield
Average annualized

and declining interest rate

comprehensive investment

and declining interest rate

yield

Investment in non-standard assets
As of 30 June 2026, the non-standard assets amounted to RMB68,456 million, accounting for 3.6% of total
investment assets, remaining flat compared with the end of last year.

Analysis on profit sources
Unit: RMB in millions
For the six months ended 30 June

2026

2025

Change

Insurance service result and others

8,662

6,677

29.7%

26,442

24,753

6.8%

(15,570)

(16,242)

-4.1%

17,961

9,541

88.3%

56,103

43,380

29.3%

Including: Insurance revenue
Insurance service expenses
Investment performance
Including: Total net investment income(1)
Net insurance finance expenses for

(38,142)

(33,839)

12.7%

Profit before income tax

26,623

16,218

64.2%

Income tax expense

(3,827)

(1,417)

170.1%

Net profit

22,796

14,801

54.0%

insurance contracts issued(2)

Notes:
1.

Total net investment income = total investment income – interest expenses.

2.

Net insurance finance expenses for insurance contracts issued include finance expenses from insurance contracts issued and finance income
from reinsurance contracts held.

BUSINESS PERFORMANCE | INTERIM REPORT 2026

41

ANALYSIS BY COMPONENT
Solvency
New China Life Insurance Company Ltd. calculated and disclosed core capital, actual capital, minimum capital,
core solvency margin ratio and comprehensive solvency margin ratio according to the Solvency Regulatory Rules

II for Insurance Companies and other requirements. Solvency margin ratios of a domestic insurance company in
the P.R.C. must meet the prescribed thresholds set by the NFRA.
Unit: RMB in millions
As at

As at

30 June 31 December
2026

2025

Reason(s) for change

Core capital

204,624

201,362

Movements in discount rate and fair value of

Actual capital

317,356

313,672

financial assets, and growth in insurance
business

Minimum capital

162,128

149,032

Growth and structural changes in insurance and
investment businesses

Core solvency margin
ratio

126.21%

135.11%

195.74%

210.47%

(1)

Comprehensive solvency
margin ratio

(1)

Note:
1.

Core solvency margin ratio = core capital/minimum capital; comprehensive solvency margin ratio = actual capital/minimum capital.

Liquidity

Gearing ratio

Gearing ratio
Note:
Gearing ratio = total liabilities/total assets.

42

INTERIM REPORT 2026 | BUSINESS PERFORMANCE

As at

As at

30 June

31 December

2026

2025

93.7%

94.1%

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Statement of cash flows
Unit: RMB in millions
For the six months ended 30 June

2026

2025

Change

Net cash flows from operating activities

56,190

58,719

-4.3%

Net cash flows used in investing activities

(12,751)

(21,725)

-41.3%

Net cash flows used in financing activities

(53,166)

(42,850)

24.1%

The net cash inflows from operating activities in the

The cash and bank deposits of the Company provided

first half of 2026 slightly decreased compared with the

liquidity resources to satisfy the requirements of cash

same period of last year.

outflows. Substantially all of the Company’s term
deposits were available for utilization subject to interest

The net cash outflows from investing activities in the

losses. As of the end of the reporting period, cash

first half of 2026 decreased by 41.3% compared with the

and cash equivalents amounted to RMB33,065 million

same period of last year, mainly due to a year-on-year

and term deposits amounted to RMB226,952 million.

increase in cash inflows from disinvestments.

Moreover, the investment portfolio of the Company also
provided liquidity resources to satisfy the requirements

The net cash outflows from financing activities in the

of unexpected cash outflows. As of the end of the

first half of 2026 increased by 24.1% compared with

reporting period, the book value of financial assets such

the same period of last year, mainly due to a year-on-

as bonds, stocks and funds reached RMB1,460,901

year increase in payments for the financial assets sold

million.

under agreements to repurchase.
The principal cash outflows of the Company comprise

Source and use of liquidity

compensation and surrender payment associated with

The principal cash inflows of the Company comprise

various life insurance, annuity insurance, accident

insurance premiums, proceeds from disposals and

insurance and health insurance products, distribution of

maturity of investment assets and investment income.

dividends and interest payments of insurance contracts,

The liquidity risks with respect to these cash inflows

operating expenses, income taxes and dividends

primarily arise from surrenders of policyholders and

declared and payable to shareholders.

contract holders, defaults by debtors, fluctuation of
interest rate and uncertainties of other market factors.

The sources of liquidity are sufficient to meet the

The Company closely monitors and manages these risks.

Company’s current cash requirements.

BUSINESS PERFORMANCE | INTERIM REPORT 2026

43

Insurance security fund

“improving the multi-tiered social security system”, and

For the basis and amount provided for the insurance
security fund, please refer to Note 20 to the interim
condensed consolidated financial statements of this

“actively addressing population aging”. These tasks are
highly aligned with the insurance industry’s functions
as an “economic shock absorber, social stabilizer,
economic safety net, social security net and disaster

report.

prevention net”, opening up even broader space for

Reinsurance business

the industry’s development. China’s economy continues
currently

to maintain a long-term positive trajectory, while

includes business ceded through quota share, surplus

new quality productive forces are being fostered and

and catastrophe reinsurance contracts. The current

expanded rapidly. The household wealth accumulation

reinsurance contracts cover almost all products

resonates with an aging population, and pension security

with risks and obligations. The Company reasonably

and wealth planning exhibit long-term, diversified and

determines the retention limit and reinsurance ratio

differentiated features. As a result, the role of the

based on relevant regulations, its business development

insurance industry as a strategic pillar in serving the

and risk management. The Company carefully selects

national economy and people’s livelihoods will be further

reinsurers to ensure the safety of reinsurance business

highlighted, which also places higher requirements for

and obtain high-quality protection and services. The

the Company’s operation and management, reform and

selection criteria for reinsurers include factors such

development.

The

Company’s

reinsurance

business

as financial strength, credit rating, price, technical
strength, consistency of underwriting and claim policies,

Positioned in the new development stage of the “15th

and services on the premise of meeting regulatory

Five-Year Plan”, the Company will take serving national

requirements. Reinsurers of the Company mainly include

strategies and safeguarding the people’s well-being

Swiss Reinsurance Company Ltd. Beijing Branch, China

as its fundamental mission, comprehensively deepen

Life Reinsurance Company Ltd., General Reinsurance

the synergistic development of “insurance + service

AG Shanghai Branch, SCOR SE Beijing Branch, Munich

+ investment”, follow the three strategic mainlines of

Reinsurance Company Beijing Branch, etc.

“customer at the center, sales team as the foundation
and employee as the partner”, and dedicate itself to

STRUCTURED ENTITIES CONTROLLED
BY THE COMPANY
For the details of the principal structured entities
controlled by the Company, please refer to Note 28
to the interim condensed financial statements of this
report.

offering enduring protection, greater health and a better
life for customers. In the second half of the year, the
Company will adhere to the overarching principle of
seeking progress while maintaining stability, deepen
professional, market-oriented and systematic reforms,
and comprehensively enhance its core competitiveness.
The Company will continue to build a strong headquarters

FUTURE PROSPECTS
Market environment and operation plans

to establish a comprehensive business empowerment
mechanism, driving subordinate institutions to achieve
excellence and strength through a robust headquarters.

The year 2026 marks the commencement of the national

A new modern marketing concept will be practiced

“15th Five-Year Plan” which sets forth major tasks such

to build comprehensive competitive strengths by

as “accelerating the building of a financial powerhouse”,

deeply integrating “products + services + scenarios +

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technology”. The Company will strengthen and expand

of the “15th Five-Year Plan”, and contribute the strength

the core insurance business and promote the transition

of NCI to serving Chinese modernization and the building

to protection products such as long-term premium-

of a financial powerhouse.

payment products and health insurance. Meanwhile,
the Company will comprehensively enhance investment

Possible risks

capability, build a robust investment research system and

The major risks of the Company in the course of

professional investment talent pool, refine a professional

operation and management include market risk, credit

and prudent investment structure, and convert

risk, insurance risk, operational risk, reputation risk,

investment advantages into market competitiveness and

strategic risk, liquidity risk, etc. The Company has

product appeal. The “AI+” strategy will be implemented

developed a relatively complete system for major risk

to accelerate the application of large AI models across

management, and established a management structure

various domains, and promote the digital and intelligent

for which the Board bears overall responsibility, and

transformation in management and operation. With

which is led by the management and closely assisted by

an attitude of embracing competition and a spirit of

relevant functional departments. The Company provides

pursuing excellence, the Company will innovate and

an explanation of the aforementioned risk management

surpass itself, ensure a strong start to the development

from risk management process and method, as well as
risk management effectiveness and description. The
details are as follows:

Evaluation and explanation of risk
Class of risk

Risk management process and method

management effectiveness

Market risk

The Company continued to monitor the proportion of

The proportion of various investment

high-risk assets, value at risk (VaR), asset duration and

assets complied with regulatory

other key indicators. Benchmark threshold values were

requirements and internal management

set up for risk warning. In addition, in case of extreme

requirements of the Company.

circumstances, the Company adopted sensitivity analysis
and stress tests to measure the potential loss to the
Company under stress.
Credit risk

For the credit risk of investment business, the Company

More than 95% of investment deposits

primarily monitored the credit rating and concentration of

and bonds held by the Company had a

investment targets and counterparties, and increased the

credit rating of AAA and credit ratings

proportion of investments in counterparties with higher

of major counterparties were AAA.

credit rating, ensuring the overall credit risk exposure
within control.
The Company assessed the credit ratings of reinsurance

The Company had 9 reinsurers, and

counterparties to mitigate reinsurance credit risk.

all of their credit ratings were above
grade A.

BUSINESS PERFORMANCE | INTERIM REPORT 2026

45

Evaluation and explanation of risk
Class of risk

Risk management process and method

management effectiveness

Insurance risk

The Company assessed and monitored insurance risks

The Company demonstrated well-

through regular reviews of historical empirical data,

regulated and orderly insurance

sensitivity analysis of main assumptions and other

risk management, and the overall

techniques, paying attention to the impacts of the

insurance risk exposure remained

surrender rate, mortality rate and morbidity rate on the

under control.

Company’s operating results.
Operational

The Company established and constantly optimized a

The Company had no operational risk

risk

complete and effective operational risk management

events that would affect the external

process, including identification, assessment, monitoring,

auditor’s evaluation opinion or cause

response and reporting. For each link in the process,

systemically significant impacts on

appropriate methods and tools were selected to implement

the Company, and was not subject

operational risk management.

to any major regulatory penalties or
violations recognized by regulatory
authorities.

Reputation risk The Company established a comprehensive reputation risk

The coverage of the Company by

management system of all departments and subordinated

external media was primarily positive

institutions in terms of organizational structure, system,

and objective.

daily monitoring and risk disposals with excellent linkage
mechanisms.
Strategic risk

The Company established a management mechanism

The operation of the Company was

covering formulation, implementation, assessment, as

sound and stable, and no strategic

well as strategic risk identification, monitoring, assessment

risk events occurred.

and reporting. Based on a thorough consideration of
internal and external factors, the Company scientifically
formulated development plans and established a
corresponding strategic risk preference system. Through
regular monitoring and assessment, as well as enhanced
coordination and collaboration, the Company ensured the
effective implementation of strategic risk management
measures in all areas and links.
Liquidity risk

The Company constantly monitored future cash flows,

All liquidity ratios complied with

carried out stress tests with attention to indicators such

regulatory requirements and internal

as the liquidity coverage ratio, and formulated solutions

management requirements of the

in advance by putting daily risk monitoring in place and

Company.

paying attention to unusual changes of indicators.

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EMBEDDED VALUE
INDEPENDENT
ACTUARY’S
REPORT ON REVIEW OF EMBEDDED
VALUE INFORMATION

Scope of work

To the Directors of New China Life
Insurance Company Ltd.,

•

Our scope of work covered:
A

review

of

whether

methodology

and

assumptions used for calculating the embedded

We have reviewed embedded value results (“EV

value and the value of first half year’s new

Results”) of New China Life Insurance Company Ltd.

business as of 30 Jun 2026 are consistent with

(“NCI” or “the company”) as of 30 Jun 2026. Our

the requirements of Appraisal of Embedded

review of EV results includes: embedded value and

Value and market information.

the value of first half year’s new business as of 30 Jun
2026, sensitivity analysis, and the analysis of change

•

A review of the embedded value and the value
of first half year’s new business as of 30 Jun

of the embedded value.

2026;
The methodology NCI used to calculate the embedded
value and the value of first half year’s new business

•

A review of the sensitivity tests of the value of

complies with “CAA Standards of Actuarial Practice:

in-force business and the value of first half year’s

Appraisal of Embedded Value” (“Appraisal of Embedded

new business as of 30 Jun 2026; and

Value”) issued by the China Association of Actuaries
(“CAA”) in November 2016. As independent actuaries,

•

A review of the analysis of change of the

it is our responsibility to review the EV results according

embedded value from 31 Dec 2025 to 30 Jun

to the review process as confirmed in the Letter of

2026.

Engagement and to evaluate whether the methodology
and assumptions used for calculating EV results are

In carrying out our review, we have relied on the

consistent with the requirements of Appraisal of

accuracy of audited and unaudited data and information

Embedded Value and market information.

provided by NCI.
The calculation of embedded value relies greatly on
predictions and assumptions, which include many
economic/noneconomic assumptions and assumptions
on financial position that company has no control of.
Therefore, the actual experience and results may differ
from prediction.

BUSINESS PERFORMANCE | INTERIM REPORT 2026

47

Opinion
Based on the scope of work and data reliance, we have
concluded that:
•

Based on our review, the embedded value
methodology and assumptions used by NCI
are consistent with the requirements of the
“Appraisal of Embedded Value” and available
market information.

•

The embedded value results of all significant
aspects are consistent with the methodology
and assumptions shown in the Embedded Value
section of 2026 interim report.

We confirm that the results shown in the Embedded
Value section of 2026 interim report are consistent with
those reviewed by us.
This report has been prepared pursuant to an engagement
contract between PricewaterhouseCoopers Consultants
(Shenzhen) Ltd., Beijing Branch and New China Life
Insurance Company Ltd. This report is solely for the
purpose set forth in the first and second paragraphs of
this report and is for the use of board of directors of NCI
only and is not to be used for any other purpose or to be
distributed to any other parties. We expressly disclaim
any liability or duty to any other party for the contents of
this report and howsoever arising in connection with it.

48

INTERIM REPORT 2026 | BUSINESS PERFORMANCE

Our work does not constitute an audit or other assurance
engagement in accordance with applicable professional
standards. Accordingly, we provide no audit opinion,
attestation or other form of assurance with respect to
our work or the information upon which our work was
based.
Grace Jiang, FSA
Ben Cheng, FIA
PricewaterhouseCoopers Consultants (Shenzhen) Ltd.,
Beijing Branch
26 August 2026

About New
Business
Corporate
Other
China Life Performance Governance Information

1.

BACKGROUND

As standards for the disclosure of embedded
value

In order to provide investors with an additional tool

develop

internationally

Hence, differences in definition, methodology,

Embedded Value as of 30 Jun 2026 and have

assumptions, accounting basis and disclosures

disclosed the relevant information in this section.

may cause inconsistency when the results
of different companies are compared. Also,

Embedded Value (EV) is an actuarially determined

embedded value calculations involve substantial

estimate of the economic value of the life insurance

technical complexity and estimates of value can

business of an insurance company based on a

vary materially as key assumptions are changed.

series of assumptions about future experience.
But it does not incorporate the contribution of

In November 2016, China Association of Actuaries

economic value from future new business. Value

(CAA) issued CAA [2016] No. 36 “CAA Standards of

of New Business (VNB) represents an actuarially

Actuarial Practice: Appraisal of Embedded Value”

determined estimate of the economic value arising

(hereafter referred to as “Appraisal of Embedded

from new life insurance business issued during

Value” standard). The embedded value and value

a certain period of time. Hence, the embedded

of new business in this section are prepared by us

value method can provide an alternative measure

in accordance with the “Appraisal of Embedded

of the value and profitability of a life insurance

Value”

company.

standard.

PricewaterhouseCoopers

Consultants(Shenzhen) Ltd. performed a review of
our embedded value. The review statement from

The reporting of embedded value and value of new

PricewaterhouseCoopers Consultants(Shenzhen)

business provides useful information to investors

Ltd is contained in the “Independent Actuary’s

in two respects. First, Value of In-Force business

Report on Review of Embedded Value Information”

(VIF) represents the total amount of after-tax

section.

shareholder distributable profits in present value

Value of New Business provides a metric to

to

presentation of embedded value may change.

results, we have prepared the Company’s

time, based on the assumptions used. Second,

continue

and in the PRC, the form and content of our

to understand our economic value and business

terms, which can be expected to emerge over

Financial
Report

2.

DEFINITIONS OF EMBEDDED
VALUE

measure the value created for investors from

Embedded value is the sum of the adjusted

new business activities and hence the potential

net worth and the value of in-force business

growth of the company. However, the information

allowing for the cost of required capital held by

on embedded value and value of new business

the company.

should not be viewed as a substitute of financial
measures under other relevant financial bases.

“Adjusted Net Worth” (ANW) is equal to the

Investors should not make investment decisions

sum of:

based solely on embedded value and value of
new business information.

Net assets, defined as assets less corresponding
policy liabilities and other liabilities valued; and

BUSINESS PERFORMANCE | INTERIM REPORT 2026

49

Net-of-tax adjustments for relevant differences
between the market value and the book value
of assets, together with relevant net-of-tax
adjustments to certain liabilities.
The market value of assets can fluctuate
significantly over time due to the impact of
the prevailing market environment. Hence, the
adjusted net worth can fluctuate significantly
between valuation dates.
The “value of in-force business” is the discounted
value of the projected stream of future after-tax
shareholder distributable profits for existing inforce business at the valuation date. The “value of
first half year’s new business” is the discounted
value of the projected stream of future after-tax
shareholder distributable profits for sales in the 6
months immediately preceding the valuation date.
Shareholder distributable profits are determined

3.

KEY ASSUMPTIONS
In determining the value of in-force business and
the value of first half year’s new business as of
30 Jun 2026, we have assumed that the Company
continues to operate as a going concern under
the current economic and regulatory environment,
and the relevant regulations for determining policy
liabilities and required capital remain unchanged.
The operational assumptions are mainly based
on the results of experience analyses of the
Company, together with reference to the
overall experience of the Chinese life insurance
industry, as well as with regard to expected future
operating experience. As such, these assumptions
represent our best estimates of the future based
on information currently available at the valuation
date.

(1)

The risk discount rate used to calculate

based on policy liabilities, required capital in

the value of in-force business and value of

excess of policy liabilities, and minimum capital

first half year’s new business is 8.5% p.a.

requirement quantification standards prescribed
by the National Financial Regulatory Administration
(“former CBIRC”).
The value of in-force business and the value of first
half year’s new business have been determined
using a traditional deterministic discounted cash
flow methodology. This methodology is consistent
with the “Appraisal of Embedded Value” standard
and is also commonly-used in determining EVs
of life insurance companies in China at the
current time. This methodology makes implicit
allowance for all sources of risks, including the
cost of investment guarantees and policyholder
options, asset/liability mismatch risk, credit risk,
the deviation of the actual experience from the
projected and the economic cost of capital,
through the use of a risk-adjusted discount rate.

50

INTERIM REPORT 2026 | BUSINESS PERFORMANCE

Risk Discount Rate

(2)

Investment Returns
For non-investment-linked insurance funds,
the future investment return is assumed to
be 4.0%. For investment-linked funds, the
future investment return is assumed to be
6.0%. These assumptions are based on
the current capital market conditions, the
Company’s current and expected future
asset allocations and investment returns
for major asset classes.

About New
Business
Corporate
Other
China Life Performance Governance Information

(3)

Mortality

(7)

Financial
Report

Commission and Handling Fees

Mortality assumptions have been developed

The assumed level of commission and

based on the Company’s past mortality

commission override, as well as handling

experience, expectations of current and

fees, have been set based on the levels

future experience. Mortality assumptions

currently being paid.

are expressed as a percentage of the
standard industry mortality tables: “China

(8)

Life Tables (2025)”.

Policyholder
Dividends

Bonuses

and

The assumptions regarding policyholder

(4)

Morbidity

dividends have been derived in accordance
been

with our current policyholder bonus and

developed based on the Company’s

dividend policy, whereby 70% of surplus

past morbidity experience, expectations

arising from participating business is paid

of current and future experience, and

to policyholders.

Morbidity

assumptions

have

taking into consideration future morbidity
deterioration trend. Morbidity assumptions

(9)

Tax

are expressed as a percentage of “China

Tax has been assumed to be payable at

Life Insurance Experienced Critical Illness

25% p.a. of profits with allowance for the

Table (2020)”.

exemption of certain investment income,
including Chinese government bonds, and

(5)

Invalidation Rate and Surrender
Rate

dividend income from equities and equity

Assumptions

developed

surcharges for short-term health and

based on the Company’s experience of

accident business are based on related

invalidation and lapse, expectations of

tax regulation.

have

been

current and future experience, and overall
knowledge of the Chinese life insurance

(6)

investment funds. In addition, taxes and

(10) Cost of Required Capital

market. Assumptions vary by product type

It is assumed that the requirements under

and premium payment mode.

Solvency II Phase I is applied throughout
the course of projection and 100% of the

Expenses

minimum capital requirement prescribed
been

by the National Financial Regulatory

developed based on the Company’s past

Administration (“former CBIRC”) is to be

actual expense experience, expectations

held by the Company in the calculation of

of current and future experience. Future

the value of in-force business and the value

inflation of 2.0% p.a. has been assumed

of first half year’s new business.

Unit

cost

assumptions

have

in respect of per policy expenses.

BUSINESS PERFORMANCE | INTERIM REPORT 2026

51

(11) Other Assumptions
The current methods for calculating surrender values are in line with the requirements of National
Financial Regulatory Administration (“former CBIRC”) and have been assumed unaltered throughout
the course of projection.
Our current reinsurance arrangements have been assumed to remain unaltered.

4.

EMBEDDED VALUE RESULTS
The table below shows our embedded value and value of first half year’s new business as of 30 Jun 2026
and their corresponding results as of prior valuation date.

Embedded Value
Unit: RMB in millions
Valuation Date

30 Jun 2026

31 Dec 2025

Adjusted Net Worth

226,945

212,414

Value of In-Force Business Before Cost of Required Capital Held

122,200

113,197

Cost of Required Capital Held

(38,761)

(37,770)

Value of In-Force Business After Cost of Required Capital Held

83,439

75,427

Embedded Value

310,384

287,840

Notes:
1.

The impact of major reinsurance contracts has been reflected in the embedded value.

2.

Numbers may not be additive due to rounding.

Value of First Half Year’s New Business
Unit: RMB in millions
Valuation Date

30 Jun 2026

30 Jun 2025

7,279

7,915

(364)

(1,733)

6,916

6,182

Value of First half year’s new business Before
Cost of Required Capital Held
Cost of Required Capital Held
Value of First Half Year’s New Business After
Cost of Required Capital Held
Notes:

52

1.

The first year premiums used to calculate the value of first half year’s new business as of 30 Jun 2026 and 30 Jun 2025 were RMB40,288
million and RMB41,506 million respectively.

2.

The impact of major reinsurance contracts has been reflected in the value of first half year’s new business.

3.

Numbers may not be additive due to rounding.

INTERIM REPORT 2026 | BUSINESS PERFORMANCE

About New
Business
Corporate
Other
China Life Performance Governance Information

Financial
Report

Value of First Half Year’s New Business by Channel
Unit: RMB in millions
Valuation Date

30 Jun 2026

30 Jun 2025

Individual insurance channel

3,744

3,105

Bancassurance channel

3,335

3,267

Group insurance channel

(163)

(190)

Total

6,916

6,182

Notes:

5.

1.

The first year premiums used to calculate the value of first half year’s new business as of 30 Jun 2026 and 30 Jun 2025 were RMB40,288
million and RMB41,506 million respectively.

2.

The impact of major reinsurance contracts has been reflected in the value of first half year’s new business.

3.

Numbers may not be additive due to rounding.

ANALYSIS OF CHANGE
The analysis of change in Embedded Value from 31 December 2025 to 30 June 2026 is shown below.
Unit: RMB in millions
Analysis of Change in EV from 31 December 2025 to 30 June 2026
1.

EV at the beginning of period

287,840

2.

Impact of Value of New Business

6,916

3.

Expected Return

8,363

4.

Operating Experience Variances

4,453

5.

Economic Experience Variances

5,826

6.

Operating Assumption Changes

2,349

7.

Economic Assumption Changes

8.

Capital Injection/Shareholder Dividend Payment

9.

Others

–
(6,426)
(70)

10. Value Change Other Than Life Insurance Business
11. EV at the end of period
Note:

1,132
310,384

Numbers may not be additive due to rounding.

BUSINESS PERFORMANCE | INTERIM REPORT 2026

53

Items 2 to 10 are explained below:
2.

Value of new business as measured at the point of issuing.

3.

Expected return on adjusted net worth and value of in-force business during the relevant period

4.

Reflects the difference between the actual operating experience in the period (including mortality,
morbidity, discontinuance rates, expenses, taxes and etc.) and the assumed at the beginning of the
period.

54

5.

Reflects the difference between actual and expected investment returns, among other factors.

6.

Reflects the change in operating assumptions between valuation dates.

7.

Reflects the change in economic assumptions between valuation dates.

8.

Capital injection and other dividend payment to shareholders.

9.

Other miscellaneous items.

10.

Value change other than those arising from the life insurance business.

INTERIM REPORT 2026 | BUSINESS PERFORMANCE

About New
Business
Corporate
Other
China Life Performance Governance Information

6.

Financial
Report

SENSITIVITY TESTS
Sensitivity tests are performed under a range of alternative assumptions. In each of the sensitivity tests, only
the assumption referred to is changed, with all other assumptions unchanged. The results are summarized
below.
Unit: RMB in millions
Value of First Half
Year’s New Business
VIF and Value of First Half Year’s New Business
Sensitivity Results as of 30 Jun 2026

VIF after Cost of after Cost of Required
Required Capital Held

Capital Held

Base Scenario

83,439

6,916

Risk Discount Rate at 9.0%

77,599

6,657

Risk Discount Rate at 8.0%

89,764

7,194

Investment Return 50bps higher

125,144

8,359

Investment Return 50bps lower

42,709

5,430

Expenses 10% higher (110% of Base)

81,180

6,040

Expenses 10% lower (90% of Base)

85,698

7,791

Discontinuance Rates 10% higher (110% of Base)

85,123

7,017

Discontinuance Rates 10% lower (90% of Base)

81,651

6,820

Mortality 10% higher (110% of Base)

82,649

6,879

Mortality 10% lower (90% of Base)

84,234

6,954

Morbidity and Loss Ratio 10% higher (110% of Base)

77,689

6,746

Morbidity and Loss Ratio 10% lower (90% of Base)

89,251

7,086

79,105

6,333

Scenarios

Profit Sharing between Participating Policyholders
and Shareholders is assumed to be 75%/25%
instead of 70%/30%

BUSINESS PERFORMANCE | INTERIM REPORT 2026

55

CORPORATE
GOVERNANCE

About New
Business
Corporate
Other
China Life Performance Governance Information

Financial
Report

CORPORATE GOVERNANCE
CORPORATE GOVERNANCE
During the reporting period, the Company held one

PROFIT DISTRIBUTION PLAN DURING
THE REPORTING PERIOD

shareholders’ general meeting and seven meetings of

According to the Proposal on the Profit Distribution Plan

the Board in total. Announcements on resolutions of

for the Year 2025 considered and approved by the Annual

relevant meetings and meeting documents have been

General Meeting of 2025, with the appropriation to its

published on the websites of the SSE, the HKSE, and

discretionary surplus reserve of RMB3,492 million (10%

the Company as well as other media according to the

of the net profit recorded in the financial statements of

regulatory requirements. The shareholders’ general

the parent company for 2025), the Company distributed

meeting, the Board and the senior management all

a cash dividend of RMB2.06 (tax inclusive) per share

operated legally and independently in accordance

to all shareholders of the Company and completed the

with the Articles of Association and relevant rules and

distribution of the final dividend on 7 August 2026.

procedures of the Company, and effectively performed
their respective duties.

According to the Proposal on the Interim Profit

Distribution Plan for the Year 2026 considered and

Compliance with the Model Code

approved by the 11th meeting of the ninth session of

The Company has formulated the Administrative

the Board on 26 August 2026, the Company plans to

Measures for Shareholding and Changes Thereof of

distribute 2026 interim cash dividend of RMB0.73 (tax

Directors, Supervisors and Senior Management of New

inclusive) per share to all shareholders, approximately

China Life Insurance Company Ltd. (《新華人壽保險股

RMB2,277 million in total. The above dividend distribution

份有限公司董事、監事和高級管理人員所持公司股份及其

plan is subject to the approval of shareholders’ general

變動管理辦法》) to regulate the securities transactions

meeting and will be completed within two months after

of directors and senior management of the Company,

the consideration and approval of shareholders’ general

the terms of which are no less exacting than that of the

meeting.

Model Code. After specific enquiries with all directors
and senior management, the Company confirmed that
all directors and senior management have complied
with the code of conduct specified in the Model Code
and Administrative Measures for Shareholding and

Changes Thereof of Directors, Supervisors and Senior
Management of New China Life Insurance Company
Ltd. during the reporting period.

CORPORATE GOVERNANCE | INTERIM REPORT 2026

57

COMPOSITION AND CHANGES IN
DIRECTORS AND MEMBERS OF SENIOR
MANAGEMENT

(3)

On 11 August 2026, the 10th meeting of the
third session of the Employee Representatives’
Meeting elected Mr. LIU Zhanpeng as an

Directors

Employee Director of the ninth session of the

Composition

Board. His qualification is subject to the approval
of the NFRA.

As of the date of the disclosure of this report, the
Board is comprised of 10 directors. The Chairman and
Executive Director of the Company is YANG Yucheng,
the Executive Director is GONG Xingfeng, the Nonexecutive Directors are YANG Xue, MAO Sixue, HU
Aimin and ZHANG Xiaodong, and the Independent
Non-executive Directors are MA Yiu Tim, XU Xu, GUO
Yongqing and ZHUO Zhi.

Changes
(1)

Members of senior management (key
personnel)

Composition
As of the date of the disclosure of this report, the
Executive Committee of the Company consists of 7
members, including YANG Yucheng, GONG Xingfeng,
QIN Hongbo, WANG Lianwen, LIU Chen, LI Wenfeng
and LIU Zhiyong.

On 24 December 2025, the Fourth Extraordinary

As of the date of the disclosure of this report, the

General Meeting of 2025 of the Company

Chief Compliance Officer of the Company is Mr. WANG

considered and approved the Proposal on the

Xigang, the Chief Actuary of the Company is Mr. PAN

Election of Directors of the Ninth Session of the

Xing, and the Auditing Officer of the Company is Mr.

Board, pursuant to which Ms. Sau Fun CHEUNG

TAN Li.

was elected as an Independent Non-executive
Director of the ninth session of the Board. The
qualification of Ms. Sau Fun CHEUNG as an
Independent Director is subject to the approval

Changes
(1)

session of the Board considered and approved the

of the NFRA. Prior to that, Mr. MA Yiu Tim,

Proposal on the Appointment of Vice President

the Independent Non-executive Director of the

of the Company, and agreed to appoint Ms. LIU

Company, will continue to perform his duties in

Chen as a Vice President of the Company. Her

accordance with the relevant laws and regulations

qualification is subject to the approval of the

and the Articles of Association.
(2)

On 26 June 2026, the Annual General Meeting of
2025 of the Company considered and approved
the Proposal on the Election of Mr. HUANG Geng

as a Non-executive Director of the Ninth Session
of the Board. His qualification is subject to the
approval of the NFRA.

58

INTERIM REPORT 2026 | CORPORATE GOVERNANCE

On 26 August 2026, the 11th meeting of the ninth

NFRA.
(2)

On 26 May 2026, the 7th meeting of the ninth
session of the Board considered and approved the

Proposal on the Candidate for Chairman of the
Subsidiary. Mr. WANG Xigang has concurrently
served as the chairman of the Asset Management
Company (Hong Kong) since June 2026.

About New
Business
Corporate
Other
China Life Performance Governance Information

(3)

Financial
Report

On 27 February 2026, the 4th meeting of the ninth

The Company will strengthen training for both its internal

session of the Board agreed to appoint Mr. TAN

staff and agent team with focus on the three strategic

Li as the Auditing Officer of the Company. On

mainlines of “customer as the center, sales team as the

2 June 2026, the NFRA ratified the qualification

foundation and employee as the partner”. The Company

of Mr. TAN Li as the Auditing Officer of the

will, firstly, conduct tiered and categorized training with

Company.

emphasis on high-quality and high-level development
in employee training to reinforce their awareness of

SHAREHOLDING OF DIRECTORS AND
MEMBERS OF SENIOR MANAGEMENT

serving national strategies and the sense of mission

Shareholding of the Company’s A shares
by directors and members of senior
management

and enhance practical skills. Secondly, the Company will

No directors or members of senior management currently
in office or resigned during the reporting period held any
of the Company’s A shares directly or indirectly.

and responsibility as a state-owned financial enterprise,
strengthen the independent building of trainer resources
and curriculum system, enrich and expand online
learning and live-streamed classroom resources, so as
to enhance the contemporary relevance, system-based
approach, targeted contents and effective outcomes of

Interests and short positions of directors
and chief executive under Hong Kong
laws, regulations and rules

the training program. Efforts will also be made to advance

Please refer to “Changes in Share Capital and

in finance and insurance, and improve their professional

Shareholders’ Profile” of this report.

service capabilities, safeguarding customers’ better life

the upgrade of the WLP2.0 training system, which will
fully support the sales team to broaden their knowledge

and helping the team fulfill their entrepreneurial dreams.

REMUNERATION
POLICIES
AND
TRAINING PLANS FOR EMPLOYEES
As at 30 June 2026, there were a total of 27,007

Note:
1.

Major subsidiaries refer to subsidiaries whose 50% or more of the
shares are being held by the Company.

employees who entered into employment contracts
with the Company (including life insurance headquarters,
35 branches and major subsidiaries(1)).
In accordance with characteristics of business and
talent competition in the market, the Company provides
employees with competitive remuneration with
reference to the level of its counterparts in the industry.
As required by the P.R.C. government, the Company
provides employees with various social securities and
the housing provident fund. At the same time, the
Company makes a variety of benefit treatments available
for its employees, including corporate annuities to meet
diverse needs of different employee groups.

CORPORATE GOVERNANCE | INTERIM REPORT 2026

59

ENVIRONMENTAL AND
SOCIAL RESPONSIBILITY
ENVIRONMENT INFORMATION
During the reporting period, the Company was not subject
to any administrative penalty because of environmental
issues.

In terms of inclusive finance, the investment in
supporting the development of the private-owned
economy and medium, small and micro enterprises
amounted to nearly RMB46 billion. Tailored inclusive
insurance products were developed and promoted,

SOCIAL RESPONSIBILITY
Serve national strategy

and protection of sum assured RMB1.6 trillion was
offered for over 39 thousand enterprises. The Company
also vigorously developed people’s welfare insurance

The Company concentrated efforts on key areas of the

business, and underwrote 26 relevant projects in the

“five priorities” in finance. As of 30 June 2026, the

first half of the year, with cumulative premiums of

investment balance in related areas exceeded RMB500

RMB51.29 million and sum assured over RMB1 trillion,

billion, representing a year-on-year increase of more

covering over 1 million people. The policy-oriented

than 40%.

health insurance business extended to 14 regions, and
there were 6 signed long-term care insurance contracts,

In terms of technology finance, the Company supported

covering over 17 million customers and cumulatively

strategic emerging industries, advanced manufacturing,

alleviating the medical burden by RMB374 million.

enterprises that use special and sophisticated
technologies, unicorn enterprises, biotechnology and

In terms of pension finance, the investment in

quantum technology with investment over RMB220

supporting the development of old-age care and

billion. Tailored insurance products were developed for

healthcare industries reached over RMB26 billion.

technology enterprises, and protection of sum assured

Vigorous efforts were made to advance the second

more than RMB1 trillion was provided for nearly 12

and third pillars of pension businesses, with the

thousand technology companies.

scale of enterprise and occupational annuities under
management continuing to expand. First year premiums

In terms of green finance, the Company actively

from the commercial pension annuity, individual pension

participated in green project investments across multiple

and other businesses reached nearly RMB8.7 billion.

areas such as clean energy, green transportation,

The Company also accelerated the layout of medical

green consumption, and energy conservation and

care, healthcare and old-age care ecosystem, with high-

environmental protection, with an investment balance

quality healthcare and old-age care communities and

of over RMB110 billion. The Company also enriched

travel-based projects totaling over 140.

green insurance products, providing protection of sum
assured over RMB310 billion for nearly 6.7 thousand
green enterprises.

60

INTERIM REPORT 2026 | CORPORATE GOVERNANCE

About New
Business
Corporate
Other
China Life Performance Governance Information

Financial
Report

In terms of digital finance, the Company also helped

The Company continued to build on its core business

the development of enterprises related to artificial

and actively participated in two national-level rural

intelligence, cloud computing, big data and block chain

revitalization public welfare projects, “Dingliangzhu”

in the digital industry with investment over RMB100

and “Jiayou Baobei”. Through the “insurance + public

billion. The Company accelerated the development of

welfare” model, the Company precisely served the needs

Internet insurance business, providing protection of sum

of agriculture, rural areas and rural residents, building

assured over RMB420 billion for online customers. The

solid protection against risks for rural revitalization. As

Company speeded up digital transformation, initiating

of the end of June 2026, the Company has provided

AI projects such as the digital employee for intelligent

protection through the two projects for 644 thousand

customer services, intelligent claim settlement projects,

rural residents nationwide, settling over 7 thousand

and Internet intermediary question-answer assistants.

claims with a total claim payment of over RMB11 million.

The Company also established a new cloud-based
office ecosystem, strengthened digital risk prevention

Fulfill other social responsibilities

and control, and stepped up the construction of digital

The Company continuously carried out the “NCI Inclusive

infrastructure to enhance digital operation capabilities.

Insurance Public Welfare Project for Sanitation Workers”

Contribute to rural revitalization

(「新華保險關愛環衛工人普惠保險公益項目」). Since being
launched in August 2017, the project has covered 100

In the first half of 2026, the Company issued the

cities across the country, benefiting nearly 6.7 million

New China Life 2026 Targeted Assistance Work Plan

sanitation workers. A total of 550 claims have been

(《新華保險2026年定點幫扶工作計劃》), launching 22

settled, with claim payments exceeding RMB48 million.

key assistance projects in the designated areas in respect
of educational support, industrial empowerment and

In the first half of 2026, the total number of volunteers of

social welfare. The Company procured and assisted in

the Company reached 35 thousand. The volunteer union

the sale of agricultural products from poverty-alleviated

organized over 2 thousand activities such as “Caring for

areas with a total of over RMB20 million, leveraging

Sanitation”, “Emergency Care”, “Rural Revitalization”,

its strength to support rural industrial revitalization and

“Contributing to Carbon Peaking and Carbon Neutrality”,

forming a positive impact that connects with and benefits

and “Respecting the Aged and Cherishing the Young”,

rural residents. At the same time, the Company actively

with service time exceeding 60 thousand hours.

introduced third-party assistance resources of more than
RMB2.8 million. Subordinated institutions at all levels of
the Company actively participated in assistance projects
and integrated internal and external resources to forge
the “One NCI” assistance force.

CORPORATE GOVERNANCE | INTERIM REPORT 2026

61

SIGNIFICANT EVENTS
APPOINTMENT OF ACCOUNTING FIRMS

EXCHANGE RATE RISK AND HEDGING

The Annual General Meeting of 2025 of the Company

Please refer to Note 4 to the interim condensed

held on 26 June 2026 considered and approved the

consolidated financial statements of this report for the

Proposal on the Re-appointment of Accounting Firms

details of exchange rate risk of the Company during the

for the Year 2026, and resolved to reappoint Deloitte

reporting period.

Touche Tohmatsu Certified Public Accountants LLP as
the domestic auditor for the year 2026, and reappoint

CONTINGENT LIABILITIES

Deloitte Touche Tohmatsu as the international auditor

So far as known to the Board of Directors, as at 30

for the year 2026. For details, please refer to Overseas

June 2026, there had been no litigation, arbitration or

Regulatory Announcement – Announcement in relation

claim of material importance in which the Company

to Proposed Reappointment of Accounting Firms for the

or its subsidiaries was engaged or pending or which

Year 2026 published on the website of the HKSE on 27

threatened against the Company or its subsidiaries.

March 2026, and the Poll Results of the Annual General

Meeting of 2025 Appointment of Non-executive Director
and Distribution of 2025 Final Dividend published on the
website of the HKSE on 26 June 2026 by the Company,
respectively.

FUTURE PLANS FOR MATERIAL
INVESTMENTS OR CAPITAL ASSETS
The Company and its subsidiaries did not have any other
future plans for material investments or capital assets

CHARGE OF ASSETS

as at 30 June 2026. However, the Company will closely

During the reporting period, the Company had no charge

base and profit potential and maximise shareholders’

of assets.

value in the long term.

MATERIAL ACQUISITION AND DISPOSAL
During the reporting period, the Company had no material

MAJOR CONNECTED TRANSACTIONS
DURING THE REPORTING PERIOD

acquisition and disposal of subsidiaries, associated and

According to Hong Kong Listing Rules, the transaction

joint ventures that need to be disclosed.

between the Company and the Company’s connected

MAJOR INVESTMENT

follow industry opportunities to broaden its revenue

person (as stipulated in Hong Kong Listing Rules )
constitutes the connected transaction of the Company.

During the reporting period, the Company had no major

The Company monitors and manages such transactions

investments required to be disclosed under paragraph

in strict accordance with Hong Kong Listing Rules and

32(4A) of Appendix D2 to Hong Kong Listing Rules.

abides by relevant rules and regulations of Hong Kong

62

INTERIM REPORT 2026 | CORPORATE GOVERNANCE

About New
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Corporate
Other
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Financial
Report

Listing Rules. Details of related party transactions are

guidance, dynamic tracking and communication,

set out in Note 24 to the interim condensed consolidated

assessment and evaluation, and takes targeted risk

financial statements of this report. Such transactions do

control measures according to the characteristics of

not constitute the connected transactions or continuing

different managers and investment targets.

connected transactions as defined in Chapter 14A of

Hong Kong Listing Rules.

Unless otherwise disclosed in this report, the Company
had no other material contract during the reporting

MATERIAL CONTRACTS AND THEIR
PERFORMANCE
During the reporting period, there were no such events
as managing, contracting and leasing assets of other
companies by the Company or managing, contracting

period.

CREDIT OF THE COMPANY, ITS
CONTROLLING SHAREHOLDER AND
ACTUAL CONTROLLER

and leasing the Company’s assets by other companies

During the reporting period, neither the Company nor

that brought the Company more than 10% (inclusive)

its controlling shareholder or actual controller had any

of the Company’s total profit. Nor were there loans or

enforceable obligations of the court or a large amount

financial assistance to be disclosed.

of outstanding due and payable debts.

During the reporting period, there was no external
guarantee of the Company and its subsidiaries, and
the Company and its subsidiaries did not provide any
guarantee for its subsidiaries.

COMMITMENTS OF THE COMPANY OR
SHAREHOLDERS WITH OVER 5% SHARES
DURING THE REPORTING PERIOD OR
UNTIL THE REPORTING PERIOD
For details of the commitments made by Huijin, the

The utilization of insurance funds of the Company is

controlling shareholder of the Company, to avoid

carried out mainly through entrusted management, and

horizontal competition, please refer to the Overseas

the diversified investment management system in which

Regulatory Announcement – Announcement on the

the entrusted internal investment managers are main

Conditions of Unfulfilled Commitments of the Company’s

players and subscribed single asset management plan of

Shareholders, Related Parties and the Company

external investment managers are the supplemental has

published on the website of the HKSE on 13 February

taken shape. The internal investment managers include

2014 by the Company.

New China Asset Management Company and Asset
Management Company (Hong Kong), and the external

During the reporting period, the commitment relating

investment managers comprise fund companies. The

to avoidance of horizontal competition was still being

Company enters into the investment management

fulfilled continuously and normally.

agreement with each manager, manages the investment
activities through measures including investment

CORPORATE GOVERNANCE | INTERIM REPORT 2026

63

PENALTY AND RECTIFICATION OF
THE COMPANY AND ITS DIRECTORS,
MEMBERS OF SENIOR MANAGEMENT,
CONTROLLING SHAREHOLDER AND
ACTUAL CONTROLLER

THE COMPANY’S COMPLIANCE WITH
CORPORATE GOVERNANCE CODE

During the reporting period, neither the Company nor

information that would reasonably indicate that the

its directors, members of senior management, its

Company has not complied with the applicable code

controlling shareholder, or actual controller were subject

provisions set out in Corporate Governance Code at any

to penalties and rectifications to be disclosed.

time. The Company adopted most of the best practices

SIGNIFICANT
LITIGATION
ARBITRATION EVENTS

AND

The Board is responsible for compliance with the code
provisions set out in Corporate Governance Code. During
the reporting period, the Board was not aware of any

set out therein.

OTHER SIGNIFICANT EVENTS

During the reporting period, the Company had no

On 21 July 2026, the Company issued undated capital

significant litigation or arbitration events.

bonds with an aggregate principal amount of RMB10

NON-OPERATING USAGE OF FUNDS BY
THE CONTROLLING SHAREHOLDER AND
OTHER RELATED PARTIES

billion in the inter-bank bond markets nationwide, and
completed the issuance on 23 July 2026. For details,
please refer to the Announcement on Completion of

Issuance of Undated Capital Bonds published on the

There was no non-operating usage of funds by the

website of the HKSE on 23 July 2026 by the Company.

controlling shareholder and other related parties of the

Until now, the existing issued capital supplementary

Company.

bonds totaled RMB30 billion.

REVIEW OF THE INTERIM REPORT
Audit and Related Party Transaction Control Committee
of the Board has reviewed the accounting standards
and practices adopted by the Company, and discussed
internal control and financial statements, including the
review of unaudited Interim Financial Statements 2026
of the Company.

64

INTERIM REPORT 2026 | CORPORATE GOVERNANCE

About New
Business
Corporate
Other
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Financial
Report

CHANGES IN SHARE CAPITAL AND
SHAREHOLDERS’ PROFILE
CHANGES IN SHARE CAPITAL

During the reporting period, there was no change in the total number of shares and structure of share capital of
the Company.
Unit: share
30 June 2026

Increase or decrease during the reporting period (+, -)

31 December 2025

Bonus
shares

Transfer
from
reserve

Others

Sub-total

Number

Percentage

Number

Percentage

New
shares
issued

1. Shares with selling restrictions
2. Shares without selling restrictions
1. Ordinary shares
denominated in RMB
2. Domestically listed foreign shares
3. Overseas listed foreign
shares (H Share)
4. Others

–(1)

–

–

–

–

–

–

–

–

2,085,439,340
–

66.85%
–

–
–

–
–

–
–

–
–

–
–

2,085,439,340
–

66.85%
–

1,034,107,260
–

33.15%
–

–
–

–
–

–
–

–
–

–
–

1,034,107,260
–

33.15%
–

Total

3,119,546,600

100.00%

–

–

–

–

–

3,119,546,600

100.00%

3. Total number of shares

3,119,546,600

100.00%

–

–

–

–

–

3,119,546,600

100.00%

Note:

SHAREHOLDERS PROFILE

1. A dash (–) denotes zero.

Number of shareholders
shareholdings

ISSUE AND LISTING OF SECURITIES
During the reporting period, the Company had no issue
of listed securities. As of the end of the reporting
period, there was no share issued by the Company to

and

their

As of the end of the reporting period, there are 105,540
shareholders of the Company, including 105,277 A share
shareholders and 263 H share shareholders.

its employees.

REPURCHASE, SALE OR REDEMPTION
OF THE LISTED SECURITIES OF THE
COMPANY
During the reporting period, the Company and its
subsidiaries did not repurchase, sell or redeem any listed
securities of the Company (including sales of treasury
shares). As of the end of the reporting period, neither the
Company nor its subsidiaries held any treasury shares.
CORPORATE GOVERNANCE | INTERIM REPORT 2026

65

As of the end of the reporting period, shares held by top ten shareholders of the Company (excluding shares lent
out through margin trading and securities lending):
Unit: share

Name of the shareholders

Total
Increase or
number
decrease of
of shares
shareholding
Number of
held at the Percentage during the
end of the
of the
reporting shares held
reporting shareholding
period with selling
(+,-) restrictions(1)
period
(%)

Central Huijin Investment Ltd.
HKSCC Nominees Limited(2)

977,530,534
972,913,461

31.34
31.19

–(5)
-19,950

China Baowu Steel Group Corporation Limited

377,162,581

12.09

–

Hwabao Investment Co., Ltd.(3)

60,503,300

1.94

–

Hong Kong Securities Clearing Company Limited(4)

34,106,205

1.09

-16,903,386

Central Huijin Asset Management Ltd.

28,249,200

0.91

–

Harvest Fund – Agricultural Bank of China – Harvest CSI
Financial Asset Management Plan
ICBC Credit Suisse Fund – Agricultural Bank of China – ICBC
Credit Suisse CSI Financial Asset Management Plan
National Social Security Fund 114 Combination
ZOU Gang

27,986,639

0.90

19,211,037
13,397,496
7,500,072

Shares pledged or
frozen

Character
Number of the
Types of
Status of shares shareholders shares
A
H

-23,037,263

–
–
– State-owned
– Unknown Unknown Overseas legal
person
–
–
– State-owned
legal person
–
–
– State-owned
legal person
–
–
– Overseas legal
person
–
–
– State-owned
legal person
–
–
– Others

0.62

-31,812,864

–

–

– Others

A

0.43
0.24

-3,078,604
+1,500,000

–
–

–
–

– Others
– Natural person

A
A

A
H
A
A
A

Description of related-party relations or concerted action among Central Huijin Asset Management Ltd. is a wholly-owned subsidiary of Central Huijin Investment Ltd. and Hwabao
the aforesaid shareholders
Investment Co., Ltd. is a wholly-owned subsidiary of China Baowu Steel Group Corporation Limited. Save for the
above, the Company is not aware of any related-party relationship among the aforesaid shareholders or whether they
are parties acting in concert.
Description of margin trading and security lending by top Mr. ZOU Gang held 7,500,072 shares of the Company through credit account.
10 shareholders and top 10 shareholders without selling
restrictions
Notes:
1.

As of the end of the reporting period, none of the Company’s A shares or H shares were subject to selling restrictions.

2.

HKSCC Nominees Limited is a company that holds shares on behalf of the clients of Hong Kong stock brokers and other CCASS (the Central
Clearing and Settlement System operated by HKSCC) participants. The relevant regulations of the HKSE do not require such persons to declare
whether their shareholdings are pledged or frozen. Therefore, HKSCC Nominees Limited is unable to calculate or provide the number of shares
pledged or frozen.

3.

As of 30 June 2026, Hwabao Investment, the wholly-owned subsidiary of China Baowu, held 60,503,300 H shares of the Company, which are
registered under the name of HKSCC Nominees Limited. To avoid repeat calculation, the number of shares held by Hwabao Investment was
subtracted from the number of shares held by HKSCC Nominees Limited.

4.

Hong Kong Securities Clearing Company Limited (HKSCC) is a nominal holder of shares in the Shanghai-Hong Kong Stock Connect.

5.

A dash (–) denotes zero or none.

66

INTERIM REPORT 2026 | CORPORATE GOVERNANCE

About New
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Corporate
Other
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Financial
Report

Change of controlling shareholder and
the de facto controller

In addition to the above, so far as the directors of

During the reporting period, there was no change in

2026, the following persons (other than directors or

the controlling shareholder or de facto controller of the

chief executives of the Company) had interests or

Company.

short positions in the shares or underlying shares of

Interests and short positions of substantial
shareholders and other persons in the
shares and underlying shares
So far as the directors of the Company are reasonably
aware of, as at 30 June 2026, China Baowu held

the Company are reasonably aware of, as at 30 June

the Company which shall be disclosed to the Company
under the provisions of Divisions 2 and 3 of Part XV
of the SFO, and have been entered into the register
maintained by the Company pursuant to Section 336
of the SFO:

377,162,581 A shares of the Company, which accounted
for 12.09% of the total issued shares of the Company,
and 18.09% of the total issued A shares of the Company.
Unit: share
Approximate Approximate

1

Name of

Type of

substantial shareholders

shares

Central Huijin Investment Ltd.

A

percentage

percentage

Approximate

of the total

of the total

percentage

number of

number of Long Position/

of the shares

A shares

H shares Short Position/

Number of issued of the issued of the issued of the Interest in a
Capacity

shares held

Company

Company

(%)

(%)

Company lending pool
(%)

Beneficial Owner

977,530,534

31.34

46.87

– Long Position

Interests of Controlled

28,249,200

0.91

1.35

– Long Position

60,503,300(3)

1.94

–

5.85 Long Position

Corporation
2

China Baowu Steel Group

H

Corporation Limited

Interests of Controlled
Corporation

3

Hwabao Investment Co., Ltd.

H

Beneficial Owner

60,503,300(3)

1.94

–

5.85 Long Position

4

BlackRock, Inc.

H

Interests of Controlled

54,208,571

1.74

–

5.24 Long Position

4,107,100

0.13

–

0.40 Short Position

Corporation
H

Interests of Controlled
Corporation

Notes:
1.

Data disclosed in the table above are mainly based on the information provided on the website of the HKSE (www.hkexnews.hk).

2.

Pursuant to Section 336 of the SFO, the shareholders of the Company are required to file a disclosure of interests form when certain criteria
are fulfilled. When a shareholding in the Company changes, it is not necessary for the shareholder to notify the Company and the HKSE unless
several criteria have been fulfilled. Therefore, a shareholder’s latest shareholding in the Company may be different from the shareholding filed
with the HKSE.

3.

According to the above disclosure, as at 30 June 2026, China Baowu held 377,162,581 A shares of the Company and 60,503,300 H shares of the
Company through Hwabao Investment, representing 18.09% of the total number of issued A shares and 5.85% of the total number of issued H
shares of the Company respectively, accounting for 14.03% of the total number of issued shares of the Company.

CORPORATE GOVERNANCE | INTERIM REPORT 2026

67

Saved as disclosed above, as at 30 June 2026, the

(including interests or short positions which they are

Company was not aware of anyone (other than the

taken or deemed to have under such provisions of the

directors and chief executives of the Company) who had

SFO) held by our directors and chief executives in the

an interest or short position in the shares or underlying

shares, underlying shares or debentures of the Company

shares of the Company which have been entered into

or its associated corporations (within the meaning of

the register pursuant to Section 336 of the SFO.

Part XV of the SFO) which will be required to be entered
into the register maintained by the Company pursuant to

INTERESTS AND SHORT POSITIONS OF
DIRECTORS AND CHIEF EXECUTIVES
UNDER HONG KONG LAWS AND
REGULATIONS
As at 30 June 2026, according to the information available
to the Company and the information our directors are
aware of, there were no interests and short positions

68

INTERIM REPORT 2026 | CORPORATE GOVERNANCE

Section 352 of the SFO or which shall be notified to the
Company and the HKSE pursuant to the Model Code.

About New
Business
Corporate
Other
China Life Performance Governance Information

Financial
Report

DEFINITIONS
In this report, unless the context otherwise requires, the following terms
shall have the meanings set out below:
the Company, New China Life,

The general term of New China Life Insurance Company Ltd., its

NCI

subsidiaries and its consolidated structured entities

New China Asset Management
Company

New China Asset Management Co., Ltd., a subsidiary of the Company

Asset Management Company

New China Asset Management (Hong Kong) Limited, a subsidiary of

(Hong Kong)

the Company

New China Pension Company

New China Pension Co., Ltd., a subsidiary of the Company

Foundation

New China Life Foundation

CIC

China Investment Corporation

Huijin

Central Huijin Investment Ltd.

China Baowu

China Baowu Steel Group Corporation Limited

Hwabao Investment

Hwabao Investment Co., Ltd.

NFRA

National Financial Regulatory Administration

CBIRC

Former China Banking and Insurance Regulatory Commission

SSE

Shanghai Stock Exchange

Hong Kong Stock Exchange,
HKSE

The Stock Exchange of Hong Kong Limited

RMB

Renminbi

pt

Percentage point(s)

P.R.C., China

People’s Republic of China, for the purpose of this report only and
unless otherwise specified, excluding Hong Kong, Macau and Taiwan
China Accounting Standards for Business Enterprises issued by

P.R.C. GAAP

the Ministry of Finance of the P.R.C., and its application guide,
interpretation and other related regulations issued thereafter

OTHER INFORMATION | INTERIM REPORT 2026

69

International Financial Reporting Standards as promulgated by the

IFRS

International Accounting Standards Board

IFRS 4, old accounting standards
for insurance contracts
Articles of Association
Hong Kong Listing Rules

Model Code

Corporate Governance Code

Articles of Association of New China Life Insurance Company Ltd.
The Rules Governing the Listing of Securities on The Stock Exchange
of Hong Kong Limited
Model Code for Securities Transactions by Directors of Listed Issuers
as set out in Appendix C3 to the Hong Kong Listing Rules
Corporate Governance Code as set out in Appendix C1 to the Hong
Kong Listing Rules
The Securities and Futures Ordinance (Chapter 571 of the Laws of

SFO

Hong Kong)

Board, Board of Directors

70

International Financial Reporting Standards 4 – Insurance Contracts

The board of directors of the Company

INTERIM REPORT 2026 | OTHER INFORMATION

About New
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Corporate
Other
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Financial
Report

CORPORATE INFORMATION
BASIC INFORMATION
Legal Name in Chinese

新華人壽保險股份有限公司（「新華保險」）

Legal Name in English

NEW CHINA LIFE INSURANCE COMPANY LTD. (“NCI”)

Legal Representative

YANG Yucheng

Registered Office

No.16, East Hunan Road, Yanqing District, Beijing
(Zhongguancun Yanqing Park)

Historic Change of Registered Office

The Company changed its registered office from No.1, East
Hunan Road, Yanqing District, Beijing to current address in
November 2019.

Postal Code

102100

Place of Business

NCI Tower, A12 Jianguomenwai Avenue, Chaoyang District,
Beijing

Postal Code

100022

Place of Business in Hong Kong

31/F, Tower Two, Times Square, 1 Matheson Street, Causeway
Bay, Hong Kong

Website

http://www.newchinalife.com

Email

ir@newchinalife.com

Customer Service and Complaint Hotline

95567

CONTACT INFORMATION
Board Secretary/Joint Company
Secretary

LIU Zhiyong

Securities Representative

XU Xiu

Telephone

86-10-85213233

Fax

86-10-85213219

Email

ir@newchinalife.com

Address

NCI Tower, A12 Jianguomenwai Avenue, Chaoyang District,
Beijing

Joint Company Secretary

NG Sau Mei

Telephone

852-35898647

Fax

852-35898359

Email

Jojo.Ng@tmf-group.com

Address

31/F, Tower Two, Times Square, 1 Matheson Street, Causeway
Bay, Hong Kong
OTHER INFORMATION | INTERIM REPORT 2026

71

INFORMATION DISCLOSURE AND PLACE FOR OBTAINING THE REPORT
Newspaper and Website for Publishing

Economic Information Daily

Interim Report (A Share)

https://www.jjckb.cn/

Websites of Stock Exchanges for

http://www.sse.com.cn (A Share)

Publishing Interim Report

http://www.hkexnews.hk (H Share)

Place Where Copies of Interim Report
are Kept

Board of Directors Office of the Company

STOCK INFORMATION
Stock Type

Stock Exchange

Stock Name

Stock Code

A Share

The Shanghai Stock Exchange

新華保險

601336

H Share

The Stock Exchange of Hong
Kong Limited

NCI

01336

OTHER RELEVANT INFORMATION
A Share Registrar

China Securities Depository and Clearing Corporation Limited,
Shanghai Branch

Address

No.188 South Yanggao Road, Pudong New Area, Shanghai

H Share Registrar

Computershare Hong Kong Investor Services Limited

Address

Room 1712-1716, 17th Floor, Hopewell Centre, 183 Queen’s
Road East, Wanchai, Hong Kong

Domestic Auditor

Deloitte Touche Tohmatsu Certified Public Accountants LLP

Address

30/F, 222 East Yan’an Road, Huangpu District, Shanghai

Signing Certified Public Accountants

MA Qianlu and YANG Li

International Auditor

Deloitte Touche Tohmatsu

Address

35/F, One Pacific Place, 88 Queensway, Hong Kong

Domestic Legal Advisor

Fangda Partners

Address

27/F, North Tower, Beijing Kerry Centre, 1 Guang Hua Road,
Chaoyang District, Beijing

Hong Kong Legal Advisor

Clifford Chance LLP

Address

27/F, Jardine House, 1 Connaught Place, Central, Hong Kong

72

INTERIM REPORT 2026 | OTHER INFORMATION

About New
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Corporate
Other
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Financial
Report

Financial Report
REPORT ON REVIEW OF INTERIM CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
To the Board of Directors of New China Life Insurance Company Ltd.

(Incorporated in the People’s Republic of China with limited liability)

INTRODUCTION
We have reviewed the interim condensed consolidated financial statements of New China Life Insurance Company
Ltd. (the “Company”) and its subsidiaries (collectively referred to as the “Group”) set out on pages 74 to 132,
which comprise the condensed consolidated statement of financial position as of 30 June 2026 and the related
condensed consolidated statement of comprehensive income, statement of changes in equity and statement
of cash flows for the six-month period then ended, and notes to the interim condensed consolidated financial
statements. The Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited require
the preparation of a report on interim financial information to be in compliance with the relevant provisions thereof
and International Accounting Standard 34 “Interim Financial Reporting” (“IAS 34”) issued by the International
Accounting Standards Board. The directors of the Company are responsible for the preparation and presentation
of these interim condensed consolidated financial statements in accordance with IAS 34. Our responsibility is to
express a conclusion on these interim condensed consolidated financial statements based on our review, and to
report our conclusion solely to you, as a body, in accordance with our agreed terms of engagement, and for no
other purpose. We do not assume responsibility towards or accept liability to any other person for the contents
of this report.

SCOPE OF REVIEW
We conducted our review in accordance with International Standard on Review Engagements 2410 “Review of
Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the International
Auditing and Assurance Standards Board. A review of these interim condensed consolidated financial statements
consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying
analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance
with International Standards on Auditing and consequently does not enable us to obtain assurance that we would
become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an
audit opinion.

CONCLUSION
Based on our review, nothing has come to our attention that causes us to believe that the interim condensed
consolidated financial statements are not prepared, in all material respects, in accordance with IAS 34.

Deloitte Touche Tohmatsu

Certified Public Accountants
Hong Kong
26 August 2026

FINANCIAL REPORT | INTERIM REPORT 2026

73

CONDENSED CONSOLIDATED STATEMENT
OF FINANCIAL POSITION
As at 30 June 2026 (All amounts in RMB million unless otherwise stated)
As at

As at

30 June

31 December

2026

2025

(Unaudited)

(Audited)

Property, plant and equipment

16,852

16,572

Investment properties

Notes

ASSETS
10,953

11,424

Right-of-use assets

679

746

Intangible assets

2,939

3,128

6

61,891

65,633

– Financial assets at fair value through profit or loss

7(1)

754,659

579,756

– Debt investments at amortised cost

7(2)

196,662

256,913

7(3)

553,651

535,968

7(4)

51,808

38,556

Term deposits

8

226,952

293,964

Statutory deposits

9

1,773

1,770

9,819

13,999

–

1

Investments in associates and joint ventures
Financial investments

– Debt investments at fair value through
other comprehensive income
– Equity investments designated at fair value through
other comprehensive income

Financial assets purchased under agreements to resell
Derivative financial instruments
Reinsurance contract assets

10(2)

11,016

11,065

Deferred tax assets

21

18,109

20,996

Other assets

7,249

6,095

Cash and cash equivalents

33,065

42,898

1,958,077

1,899,484

Total assets

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Report

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Other
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As at
30 June
2026
(Unaudited)

As at
31 December
2025
(Audited)

1,621,596
20,228
604
7,694
143,990
39,483
23
844

1,532,638
20,173
627
9,860
193,518
30,337
6
747

1,834,462

1,787,906

3,120
(19,297)
139,755

3,120
(18,095)
126,519

Equity attributable to owners of the Company
Non-controlling interests

123,578
37

111,544
34

Total equity

123,615

111,578

1,958,077

1,899,484

Notes

LIABILITIES AND EQUITY
Liabilities
Insurance contract liabilities
Borrowings
Lease liabilities
Financial liabilities at fair value through profit or loss
Financial assets sold under agreements to repurchase
Other liabilities
Current income tax liabilities
Deferred tax liabilities

10(1)
11

21

Total liabilities
Shareholders’ equity
Share capital
Reserves
Retained earnings

Total liabilities and equity

12
13

The notes attached form an integral part of the interim condensed consolidated financial statements.
The interim condensed consolidated financial statements were approved and authorised for issue by the Board
of Directors on 26 August 2026 and are signed on its behalf by:

Mr. Yang Yucheng

Mr. Gong Xingfeng

CHAIRMAN

EXECUTIVE DIRECTOR

EXECUTIVE DIRECTOR

PRESIDENT
FINANCIAL REPORT | INTERIM REPORT 2026

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CONDENSED CONSOLIDATED STATEMENT
OF COMPREHENSIVE INCOME
For the six months ended 30 June 2026 (All amounts in RMB million unless otherwise stated)
For the six months ended 30 June

Notes

2026

2025

(Unaudited)

(Unaudited)

REVENUE
Insurance revenue

14

26,442

24,753

Interest income

15

14,575

16,213

Other investment income

16

40,358

28,096

16

7,803

2,342

Other income

179

367

Total revenue

81,554

69,429

(15,570)

(16,242)

(228)

(229)

Including: Gains arising from the derecognition of
financial assets measured at amortised cost

BENEFITS, CLAIMS AND EXPENSES
Insurance service expenses

17

Net expenses from reinsurance contracts held
Finance expenses from insurance contracts issued

18

(38,312)

(34,007)

Less: Finance income from reinsurance contracts held

18

170

168

Net impairment losses on financial assets

19

331

(54)

Other expenses

20

(1,705)

(1,577)

(55,314)

(51,941)

Share of profits and losses of associates and joint ventures

1,805

638

Other finance costs

(1,422)

(1,908)

Profit before income tax

26,623

16,218

(3,827)

(1,417)

22,796

14,801

– Owners of the Company

22,793

14,799

– Non-controlling interests

3

2

Total benefits, claims and expenses

Income tax expense

Net profit for the period

21

Net profit for the period attributable to:

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For the six months ended 30 June

Note

Net profit for the period

2026

2025

(Unaudited)

(Unaudited)

22,796

14,801

(7,095)

2,343

(2,884)

1,569

(4,797)

908

586

(134)

2,764

(23,707)

5,472

141

(355)

354

Items that will not be reclassified subsequently to
profit or loss:
Changes in fair value on equity investments designated at
fair value through other comprehensive income
Share of other comprehensive income of associates and
joint ventures under the equity method
Finance income/(expenses) from insurance contracts issued
Items that may be reclassified subsequently to
profit or loss:
Changes in fair value on debt investments at
fair value through other comprehensive income
Allowance for impairment losses on debt investments at
fair value through other comprehensive income
Share of other comprehensive income of associates and
137

9

(25)

(7)

(2,428)

(24,432)

(37)

228

(4,331)

(21,364)

18,465

(6,563)

– Owners of the Company

18,462

(6,565)

– Non-controlling interests

3

2

joint ventures under the equity method
Currency translation differences
Finance expenses from insurance contracts issued
Finance (expenses)/income from reinsurance contracts held
Total other comprehensive income for the period,
net of tax
Total comprehensive income for the period
Total comprehensive income for the period
attributable to:

Earnings per share (RMB)
Basic

22

7.31

4.74

Diluted

22

7.31

4.74

The notes attached form an integral part of the interim condensed consolidated financial statements.
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CONDENSED CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY
For the six months ended 30 June 2026 (All amounts in RMB million unless otherwise stated)
For the six months ended 30 June 2026 (Unaudited)
Attributable to owners of the Company
Share

Non-

Retained

controlling

Total

capital

Reserves

earnings

Total

Interests

equity

3,120

(18,095)

126,519

111,544

34

111,578

Net profit for the period

–

–

22,793

22,793

3

22,796

Other comprehensive income

–

(4,331)

–

(4,331)

–

(4,331)

Total comprehensive income

–

(4,331)

22,793

18,462

3

18,465

Dividends declared

–

–

(6,426)

(6,426)

–

(6,426)

Appropriation to reserves

–

3,492

(3,492)

–

–

–

–

3,492

(9,918)

(6,426)

–

(6,426)

Reserves to retained earnings

–

(361)

361

–

–

–

Others

–

(2)

–

(2)

–

(2)

3,120

(19,297)

139,755

123,578

37

123,615

As at 1 January 2026

Total transactions
with owners

As at 30 June 2026

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For the six months ended 30 June 2025 (Unaudited)
Attributable to owners of the Company
Share

Non-

Retained

controlling

Total

capital

Reserves

earnings

Total

Interests

equity

3,120

(15,056)

108,176

96,240

29

96,269

Net profit for the period

–

–

14,799

14,799

2

14,801

Other comprehensive income

–

(21,364)

–

(21,364)

–

(21,364)

Total comprehensive income

–

(21,364)

14,799

(6,565)

2

(6,563)

Dividends declared

–

–

(6,208)

(6,208)

–

(6,208)

Appropriation to reserves

–

2,520

(2,520)

–

–

–

–

2,520

(8,728)

(6,208)

–

(6,208)

Reserves to retained earnings

–

381

(381)

–

–

–

Others

–

(60)

–

(60)

–

(60)

3,120

(33,579)

113,866

83,407

31

83,438

As at 1 January 2025

Total transactions
with owners

As at 30 June 2025

The notes attached form an integral part of the interim condensed consolidated financial statements.
FINANCIAL REPORT | INTERIM REPORT 2026

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CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended 30 June 2026 (All amounts in RMB million unless otherwise stated)
For the six months ended 30 June
2026
(Unaudited)

2025
(Unaudited)

56,190

58,719

(45,889)
140
(28)

(54,745)
4,100
1,313

29

6

(379)
25,476
4,241
3,659

(413)
20,127
4,186
3,701

(12,751)

(21,725)

4,683
2,400
(1,676)
–
(49,641)
(208)

11,233
5,520
(563)
(10,000)
(36,214)
(268)

(3,204)
(5,520)

(12,558)
–

(53,166)

(42,850)

(106)

(21)

(9,833)

(5,877)

42,898

38,432

33,065

32,555

Analysis of balances of cash and cash equivalents
Cash at banks and in hand

33,065

32,555

Cash and cash equivalents at end of period

33,065

32,555

Operating activities
Net cash flows from operating activities
Investing activities
Cash paid for investing activities, net
Acquisition of structured entities, net of cash acquired
Proceeds from disposal of structured entities, net
Proceeds from disposal of property, plant and equipment,
intangible assets and other assets
Purchases of property, plant and equipment,
intangible assets and other assets
Interests received
Dividends received
Financial assets purchased under agreements to resell, net
Net cash flows used in investing activities
Financing activities
Capital injected into structured entities by non-controlling interests
Proceeds from issuance of asset funding plans
Interests and dividends paid
Payment of redemption for capital supplementary bonds
Financial assets sold under agreements to repurchase, net
Payment of lease liabilities
Payment of redemption for structured entities to
non-controlling interests
Payment of redemption for asset funding plans
Net cash flows used in financing activities
Effects of exchange rate changes on cash and cash equivalents
Net decrease in cash and cash equivalents
Cash and cash equivalents
At beginning of period
At end of period

The notes attached form an integral part of the interim condensed consolidated financial statements.

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Financial
Report

NOTES TO THE INTERIM CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
For the six months ended 30 June 2026 (All amounts in RMB millions unless otherwise stated)

1.

BACKGROUND AND PRINCIPAL ACTIVITIES

New China Life Insurance Company Ltd. (the “Company”) was established as a joint stock limited company in
September 1996 in Beijing, the People’s Republic of China (the “PRC”) with the authorisation of the State Council
of the PRC and the approval by the People’s Bank of China. The Company’s initial registered capital on the date
of incorporation was Renminbi (“RMB”) 500 million. The registered capital was increased to RMB1,200 million in
December 2000 and further increased to RMB2,600 million in March 2011, with the approval of the former China
Insurance Regulatory Commission (the “former CIRC”). In December 2011, the Company completed its initial
public offering of 158,540,000 A shares on the Shanghai Stock Exchange and issued 358,420,000 H shares on
the Hong Kong Stock Exchange. In January 2012, the Company exercised the right of H share overallotment in
overseas markets and issued 2,586,600 H shares of the overallotment shares. Upon the approval of the former
CIRC, the Company’s registered capital was increased to RMB3,120 million. The address of the Company’s
registered office is No.16 East Hunan Road (Zhongguancun Yanqing Park), Yanqing District, Beijing, the PRC. The
Company is headquartered in Beijing.
The business scope of the Company is: life insurance in RMB and foreign currencies (including various life
insurance, health insurance, and accident and casualty insurance); acting as an agent for domestic and foreign
insurance institutions for insurance, verification and claim settlement; insurance consulting; and engaging in capital
operations in accordance with relevant regulations. There has not been any major change of business scope of
the Company during the reporting period.
As at 30 June 2026, the Company has equity interests in subsidiaries and consolidated structured entities as set
out in Note 28. The Company, its subsidiaries and its consolidated structured entities are hereinafter collectively
referred to as the “Group”.
These interim condensed consolidated financial statements have been reviewed but not audited.

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81

2.

BASIS OF PREPARATION

The unaudited interim condensed consolidated financial statements for the six months ended 30 June 2026 have
been prepared in accordance with International Accounting Standard 34 (“IAS 34”) “Interim Financial Reporting”
issued by the International Accounting Standards Board as well as the applicable disclosure requirements of the
Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. The interim condensed
consolidated financial information should be read in conjunction with the consolidated annual financial statements
for the year ended 31 December 2025, which have been prepared in accordance with IFRS Accounting Standards
as issued by the International Accounting Standards Board.
The interim condensed consolidated financial statements have been prepared under the historical cost basis,
except for financial instruments measured at fair value and insurance contract liabilities and reinsurance contract
assets measured based on actuarial methods.
The material accounting policy information applied are consistent with those of the consolidated annual financial
statements for the year ended 31 December 2025, as described in those annual financial statements, except for
the adoption of amendments effective as at 1 January 2026.

Amendments adopted by the Group for the first time for the financial year beginning
on 1 January 2026
Standards/Amendments

Content

Amendments to IFRS 9 and IFRS 7

Amendments to the Classification and Measurement of
Financial Instruments

Amendments to IFRS 9 and IFRS 7

Contracts Referencing Nature-dependent Electricity

Amendments to IFRS

Annual Improvements to IFRS Accounting Standards – Volume 11

Accounting Standards

The application of the amendments to IFRS Accounting Standards in the current interim period has had no
material impact on the Group’s financial positions and performance for the current and prior periods and/or on
the disclosures set out in these interim condensed consolidated financial statements.

3.

CRITICAL ACCOUNTING JUDGEMENT AND KEY SOURCES OF
ESTIMATION UNCERTAINTY

Judgments, estimates and assumptions the Group applied in preparing the 2026 interim condensed consolidated
financial statements are consistent with those of the consolidated annual financial statements for the year ended
31 December 2025, as described in those consolidated annual financial statements.

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4.

RISK MANAGEMENT

(1)

Insurance risk

(a)

Types of insurance risk

Financial
Report

The risk under any one insurance contract is the possibility that an insured event occurs and there is uncertainty
about the amount of the resulting claim. By the very nature of an insurance contract, this risk is random and
therefore unpredictable. For a portfolio of insurance contracts where the theory of probability is applied to pricing
and provisioning, the principal risk that the Group faces under its insurance contracts is that the actual claims
and benefit payments exceed the carrying amount of the insurance liabilities. This occurs when the frequency
or severity of claims and benefits exceeds the estimates. Insured events are random, and the actual number of
claims and the amount of benefits paid will vary each year from estimates established using statistical techniques.
Experience shows that the larger the portfolio of similar insurance contracts, the more dispersive the risk will be,
and the smaller the relative variability about the expected outcome will be. The Group has developed its insurance
underwriting strategy to diversify the type of insurance risks accepted and within each of these categories to
achieve a sufficiently large population of policies to reduce the variability of the expected outcome.
The Group offers long-term life insurance, critical illness insurance, annuity, accident and short-term health insurance
products. Social and economic development, widespread changes in lifestyle, epidemics and medical technology
development could have significant influence on the Group’s insurance business. Insurance risk is also affected
by policyholders’ rights to terminate the contract, reduce premiums, refuse to pay premiums or exercise annuity
conversion rights, etc. Thus, insurance risk is also subject to policyholders’ behaviors and decisions.
The Group manages insurance risks through underwriting strategy, reinsurance agreements and claim management.
The Group’s reinsurance agreements include ceding on quota share basis, surplus basis or catastrophe excess of
loss. The reinsurance agreements cover most of the products with risk exposures. These reinsurance agreements
spread insured risk and stabilise financial results of the Group. However, the Group’s responsibilities for direct
insurance to policyholders are not relieved because of credit risk associated with the failure of reinsurance
companies to fulfill their responsibilities.
The estimation of the present value of future cashflow for insurance contract liabilities and reinsurance contract
assets represent the Group’s expected exposure to insurance risk.

(b)

Concentration of insurance risk

Currently, the Group’s insurance businesses are all conducted in the PRC and insurance risk in each geographic
area has insignificant differences.

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4.

RISK MANAGEMENT (CONTINUED)

(2)

Financial risk

The Group’s key financial risk is that proceeds from the sale of financial assets will not be sufficient to fund
obligations arising from the Group’s insurance and investment contracts. The most important components of
financial risk are market risk, credit risk and liquidity risk. The Group’s overall risk management program focuses on
the unpredictability of financial markets and seeks to minimise potential adverse effects on the financial performance
of the Group. Risk management department, investment management department, accounting department and
actuarial department are in close cooperation to identify, evaluate and avoid financial risk.
The Group manages financial risk by holding an appropriately diversified investment portfolio as permitted by laws
and regulations to reduce the risk of concentration in any specific industry or issuer. The composition of the main
investment portfolio held by the Group is disclosed in Note 7.

(a)

Market risk

(i)

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of financial instruments will fluctuate due to
changes in market interest rates. The Group is exposed to interest rate risk in relation to term deposits, debt
financial assets, insurance contract issued and reinsurance contract held. Changes in the level of interest rates
can have a significant impact on the Group’s overall investment return. Many of the Group’s insurance policies
offer guaranteed returns to policyholders. These guarantees expose the Group to interest rate risk. The Group
manages and tests interest rate risk through adjustments to portfolio asset allocation, and to the extent possible,
by monitoring the mean duration of its assets and liabilities.

(ii)

Price risk

Price risk arises mainly from the price volatility of equity financial assets held by the Group. Prices of equity financial
assets are determined by market forces. Most of the equity financial assets of the Group are in PRC’s capital
markets. The Group is subject to increased price risk largely because the PRC’s capital markets are relatively volatile.
Additionally, the Group is also exposed to equity price risk from its direct participating insurance contracts and
investment contracts with discretionary participation features, as well as from its indirect participating insurance
contracts issued and reinsurance contracts held. The benefits under these contracts are linked to the fair value
of the underlying items, including equity instruments.
The Group manages price risk by holding an appropriately diversified investment portfolio as permitted by laws
and regulations to reduce the risk of concentration in any specific industry or issuer.

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4.

RISK MANAGEMENT (CONTINUED)

(2)

Financial risk (continued)

(a)

Market risk (continued)

(iii)

Currency risk

Financial
Report

Currency risk arises from the volatility of fair values or future cash flows of financial instruments resulting from
changes in foreign currency exchange rates. The Group’s currency risk exposure mainly arises from cash and cash
equivalents, term deposits, debt investments and equity investments denominated in currencies, such as the United
States dollar, Hong Kong dollar, or European dollar, etc., other than the functional currencies of reporting entities.
For the identified currency risk, the Company took the following measures: (1) determine the risk level based on
the analysis of internal and external information, so as to determine different preventive measures; (2) evaluate
the possible frequency and degree of the loss of overseas investment in a certain period of time in the future, and
use currency risk exposure analysis and other methods to evaluate the impact of exchange rate changes on the
assets, liabilities and equity of the Group; and (3) evaluate the price risk of overseas investments comprehensively
in accordance with the level and impact of currency risk, combined with the risk appetite, to select appropriate
risk management tools to hedge risk.

(b)

Credit risk

Credit risk is the risk that one party to a financial transaction or the issuer of a financial instrument will fail to
discharge an obligation and cause another party to incur a financial loss. In terms of investment vehicles, a
significant portion of the portfolio of the Group is government bonds, financial bonds, corporate bonds guaranteed
by state-owned commercial banks and large industrial groups, bank deposits with state-owned or other national
commercial banks, trust products, debt investment plans and asset funding plans. In term of credit risk, the Group
mainly uses credit concentration as a monitoring measure in order to ensure that the whole credit risk exposure
is manageable.

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4.

RISK MANAGEMENT (CONTINUED)

(2)

Financial risk (continued)

(b)

Credit risk (continued)

In response to counterparties’ credit risk, the Group mainly took the following measures: (1) Internal rating system
was strictly implemented, and credit investment varieties were strictly controlled; (2) Accounting classification
of investment varieties was clearly defined in the investment guidelines and assets with high credit risk were
prevented from being classified as debt investments at amortised cost; (3) The bond market value was monitored,
and the possible credit defaults were analysed and evaluated in order to enhance the predictability. In terms
of counterparties, the majority of the Group’s counterparties are state policy-related banks, state-owned, other
national commercial banks or state-owned asset management companies. Therefore, the Group’s overall exposure
to credit risk is relatively low.
The Group classifies financial instruments into three stages and makes provisions for expected credit loss
accordingly, depending on whether credit risk on that financial instrument has increased significantly since initial
recognition and whether the assets have been impaired. The assessment of significant increase in credit risk
since initial recognition is performed at least on a quarterly basis for financial instruments held by the Group. The
Group takes into consideration all reasonable and supportable information (including forward-looking information)
that reflects significant change in credit risk for the purposes of classifying financial instruments. The main
considerations are regulatory and operating environment, internal and external credit risk rating, debt-servicing
capacity, operating capabilities, contractual terms and repayment records. The Group compares the risk of default
of a single financial instrument or a portfolio of financial instruments with similar credit risk characteristics as at
the end of the reporting period and its risk of default at the date of initial recognition to determine changes in the
risk of default over the expected lifetime of a financial instrument or a portfolio of financial instruments.
The key inputs used for measuring ECL are probability of default (“PD”), loss given default (“LGD”) and exposure
at default. These figures are generally derived from internally developed statistical models and other historical
data and they are adjusted to reflect probability-weighted forward-looking information.
The calculation of ECL incorporates forward-looking information. The Group has performed historical data analysis
and identified Gross Domestic Product (“GDP”), Consumer Price Index (“CPI”) and other macro-economic
indicators as impacting the ECL. The impact of these economic variables on the PD and LGD has been determined
by performing statistical regression analysis to understand the correlations among the historical changes of the
economic variables, PD and LGD.

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4.

RISK MANAGEMENT (CONTINUED)

(2)

Financial risk (continued)

(b)

Credit risk (continued)

Financial
Report

Credit risk exposure
The carrying amount of financial assets on the Group’s interim condensed consolidated statement of financial
position represents the maximum credit exposure without taking into account any collateral held or other credit
enhancements attached.

Collateral and other credit enhancements
Financial assets purchased under agreements to resell are pledged by counterparties’ debt financial assets of
which the Group could take the ownership if the owner of the collateral defaults. Policy loans are pledged by
their policies’ cash value as collateral according to the terms and conditions of policy loan contracts and policy
contracts signed between the Group and policyholders. The majority of debt investment plans and trust products
are guaranteed by third parties, collateral or by pledge as the source of funding for repayment.

Credit quality
The credit ratings of most of the bonds held by the Group are AA/A-2 or above, and the credit ratings are assessed
by qualified assessment agencies in Mainland China at the time of issuance. Most of the Group’s bank deposits
are with the four largest state-owned commercial banks and other commercial banks in the PRC. The majority of
the Group’s reinsurance agreements are with state-owned reinsurance companies or large international reinsurance
companies. The Group believes these commercial banks and reinsurance companies have high credit quality. The
trustees of trust products or the asset managers of debt investment plans and asset funding plans are well-known
trust companies and asset management companies in the PRC.

(c)

Liquidity risk

Liquidity risk is the risk that the Group will not have access to sufficient funds to meet its liabilities as they become
due. In the normal course of business, the Group attempts to match investment assets to insurance liabilities
through asset-liability management to reduce liquidity risk.

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4.

RISK MANAGEMENT (CONTINUED)

(2)

Financial risk (continued)

(d)

Disclosures about interests in unconsolidated structured entities

The Group’s interests in the unconsolidated structured entities are recorded as financial assets at fair value
through profit or loss (“FVTPL”), debt investments at amortised cost, debt investments at fair value through other
comprehensive income (“FVTOCI”). These structured entities typically raise funds by issuing securities or other
beneficiary certificates. The purpose of these structured entities is primarily to generate management service
fees or provide finance for public and private infrastructure construction.
These investments held by structured entities that the Group has interests in are guaranteed by third parties with
higher credit ratings or by pledging, or the borrowers with higher credit ratings.
The Group has not provided any guarantee or financing support to the structured entities that the Group has
interests in or sponsored.
The Group believes that the maximum risk exposure approximates the carrying amount of interests in these
unconsolidated structured entities.
The unconsolidated structured entities that the Group has sponsored but had no interest were mainly asset
management plans, debt investment plans, endowment annuity products, occupational annuity products and
enterprise annuity products, etc. The unconsolidated structured entities were sponsored by the Group for collecting
management service fees, which were recorded as other income. The Group has not transferred any assets to
these structured entities.

(e)

Matching risk of assets and liabilities

The Group uses asset-liability management techniques to manage assets and liabilities. The techniques used include
the scenario analysis method, the cash flow matching method and the immunity method. The Group uses the above
techniques to understand the existing risk and the complex relationship from multiple perspectives, considering
the timing and amount of future cash outflow and attributes of liabilities, to comprehensively and dynamically
manage the Group’s assets and liabilities and its solvency. The Group takes measures to enhance its solvency,
including capital contribution by shareholders, issuing subordinated bonds and capital supplementary bonds,
arranging reinsurance, improving the performance of branches, optimising business structure, and establishing a
competitive cost structure.

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4.

RISK MANAGEMENT (CONTINUED)

(3)

Capital management

The Company’s objectives for managing capital, which is the actual capital calculated as the difference between
admitted assets and admitted liabilities as defined by the former China Banking and Insurance Regulatory
Commission (the “former CBIRC”, taken placed by the National Administration of Financial Regulation in May
2023), are to comply with the insurance capital requirements to meet the minimum capital and safeguard the
Company’s ability to continue as a going concern so that it can continue to provide returns for shareholders and
benefits for other stakeholders.
The Company manages its capital requirements by assessing shortfalls between actual capital and minimum capital
on a regular basis. The Company continuously and proactively monitors the business structure, the asset quality
and allocation so as to enhance the profitability while meeting solvency requirements.
The table below summarises the core and comprehensive solvency margin ratios, core capital, actual capital and
minimum capital of the Company:
As at

As at

30 June

31 December

2026

2025

(Unaudited)

(Audited)

Core capital

204,624

201,362

Actual capital

317,356

313,672

Minimum capital

162,128

149,032

Core solvency margin ratio

126.21%

135.11%

Comprehensive solvency margin ratio

195.74%

210.47%

According to the evaluation results of capitalisable risks and four types of non-capitalisable risks, which comprise
of operational risk, strategic risk, reputation risk and liquidity risk, the former CBIRC evaluates the integrated
solvency risk of insurance companies and supervises insurance companies in categories. According to the
National Administration of Financial Regulation Solvency Supervision Information System, the comprehensive risk
assessment result of the Company in the first quarter of 2026 is BBB.

(4)

Fair value hierarchy

Fair value estimates are made at a specific point in time based on relevant market information and information
about financial instruments. When an active market exists, such as an authorised securities exchange, the market
value is the best reflection of the fair values of financial instruments. For financial instruments where there is no
active market, fair value is determined using valuation techniques.

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4.

RISK MANAGEMENT (CONTINUED)

(4)

Fair value hierarchy (continued)

The Group’s financial assets mainly include cash and cash equivalents, financial assets at FVTPL, debt investments
at amortised cost, debt investments at FVTOCI, equity investments designated at FVTOCI, derivative financial
instruments, term deposits, statutory deposits and financial assets purchased under agreements to resell.
The Group’s financial liabilities mainly include financial liabilities at FVTPL, financial assets sold under agreements
to repurchase, borrowings and other liabilities.
Level 1 fair value is based on quoted prices (unadjusted) in active markets for identical assets or liabilities that
the entity can obtain at the measurement date.
Level 2 fair value is based on valuation techniques using significant inputs, other than Level 1 quoted prices, that
are observable for the asset being measured, either directly or indirectly, for substantially the full term of the assets
through corroboration with observable market data. Observable inputs generally used to measure the fair value
of financial assets classified as Level 2 include quoted market prices for similar assets in active markets; quoted
market prices in markets that are not active for identical or similar assets and other market observable inputs.
For Level 2 financial instruments, valuations are generally obtained from third party pricing services for identical
or comparable assets, or through the use of valuation methodologies using observable market inputs, or recent
quoted market prices. Valuation service providers typically gather, analyse and interpret information related to
market transactions and other key valuation model inputs from multiple sources, and through the use of widely
accepted internal valuation models, provide a theoretical quote on various securities. Debt securities traded among
the Chinese interbank market are classified as Level 2 when they are valued at recent quoted price from the
Chinese interbank market or from valuation service providers. Substantially most financial instruments classified
within Level 2 of the fair value hierarchy are debt investments denominated in RMB. Fair value of debt investments
denominated in RMB is determined based upon the valuation results by the China Central Depository & Clearing
Co., Ltd. and China Securities Index Co., Ltd. All significant inputs are observable in the market.
Under certain conditions, the Group may not receive any price from independent third-party pricing service providers.
In this instance, the Group may choose to apply internally developed values to the assets being measured. In such
cases, the valuations are generally classified as Level 3. Key inputs involved in internal valuation are not based
on observable market data, and reflect assumptions made by management based on judgments and experience.
Level 3 fair value is based on the Group’s valuation models, such as discounted cash flows and comparable
companies approach. The Group also considers the original transaction price, recent transactions of the same or
similar instruments and completed third-party transactions in comparable instruments. It adjusts the model as
deemed necessary for factors such as extension, early redemption, liquidity, default risk and changes in market,
economic or company specific conditions.

90

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4.

RISK MANAGEMENT (CONTINUED)

(4)

Fair value hierarchy (continued)

Financial
Report

The following table provides the significant unobservable inputs used for financial assets at fair value classified
as Level 3:

As at 30 June 2026
(Unaudited)

Fair
value

Valuation technique

Financial assets at FVTPL
– Stocks

1,398

Asian option model

– Debt investment plans

812

– Asset funding plans

3,524

– Equity investment plans

22,328

– Unlisted equity investments

6,649

– Private equity funds

18,819

Discounted cash flow
method
Discounted cash flow
method
Discounted cash flow
method
Comparable companies
approach
Fund net assets

– Structured deposits

359

Subtotal

53,889

Debt investments at FVTOCI
– Trust products

1,081

– Debt investment plans

1,767

– Asset funding plans

195

Subtotal

Significant
unobservable
inputs

Inputs range

Liquidity
1.06%-11.78%
discount
Discount rate
5.80%
Discount rate

2.35%-2.70%

Discount rate

1.66%-6.20%

Liquidity
discount
Net assets

33.00%
/

Discounted cash flow
method

Discount rate

5.39%-8.20%

Discounted cash flow
method
Discounted cash flow
method
Discounted cash flow
method

Discount rate

4.34%

Discount rate

2.27%-5.22%

Discount rate

2.99%

Comparable companies
approach

Liquidity
discount

33.00%

Relationship between
unobservable inputs
and fair value

The higher the liquidity discount,
the lower the fair value
The higher the discount rate,
the lower the fair value
The higher the discount rate,
the lower the fair value
The higher the discount rate,
the lower the fair value
The higher the liquidity discount,
the lower the fair value
The higher the net assets,
the higher the fair value
The higher the discount rate,
the lower the fair value

The higher the discount rate,
the lower the fair value
The higher the discount rate,
the lower the fair value
The higher the discount rate,
the lower the fair value

3,043

Equity investments
designated at FVTOCI
– Unlisted equity investments

23

Subtotal

23

The higher the liquidity discount,
the lower the fair value

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4.

RISK MANAGEMENT (CONTINUED)

(4)

Fair value hierarchy (continued)

The following table provides the significant unobservable inputs used for financial assets at fair value classified
as Level 3: (continued)

As at 31 December 2025
(Audited)

Fair
value

Valuation technique

Financial assets at FVTPL
– Stocks

500

Asian option model

– Debt investment plans

2,344

– Asset funding plans

1,226

– Equity investment plans

22,103

– Unlisted equity investments

7,334

– Private equity investments

14,063

Discounted cash flow
method
Discounted cash flow
method
Discounted cash flow
method
Comparable companies
approach
Fund net assets

– Structured deposits

365

Subtotal

47,935

Debt investments at FVTOCI
– Trust plans

1,156

– Debt investment plans

2,846

– Asset funding plans

195

Subtotal

Inputs range

Liquidity
discount
Discount rate

1.76%-11.15%

Discount rate

2.60%-5.60%

Discount rate

3.06%-6.40%

Liquidity
discount
Net assets

5.80%

33.00%
/

Discounted cash flow
method

Discount rate

5.28%-7.64%

Discounted cash flow
method
Discounted cash flow
method
Discounted cash flow
method

Discount rate

4.34%-8.68%

Discount rate

2.24%-5.22%

Discount rate

2.99%

Liquidity
discount

33.00%

Relationship between
unobservable inputs
and fair value

The higher the liquidity discount,
the lower the fair value
The higher the discount rate,
the lower the fair value
The higher the discount rate,
the lower the fair value
The higher the discount rate,
the lower the fair value
The higher the liquidity discount,
the lower the fair value
The higher the net assets,
the higher the fair value
The higher the discount rate,
the lower the fair value

The higher the discount rate,
the lower the fair value
The higher the discount rate,
the lower the fair value
The higher the discount rate,
the lower the fair value

4,197

Equity investments
designated at FVTOCI
– Unlisted equity investments

24

Subtotal

24

92

Significant
unobservable
inputs

Comparable companies
approach

INTERIM REPORT 2026 | FINANCIAL REPORT

The higher the liquidity discount,
the lower the fair value

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4.

RISK MANAGEMENT (CONTINUED)

(4)

Fair value hierarchy (continued)

(a)

Assets and liabilities measured at fair value

The following table provides the fair value measurement hierarchy of the Group’s assets and liabilities measured
at fair value:
Inputs to fair value measurement
Quoted prices

Significant

Significant

in active

observable

unobservable

markets

inputs

inputs

Level 1

Level 2

Level 3

431,091

269,679

53,889

754,659

2,399

548,209

3,043

553,651

51,785

–

23

51,808

485,275

817,888

56,955

1,360,118

Financial liabilities at FVTPL

–

7,694

–

7,694

Total

–

7,694

–

7,694

As at 30 June 2026 (Unaudited)

Total

Assets
Financial assets at FVTPL
Debt investments at FVTOCI
Equity investments designated
at FVTOCI
Total
Liabilities

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4.

RISK MANAGEMENT (CONTINUED)

(4)

Fair value hierarchy (continued)

(a)

Assets and liabilities measured at fair value (continued)

The following table provides the fair value measurement hierarchy of the Group’s assets and liabilities measured
at fair value: (continued)
Inputs to fair value measurement
Quoted prices

Significant

Significant

in active

observable

unobservable

markets

inputs

inputs

Level 1

Level 2

Level 3

345,038

186,783

47,935

579,756

2,701

529,070

4,197

535,968

38,532

–

24

38,556

–

1

–

1

386,271

715,854

52,156

1,154,281

Financial liabilities at FVTPL

–

9,860

–

9,860

Total

–

9,860

–

9,860

As at 31 December 2025 (Audited)

Total

Assets
Financial assets at FVTPL
Debt investments at FVTOCI
Equity investments designated at
FVTOCI
Derivative financial instruments
Total
Liabilities

The Group recognised transfers between each level at the time when the transfers occurred. The transfers
are mainly caused by changes of market conditions that affect whether the Group could obtain quoted prices
(unadjusted) in active markets.
During the period ended 30 June 2026, no financial assets were transferred between Level 1 and Level 2 (for the
six months ended 30 June 2025: the same).

94

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4.

RISK MANAGEMENT (CONTINUED)

(4)

Fair value hierarchy (continued)

(a)

Assets and liabilities measured at fair value (continued)

The changes in Level 3 financial assets are analysed below:
Equity
Financial

Debt

investments

assets

investments

designated

(Unaudited)

at FVTPL

at FVTOCI

at FVTOCI

Total

1 January 2026

47,935

4,197

24

52,156

Purchase

6,982

–

–

6,982

Transfer out (i)

(447)

–

–

(447)

Recognised in profit or loss

1,269

103

–

1,372

–

363

(1)

362

Maturity/disposals

(1,850)

(1,620)

–

(3,470)

30 June 2026

53,889

3,043

23

56,955

Recognised in other
comprehensive income

Equity
Financial

Debt

investments

assets

investments

designated

at FVTPL

at FVTOCI

at FVTOCI

Total

1 January 2025

56,196

8,434

22

64,652

Purchase

4,548

–

–

4,548

Recognised in profit or loss

(1,713)

3

–

(1,710)

–

(1,633)

2

(1,631)

Maturity/disposals

(11,096)

(2,607)

–

(13,703)

31 December 2025

47,935

4,197

24

52,156

(Audited)

Recognised in other
comprehensive income

(i)

During the period, the transfer out of Level 3 was mainly due to certain restricted stocks being released from the lock-up period, and quoted
prices in active markets were obtained.

FINANCIAL REPORT | INTERIM REPORT 2026

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4.

RISK MANAGEMENT (CONTINUED)

(4)

Fair value hierarchy (continued)

(b)

Assets and liabilities for which fair values are disclosed

The carrying amounts of assets and liabilities not measured at fair value approximate to their fair values, except
for the assets and liabilities disclosed in the following tables.
As at 30 June 2026 (Unaudited)

Level 1

Level 2

Level 3

Total

Debt investments at amortised cost

919

232,243

5,241

238,403

Total

919

232,243

5,241

238,403

Assets

Liabilities
Borrowings

–

20,559

–

20,559

Investment contract liabilities

–

–

323

323

Total

–

20,559

323

20,882

Level 1

Level 2

Level 3

Total

848

295,110

7,320

303,278

–

–

14,302

14,302

848

295,110

21,622

317,580

As at 31 December 2025 (Audited)
Assets
Debt investments at amortised cost
Investment properties
Total
Liabilities
Borrowings

–

20,424

–

20,424

Investment contract liabilities

–

–

626

626

Total

–

20,424

626

21,050

96

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5.

Financial
Report

SEGMENT INFORMATION

The Group operates in three operating segments:

(i)

Traditional insurance

Traditional insurance is insurance business without participation features. Traditional insurance mainly includes
traditional life insurance, health insurance and accident insurance. Reinsurance related to traditional insurance is
included in traditional insurance.

(ii)

Participating insurance

Participating insurance is insurance business with direct participation features. Reinsurance related to participating
insurance business is included in participating insurance.

(iii) Other business
Other business of the Group mainly includes universal life business, investment management business and
unallocated other income and expenses of the Group.

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5.

SEGMENT INFORMATION (CONTINUED)
For the six months ended 30 June 2026 (Unaudited)
Traditional Participating
Insurance

Insurance

Others

Elimination

Total

21,421

4,831

190

–

26,442

REVENUE
Insurance revenue
Interest income

7,855

6,027

693

–

14,575

Other investment income

21,483

15,827

3,048

–

40,358

Other income

(177)

(17)

826

(453)

179

Total revenue

50,582

26,668

4,757

(453)

81,554

(13,734)

(2,145)

(144)

453

(15,570)

(228)

–

–

–

(228)

(13,674)

(22,163)

(2,475)

–

(38,312)

170

–

–

–

170

financial assets

174

312

(155)

–

331

Other expenses

–

–

(1,705)

–

(1,705)

(27,292)

(23,996)

(4,479)

453

(55,314)

BENEFITS, CLAIMS AND
EXPENSES
Insurance service expenses
Net expenses from
reinsurance contracts held
Finance expenses from
insurance contracts issued
Less: Finance income from
reinsurance contracts held
Net impairment losses on

Total benefits, claims and
expenses
Share of profits and losses of
associates and joint ventures
Other finance costs
Profit before income tax

1,478

314

13

–

1,805

(359)

(469)

(594)

–

(1,422)

24,409

2,517

(303)

–

26,623

–

–

379

–

379

(722)

(113)

(98)

–

(933)

Other segment information:
Capital expenditure
Depreciation and amortisation

98

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5.

SEGMENT INFORMATION (CONTINUED)
For the six months ended 30 June 2025 (Unaudited)
Traditional

Participating

Insurance

Insurance

Others

Elimination

Total

21,138

3,435

180

–

24,753

REVENUE
Insurance revenue
Interest income

8,087

7,254

872

–

16,213

Other investment income

12,869

13,525

1,702

–

28,096

Other income

(38)

(2)

840

(433)

367

Total revenue

42,056

24,212

3,594

(433)

69,429

(14,302)

(2,252)

(121)

433

(16,242)

(229)

–

–

–

(229)

(11,713)

(20,345)

(1,949)

–

(34,007)

168

–

–

–

168

financial assets

(95)

53

(12)

–

(54)

Other expenses

–

–

(1,577)

–

(1,577)

(26,171)

(22,544)

(3,659)

433

(51,941)

BENEFITS, CLAIMS AND
EXPENSES
Insurance service expenses
Net expenses from
reinsurance contracts held
Finance expenses from
insurance contracts issued
Less: Finance income from
reinsurance contracts held
Net impairment losses on

Total benefits, claims and
expenses
Share of profits and losses of
associates and joint ventures
Other finance costs
Profit before income tax

508

130

–

–

638

(724)

(677)

(507)

–

(1,908)

15,669

1,121

(572)

–

16,218

–

–

413

–

413

(688)

(108)

(101)

–

(897)

Other segment information:
Capital expenditure
Depreciation and amortisation

FINANCIAL REPORT | INTERIM REPORT 2026

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5.

SEGMENT INFORMATION (CONTINUED)

Segment assets and liabilities As at 30 June 2026 and 31 December 2025:
As at 30 June 2026

Traditional Participating

(Unaudited)

Insurance

Insurance

Others

Segment assets

966,875

781,417

210,111

(326)

1,958,077

Segment liabilities

904,992

759,572

170,224

(326)

1,834,462

As at 31 December 2025

Traditional

Participating

(Audited)

Insurance

Insurance

Others

Elimination

Total

Segment assets

937,824

788,359

173,707

(406)

1,899,484

Segment liabilities

870,279

765,270

152,763

(406)

1,787,906

100 INTERIM REPORT 2026 | FINANCIAL REPORT

Elimination

Total

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6.

INVESTMENTS IN ASSOCIATES AND JOINT VENTURES

Details of investments in associates and joint ventures are as follows:
As at
30 June
2026
(Unaudited)

As at
31 December
2025
(Audited)

Associates
Bank of Hangzhou Co., Ltd. (“Hangzhou Bank”)
Beijing Enterprises Holdings Limited (“Beijing Holdings”)
China Jinmao Holdings Group Limited
Allinpay Network Services Co., Ltd.
Beijing Zijin Century Real Estate Co., Ltd.
New China Capital International Limited
Beijing MJ Health Screening Center Co., Ltd.

7,239
5,113
1,592
835
737
157
13

6,715
4,651
1,495
809
734
163
14

Subtotal

15,686

14,581

26,995
18,668

28,720
21,771

510

529

32

32

Subtotal

46,205

51,052

Total

61,891

65,633

Joint ventures
Honghu Zhiyuan (Shanghai) Private Equity Investment Fund Co., Ltd.
Private Securities Investment Funds (i)
New China Life Excellent Health Investment Management Co., Ltd.
(“New China Health”)
Guofeng Xinghua (Beijing) Private Fund Management Co., Ltd.
(“Guofeng Xinghua”)

(i)

The Group subscribed for units in the “Honghu” series of private securities investment funds initiated by Guofeng Xinghua. Pursuant to the fund
agreement, the Group and China Life Insurance Company Limited jointly control these funds and therefore, the Group accounted for them as
joint ventures under the equity method. The investments held by these private securities investment funds are measured at fair value.

As at 30 June 2026, accumulated impairment recognised on investments in associates and joint ventures amounted
to RMB1,190 million (31 December 2025: RMB1,190 million). The Group performs impairment testing when
indicators of impairment exist. An impairment loss is recognised when the recoverable amount of the investment
falls below its carrying amount. The recoverable amount is the higher of its fair value less costs to sell and value
in use.
There were no contingent liabilities relating to the Group’s interests in the associates and joint ventures as at 30
June 2026 (31 December 2025: the same).

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7.

FINANCIAL INVESTMENTS

(1)

Financial assets at fair value through profit or loss
As at

As at

30 June

31 December

2026

2025

(Unaudited)

(Audited)

Government bonds

6,842

8,913

Financial bonds

29,688

12,784

Corporate bonds

80,143

35,991

Subordinated bonds

Bonds

116,466

74,902

Funds

235,706

172,574

Stocks

191,580

168,261

Equity investment plans

22,328

22,103

Private equity investments

18,819

14,063

Certificates of deposit

17,621

11,893

Perpetual bonds

9,401

16,252

Asset management plans

7,949

7,000

Preferred shares

6,729

9,659

Unlisted equity investments

6,649

7,334

–

14,028

4,738

3,999

Total

754,659

579,756

Listed

320,079

259,728

Unlisted

434,580

320,028

Total

754,659

579,756

Bank wealth investment products
Others (i)

(i)

Others mainly include depository receipts, debt investment plans, asset funding plans and structured deposits.

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FINANCIAL INVESTMENTS (CONTINUED)

(2)

Debt investments at amortised cost
As at

As at

30 June

31 December

2026

2025

(Unaudited)

(Audited)

181,455

237,575

Financial bonds

2,436

4,161

Corporate bonds

6,842

7,326

Bonds
Government bonds

Subordinated bonds

621

603

Debt investment plans

7,409

9,569

Trust plans

2,722

2,248

176

266

201,661

261,748

(4,999)

(4,835)

Total

196,662

256,913

Listed

113,367

123,676

Unlisted

83,295

133,237

Total

196,662

256,913

Asset funding plans
Subtotal
Less: Allowance for impairment losses

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7.

FINANCIAL INVESTMENTS (CONTINUED)

(2)

Debt investments at amortised cost (continued)

For the six months ended 30 June 2026, movements of the allowance for impairment losses on debt investments
at amortised cost are as follows:

(Unaudited)

Stage 2
Stage 3
Stage 1 (Lifetime ECL – (Lifetime ECL –
(12-month
not creditcreditECL)
impaired)
impaired)

Total

1 January 2026
Allowance for impairment losses
(Reversal)/charge for the period

4
(3)

–
–

4,831
167

4,835
164

30 June 2026
Allowance for impairment losses

1

–

4,998

4,999

193,385

–

8,276

201,661

30 June 2026
Total balance

For the year ended 31 December 2025, movements of the allowance for impairment losses on debt investments
at amortised cost are as follows:

(Audited)

Stage 1
(12-month
ECL)

Stage 2
(Lifetime ECL –
not creditimpaired)

Stage 3
(Lifetime ECL –
creditimpaired)

Total

1 January 2025
Allowance for impairment losses
Transfer to:
– Stage 3
(Reversal)/charge for the year

6

914

1,980

2,900

–
(2)

(103)
(811)

103
2,748

–
1,935

31 December 2025
Allowance for impairment losses

4

–

4,831

4,835

253,272

–

8,476

261,748

31 December 2025
Total balance

The Group disposed of debt investments at amortised cost, amounting to RMB54,936 million in the current period
(for the six months ended 30 June 2025: RMB6,959 million), and the gains on disposal of RMB7,803 million were
included in other investment income (for the six months ended 30 June 2025: RMB2,342 million).

104 INTERIM REPORT 2026 | FINANCIAL REPORT

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FINANCIAL INVESTMENTS (CONTINUED)

(3)

Debt investments at fair value through other comprehensive income
As at

As at

30 June

31 December

2026

2025

(Unaudited)

(Audited)

Government bonds

482,352

448,135

Financial bonds

31,729

37,464

Corporate bonds

31,272

35,365

Bonds

Subordinated bonds

5,255

10,807

Debt investment plans

1,767

2,846

Trust plans

1,081

1,156

195

195

Total

553,651

535,968

Listed

215,897

191,301

Unlisted

337,754

344,667

Total

553,651

535,968

Asset funding plans

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7.

FINANCIAL INVESTMENTS (CONTINUED)

(3)

Debt investments at fair value through other comprehensive income (continued)

For the six months ended 30 June 2026, movements of the allowance for impairment losses on debt investments
at FVTOCI are as follows:
Stage 2

Stage 3

Stage 1 (Lifetime ECL – (Lifetime ECL –
(12-month

not credit-

credit-

ECL)

impaired)

impaired)

Total

Allowance for impairment losses

16

–

4,052

4,068

Reversal for the period

(7)

–

(467)

(474)

9

–

3,585

3,594

552,453

–

1,198

553,651

(Unaudited)
1 January 2026

30 June 2026
Allowance for impairment losses
30 June 2026
Carrying value

For the year ended 31 December 2025, movements of the allowance for impairment losses on debt investments
at FVTOCI are as follows:

(Audited)

Stage 2

Stage 3

Stage 1

(Lifetime ECL –

(Lifetime ECL –

(12-month

not credit-

credit-

ECL)

impaired)

impaired)

Total

21

331

2,159

2,511

–

(23)

23

–

(5)

(308)

1,870

1,557

16

–

4,052

4,068

534,783

–

1,185

535,968

1 January 2025
Allowance for impairment losses
Transfer to:
– Stage 3
(Reversal)/charge for the year
31 December 2025
Allowance for impairment losses
31 December 2025
Carrying value

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7.

FINANCIAL INVESTMENTS (CONTINUED)

(4)

Equity investments designated at fair value through other comprehensive income

Listed stocks
Unlisted equity investments
Total

As at

As at

30 June

31 December

2026

2025

(Unaudited)

(Audited)

51,785

38,532

23

24

51,808

38,556

As at
30 June
2026
(Unaudited)
Fair value losses during the period arising from:
– Investments in equity instrument derecognised during the period

305

– Investments in equity instrument held at the end of the period

(4,150)
961

– Income tax relating to fair value losses during the period

(2,884)

Total losses recognised in other comprehensive income

(i)

For equity investments which are not held for trading but for long-term investments, the Group has irrevocably
elected to recognise them in such category at initial recognition.

(ii)

For the consideration of optimizing asset allocation and asset-liability management, the Group disposed
of investment in equity investments designated at FVTOCI amounted to RMB1,364 million in the current
period (for the six months ended 30 June 2025: RMB1,881 million), and the cumulative gains of RMB409
million (net of tax) on disposal were transferred from other comprehensive income (the “OCI”) to retained
earnings (for the six months ended 30 June 2025: cumulative losses RMB381 million (net of tax)).

(iii)

In the current period, dividend income from equity investments designated at FVTOCI was RMB1,024 million
(for the six months ended 30 June 2025: RMB1,048 million).

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8.

TERM DEPOSITS

The due dates of the term deposits are as follows:
As at

As at

30 June

31 December

2026

2025

(Unaudited)

(Audited)

Within 1 year (including 1 year)

48,248

114,633

After 1 year but within 3 years (including 3 years)

94,548

92,189

After 3 years but within 5 years (including 5 years)

84,261

87,215

Subtotal

227,057

294,037

(105)

(73)

226,952

293,964

Maturity

Less: Allowance for impairment losses
Total

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9.

STATUTORY DEPOSITS

The due dates of the statutory deposits are as follows:
As at

As at

30 June

31 December

2026

2025

(Unaudited)

(Audited)

170

336

After 1 year but within 3 years (including 3 years)

1,403

1,435

After 3 years but within 5 years (including 5 years)

201

–

1,774

1,771

(1)

(1)

1,773

1,770

Maturity
Within 1 year (including 1 year)

Subtotal
Less: Allowance for impairment losses
Total

In accordance with the Insurance Law and related relevant regulations, the Company and its subsidiary, New China
Pension Co., Ltd. (“New China Pension Company”), shall allocate 20% of the registered capital as deposit placed in
a bank that complies with the regulations of the National Administration of Financial Regulation. Statutory deposit
shall not be used for any purpose other than to discharge debt upon liquidation by the Company or the subsidiary.

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10. INSURANCE CONTRACT LIABILITIES AND REINSURANCE
CONTRACT ASSETS
(1)

Insurance contract liabilities

Analysis by remaining coverage and incurred claims of insurance contracts
As at

As at

30 June

31 December

2026

2025

(Unaudited)

(Audited)

1,597,850

1,510,444

6,969

7,724

16,777

14,470

1,621,596

1,532,638

Liabilities for remaining coverage
Excluding loss component
Loss component
Liabilities for incurred claims
Total

Analysis by measurement component of insurance contracts not measured under
the premium allocation approach (the “PAA”)
As at

As at

30 June

31 December

2026

2025

(Unaudited)

(Audited)

1,413,872

1,338,124

Risk adjustment for non-financial risk

10,891

10,324

Contractual Service Margin (the “CSM”)

193,857

181,723

1,618,620

1,530,171

Estimates of present value of future cash flows

Total

As at 30 June 2026, the Group’s spot discount rate for future cash flows not affected by underlying item returns
was 1.48%-4.80% (31 December 2025: 1.70%-4.80%).

110

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10. INSURANCE CONTRACT LIABILITIES AND REINSURANCE
CONTRACT ASSETS (CONTINUED)
(2)

Reinsurance contract assets

Analysis by remaining coverage and incurred claims of reinsurance contracts
As at

As at

30 June

31 December

2026

2025

(Unaudited)

(Audited)

Remaining coverage component
9,835

9,764

Loss recovery component

20

24

Incurred claims component

1,161

1,277

Total

11,016

11,065

Excluding loss recovery component

Analysis by measurement component of reinsurance contracts not measured under
PAA
As at

As at

30 June

31 December

2026

2025

(Unaudited)

(Audited)

Estimates of present value of future cash flows

7,997

8,641

Risk adjustment for non-financial risk

1,433

1,435

CSM

1,516

926

Total

10,946

11,002

FINANCIAL REPORT | INTERIM REPORT 2026

111

11. BORROWINGS
Upon the approval by the National Administration of Financial Regulation and the People’s Bank of China, on 2
November 2023, the Company issued 10-year capital supplementary bonds in the inter-bank market, and completed
the issuance on 6 November 2023, which were in an aggregate principal amount of RMB10,000 million, and with
an interest rate of 3.40% per annum for the first five years. The Company has the right to redeem the bonds
partially or wholly at the end of the fifth year. If the Company does not exercise the redemption right or partially
exercises the redemption right, the interest rate will increase to 4.40% per annum beginning in the sixth year
until the maturity date.
Upon the approval by the National Administration of Financial Regulation and the People’s Bank of China, on 18
June 2024, the Company issued 10-year capital supplementary bonds in the inter-bank market, and completed
the issuance on 20 June 2024, which were in an aggregate principal amount of RMB10,000 million, and with
an interest rate of 2.27% per annum for the first five years. The Company has the right to redeem the bonds
partially or wholly at the end of the fifth year. If the Company does not exercise the redemption right or partially
exercises the redemption right, the interest rate will increase to 3.27% per annum beginning in the sixth year
until the maturity date.
The repayments of principals and interests of the capital supplementary bonds are subordinated to policy liabilities
and other liabilities but prior to the Company’s equity capital.

12. SHARE CAPITAL
All shares of the Company issued are fully paid common shares. The par value per share is RMB1.
The Company’s number of shares is as follows:
As at

As at

30 June

31 December

2026

2025

(Unaudited)

(Audited)

3,120

3,120

Number of shares registered, issued and fully paid
at RMB1 per share (in million)

112

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13. RESERVES
As at

As at

30 June

31 December

2026

2025

(Unaudited)

(Audited)

Share premium

23,964

23,964

Other reserve

(86)

(84)

Other comprehensive income

(98,952)

(94,260)

Surplus reserve

34,543

31,051

Reserve for general risk

21,234

21,234

Total

(19,297)

(18,095)

Pursuant to a resolution passed at the shareholders’ general meeting on 26 June 2026, the Company appropriated
a discretionary surplus reserve of RMB3,492 million, equalling to 10% of the net profit in 2025.
Pursuant to a resolution passed at the shareholders’ general meeting on 28 June 2025, the Company appropriated
a discretionary surplus reserve of RMB2,520 million, equalling to 10% of the net profit in 2024.

FINANCIAL REPORT | INTERIM REPORT 2026

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14. INSURANCE REVENUE
For the six months ended 30 June
2026

2025

(Unaudited)

(Unaudited)

10,883

10,334

Contracts not measured under the PAA
Expected incurred claims and other insurance service expenses

312

359

CSM recognised for services provided

8,791

7,722

Recovery of insurance acquisition cash flows

4,703

4,623

Contracts measured under the PAA

1,753

1,715

Total

26,442

24,753

Change in risk adjustment for non-financial risk for risk expired

15. INTEREST INCOME
For the six months ended 30 June
2026

2025

(Unaudited)

(Unaudited)

54

105

3,467

4,554

Interest income from:
– Cash and cash equivalents
– Term deposits

24

27

– Debt investments at amortised cost

4,053

4,890

– Debt investments at FVTOCI

6,930

6,586

47

51

14,575

16,213

– Statutory deposits

– Financial assets purchased under agreements to resell
Total

114

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16. OTHER INVESTMENT INCOME
For the six months ended 30 June
2026

2025

(Unaudited)

(Unaudited)

(4,379)

10,236

Fair value gains/(losses)
– Financial assets at FVTPL
– Derivatives financial instruments
– Financial liabilities at FVTPL

(1)

(6)

(407)

(259)

30,077

7,468

Net realised gains/(losses)
– Financial assets at FVTPL
– Debt investments at FVTOCI
– Debt investments at amortised cost
– Derivatives financial instruments

347

1,196

7,803

2,342

7

6

2,349

1,852

3,538

4,213

Interest income
– Financial assets at FVTPL
Dividend income
– Financial assets at FVTPL
– Equity investments designated at FVTOCI
– relating to investments derecognised during the period
– relating to investments held at the end of the reporting period
Total

–

12

1,024

1,036

40,358

28,096

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115

17. INSURANCE SERVICE EXPENSES
For the six months ended 30 June
2026

2025

(Unaudited)

(Unaudited)

Incurred claims and other incurred insurance service expenses

8,873

8,664

Amortisation of insurance acquisition cash flows

4,703

4,623

Losses on onerous groups of contracts and reversal of such losses

(524)

587

Adjustment to the liability for incurred claims

324

275

13,376

14,149

1,130

1,113

Amortisation of insurance acquisition cash flows

460

474

Losses on onerous groups of contracts and reversal of such losses

604

625

–

(119)

Subtotal

2,194

2,093

Total

15,570

16,242

Contracts not measured under the PAA

Subtotal
Contracts measured under the PAA
Incurred claims and other incurred insurance service expenses

Adjustment to the liability for incurred claims

116

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18. NET INVESTMENT INCOME AND FINANCE EXPENSES FROM
INSURANCE CONTRACTS
For the six months ended 30 June
2026
(Unaudited)

2025
(Unaudited)

Interest income
Other investment income
Share of profits and losses of associates and joint ventures
Impairment losses on financial assets
Foreign exchange gains and losses
Interest expenses

14,575
40,358
1,805
331
(208)
(1,015)

16,213
28,096
638
(54)
(41)
(1,465)

Total investment income recognised in profit or loss
Total investment income recognised in OCI

55,846
(2,486)

43,387
3,642

Total net investment income

53,360

47,029

15,159
1,625

12,936
33,001

23,984

20,897

40,768

66,834

38,312

34,007

2,456

32,827

40,768

66,834

Insurance finance income from reinsurance contracts held
Interest accreted
Effect of changes in interest rates and other financial assumptions

(170)
49

(168)
(304)

Total finance income from reinsurance contracts held

(121)

(472)

Total finance income from reinsurance
contracts held recognised in profit or loss
Total finance income from reinsurance contracts held recognised in OCI

(170)
49

(168)
(304)

Total finance income from reinsurance contracts held

(121)

(472)

Insurance finance expenses from insurance contracts issued
Interest accreted
Effect of changes in interest rates and other financial assumptions
Changes in fulfilment cash flows and CSM of contracts
measured applying the variable fee approach (the “VFA”)
due to changes in fair value of underlying items
Insurance finance expenses from insurance contracts issued
Total insurance finance expenses from insurance
contracts issued recognised in profit or loss
Total insurance finance expenses from insurance
contracts issued recognised in OCI
Insurance finance expenses from insurance contracts issued

FINANCIAL REPORT | INTERIM REPORT 2026

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19. NET IMPAIRMENT LOSSES ON FINANCIAL ASSETS
For the six months ended 30 June
2026

2025

(Unaudited)

(Unaudited)

– Debt investments at amortised cost

164

(412)

– Debt investments at FVTOCI

(474)

472

– Term deposits

(29)

(8)

8

2

(331)

54

Impairment loss (reversed)/recognised in respect of:

– Others
Total

20. OTHER EXPENSES
For the six months ended 30 June
2026

2025

(Unaudited)

(Unaudited)

Commission and brokerage expenses

9,090

7,073

Payroll and welfare

4,645

4,196

Depreciation and amortisation

933

897

Insurance security fund (i)

430

428

Taxes and surcharges

408

200

Operating lease expenses

145

141

Electronic equipment operation fee

88

154

Others

744

741

Subtotal

16,483

13,830

Amounts attributed to insurance acquisition cash flows

10,706

8,615

Amounts attributed to insurance service expenses

4,072

3,638

1,705

1,577

Less:

Total other expenses
(i)

118

The Group has paid the insurance security fund in accordance with the “Administrative Measures for Insurance Security Fund” (Order no.7 [2022]
issued by the former CBIRC, the Ministry of Finance of the PRC and the People’s Bank of China) and the “Notice of the General Office of the
China Banking and Insurance Regulatory Commission on Matters related to the Payment of Insurance Protection Fund” (No. 2 [2023] issued by
the General Office of the former CBIRC). The fund contribution is equal to the product of the business income and the fund rate, which is equal
to the sum of the base rate and the risk differential rate.

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21. TAXATION
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax
assets against current tax liabilities and when the deferred income tax relates to the same tax authority. Most of
the income taxes shown below are taxes incurred in the PRC.

(1)

The amount of income tax charged to the net profit represents:
For the six months ended 30 June
2026

2025

(Unaudited)

(Unaudited)

Current tax

137

116

Deferred tax

3,690

1,301

Total income tax

3,827

1,417

(2)

The reconciliation between the Group’s effective tax rate and the mainly
applicable tax rate of 25% in the PRC is as follows:
For the six months ended 30 June
2026

2025

(Unaudited)

(Unaudited)

Profit before income tax

26,623

16,218

Tax computed at the statutory tax rate in China

6,656

4,055

Non-taxable income

(2,921)

(2,699)

60

12

37

50

Expenses not deductible for tax purposes
Effect of unrecognised deferred tax assets arising from
deductible tax losses
Adjustments in respect of current tax of previous periods

(4)

1

Effect of different tax rates used by subsidiaries

(1)

(2)

3,827

1,417

Income tax computed at effective tax rate

Hong Kong officially implemented the global minimum tax and the Hong Kong minimum top-up tax rules from 1
January 2025, which apply to the Group’s subsidiary in Hong Kong. These rules had no material impact on the
Group’s interim condensed consolidated financial statements for the six months ended 30 June 2026 (for the six
months ended 30 June 2025: the same).

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21. TAXATION (CONTINUED)
(3)

Deferred tax assets and liabilities before and after offsetting are as follows:
As at

As at

30 June

31 December

2026

2025

(Unaudited)

(Audited)

Deferred tax assets

37,755

41,456

Deferred tax liabilities

(20,490)

(21,207)

Net deferred tax assets

18,109

20,996

(844)

(747)

Net deferred tax liabilities

(4)

Deferred tax assets are recognised for deductible temporary differences and
tax losses carried forward to the extent that the realisation of the related tax
benefit through future taxable income is probable. The amount of deductible
unused tax losses for which no deferred tax asset is recognised is as follows:

Deductible tax losses

120 INTERIM REPORT 2026 | FINANCIAL REPORT

As at

As at

30 June

31 December

2026

2025

(Unaudited)

(Audited)

1,228

1,183

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22. EARNINGS PER SHARE
(1)

Basic

Basic earnings per share is calculated by dividing the profit attributable to owners of the Company by the weighted
average number of ordinary shares issued during the period.
For the six months ended 30 June
2026

2025

(Unaudited)

(Unaudited)

22,793

14,799

Weighted average number of ordinary shares issued (in million)

3,120

3,120

Basic earnings per share (RMB)

7.31

4.74

Net profit for the period attributable to owners
of the Company (RMB in million)

(2)

Diluted

The Company has no dilutive potential ordinary shares. Diluted earnings per share are the same as basic earnings
per share for the six months ended 30 June 2026 (for the six months ended 30 June 2025: the same).

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23. DIVIDENDS
Pursuant to a resolution passed at the shareholders’ general meeting on 26 June 2026, a final dividend of RMB2.06
per ordinary share (inclusive of tax) totalling RMB6,426 million of 2025 was declared.
Pursuant to a resolution passed at the shareholders’ general meeting on 28 June 2025, a final dividend of RMB1.99
per ordinary share (inclusive of tax) totalling RMB6,208 million of 2024 was declared. Pursuant to a resolution
passed at the shareholders’ general meeting on 31 October 2025, an interim dividend of RMB0.67 per ordinary
share (inclusive of tax) totalling RMB2,090 million of 2025 was declared.

24. SIGNIFICANT RELATED PARTY TRANSACTIONS
(1)

Related parties

(a)

Subsidiaries

Details of the Company’s subsidiaries as at 30 June 2026 are as follows:

New China Asset Management Co., Ltd. (“New China Asset Management Company”)
New China Asset Management (Hong Kong) Co., Ltd. (“Asset Management Company (Hong Kong)”)
Xinhua Yiyue Health Care Industry (Beijing) Co., Ltd. (“Xinhua Yiyue Health Care”)
Xinhua Jiayue Health Care Industry (Beijing) Co., Ltd. (“Xinhua Jiayue Health Care”)
Xinhua Village Seniors Operation Management (Beijing) Co., Ltd. (“Xinhua Seniors Operation”)
New China Electronic Commerce Co., Ltd. (“Electronic Commerce”)
Guangzhou Yuerong Project Construction Management Co., Ltd. (“Guangzhou Yuerong”)
Hefei New China Life Supporting Construction Operation Management Co., Ltd. (“Hefei Supporting
Operation”)
New China Pension Company
Xinhua Yiyue Health Care Industry (Hainan) Co., Ltd. (“Xinhua Yiyue Health Care (Hainan)”)
Xinhua Haoran (Beijing) Property Management Co., Ltd. (“Xinhua Haoran”)
New China Excellent Rehabilitation Hospital Co., Ltd. (“Rehabilitation Hospital”)

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24. SIGNIFICANT RELATED PARTY TRANSACTIONS (CONTINUED)
(1)

Related parties (continued)

(a)

Subsidiaries (continued)

Details of the Company’s subsidiaries as at 30 June 2026 are as follows: (continued)
Percentage of

Place of

equity attributable

incorporation/
registration and

New China Asset

Type of

business

Principal activities

legal entity

Beijing, China

Asset management

Limited

Hong Kong, China

Asset management

Limited

Management Company
Asset Management Company

Registered

to the Company

share capital

Direct

Indirect

RMB500 million

99.40%

–

HKD75 million

60.00%

39.76%

RMB1,843 million

100%

–

RMB964 million

100%

–

RMB260 million

100%

–

RMB200 million

100%

–

RMB10 million

100%

–

RMB3,200 million

100%

–

RMB5 billion

99.80%

0.20%

RMB1,908 million

100%

–

RMB500 million

100%

–

RMB170 million

100%

–

company

(Hong Kong)

company

Xinhua Yiyue Health Care

Beijing, China

Service

Limited

Xinhua Jiayue Health Care

Beijing, China

Elderly care services and

Limited

enterprise management

company

company

Xinhua Seniors Operation

Beijing, China

Service

Limited

Electronic Commerce

Beijing, China

Electronic commerce

Limited

company
company
Guangzhou Yuerong

Guangzhou, China

Real estate property

Limited

investment and

company

management
Hefei Supporting Operation

Hefei, China

Service

Limited
company

New China Pension Company

Shenzhen, China

Insurance service

Limited
company

Xinhua Yiyue Health Care

Qionghai, China

(Hainan)
Xinhua Haoran
Rehabilitation Hospital

Beijing, China
Beijing, China

Real estate property

Limited

development and training

company

Real estate lease and

Limited

property management

company

Medical service

Limited
company

There was no significant change in investments in subsidiaries for the six months ended 30 June 2026.

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24. SIGNIFICANT RELATED PARTY TRANSACTIONS (CONTINUED)
(1)

Related parties (continued)

(b)

Associates and joint venture

Refer to Note 6 for the list of associates and joint ventures.

(c)

Other related parties

The table set forth below summarises the significant related parties of the Company:
Significant related parties

Relationships

Central Huijin Investment Ltd. (“Huijin”)

Shareholder that has significant influence over the Company

China Baowu Steel Group Corporation Limited

Shareholder that has significant influence over the Company

Hwabao WP Fund Management Co., Ltd.

Company under indirect control of the shareholder that

(“Hwabao WP Fund”)

124 INTERIM REPORT 2026 | FINANCIAL REPORT

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24. SIGNIFICANT RELATED PARTY TRANSACTIONS (CONTINUED)
(2)

Significant transactions with related parties
For the six months ended 30 June
2026

2025

(Unaudited)

(Unaudited)

6

11

– Dividends declared from Hangzhou Bank

102

N/A

– Dividends declared from Beijing Holdings

56

N/A

– Dividends declared from Guofeng Xinghua

19

–

– Health check and service fee paid to New China Health

5

6

– Rent earned from New China Health

3

4

417

400

36

33

– Rent and property fee paid to Xinhua Haoran

29

16

– Rent paid to Hefei Supporting Operation

28

15

– Rent earned from New China Asset Management Company

12

12

– Conference and training fees paid to Xinhua Yiyue Health Care

9

8

– Rent earned from New China Pension Company

4

3

– Health check fee paid to Rehabilitation Hospital

3

4

– Additional capital contribution to Xinhua Seniors Operation

–

25

Transactions between the Group and other related parties
– Interest from bonds issued by Huijin
Transactions between the Group and its associates

Transactions between the Group and its joint venture

Transactions between the Company and its subsidiaries
– Investment management fee to New China Asset Management
Company
– Investment management fee to Asset Management Company
(Hong Kong)

The above significant transactions with related parties did not constitute the connected transactions or continuing
connected transactions as defined in Chapter 14A of the Hong Kong Listing Rules.
The investment management fees to New China Asset Management Company and Asset Management Company
(Hong Kong) are calculated based on the negotiated service charge rate and the scale of investments. All other
transactions are calculated based on the negotiated price between transaction parties.

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24. SIGNIFICANT RELATED PARTY TRANSACTIONS (CONTINUED)
(3)

Related party balances
The Group
As at

As at

30 June

31 December

2026

2025

(Unaudited)

(Audited)

339

333

9

8

4

5

Balances with related parties
Debt investments at FVTOCI
Huijin
Other receivables
New China Health
Other payables
New China Health

The Company
As at

As at

30 June

31 December

2026

2025

(Unaudited)

(Audited)

3

–

Asset Management Company (Hong Kong)

149

136

New China Asset Management Company

92

147

Hefei Supporting Operation

37

–

Xinhua Haoran

31

–

Electronic Commerce

16

18

Rehabilitation Hospital

2

–

Xinhua Seniors Operation

–

1

Receivables from subsidiaries
New China Asset Management Company
Payables to subsidiaries

No impairment has been made for receivables from related parties as at 30 June 2026 (31 December 2025: the
same).
The balances between the Company and its subsidiaries have been eliminated in the interim condensed consolidated
statement of financial position.

126 INTERIM REPORT 2026 | FINANCIAL REPORT

About New
Business
Corporate
Other
China Life Performance Governance Information

Financial
Report

24. SIGNIFICANT RELATED PARTY TRANSACTIONS (CONTINUED)
(4)

Key management’s remuneration

Key management members include directors, supervisors and senior management team members. Key management
members’ remuneration incurred by the Company is as follows:
For the six months ended 30 June

Payroll and welfare

(5)

2026

2025

(Unaudited)

(Unaudited)

7

7

Transactions with state-owned enterprises

Under International Accounting Standard 24 (Amendment) (“IAS 24 (Amendment)”) “Related Party Disclosures”,
business transactions between state-owned enterprises controlled by the PRC government are within the scope of
related party transactions. The Group’s key business is insurance related and therefore, the business transactions
with other state-owned enterprises are primarily related to insurance and investment activities. The related party
transactions with other state-owned enterprises were conducted in the ordinary course of business. Due to the
complex ownership structure, the PRC government may hold indirect interests in many companies. Some of these
interests may, in themselves or when combined with other indirect interests, be controlling interests which may
not be known to the Group. Nevertheless, the Group believes that the following captures the material related
parties and has applied the IAS 24 (Amendment) exemption and disclosed only qualitative information.
As at 30 June 2026, most of the bank deposits were with state-owned banks, the issuers of debt financial assets
held by the Group were mainly state-owned enterprises; most investments were entrusted to state-owned
enterprises. For the six months ended 30 June 2026, a large portion of its group insurance business of the Group
was with state-owned enterprises; the majority of bancassurance brokerage charges were paid to state-owned
banks and postal office; almost all of the reinsurance agreements of the Group were entered into with a stateowned reinsurance company; and most of the bank deposits interest income was from state-owned banks.

FINANCIAL REPORT | INTERIM REPORT 2026

127

25. CONTINGENCIES
The Group is involved in estimations for contingencies and legal proceedings in the ordinary course of business,
including but not limited to, being the plaintiff or the defendant in litigation and arbitration. Legal proceedings
mostly involve claims on the Group’s insurance policies, other claims, and litigation matters. Provision has been
made for probable losses of the Group regarding those claims where management can reasonably estimate the
outcome of the lawsuits taking into account any legal advice.
No provision has been made for pending assessments, lawsuits or possible violations of contracts when the
outcome cannot be reasonably estimated or management believes the probability is low or remote. For these
pending lawsuits, management also believes that any resulting liabilities will not have a material adverse effect
on the financial position or operating results of the Group or any of its subsidiaries.
As at 30 June 2026, except for the items described above, all kinds of estimations and contingencies resulting
from insurance services within the scope of this report, the Group does not have any significant contingency
required disclosure in the report.

26. COMMITMENTS
(1)

Capital commitments

The Group had capital commitments for the purchase of property, plant and equipment and software, etc.
Management confirms that the Group has sufficient future income or funding to fulfil these capital commitments.
As at

As at

30 June

31 December

2026

2025

(Unaudited)

(Audited)

Contracted, but not provided for

785

1,130

Total

785

1,130

128 INTERIM REPORT 2026 | FINANCIAL REPORT

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Report

About New
Business
Corporate
Other
China Life Performance Governance Information

26. COMMITMENTS (CONTINUED)
(2)

Operating lease rental receivables

The future minimum lease receivables under non-cancellable operating leases are as follows:
As at

As at

30 June

31 December

2026

2025

(Unaudited)

(Audited)

Within 1 year (including 1 year)

208

237

Between 1 and 2 years (including 2 years)

169

185

Between 2 and 3 years (including 3 years)

127

143

Between 3 and 4 years (including 4 years)

81

94

Between 4 and 5 years (including 5 years)

52

67

More than 5 years

272

414

Total

909

1,140

(3)

Investment commitments

As at 30 June 2026, a total amount of RMB6,043 million (31 December 2025: RMB2,214 million) was disclosed
as investment commitments contracted but not provided for.

27. SUBSEQUENT EVENTS
Upon the approval by the National Administration of Financial Regulation and the People’s Bank of China, on 21
July 2026, the Company issued the undated capital bonds in the inter-bank market, and completed the issuance
on 23 July 2026, The bond is in an aggregate principal amount of RMB10 billion with a coupon rate of 1.90% per
annum for the first 5 years. The coupon rate will be adjusted every 5 years from the payment settlement date. The
Company shall have a conditional redemption right on every interest payment date from the fifth year onwards.
Pursuant to the interim profit distribution resolution passed at the meeting of the Board of Directors on 26 August
2026, an interim dividend of RMB0.73 per ordinary share (inclusive of tax) totalling RMB2,277 million was proposed.
The profit distribution plan shall become effective upon the approval of the shareholders’ general meeting.

FINANCIAL REPORT | INTERIM REPORT 2026

129

28. INVESTMENTS IN SUBSIDIARIES
Details of the Company’s subsidiaries as at 30 June 2026 refer to Note 24(1)(a).
Details of the Company’s principal controlled structured entities as at 30 June 2026 are as follow:
Percentage

Kunhua (Tianjin) Equity Investment Partnership

Registered/

of equity

Committed

attributable

Principal activities

share capital

to the Group

Private equity funds

RMB9,437 million

99.99%

Asset management plan

RMB8,926 million

100.00%

Asset management plan

RMB8,920 million

100.00%

Asset management plan

RMB8,914 million

100.00%

Asset management plan

RMB8,910 million

100.00%

Asset management plan

RMB8,908 million

100.00%

Asset management plan

RMB8,897 million

100.00%

Asset management plan

RMB8,895 million

100.00%

Asset management plan

RMB8,890 million

100.00%

Asset management plan

RMB8,869 million

100.00%

Asset management plan

RMB8,863 million

100.00%

Asset management plan

RMB8,858 million

100.00%

Asset management plan

RMB8,855 million

100.00%

Asset management plan

RMB8,826 million

100.00%

(Limited partnership)
New China Asset Management – Mingyi
No.48 Asset Management Product
New China Asset Management – Mingyi
No.49 Asset Management Product
New China Asset Management – Mingyi
No.52 Asset Management Product
New China Asset Management – Mingyi
No.50 Asset Management Product
New China Asset Management – Mingyi
No.47 Asset Management Product
New China Asset Management – Mingyi
No.46 Asset Management Product
New China Asset Management – Mingyi
No.51 Asset Management Product
New China Asset Management – Mingyi
No.44 Asset Management Product
New China Asset Management – Mingyi
No.55 Asset Management Product
New China Asset Management – Mingyi
No.45 Asset Management Product
New China Asset Management – Mingyi
No.42 Asset Management Product
New China Asset Management – Mingyi
No.54 Asset Management Product
New China Asset Management – Mingyi
No.40 Asset Management Product

130 INTERIM REPORT 2026 | FINANCIAL REPORT

Financial
Report

About New
Business
Corporate
Other
China Life Performance Governance Information

28. INVESTMENTS IN SUBSIDIARIES (CONTINUED)
Percentage
Registered/

of equity

Committed

attributable

share capital

to the Group

Asset management plan

RMB8,820 million

100.00%

Asset management plan

RMB8,790 million

100.00%

Asset management plan

RMB8,788 million

100.00%

Asset management plan

RMB8,759 million

100.00%

Asset management plan

RMB8,749 million

100.00%

Asset management plan

RMB8,071 million

100.00%

Asset management plan

RMB8,049 million

100.00%

Asset management plan

RMB7,413 million

100.00%

Asset management plan

RMB2,772 million

54.00%

Asset management plan

RMB2,091 million

36.16%

Debt investment plan

RMB2,040 million

100.00%

Asset management plan

RMB1,736 million

97.26%

Asset management plan

RMB1,712 million

99.98%

Asset management plan

RMB1,612 million

100.00%

Asset management plan

RMB1,583 million

100.00%

Debt investment plan

RMB1,577 million

100.00%

Principal activities
New China Asset Management – Mingyi
No.43 Asset Management Product
New China Asset Management – Mingyi
No.56 Asset Management Product
New China Asset Management – Mingyi
No.53 Asset Management Product
New China Asset Management – Mingyi
No.57 Asset Management Product
New China Asset Management – Mingyi
No.37 Asset Management Product
New China Asset Management – Mingyi
No.27 Asset Management Product
New China Asset Management – Mingyi
No.36 Asset Management Product
New China Asset Management – Mingyi
No.17 Asset Management Product
New China Asset Management – Mingmiao
No.9 Asset Management Product
New China Asset Management – Mingmiao
No.8 Asset Management Product
New China-Wanke Wuhan Plant and
Equipment Debt Investment Plan
New China Asset Management – Mingyi
No.21 Asset Management Product
New China Asset Management – Mingyi
No.13 Asset Management Product
New China Asset Management – Mingmiao
No.2 Asset Management Product
New China Asset Management – Mingyi
No.12 Asset Management Product
New China-Wanke Logistics Infrastructure and
Property Debt Investment Plan (Third Phase)

FINANCIAL REPORT | INTERIM REPORT 2026

131

28. INVESTMENTS IN SUBSIDIARIES (CONTINUED)
Percentage
Registered/

of equity

Committed

attributable

share capital

to the Group

Asset management plan

RMB1,562 million

99.98%

Asset management plan

RMB1,558 million

100.00%

Asset management plan

RMB1,509 million

44.36%

Asset management plan

RMB1,500 million

100.00%

Asset management plan

RMB1,136 million

54.47%

Debt investment plan

RMB1,100 million

100.00%

Asset management plan

RMB1,033 million

97.19%

Principal activities
New China Asset Management – Mingyi
No.24 Asset Management Product
New China Asset Management – Mingyi
No.7 Asset Management Product
New China Asset Management – Mingmiao
No.7 Asset Management Product
Zhong Ou Amc New China Life High Dividend
Strategy Single Asset Management Plan
New China Asset Management – Mingmiao
No.5 Asset Management Product
New China- Wanke Kunming Debt
Investment Plan (First Phase)
New China Asset Management – Mingyi
No.22 Asset Management Product

All subsidiaries and consolidated structured entities undertakings are included in the consolidation. There are
no significant restrictions on the use of assets or the discharge of liabilities of all subsidiaries and consolidated
structured entities. The non-controlling interests of subsidiaries are immaterial to the Group, while the non-controlling
interests of consolidated structured entities are mainly recorded in financial liabilities at FVTPL or other liabilities.
The English names of certain subsidiaries represent the best effort made by the management of the Company
in translating their Chinese names as they do not have official English names.

29. APPROVAL OF THE INTERIM CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
The unaudited interim condensed consolidated financial statements have been approved and authorised for issue
by the Board of Directors on 26 August 2026.

132 INTERIM REPORT 2026 | FINANCIAL REPORT

This report is printed on Environmental Friendly paper

N ew China Lif e I nsu ranc e C om pany Ltd .

(A joint stock company incorporated in the People’s Republic of China with limited liability)

Stock Code : 01336

新華人壽保險股份有限公司

全 國 統 一 客 服 電 話

NEW CHINA LIFE INSURANCE COMPANY LTD.

INTERIM REPORT

NCI Official Account

Interim Report 2026

新華人壽保險股份有限公司

IR Website

N ew China Lif e I nsu ranc e C om pany Ltd .

（於中華人民共和國註冊成立的股份有限公司）

股份代號 : 01336

新華人壽保險股份有限公司

全 國 統 一 客 服 電 話

NEW CHINA LIFE INSURANCE COMPANY LTD.

中期報告

新華保險服務號

中 期報告 2026

新華人壽保險股份有限公司

投資者關係網站

新華保險成立三十周年

三十而立

奮發有為

三十而立。今日的新華保險，用三十年的不懈奮鬥，在時代的洪流中乘風破浪、脫穎而出，從一個寂寂無名的
小型民營壽險公司，成長為一家知名的世界五百強企業、萬億資產的國有大型壽險企業、具有重要市場影響力
的A+H股上市公司。

匯金入股
實力大增
匯金公司成為新華保險第一大股
東，公司治理得到完善，發展實
力大為增強，管理水平全面提升，
公司運作更為規範，全面開啟
發展新征程。

立身起步
應運而生
1996年9月6日，新華保險在人
民大會堂舉辦開業慶典，成為
《保險法》頒佈後首批獲准成立的
股份制保險公司之一，由此開啟深
耕中國保險市場的壯闊征程。

全國佈局
落地生根
新華保險緊抓中國加入WTO後行業大
發展的歷史性機遇，全面加速全國化戰
略佈局，2004年完成覆蓋全國的服務
網絡，成為扎根中國大地、守護億萬民
生的中堅力量。

02

三十而立
新啟華章
國資領航
使命升華

2026年是新華保險成立三十週
年，也是公司「十五五」規劃
開局之年，新華保險從三十年
積澱的制高點出發，繼續保持
較好發展勢頭，各項核心業績
指標保持行業領先。

2019年，新華保險黨組織關係劃
歸中投公司黨委，成為中投直管
企業，黨的領導與公司治理有機
融合、金融國企使命與市場化基
因相融互促，公司在高質量發展
中踐行金融工作的政治性、人民
性。

滬港上市
兩江同頻
2011年12月，新華保險在上海和香
港兩地交易所成功掛牌上市，成為
國內首家A+H股同步上市的保險公
司，正式邁入資本化、規範化、國
際化發展新階段。

改革破局
屢創佳績
2023年，公司新一屆領導班子全面啟動專
業化、市場化、體系化改革，「明戰略、優
服務、抓改革、激活力、練內功、強投資」，
打出一整套改革轉型組合拳，公司改革
勢能不斷積聚，市場競爭力顯著提升，經
營業績連創佳績。2025年多項核心經營
指標創歷史新高。

03

三十而立

奮發有為

三十載砥礪奮進，新華保險始終保持積極進取精神和創新活力，以靈活高效的決策機制和團結務實的執行文化，將
「敢為人先、敢打硬仗」的新華專業鐵軍精神熔鑄於發展血脈，以無比的勇氣和智慧，櫛風沐雨、堅毅前行，實現了一
次又一次突破，創造了一個又一個奇跡。
單位：億元
總資產

18,994.84
16,922.97
14,032.57
12,550.44
11,277.21
10,043.76
8,789.70

4,936.93

5,658.49

6,437.09

6,605.60

6,991.81

7,102.75

7,339.29

3,867.71

2011年 2012年 2013年 2014年 2015年 2016年 2017年 2018年 2019年 2020年 2021年 2022年 2023年 2024年 2025年

總保費

1,958.71

1,595.11

1,634.70

1,630.99

1,659.03

1,705.11

1,381.31

947.97

977.19

1,036.40

1,098.68

1,118.59

1,125.60

1,222.86
1,092.94

2011年 2012年 2013年 2014年 2015年 2016年 2017年 2018年 2019年 2020年 2021年 2022年 2023年 2024年 2025年

內含價值

2,878.40
2,588.24
2,406.04

2,555.82

2,505.10

2,584.48

2,050.43
1,731.51
1,534.74
1,294.50
1,032.80
852.60
489.91

568.70

644.07

2011年 2012年 2013年 2014年 2015年 2016年 2017年 2018年 2019年 2020年 2021年 2022年 2023年 2024年 2025年

04

單位：億元
總市值

1,961.19

1,925.58

1,352.92

1,472.21

1,370.80

1,335.31
1,242.31

1,262.46

1,162.68
987.10

796.15

847.96

803.73
688.54

791.83

2011年 2012年 2013年 2014年 2015年 2016年 2017年 2018年 2019年 2020年 2021年 2022年 2023年 2024年 2025年

歸屬於母公司股東的淨利潤

362.84

262.29

145.59

27.99

29.33

79.22
49.42

44.22

149.47
98.22

86.01
64.06

142.94

87.12

53.83

2011年 2012年 2013年 2014年 2015年 2016年 2017年 2018年 2019年 2020年 2021年 2022年 2023年 2024年 2025年

股東分紅

85.16
78.93

43.99

43.36

44.92
33.69

24.02
14.97
10.00
2.81

4.68

6.55

26.52

16.22

8.73

2011年 2012年 2013年 2014年 2015年 2016年 2017年 2018年 2019年 2020年 2021年 2022年 2023年 2024年 2025年

05

深化改革 ， 增 強 動 能
新一屆領導班子履職以來，踔厲奮發、銳意進取，以清晰的頂層設計、細致務實的舉措和「急行軍」式的高效執行，推
進「以客戶為中心」的專業化、市場化、體系化改革，以一系列真招、實招、硬招，全面重塑了公司發展動能。

戰略主線

以客戶為中心、以隊伍為根本、以員工為夥伴

以客戶為中心
公司胸懷利他之心和大愛精神，堅持為客戶「保得長久、保得健康、保得美好」的價值主張，致力於滿足客戶保險
保障、醫康養服務、財富管理等多元化需求，將客戶服務體系融入營銷和隊伍標準化建設，實現「保險+服務+場
景+科技+運營」的融合協同，為客戶創造更大價值，做人民美好生活的守護者。

以隊伍為根本
全面樹立現代營銷新理念，體系化推進營銷模式變革，建設專業化、職業化、綜合化的營銷團隊。通過組織變
革、模式創新與管理升級等全方位、立體化服務賦能隊伍建設，建立內勤強大賦能、外勤自主經營的現代營銷模
式，形成以組織發展驅動業務增長的銷售模式，為每一位保險銷售顧問打造「開創大愛事業，成就企業家夢想」的
事業平台。

以員工為夥伴
把員工視為事業夥伴，建設一流人才企業。通過思想文化建設、體制機制改革、人力資源體系優化、激勵約束機
制升級、工作環境改善等，為全體幹部員工打造人生事業的發展平台，讓他們成為公司價值創造共享者和事業成
功的同行者，使新華保險成為員工奮進成長、創新超越，實現報國為民理想情懷的價值共生體。

06

價值主張

為客戶「保得長久、保得健康、保得美好」

保得長久
堅守長期主義初心，構築全生命週期保障根基。以豐富多元化的產品，為客戶提供全生命週期服
務；持續優化理賠流程、踐行保險責任擔當，為客戶提供從投保到賠付全流程高效運營服務，以
充足給付兌現保險承諾，用實際行動彰顯保險保障本源價值。

保得健康
深耕醫養資源聯動，打造一體化健康保障體系。推進健康保險與健康管理融合創新，為客戶提供
「保險+養老+醫療」的一站式解決方案。持續拓寬健康服務邊界，發揮商業保險的支付功能與風
險減量管理服務功能，推動健康管理前置嵌入保險產品。

保得美好
豐富多元生態供給，滿足多元品質生活需求。全方位升級客戶經營體系，加大康養服務生態佈
局，豐富全週期服務供給，構建一體化客戶服務體系，打造差異化客戶經營競爭力。

07

三端協同 ， 引 領 市 場
2025年以來，新華保險確立並逐漸完善獨具特色的「保險+服務+投資」三端協同發展，將「服務」提升到戰略高度，大
力提升服務水平，構建層次豐富的服務生態，打造第二增長曲線，形成三端協同融合發展的獨特競爭力。

保險端：聚焦主責主業，持續提升市場競爭力
公司堅持回歸保險本源，踐行「產品+服務+場景+科技」深度融合的現代營銷新理念。強化產品創新驅動，構建覆
蓋客戶全生命週期需求的「全、優、精」產品體系；實施個險渠道+銀保渠道「雙核心渠道、雙核心驅動」的渠道戰
略，加強團險等其他業務渠道建設，着力實現多渠道均衡發展；縱深推進組織發展和隊伍優增，構建以基本法為
根基，以一系列隊伍優增項目為專項支撐的常態化組織發展政策體系，多措並舉着力提升負債端核心競爭力。

服務端：完善服務生態，開辟價值增長新路徑
依託科技賦能，升級自助理賠功能，實現「出院即賠」
「秒級到賬」，提供醫療墊付、重疾慰問先賠、保障先進療
法等特色服務，創新推出「空中櫃面」服務，讓客戶在線即可安全、便捷辦理複雜服務。同時，公司整合優質服
務資源，迭代升級「新華尊」
「新華安」
「新華瑞」
「新華悅」
「新華康」五大服務品牌，持續完善「醫康養財商稅法教樂
文」十大服務體系，構建「機構養老+居家養老+旅居康養」生態體系，持續完善客戶服務生態圈。

投資端：築牢長期穩健的投資實力，賦能保險業務發展
着力加強投研體系建設，持續壯大專業人才隊伍，豐富多元化投資策略，優化資產配置結構，強化投資風險管
理，以扎實的專業能力和穩健的投資策略，取得行業領先的投資業績。充分發揮保險資金「耐心資本、長期資
本、戰略資本」優勢，堅定當好服務實體經濟的主力軍和維護金融穩定的壓艙石。以強大的投資實力和專業能
力，為客戶和投資者創造價值，為一線隊伍賦能，有力協同服務質效提升和保險業務發展。

08

擔當責 任 ， 彰 顯 文 化
新華保險始終將社會責任融入企業發展血脈，深耕實體經濟，助力鄉村振興，投身公益事業，以實幹擔當書寫國有金
融企業的時代答卷。

公益向善，傳遞保險溫暖
新華人壽保險公益基金會2016年成立以來累計捐贈1.23億元。依託公益基金會，公司「關愛環衛工人」項目自
2017年8月啟動以來，覆蓋全國百城，累計惠及環衛工人近670萬人次，完成理賠550例，累計賠付金額超4,800
萬元。公司立足主業，積極參與「頂樑柱」
「加油寶貝」兩個國家級鄉村振興公益項目，以「保險+公益」精準服務三
農需求，截至2026年6月底，已為全國64.4萬名鄉村群眾送去兜底保障，累計理賠7,000餘例，理賠金額超1,100
萬元。

文化鑄魂，塑造新華專業鐵軍
公司全面樹立「大文化」觀，踐行中國特色金融文化，構建與國有屬性深度契合、與保險業態精準適配、與發展
階段同頻共振的新華文化，新華保險政治生態不斷向好、幹部員工精神面貌煥然一新，隊伍士氣高漲，發展信
心十足，企業凝聚力、向心力達到新高度。

企業文化核心理念
文化主旨：奮進自強 守正創新 誠信審慎 行穩致遠
願景：中國一流的以保險業務為核心的金融服務集團
使命：做強國復興偉業的建設者
做人民美好生活的守護者
做中國特色金融文化的踐行者
做社會和諧安寧的貢獻者

價值觀：客戶為尊 奮鬥為本 開放包容 善作善成
新華精神：專業鐵軍 追求卓越 仁愛厚德 傳承創新

09

公司榮譽與獎項

2026年《財富》世界500強第414位
2026年《財富》中國500強第98位
《財富》(FORTUNE)

2026年《福布斯》全球2000強第378位
《福布斯》(FORBES)

保險公司財務實力評級(IFS)「A」
（強勁）
惠譽(FITCH RATINGS)

2026年中國500最具價值品牌第81位
世界品牌實驗室(WBL)

2026年中國品牌價值500強第164位
2026年全球最具價值保險品牌100強第79位
Brand Finance

紫荊獎－ 2026年度高質量發展上市保險公司
清華大學五道口金融學院《清華金融評論》

2026中國上市公司品牌價值榜「年度成長榜TOP100」和「京津冀城市群TOP100」
每日經濟新聞

2026年度保險科技大賽「凌雲絕頂獎」
（優秀項目獎）
分子實驗室

CITE金智獎 · 數智金融實踐獎
中國互聯網協會數字金融工作委員會

10

重 要提示
1

本公司董事會及董事、高級管理人員保證本報告內容的真實、準確、
完整，不存在虛假記載、誤導性陳述或重大遺漏，並承擔個別和連帶
的法律責任。

2

本 公 司 第 九 屆 董 事 會 第 十 一 次 會 議 於2026年8月26日 審 議 通 過 了
《2026年中期報告》。會議應出席董事10人，親自出席董事10人。

3
4

本公司2026年中期財務報告未經審計。

5

本公司董事長楊玉成先生，總裁、財務負責人龔興峰先生，總精算師

本 公 司 擬 向 全 體 股 東 派 發2026年 中 期 現 金 股 利， 每 股0.73元（ 含
稅），總計約22.77億元，該利潤分配方案尚待股東會批准。

潘興先生以及會計機構負責人華勇先生保證《2026年中期報告》中財
務報告的真實、準確、完整。

6

本報告中所涉及的未來計劃、發展戰略等前瞻性描述不構成公司對投

7
8
9

本公司不存在被控股股東及其他關聯方非經營性佔用資金情況。

資者的實質承諾，敬請投資者注意投資風險。

本公司不存在違反規定決策程序對外提供擔保的情況。
本公司面臨的風險主要有市場風險、信用風險、保險風險、操作風
險、聲譽風險、戰略風險及流動性風險等。本公司已採取各種措施，
有效管理和控制各類風險，詳細情況請參見本報告「管理層討論與分
析」章節。

重要提示 | 二零二六年中期報告

11

目
錄

三十而立 新啟華章

關於公司
公司概要

13

經營情況
管理層討論與分析

19

內含價值

38

企業管治
企業管治

47

環境和社會責任

50

重要事項

52

股份變動及股東情況

55

其他信息
釋義

58

公司信息

59

財務報告
財務報告

61

關於公司

經營情況

企業管治

其他信息

財務報告

公司概 要
主要經營指標
單位：百萬元

總資產

收入合計
1,958,077

1,899,484
3.1%

歸屬於母公司股東的淨利潤
81,554

69,429

22,793

17.5%

54.0%

14,799

2025年12月31日

2026年6月30日

每股股利

2025年1-6月

2026年1-6月

原保險保費收入

10,872
129,570

121,262

9.0%

8,511

6.9%

2025年1-6月

2026年1-6月

2026年1-6月

簽發的保險合同
保險服務業績

0.73元(1)

0.67元

2025年1-6月

年化總投資收益率

5.9%

2025年1-6月

2026年1-6月

內含價值

6.7%

287,840

2026年1-6月

2025年12月31日

27.7%

2025年1-6月

2026年1-6月

上半年新業務價值
6,916

310,384

6,182

2026年6月30日

2025年1-6月

11.9%

7.8%

0.8pt

2025年1-6月

2026年1-6月

註：
1.

尚待股東會批准，下同。

關於公司 | 二零二六年中期報告

13

經營亮點
2026年上半年，公司緊扣內涵式、高質量發展主題，貫徹落實「以客戶為中心、以隊伍為根本、以員工
為夥伴」三大戰略主線，全面深化「保險+服務+投資」三端協同發展，縱深推進專業化、市場化、體系化改
革，更加聚焦強基固本厚植發展根基，更加聚焦保險本源鍛造核心優勢，更加聚焦戰略重點狠抓落實執
行，公司經營業績持續向上向好，「規模價值雙提升、結構效益雙優化」的發展態勢日益顯現，順利實現
「十五五」發展良好開局。
服務實體經濟投資餘
額超1.4萬億元，服

服務國家戰略
截 至2026年6月30日， 公 司 服 務 實 體 經 濟 投 資 餘 額 超1.4萬 億 元， 同 比 增 長 超

務金融「五篇大文章」 15%。服務金融「五篇大文章」投資餘額超5,000億元，同比增長超40%。科技
投 資 餘 額 超5,000

金融方面投資餘額超2,200億元，為近1.2萬家科技型企業提供風險保障超1萬億

億元

元。綠色金融方面投資餘額超1,100億元，為近6,700家綠色企業提供風險保障
超3,100億元。普惠金融方面，支持民營經濟、中小微企業發展相關投資餘額近
460億元，為超3.9萬家企業提供風險保障1.6萬億元；上半年共開展26個惠民保
項目，累計保額超萬億元，覆蓋超百萬人；政保業務累計減輕醫療負擔3.74億
元。養老金融方面投資餘額超260億元，大力發展養老二、三支柱業務，企職業
年金管理規模持續擴大，商保年金、個人養老金等業務累計達成新單保費近87億
元。數字金融方面投資餘額超1,000億元，加快數字化轉型，加強數字基礎設施
建設，全面提升數字化運營能力。

壽險主業
2026年上半年，公司壽險業務保持穩健發展態勢，規模、價值同步提升，實現
原保險保費收入1,295.70億元，同比增長6.9%；上半年新業務價值69.16億元，
同比增長11.9%；公司全渠道營銷員（代理制）人數143,877人。

14

二零二六年中期報告 | 關於公司

上半年新業務價值

69.16億 元， 同 比
增長11.9%

關於公司

投資規模超1.9萬億
元，上半年年化總投
資收益率6.7%

經營情況

企業管治

其他信息

財務報告

投資業務
2026年上半年，公司在分析、研判宏觀經濟及資本市場形勢基礎上，洞察趨
勢、把握機會，擇機配置優質底倉資產，優化資產結構，穩定長期收益來源。截
至2026年6月30日，公司投資規模超1.9萬億元，較上年末增長3.3%；上半年年
化總投資收益率6.7%，同比上升0.8個百分點；年化綜合投資收益率6.4%，同
比持平。

股東回報

中期現金股利每股

公司注重與投資者分享經營成果，擬向全體股東派發2026年中期現金股利每股
0.73元（含稅），共計約22.77億元，較上年中期派發的現金股利增加9.0%。公司

0.73元（含稅），共
計約22.77億元

自2024年起已連續3年在年度分紅基礎上增加中期分紅。

服務生態
目前，公司服務生態體系已覆蓋公司個險、銀保、團險及互聯網客戶，涉及健康

61個優質康養社區
83個優質旅居項目
境 內 外 超 過400家
醫療機構

管理、財稅法商、商旅出行等5大領域16項核心服務；已在全國42個城市佈局了
61個優質康養社區；在全國及海外共67個城市佈局了83個優質旅居項目，為客
戶提供豐富多樣的旅居養老選擇。
公司整合境內外優質醫療資源，為客戶提供覆蓋疾病預防、就醫協助、海外醫療
等全週期健康管理服務，打造「卓越醫療」服務體系，服務網絡覆蓋境內外超過
400家醫療機構，為客戶提供多樣化、專業化、體系化的醫療服務。

關於公司 | 二零二六年中期報告

15

隊伍和渠道建設
公司落實個險、銀保「雙核心渠道、雙核心驅動」發展戰略。在夯實個險渠道傳統
優勢的同時，着力做大做強銀保渠道。
個險渠道踐行現代營銷新理念，堅持「以隊伍為根本」，以新華文化為引領，以

個險渠道累計新增人

「專業化、職業化、綜合化」為隊伍建設方向，持續推進「XIN一代」計劃的戰略性

力2萬人

落地，全力打造一支專業優、服務優、品質優、素質優的WLP全生命週期規劃師

人均產能同比增長

隊伍。2026年上半年，累計新增人力2萬人，隊伍建設取得突破性進展；人均產

18%

能同比增長18%，帶動隊伍收入顯著增長。

銀保渠道規模人力同比增長

24%
銀保渠道作為公司雙核心業務渠道之一，加快發展，提高動能，立足價值、期交

團體渠道人均產能同比提升

同向發展目標，實現市場排名進一步提升。產品體系進一步豐富，隊伍規模與專

8.4%

業服務能力量質齊升，上半年規模人力同比增長24%，較2025年末增長7%；人
均期交產能同比提升9.7%。
團體渠道持續深化隊伍煥新改革，全力推動標準部建設，大力推進優秀人才引
進，升級隊伍基本法，強化培訓提升技能，人均產能同比增長8.4%。

產品經營
公司深度踐行「以客戶為中心」，強化多元化保險產品供給，健全普惠保險體
公 司 在 銷 產 品 共

230款

系，持續豐富貼合客戶全生命週期的「全、優、精」產品體系。在成立三十週年
之際，公司充分發揮「優資產、優產品、優服務」協同優勢，匠心打造多款優質
產品回饋客戶。截至2026年6月底，公司在銷產品共230款。

16

二零二六年中期報告 | 關於公司

關於公司

經營情況

理賠服務
公司理賠服務加速向線上化、智能化、便捷化變革，推動從「功能
滿足」向「體驗引領」升級。2026年全面煥新自助理賠，實現全部
理賠類型可線上自助辦理；理賠直付醫院近300家，覆蓋25個省
及直轄市。上半年，公司累計處理理賠案件237.7萬件，合計賠付

企業管治

其他信息

財務報告

賠付總金額：72.9億元

賠付總件數：237.7萬件
日均賠付額：4,020萬元
日均賠付：1.3萬件

金額72.9億元；日均賠付1.3萬件，日均賠付金額4,020萬元。個
人理賠97%通過線上提交申請。

13個 月 繼 續 率 為

97.5%

25個 月 繼 續 率 為

93.6%

業務品質
公司不斷深化業務品質管控，持續夯實品質管理長效機制，推動業務品質指標持
續改善。截至上半年，個人壽險業務13個月繼續率為97.5%，同比提升1.3個百
分點；25個月繼續率為93.6%，同比提升1.1個百分點。

科技賦能
公司持續加速釋放AI新質生產力，推動數字員工體系規模化落地。上半年，營銷
智能助手累計自動生成計劃書400餘萬份，理賠數字員工智能申請模塊日均處理

累計自動生成計劃書

400餘萬份

影像件超3萬件，識別準確率逾99%；團險投標數字員工推薦命中率由60%躍升

日 均 處 理 影 像 件 超3

至90%，有效賦能業務精準施策；人力招聘數字員工AI面試已覆蓋超3,000名候

萬件，識別準確率逾

選人，助力人才甄選提質增效；95567官方數字人服務大使支持16類保險產品講

99%

解與16類線上業務分步指導，以多模態視頻交互服務客戶。

核心競爭力分析
公司深入探索壽險業經營規律，遵循「保險+服務+投資」三端協同發展，創新升級經營理念、深化體制機制改革，形成
「一個新華」的立體化經營合力。保險端堅持做強做大保險本源業務，業務結構和產品結構日益豐富，個險、銀保「雙
核心」渠道格局充分彰顯，代理人隊伍質量不斷提升，分支機構經營能力顯著增強，AI全流程賦能持續加速，壽險主業
的核心競爭力更加堅實。服務端「尊安瑞悅康」五大服務品牌內涵不斷豐富，客戶分層經營的精細化水平顯著提升，與
產品銷售、客戶經營深度融合，具備服務客戶全生命週期多元需求的豐富資源和完備網絡。投資端堅持向長期價值轉
型，形成科學嚴謹的投研體系、專業精幹的投資隊伍、開放多元的投資生態圈，以及具有韌性的資產配置結構，投資
收益率穩定，資產負債聯動效果良好，公司高質量內生發展動力更加充足。

關於公司 | 二零二六年中期報告

17

經營
情況

關於公司

經營情況

企業管治

其他信息

財務報告

管理層 討 論 與 分 析
財務情況
主要會計數據和財務指標
單位：百萬元
截至6月30日止6個月
主要會計數據

2026年

2025年

增減變動

收入合計

81,554

69,429

17.5%

稅前利潤

26,623

16,218

64.2%

歸屬於母公司股東的淨利潤

22,793

14,799

54.0%

經營活動產生的現金流量淨額

56,190

58,719

-4.3%

2026年

2025年

6月30日

12月31日

增減變動

總資產

1,958,077

1,899,484

3.1%

總負債

1,834,462

1,787,906

2.6%

123,578

111,544

10.8%

歸屬於母公司股東的股東權益

截至6月30日止6個月
主要財務指標

2026年

2025年

增減變動

歸屬於母公司股東的基本加權平均每股收益（元）

7.31

4.74

54.2%

歸屬於母公司股東的稀釋加權平均每股收益（元）

7.31

4.74

54.2%

18.87%

15.93%

2.94pt

18.01

18.82

-4.3%

2026年

2025年

6月30日

12月31日

增減變動

39.61

35.75

10.8%

歸屬於母公司股東的加權平均淨資產收益率
加權平均的每股經營活動產生的現金流量淨額（元）

歸屬於母公司股東的每股淨資產（元）

經營情況 | 二零二六年中期報告

19

其他主要財務及監管指標
單位：百萬元
2026年1-6月╱
2025年1-6月╱
2026年6月30日 2025年12月31日

指標
分出再保險合同資產
保險合同負債
保險服務收入
保險服務費用
分出的再保險合同的費用淨額
簽發的保險合同的財務費用
分出的再保險合同的財務收益
退保率(1)

11,016
1,621,596
26,442
(15,570)
(228)
(38,312)
170
0.7%

增減變動

11,065
1,532,638
24,753
(16,242)
(229)
(34,007)
168
0.8%

-0.4%
5.8%
6.8%
-4.1%
-0.4%
12.7%
1.2%
-0.1pt

註：
1.

退保率=當期退保金╱（期初壽險、長期健康險責任準備金餘額+長期險保費收入），基於舊保險合同準則計算。

境內外會計準則差異說明
本公司按照國際財務報告準則編製的中期簡明合併財務報表和按照中國會計準則編製的中期財務報表中列示的截至
2026年6月30日止6個月期間的合併淨利潤及於2026年6月30日的合併股東權益並無差異。

合併財務報表中變動幅度超過30%的主要項目及原因
單位：百萬元
資產負債表項目
以公允價值計量且其變動計入當期損益的
金融資產
指定為以公允價值計量且其變動計入其他
綜合收益的權益工具投資
其他負債

2026年
6月30日

2025年
12月31日

增減變動

754,659

579,756

30.2%

交易性債券、股票投資配置增加

51,808

38,556

34.4%

非交易性股票投資增加

39,483

30,337

30.1%

計提2025年度末期現金股利

主要變動原因

單位：百萬元
利潤表項目
其他投資收益
金融資產減值損失淨額
聯營企業和合營企業投資
收益份額
稅前利潤
所得稅費用
淨利潤
歸屬於母公司股東的淨利潤
其他綜合收益的稅後淨額

20

二零二六年中期報告 | 經營情況

2026年
1-6月

2025年
1-6月

增減變動

主要變動原因

40,358
331
1,805

28,096
(54)
638

43.6%
不適用
182.9%

26,623
(3,827)
22,796
22,793
(4,331)

16,218
(1,417)
14,801
14,799
(21,364)

64.2%
170.1%
54.0%
54.0%
-79.7%

投資資產買賣價差收益同比增加
債類投資資產預期信用損失轉回
對聯營企業及合營企業的投資
收益增加
投資業績同比增加
稅前利潤同比增長
投資業績同比增加
投資業績同比增加
計入其他綜合收益的保險合同
金融變動損失減少

關於公司

經營情況

企業管治

其他信息

財務報告

業務情況
公司所處行業情況
2026年上半年，全球政治經濟局勢複雜動盪，地緣衝突持續升級，金融市場劇烈波動，外部不確定性增強。與此同
時，我國經濟高質量發展向新向優，一攬子宏觀經濟政策持續發力，推動經濟企穩回升向好，國民經濟實現「十五五」
良好開局，為保險業高質量發展築牢根基。監管層面，政策持續引導行業高質量發展轉型，健全制度規範，整治市場
無序競爭，推動保險業更好發揮「兩器三網」功能，做好金融「五篇大文章」，更好服務社會民生和實體經濟。今年以
來，在低利率環境下，居民存款「大搬家」效應顯現，疊加居民財富管理及健康養老保障需求持續釋放，上半年行業保
費實現穩健增長，產品結構、渠道結構持續調整，浮動收益型產品佔比穩步提升，銀保渠道發展提速提質，行業呈現
穩中有進、提質增效的良好發展態勢。

公司保險業務
2026年上半年，公司堅持「穩中求進、提質增效」的工作總基調，堅持走內涵式高質量發展道路，強化戰略引領，聚焦
壽險主營業務發展，持續深化專業化、市場化、體系化改革；堅持穩健可持續發展，以正確政績觀為引領，切實做好
「打基礎、利長遠、增後勁」的工作；加強「保險+服務+投資」三端協同聯動，提升「以客戶為中心」的經營與服務能力，
豐富完善醫康養等領域的客戶服務生態，加大AI科技投入，深化服務賦能。公司市場競爭力穩步提升，壽險主營業務
價值持續增長，整體業務保持穩健發展態勢。

經營情況 | 二零二六年中期報告

21

原保險保費收入

1,295.70億元
同比增長6.9%

業務規模
上半年，公司實現原保險保費收入1,295.70億元，同比增長6.9%；
其中，長期險首年期交保費326.12億元，同比增長27.7%；十年期及
以上期交保費28.53億元，同比增長132.1%；續期保費884.61億元，
同比增長12.2%。

上半年新業務價值

69.16億元
同比增長11.9%

業務價值
截 至2026年6月30日， 公 司 內 含 價 值3,103.84億 元， 較 上 年 末 增 長
7.8%；上半年新業務價值69.16億元，同比增長11.9%。首年保費口
徑下新業務價值率17.2%，同比提高2.3個百分點。

長期險首年期交保費

業務結構

佔長期險首年保費

上半年，公司期交業務持續增長，長期險首年期交保費佔長期險首年

比例為

保費比例為85.2%，較上年同期提升20.8個百分點；公司持續推動長

85.2%

較上年同期提升

20.8個百分點

年期業務發展，二季度十年期及以上期交保費佔長期險首年期交保
費比例為20.9%；續期保費佔總保費的比例為68.3%，「壓艙石」作用
穩固，首年業務與續期業務協同發展，共同拉動公司保費收入穩定增
長。

13個月繼續率
為97.5%
同比提升1.3個百分點
25個月繼續率
為93.6%
同比提升1.1個百分點

業務品質
公司不斷深化業務品質管控，圍繞制度經營，完善閉環管理，持續夯
實品質管理長效機制，推動業務品質指標持續改善提升。個人壽險業
務13個月繼續率為97.5%，同比提升1.3個百分點；25個月繼續率為
93.6%，同比提升1.1個百分點。2026年1-6月退保率為0.7%，與上
年同期相比下降0.1個百分點。

單位：百萬元
截至6月30日止6個月

2026年

2025年

增減變動

原保險保費收入
長期險首年保費
期交
十年期及以上期交保費
躉交
續期保費
短期險保費

129,570
38,273
32,612
2,853
5,661
88,461
2,836

121,262
39,622
25,528
1,229
14,094
78,831
2,809

6.9%
-3.4%
27.7%
132.1%
-59.8%
12.2%
1.0%

註：
1.

由於四捨五入，數字合計可能與匯總數有細微差異。

2.

上述原保險保費收入基於舊保險合同準則計算，下同。

22

二零二六年中期報告 | 經營情況

關於公司

經營情況

企業管治

其他信息

財務報告

按渠道分析
單位：百萬元
截至6月30日止6個月

2026年

2025年

增減變動

個險渠道
長期險首年保費

18,125

14,506

24.9%

期交

17,715

14,248

24.3%

躉交

410

258

58.9%

63,545

57,462

10.6%

550

558

-1.4%

82,220

72,526

13.4%

19,902

24,939

-20.2%

期交

14,652

11,104

32.0%

躉交

5,250

13,835

-62.1%

續期保費

24,643

21,247

16.0%

9

6

50.0%

44,554

46,192

-3.5%

長期險首年保費

246

177

39.0%

續期保費

273

122

123.8%

短期險保費

2,277

2,245

1.4%

2,796

2,544

9.9%

129,570

121,262

6.9%

續期保費
短期險保費
個險渠道保費收入合計
銀保渠道
長期險首年保費

短期險保費
銀保渠道保費收入合計
團體保險

團體保險保費收入合計
原保險保費收入
註：
由於四捨五入，數字合計可能與匯總數有細微差異。

經營情況 | 二零二六年中期報告

23

個人壽險業務
個險渠道
個險渠道持續踐行現代營銷新理念，確立「圍繞客戶抓營銷」核心經營主線，

20.6%

聚力推動「優化業務結構、強化隊伍建設、夯實生態賦能」三項年度關鍵任務

個險渠道新業務價值同比增長

落地。緊扣渠道高質量改革發展的總體目標，推動落實渠道隊伍建設三年發
展規劃。
隊伍建設方面，遵循「以隊伍為根本」，堅持以基本法為綱、榮譽體系為引
領，配套多樣化人才引進與培養通道，持續優化隊伍結構、夯實隊伍根基，
實現量的有效增長和質的有效提升；構建績優梯隊分層培育體系，促進核心

24.3%

人力垂直成長，持續深化「保險企業家」人才戰略，鞏固組織內生動力與價值

個險渠道長期險首年期交保費同比增長

導向；拓展人才成長路徑，為專業服務、團隊發展、高客經營、自媒體IP等不
同賽道的人才提供定制化成長環境與專屬賦能。
產品推動方面，持續通過產品多元化與長期化銷售，促進業務結構優化。
險種結構上，單一險種獨大格局有效改善，二季度年金險保費佔比過半；
年期結構上，十年期及以上期交保費創5年來最好成績，保費規模同比增長

16.2%

133.3%。同時，大力推動產品組合銷售，渠道立足客戶需求深耕經營，全力

月均績優人力同比增長

滿足客戶全方位保險保障需求。
客戶經營方面，始終恪守「以客戶為中心」的經營準則。依託總公司統籌生態
圈、分公司特色生態圈、代理人個人生態圈三位一體三圈經營體系，系統性
推動產品、權益、場景、生態、科技五大維度深度融合，引導代理人從單一
產品銷售者轉變為全生命週期服務提供者，實現客戶規模與經營價值雙向提

31.7%

質增效。

月均人均綜合產能同比增長

2026年上半年，個險渠道實現保費收入822.20億元，同比增長13.4%，其
中，長期險首年期交保費177.15億元，同比增長24.3%。個險代理人規模
人力(1)12.80萬人，月均合格人力(2)2.68萬人，同比增長7.2%，月均合格率(3)
20.7%， 同 比 提 升2.1個 百 分 點； 月 均 績 優 人 力(2)2.08萬 人， 同 比 增 長
16.2%， 月 均 績 優 率(3)16.1%， 同 比 提 升2.8個 百 分 點； 月 均 萬C人 力(2)0.46
萬人，月均萬C人力佔比(3)3.5%，同比提升0.4個百分點；月均人均綜合產能
(4)

2.20萬元，同比增長31.7%。

註：
1.

個險代理人規模人力包含個險渠道代理制銷售隊伍及專職收費隊伍，不再含勞動制銷售隊伍，以下相關隊伍指標以此口徑為準。

2.

月均合格人力=(Σ月度合格人力）╱報告期月數，月均績優人力、月均萬C人力計算公式同理，其中月度合格人力（績優人力、萬C人力）指月度內承保
且未撤保一件及以上新契約（包括卡折式業務保單）、當月首年佣金≥800元(3,000元、10,000元）的營銷員人數。

3.

月均合格率=月均合格人力╱月均規模人力*100%，月均績優率、月均萬C人力佔比計算公式同理，其中月均規模人力={Σ[（月初規模人力+月末規模
人力）╱ 2]} ╱報告期月數。

4.

月均人均綜合產能=月均首年期交保費╱月均規模人力。

24

二零二六年中期報告 | 經營情況

關於公司

經營情況

企業管治

其他信息

財務報告

銀保渠道
銀保渠道堅持「以客戶為中心」，持續為銀行客戶提供全生命週期康養服務，
為客戶多樣化需求提供更豐富的保障。產品體系進一步豐富，實現分紅險、
終身壽、年金險、兩全險等多類型產品全面發展。隊伍規模與專業服務能力

32.0%
銀保渠道長期險首年期交保費同比增長

呈現量質齊升態勢，期交舉績人力、人均產能持續增長。強化各銀行渠道戰
略協同，合作緊密度不斷加深，在主力合作銀行的業務規模佔比、市場排名
全面提升。業務品質持續向好，繼續率指標穩步攀升，為渠道長期穩健發展

20.1%

築牢根基。

月均期交舉績網點同比增長

上半年，銀保渠道前置業務節奏、順應市場機遇，實現保費收入445.54億
元， 其 中， 長 期 險 首 年 期 交 保 費146.52億 元， 同 比 增 長32.0%； 續 期 保 費
246.43億元，同比增長16.0%；月均期交舉績網點(1)同比增長20.1%；月均期

19.8%

交舉績人力(2)同比增長19.8%。

月均期交舉績人力同比增長

註：
1.

月均期交舉績網點=統計期內承保有效期交保費>0的銀行網點數量；累計統計時採用月均口徑，即報告期內各月度期交舉績網點之和╱報告期月數。

2.

月均期交舉績人力=統計期內承保有效期交保費>0的銷售人員數量；累計統計時採用月均口徑，即報告期內各月度期交舉績人力之和╱報告期月數。

團體保險業務

支持賦能方面，持續提升產品競爭力，升級健康管理服

團 體 渠 道 以「 高 質 量 發 展 」為 核 心 目 標， 統 一「 大 效 益

務體系，以新技術賦能場景銷售。

觀、大業務觀、大人才觀、大協同觀」四大觀念，持續
深化專業化轉型和市場化改革。

特色發展方面，持續加強科技、綠色、普惠等重點領域
客戶承保力度，提供風險保障額度超3萬億元，惠民保

客戶拓展方面，深化戰略客戶三級作戰體系，總分協

參與承保15個省市、26個項目。

同、掛圖作戰，戰略客戶數穩步增長。
2026年上半年，團體渠道實現保費收入27.96億元，同
效益改善方面，優化核保管控，嚴控費用成本，降本增

比提升9.9%；其中，長期險首年保費2.46億元，同比

效，綜合成本率同比下降；加快職域業務發展，積極推

增長39.0%。政策性健康保險業務(1)實現保費收入10.16

進企業場景營銷，持續提升渠道價值。

億元，同比增長1.9%，覆蓋客戶超1,700萬人。

基礎管理方面，強化隊伍活動量管理，推進標準部建
設，優化三級培訓體系，完善基礎管理制度體系。

註：
1.

政策性健康保險業務保費不含基金委託型業務。

經營情況 | 二零二六年中期報告

25

按險種分析
單位：百萬元
截至6月30日止6個月

2026年

2025年

增減變動

原保險保費收入

129,570

121,262

6.9%

傳統型保險

53,391

74,299

-28.1%

長期險首年保費

3,000

33,955

-91.2%

續期保費

50,331

40,287

24.9%

短期險保費

60

57

5.3%

分紅型保險(1)

48,492

18,269

165.4%

長期險首年保費

34,502

4,627

645.7%

續期保費

13,990

13,642

2.6%

短期險保費

–

–

–

萬能型保險(1)

36

31

16.1%

長期險首年保費

–

–

–

續期保費

36

31

16.1%

短期險保費

–

–

–

27,206

28,246

-3.7%

771

1,040

-25.9%

續期保費

24,104

24,871

-3.1%

短期險保費

2,331

2,335

-0.2%

445

417

6.7%

長期險首年保費

–

–

–

續期保費

–

–

–

短期險保費

445

417

6.7%

健康保險
長期險首年保費

意外保險

註：
1.

分紅型健康險計入分紅型保險，萬能型健康險計入萬能型保險。

2.

「–」為金額小於50萬元。

26

二零二六年中期報告 | 經營情況

關於公司

經營情況

企業管治

其他信息

財務報告

按機構分析
單位：百萬元
截至6月30日止6個月

2026年

2025年

增減變動

原保險保費收入

129,570

121,262

6.9%

山東分公司

12,378

11,560

7.1%

浙江分公司

8,598

7,849

9.5%

河南分公司

8,382

7,760

8.0%

廣東分公司

8,219

7,623

7.8%

北京分公司

7,541

7,492

0.7%

陝西分公司

6,993

6,441

8.6%

湖北分公司

6,527

5,948

9.7%

江蘇分公司

6,059

5,636

7.5%

內蒙古分公司

5,095

4,390

16.1%

湖南分公司

4,596

4,179

10.0%

其他分公司

55,182

52,384

5.3%

2026年上半年，本公司57.4%的保費收入來自上述10家分公司。

保險產品經營信息
產品經營亮點
公司堅持「以客戶為中心」，做深做實「保險+服務+投資」三端協同，持續豐富多層次、多功能健康保障類產品矩陣，加
大多元化養老及財富管理類產品供給，健全覆蓋廣泛、保障精準、層次分明的普惠保險產品體系，滿足客戶全生命週
期保險保障需要。

經營情況 | 二零二六年中期報告

27

健康保障類產品

養老及財富管理類產品

聚焦客戶差異化健康保障需求，持續豐富多層次、多

以分紅險為主，加大多元化養老及財富管理類產品供

功能健康保障類產品矩陣，有效覆蓋標準體、次標體

給，涵蓋長期年金、終身壽險、兩全保險等多種產品

等各類人群。拓寬產品責任範圍，支持更高年齡人群

類型，形成覆蓋不同期限和產品類型的多元產品矩

投保，推出健康多倍保慶典版重疾產品，增加急性危

陣，滿足客戶差異化財富管理與傳承需求；積極融入

重狀態保障，通過模塊化責任設計及多款附加險靈活

國家應對人口老齡化戰略大局，持續擴充商保年金、

搭配，滿足不同客群的個性化需求；豐富非健康體人

個人養老金、專屬商業養老保險等多元產品供給，有

群保險保障，開發針對次標體的中端醫療保險「醫藥

力支持多層次、多支柱養老保險體系建設，滿足客戶

安欣（易核版）」，契合醫保DRG改革影響，涵蓋一般

多樣化養老保障需求。

醫療、重疾醫療及外購藥械、重疾特需、小額醫
療、康復護理等特色保障，並配套疾病預防、慢病管
理、就醫服務、康復護理等六大類健康管理服務。

普惠保險產品
以普惠重點群體和普惠重點領域作為發力點，持續健全普惠保險產品體系。聚焦老
年人、少年兒童、女性、新市民、小微企業主、鄉村人口等重點群體，以產品創新
為牽引，不斷豐富專屬產品供給，助力保障和改善民生。截至2026年6月底，已初
步建成覆蓋廣泛、保障精準、層次分明的普惠保險產品體系，涵蓋近50款「一老一小」
、
女性、新市民、學生兒童等特定群體專屬產品，4款鄉村振興專屬產品，1款小微企
業專屬產品，6款政策性健康險，2款惠民保，2款稅優健康險，切實滿足人民群眾
和實體經濟多樣化、普惠性的金融需求。

截至2026年6月底，公司在銷產品共230款

28

二零二六年中期報告 | 經營情況

關於公司

經營情況

企業管治

其他信息

財務報告

業務品質
截至6月30日止6個月

2026年

2025年

增減變動

13個月繼續率(1)

97.5%

96.2%

1.3pt

25個月繼續率

93.6%

92.5%

1.1pt

個人壽險業務繼續率
(2)

註：
1.

13個月繼續率=考察期內期交保單在生效後第13個月實收保費╱考察期內期交保單的承保保費。

2.

25個月繼續率=考察期內期交保單在生效後第25個月實收保費╱考察期內期交保單的承保保費。

保險服務收入、保險服務費用分析
單位：百萬元
截至6月30日止6個月

2026年

2025年

增減變動

採用保費分配法計量的合同

1,753

1,715

2.2%

未採用保費分配法計量的合同

24,689

23,038

7.2%

26,442

24,753

6.8%

採用保費分配法計量的合同

2,194

2,093

4.8%

未採用保費分配法計量的合同

保險服務收入

合計
保險服務費用

13,376

14,149

-5.5%

合計

15,570

16,242

-4.1%

簽發的保險合同保險服務業績

10,872

8,511

27.7%

2026年上半年，簽發的保險合同保險服務業績較上年同期上升27.7%，其中保險服務收入較上年同期增長6.8%，保
險服務費用較上年同期下降4.1%。

經營情況 | 二零二六年中期報告

29

保險合同負債分析
單位：百萬元
2026年

2025年

6月30日

12月31日

未到期責任負債

1,604,819

1,518,168

5.7%

已發生賠款負債

16,777

14,470

15.9%

1,621,596

1,532,638

5.8%

未採用保費分配法計量的保險合同

1,618,620

1,530,171

5.8%

採用一般模型計量的保險合同

917,583

846,422

8.4%

採用浮動收費法計量的保險合同

701,037

683,749

2.5%

2,976

2,467

20.6%

1,621,596

1,532,638

5.8%

193,857

181,723

6.7%

2026年

2025年

增減變動

8,308

6,144

35.2%

項目

保險合同負債合計

採用保費分配法計量的保險合同
保險合同負債合計
其中：簽發保險合同的合同服務邊際

截至6月30日止6個月
當期初始確認簽發的保險合同的合同服務邊際

增減變動

2026年上半年，保險合同負債較上年末上升5.8%，其中，未到期責任負債較上年末上升5.7%。當期初始確認簽發的
保險合同的合同服務邊際同比增長35.2%，主要原因是新業務規模及結構變化。

30

二零二六年中期報告 | 經營情況

關於公司

經營情況

企業管治

其他信息

財務報告

分出再保險合同資產分析
單位：百萬元
項目

2026年

2025年

6月30日

12月31日

增減變動

分保攤回未到期責任資產

9,855

9,788

0.7%

分保攤回已發生賠款資產

1,161

1,277

-9.1%

分出再保險合同資產合計

11,016

11,065

-0.4%

未採用保費分配法計量的保險合同

10,946

11,002

-0.5%

70

63

11.1%

11,016

11,065

-0.4%

採用保費分配法計量的保險合同
分出再保險合同資產合計

2026年上半年，分出再保險合同資產較上年末下降0.4%。

公司資產管理業務
投資資產規模超

1.9萬億元

年化總投資收益率

6.7%

截 至2026年6月30日， 公 司 投 資 資 產 規 模 超1.9萬 億 元， 較 上 年 末 增 長
3.3%
2026年上半年，公司投資組合實現年化總投資收益率6.7%，同比上升0.8
個百分點；年化綜合投資收益率6.4%，同比持平

2026年上半年，國內經濟平穩運行，為全年經濟運行夯實基礎。長端利率延續低位區間震盪態勢，股票市場風格極致
分化，波動加劇。
公司持續完善投研體系建設，加強宏觀形勢研判，把握配置節奏。公司大類資產配置保持戰略穩定，在中長期戰略資
產配置指引下，根據市場形勢積極開展戰術資產配置，有效把握投資機會，並取得積極成果。
固定收益方面，一方面，從資產負債匹配角度，公司擇機配置長久期利率債，控制資產負債久期缺口，進一步充實固
收資產底倉；另一方面，在穩定固收資產底倉基礎上，為提高收益彈性，積極配置固收增強類資產。
權益投資方面，一方面，堅定價值投資、長期投資理念，積極開展持有型權益底倉資產配置，穩定長期投資收益；另
一方面，洞察市場趨勢、積極把握結構性機會，獲取收益彈性。

經營情況 | 二零二六年中期報告

31

投資組合情況
單位：百萬元
2026年6月30日

投資資產

2025年12月31日

金額

金額

佔比

金額

佔比

增減變動

1,901,854

100%

1,841,227

100%

3.3%

按投資對象分類
現金及現金等價物

33,065

1.7%

42,898

2.3%

-22.9%

定期存款

226,952

11.9%

293,964

16.0%

-22.8%

975,101

51.3%

914,024

49.6%

6.7%

250,094

13.2%

216,452

11.8%

15.5%

235,706

12.4%

172,574

9.4%

36.6%

95,879

5.0%

108,143

5.8%

-11.3%

61,891

3.3%

65,633

3.6%

-5.7%

金融投資
債券
股票

(1)

基金
其他金融投資

(2)

聯營企業和合營企業投資
投資性房地產

10,953

0.6%

11,424

0.6%

-4.1%

其他投資資產(3)

12,213

0.6%

16,115

0.9%

-24.2%

754,659

39.7%

579,756

31.5%

30.2%

其他綜合收益的金融資產(4)

605,459

31.8%

574,524

31.2%

5.4%

以攤餘成本計量的金融資產

468,892

24.6%

609,890

33.1%

-23.1%

聯營企業和合營企業投資

61,891

3.3%

65,633

3.6%

-5.7%

投資性房地產

10,953

0.6%

11,424

0.6%

-4.1%

按會計核算方法分類
以公允價值計量且其變動
計入當期損益的金融資產
以公允價值計量且其變動計入
(5)

註：
1.

股票含普通股和優先股。

2.

其他金融投資包括股權計劃、債權投資計劃、信託計劃、資產管理計劃、私募股權、未上市股權、永續債和同業存單等。

3.

其他投資資產主要包括存出資本保證金、買入返售金融資產、應收股利和應收利息等。

4.

以公允價值計量且其變動計入其他綜合收益的金融資產為以公允價值計量且其變動計入其他綜合收益的債務工具投資與指定為以公允價值計量且其變
動計入其他綜合收益的權益工具投資。

5.

以攤餘成本計量的金融資產為以攤餘成本計量的債務工具投資、定期存款、現金及現金等價物等。

32

二零二六年中期報告 | 經營情況

關於公司

經營情況

企業管治

其他信息

財務報告

投資收益情況
單位：百萬元
截至6月30日止6個月

2026年

2025年

增減變動

54

105

-48.6%

現金及現金等價物利息收入
定期存款利息收入

3,467

4,554

-23.9%

金融投資的利息、股息和分紅收入

17,894

18,589

-3.7%

聯營和合營企業權益法確認損益

1,711

638

168.2%

135

134

0.7%

投資性房地產租金收入
其他投資資產利息收入

71

78

-9.0%

(2)

23,332

24,098

-3.2%

投資資產買賣價差損益

38,234

11,012

247.2%

公允價值變動損益

(4,380)

10,230

不適用

投資資產減值損失

339

(52)

不適用

57,525

45,288

27.0%

(2,486)

3,642

不適用

55,039

48,930

12.5%

年化淨投資收益率(5)

2.6%

3.0%

-0.4pt

年化總投資收益率(5)

6.7%

5.9%

0.8pt

6.4%

6.4%

–

淨投資收益

(1)

總投資收益(3)
其他綜合收益
綜合投資收益

(4)

年化綜合投資收益率

(5)

註：
1.

其他投資資產利息收入包括存出資本保證金、買入返售金融資產等產生的利息收入。

2.

淨投資收益包括現金及現金等價物、定期存款和金融投資等的利息、股息和分紅收入、聯營和合營企業權益法確認損益及投資性房地產租金收入。

3.

總投資收益=淨投資收益+投資資產買賣價差損益+公允價值變動損益+投資資產減值損失。

4.

綜合投資收益=總投資收益+計入其他綜合收益的以公允價值計量且其變動計入其他綜合收益的債務工具投資與指定為以公允價值計量且其變動計入其
他綜合收益的權益工具投資當期公允價值變動淨額+權益法下其他綜合收益當期變動。

5.

年化投資收益率=（投資收益－賣出回購利息支出）╱（月均投資資產－月均賣出回購金融資產款－月均應收利息）*2。

經營情況 | 二零二六年中期報告

33

三年平均投資收益率
2024至
本報告期

2026年截至
6月30日

2023至

比上年度

止6個月

2025年

增減變動

平均年化淨投資收益率

3.0%

3.2%

-0.2pt

受利率下行影響

平均年化總投資收益率

5.8%

4.7%

1.1pt

受資本市場回暖及利率下行影響

平均年化綜合投資收益率

6.4%

5.4%

1.0pt

受資本市場回暖及利率下行影響

變動原因

非標資產投資情況
截至2026年6月30日，非標資產投資金額為684.56億元，在總投資資產中佔比為3.6%，較上年末佔比持平。

利源分析
單位：百萬元
截至6月30日止6個月

2026年

2025年

增減變動

保險服務業績及其他

8,662

6,677

29.7%

其中：保險服務收入

26,442

24,753

6.8%

保險服務費用

(15,570)

(16,242)

-4.1%

投資業績
其中：總投資收益淨額(1)
承保財務損益(2)
稅前利潤

17,961

9,541

88.3%

56,103

43,380

29.3%

(38,142)

(33,839)

12.7%

26,623

16,218

64.2%

所得稅費用

(3,827)

(1,417)

170.1%

淨利潤

22,796

14,801

54.0%

註：
1.

總投資收益淨額=總投資收益－利息支出。

2.

承保財務損益包含承保財務損失和分出再保險財務收益。

34

二零二六年中期報告 | 經營情況

關於公司

經營情況

企業管治

其他信息

財務報告

專項分析
償付能力狀況
新華人壽保險股份有限公司根據《保險公司償付能力監管規則(Ⅱ)》等規定計算和披露核心資本、實際資本、最低資
本、核心償付能力充足率和綜合償付能力充足率。中國境內保險公司的償付能力充足率必須達到國家金融監督管理總
局規定的水平。
單位：百萬元

核心資本
實際資本
最低資本
核心償付能力充足率
綜合償付能力充足率(1)
(1)

2026年
6月30日

2025年
12月31日

204,624
317,356
162,128

201,362
313,672
149,032

126.21%
195.74%

135.11%
210.47%

變動原因
折現率變動、金融資產公允價值變動、保險業務增長
保險業務與投資業務增長及結構變化

註：
1.

核心償付能力充足率=核心資本╱最低資本；綜合償付能力充足率=實際資本╱最低資本。

流動性分析

資產負債率

資產負債率

2026年
6月30日

2025年
12月31日

93.7%

94.1%

註：
資產負債率=總負債╱總資產。

現金流量表
單位：百萬元
截至6月30日止6個月

2026年

2025年

增減變動

經營活動產生的現金流量淨額
投資活動產生的現金流量淨額
籌資活動產生的現金流量淨額

56,190
(12,751)
(53,166)

58,719
(21,725)
(42,850)

-4.3%
-41.3%
24.1%

2026年1-6月經營活動產生的現金淨流入額較上年同期略有下降。
2026年1-6月投資活動產生的現金淨流出額較上年同期減少41.3%，主要原因是收回投資收到的現金同比增加。
2026年1-6月籌資活動產生的現金淨流出額較上年同期增長24.1%，主要原因是支付賣出回購金融資產款的現金同比
增加。
經營情況 | 二零二六年中期報告

35

流動資金的來源和使用
本公司的主要現金收入來自保費收入、投資資產出售及
到期收到現金和投資收益。這些現金流動性的風險主要
是保險客戶和合同持有人的退保，以及債務人違約、利
率風險和其他市場波動風險。本公司密切監視並控制這
些風險。

公司控制的結構化主體情況
本公司控制的主要結構化主體情況請參見本報告財務報
表附註28。

未來展望
市場環境及經營計劃

本公司的現金及銀行存款為公司提供了流動性資源，

2026年是「十五五」開局之年，國家「十五五」規劃部署

以滿足現金支出需求。在承擔利息損失的情況下，本

了「加快建設金融強國」
「健全多層次社會保障體系」
「積

公司幾乎所有的定期銀行存款均可動用。截至本報告

極應對人口老齡化」等重大任務，與保險業「兩器三網」

期末，現金及現金等價物為330.65億元，定期存款為

功能高度契合，為行業發展開闢了更加廣闊的空間。中

2,269.52億元。此外，本公司的投資組合也為公司提供

國經濟長期向好的基本趨勢持續鞏固，新質生產力加

了流動性資源，以滿足無法預期的現金支出需求。截至

快培育壯大，居民財富積累與老齡化進程交匯共振，

本報告期末，本公司債券、股票、基金類金融資產投資

養老保障、財富規劃呈現長期化、多元化、差異化等新

14,609.01億元。

特徵，保險業服務國計民生的戰略支點作用將進一步凸
顯，也對公司經營管理和改革發展提出了更高要求。

本公司的主要現金支出涉及各類人壽保險、年金險、意
外險和健康險產品的給付及退保付款、保單合同之分紅
和利息分配、營業支出、稅金的支付和向股東分配的現
金股利。
本公司流動資金能夠充分滿足當前的現金需求。

保險保障基金的計提情況
保險保障基金的計提依據及金額請參見本報告財務報表
附註20。

再保險業務情況
本公司採用的分保形式主要有成數分保、溢額分保以及
巨災事故超賠分保，現有的分保合同涵蓋了大部分有風
險責任的產品。本公司根據相關法規、業務發展及風險
管理需要，合理確定自留額和分保比例。本公司審慎選

立足「十五五」新發展階段，公司將以服務國家戰略、守
護人民美好生活為根本宗旨，全面深化「保險+服務+投
資」三端協同發展，貫徹落實「以客戶為中心、以隊伍
為根本、以員工為夥伴」三大戰略主線，致力於為客戶
「保得長久、保得健康、保得美好」。下半年，公司將堅
持穩中求進總基調，縱深推進專業化、市場化、體系化
改革，全面提升公司核心競爭力。持續打造強大總部，
構建全方位業務賦能機制，以總部強帶動分支機構做優
做強；踐行現代營銷新理念，打造「產品+服務+場景+
科技」深度融合的綜合競爭實力；做強做大保險本源業
務，推動長期交產品和健康險等保障型產品轉型；全面
加強投資能力建設，構建強大的投研體系和投資人才隊
伍，健全專業、穩健的投資結構與佈局，將投資端優勢
轉化為市場競爭力和產品吸引力；深入實施AI+戰略，

擇再保險接受人，以保證再保業務安全性的同時獲得優

加快AI大模型在各領域的應用，推進管理與業務的數智

質的保障和服務。再保險接受人的選擇標準是在滿足監

化。公司將以勇於競爭、追求卓越的精神，不斷創新超

管規定的前提下，綜合考慮其財務實力、資信狀況、價

越，推動「十五五」發展良好開局，為服務中國式現代

格水平、技術實力、核保理賠政策的一致性及服務水平

化、服務金融強國建設貢獻新華力量。

等因素。目前，本公司分保業務的主要合作夥伴有瑞士
再保險股份有限公司北京分公司、中國人壽再保險有限
責任公司、德國通用再保險股份公司上海分公司、法國
再保險公司北京分公司及慕尼黑再保險公司北京分公司
等。

36

二零二六年中期報告 | 經營情況

關於公司

可能面對的風險
公司在經營管理過程中面臨的主要風險包括市場風險、
信用風險、保險風險、操作風險、聲譽風險、戰略風

經營情況

企業管治

其他信息

財務報告

險、流動性風險等。針對上述風險，公司建立了較為完
善的大類風險管理制度，確立了由董事會負責、管理層
直接領導、相關職能部門分工配合的風險管理組織體
系，風險管理流程與手段、管理效果與說明具體如下：

風險類別

風險管理流程與手段

風險管理效果評估與說明

市場風險

公司持續監控高風險資產佔比、在險價值（VaR）、

公司各項投資資產比例均符合監管要求及公司內

資產久期等市場風險核心指標，並通過設置指

部管理規定。

標閾值，進行風險預警。此外，為應對極端情
況，公司利用敏感性分析和壓力測試等方法，
計量在壓力情景下公司潛在損失的程度。
信用風險

針對投資業務信用風險，公司主要監控投資對象

公司投資性存款及持倉債券中，信用評級為AAA

及交易對手的信用評級和集中度情況，提升對

級的佔比超過95%，且主要交易對手主體信用

信用評級較高交易對手的投資佔比，保證整體

評級均為AAA級。

信用風險敞口可控。
針對再保險信用風險，公司主要根據再保交易對
手的信用評級情況進行評估。
保險風險

公司通過對歷史經驗數據的定期回顧和主要假設
的敏感性分析等技術來評估和監控保險風險，

公司的再保險接受人共9家，信用評級均在A級以
上。
公司保險風險管理規範、有序，保險風險整體可
控。

重點關注退保率、死亡率、疾病發生率對公司
經營結果的影響。
操作風險

公司建立和持續優化完整有效的操作風險管理流

公司未發生影響外部審計評價意見、對公司造成

程，包括識別、評估、監測、應對以及報告。

系統性重大影響的操作風險事件，以及監管認

針對流程中的各環節，選擇適當的方法和工具

定的重大違規處罰及違法違規行為。

實施操作風險管理。
聲譽風險

公司在組織架構、制度體系、日常監測、應對處

外界媒體對公司的報道以正面、客觀為主。

置等方面，建立了覆蓋全公司各條線、各機構
的聲譽風險管理體系，有較好的聯動機制。
戰略風險

公司建立了涵蓋規劃編製、規劃實施、規劃評估

公司經營健康穩定，未發生戰略風險事件。

及戰略風險識別、監測、評估、報告的管理機
制。公司在充分考慮內外部因素的基礎上，科
學制定發展規劃，並制定與之配套的戰略風險
偏好體系；通過定期監測與評估、強化聯動協
同，保障戰略風險管理動作在各領域各環節有
效執行到位。
流動性風險

公司持續監測未來現金流情況並開展壓力測試，
關注流動性覆蓋率等指標，持續做好日常風險

公司各項流動性比例均符合監管要求及公司內部
管理規定。

監測，關注指標異常變動，提前制定解決方
案。

經營情況 | 二零二六年中期報告

37

內含價值
關於內含價值披露的獨立精算師審
閱意見報告

審閱意見：
基於上述工作範圍和數據依賴，我們的審閱意見如下：

致新華人壽保險股份有限公司各位董事
我們已經審閱了新華人壽保險股份有限公司（下稱「新

•

含價值結果時所用的方法和假設與內含價值評估

華保險」或「貴公司」）截至2026年6月30日內含價值結果

標準要求一致、並與可獲得的市場信息一致；

（下稱「內含價值結果」）。該結果包括於2026年6月30日
的內含價值和2026年上半年新業務價值、敏感性分析
以及內含價值變動分析結果。

•

含價值評估標準》
（下稱「內含價值評估標準」）所規定的
內含價值準則為基礎。作為獨立的精算師，我們的責任
是依據我們的業務約定書中確認的審閱流程進行審閱工
作。根據我們的審閱工作，判斷內含價值的方法和假設
是否與內含價值評估標準要求和市場信息一致。
我們的工作範圍包括：
•

審閱截至2026年6月30日的內含價值和2026年上
半年新業務價值所採用的方法和假設是否與內含
價值評估標準和可獲得的市場信息一致；

•

審閱截至2026年6月30日的內含價值及2026年上
半年新業務價值的結果；

•

審閱截至2026年6月30日的有效業務價值和2026
年上半年新業務價值的敏感性分析；

•

審 閱 自2025年12月31日 至2026年6月30日 的 內
含價值變動分析。

我們的審閱意見依賴由貴公司提供的各種經審計和未經
審計的數據的完整性和準確性。
內含價值的相關計算需要基於大量的預測和假設，其中
包括很多公司無法控制的經濟，非經濟和財務狀況的假
設。因此，實際經驗和結果很有可能與預測結果產生偏
差。

38

二零二六年中期報告 | 經營情況

內含價值結果，在所有重大方面，均與2026年半
年報中內含價值章節中所述的方法和假設保持一
致。

貴公司對內含價值和新業務價值的計算是以中國精算師
協會於2016年11月發佈的《精算實踐標準：人身保險內

根據我們的審閱工作，我們認為貴公司在準備內

我們同時確認在2026年半年報內含價值章節中披露的
結果與我們審閱的內容無異議。
本報告是根據普華永道諮詢（深圳）有限公司－北京分
公司和新華人壽保險股份有限公司簽訂的業務合同而準
備的。本報告僅供新華保險董事會根據本報告第一及二
段所述的用途使用，不得用作任何其他用途或分發給任
何其他人士。我們明確表示，我們不就本報告內容向任
何其他人士承擔任何責任或義務，也不向其他任何人士
承擔因本報告所引起的或與本報告有關的任何責任或義
務。
我們的工作不是根據相關註冊會計師協會發佈的專業準
則而執行的審計或其它鑒證工作。所以我們對我們的工
作或依賴的信息不提供審計意見、認證或其它形式的鑒
證意見。
蔣華華，北美精算師
程鵬翼，英國精算師
普華永道諮詢（深圳）有限公司北京分公司
2026年8月26日

關於公司

一、背景
為了給投資者提供輔助工具以理解本公司的經濟
價值和業務成果，本公司準備了截至2026年6月
30日的內含價值結果，並在本節披露有關的信
息。
內含價值是基於一組關於未來經驗的假設，以精
算方法估計的一家保險公司壽險業務的經濟價
值。它不包含未來新業務所貢獻的價值。然而，
新業務價值代表了以精算方法估計的在一段時期
內售出的人壽保險新業務所產生的經濟價值。因
此，內含價值方法可以提供對人壽保險公司價值
和盈利性的另一種衡量。
內含價值和新業務價值報告能夠從兩個方面為投
資者提供有用的信息。第一，公司有效業務價值
代表了按照所採用假設，預期未來產生的稅後股
東利益的貼現值。第二，新業務價值提供了衡量
由新業務活動為股東所創造價值的一個指標，從
而也提供了評估公司業務增長潛力的一個指標。
然而，有關內含價值和新業務價值的信息不應被

經營情況

企業管治

其他信息

財務報告

由於內含價值的披露準則在國際上和國內仍處於
持續發展過程中，本公司內含價值的披露形式和
內 容 可 能 發 生 變 化。 因 此， 在 定 義、 方 法、 假
設、會計基準以及披露方面的差異都可能導致在
比較不同公司評估結果時存在不一致性。此外，
內含價值的計算涉及大量複雜的專業技術，內含
價值的估值會隨著關鍵假設的變化而發生重大變
化。
2016年11月，中國精算師協會發佈了《精算實踐
標準：人身保險內含價值評估標準》
（中精協發
[2016]36號）
（以下簡稱「內含價值評估標準」）。
本章節披露的內含價值和新業務價值結果由本公
司準備，編製依據了「內含價值評估標準」中的相
關規定。普華永道諮詢（深圳）有限公司為本公司
的內含價值作了審閱，其審閱聲明請見「關於內
含價值披露的獨立精算師審閱意見報告」。

二、內含價值的定義
內含價值為經調整的淨資產價值與扣除要求資本
成本後的有效業務價值之和。

認為可以取代其他財務衡量方法。投資者也不應
該單純根據內含價值和新業務價值的信息做出投

「經調整的淨資產價值」等於下面兩項之和：

資決策。
淨資產，定義為資產減去相應負債和其他負債；

經營情況 | 二零二六年中期報告

39

和對於資產的市場價值和賬面價值之間稅後差異
所作的相關調整以及對於某些負債的相關稅後調
整。
由於受市場環境的影響，資產市值可能會隨時間
發生較大的變化，因此經調整的淨資產價值在不
同評估日也可能發生較大的變化。
「有效業務價值」為在評估日現有的有效業務預期
未來產生的稅後股東利益的貼現值。「上半年新
業務價值」為截至評估日前六個月的新業務預期
未來產生的稅後股東利益的貼現值。其中股東利
益是基於有效業務價值和上半年新業務價值評估
有關的相應負債、要求資本及國家金融監督管理
總局（原銀保監會）相關規定要求的最低資本計量
標準而確定的。
有效業務價值和上半年新業務價值是採用傳統靜
態的現金流貼現的方法計算的。這種方法與「內
含價值評估標準」相吻合，同時也是目前國內評
估人壽保險公司普遍採用的方法。這種方法通過
使用風險調整後的貼現率就所有風險來源做出隱
含準備，包括投資回報保證及保單持有人選擇
權、資產負債不匹配風險、信用風險、未來實際
經驗有別於假設的風險以及資本的經濟成本。

40

二零二六年中期報告 | 經營情況

三、主要假設
在確定本公司2026年6月30日的有效業務價值和
上半年新業務價值時，假設本公司在目前的經濟
和監管環境下持續經營，目前內含價值評估標
準關於價值評估相應負債和要求資本的計量方
法的相關規定保持不變。運營假設主要基於本公
司經驗分析的結果以及參照中國壽險行業的整體
經驗，同時考慮未來期望的運營經驗而設定。因
此，這些假設代表了本公司基於評估日可以獲得
的信息對未來的最優估計。

（一）風險貼現率
本公司採用8.5%的風險貼現率來計算有
效業務價值和上半年新業務價值。

（二）投資回報率
假設非投資連結型壽險資金的未來年度
每 年 投 資 回 報 率 為4.0%， 投 資 連 結 型
壽險資金的未來年度每年投資回報率為
6.0%。這些假設基於目前的資本市場狀
況、本公司當前和預期的資產配置及主要
資產類型的投資回報水平設定。

關於公司

（三）死亡率

經營情況

企業管治

其他信息

財務報告

（七）佣金與手續費

採用的死亡率假設主要根據本公司最近的

直接和間接佣金率假設以及手續費假設基

死亡率經驗分析和對目前及未來經驗的展

於本公司目前實際發放水平而設定。

望而定。死亡率假設表現為中國人身保險
業經驗生命表(2025)的百分比。

（四）發病率
採用的發病率假設主要根據本公司最近的
發病率經驗分析和對目前及未來經驗的展
望，考慮發病率長期惡化趨勢經驗而定。

（八）保單持有人紅利
保單持有人紅利是根據本公司當前的保單
持 有 人 紅 利 政 策 確 定 的， 該 政 策 要 求 將
70%的分紅業務盈餘分配給保單持有人。

（九）稅務

發病率假設表現為中國人身保險業重大疾

所得稅率假設為每年25%，並考慮可以豁

病經驗發生率表(2020)的百分比。

免所得稅的投資收益，包括中國國債、權

（五）保單失效和退保率
採用的保單失效和退保率假設主要根據本
公司最近的失效和退保經驗、對目前及未
來經驗的展望以及對中國人壽保險市場的

益投資及權益類投資基金的分紅收入。此
外，短期健康險及意外險業務的稅收及附
加比例遵循相關稅務規定。

（十）持有要求資本成本

整體了解而設定的。保單失效和退保率假

本公司在計算有效業務價值和上半年新業

設根據產品類別和交費方式的不同而有所

務價值時，假設未來各預測年度仍適用償

不同。

二代一期相關規則，並假設持有該規則下

（六）費用
採用的單位成本假設主要根據本公司最近

100%的最低資本要求。

（十一） 其他假設

的實際費用經驗和對目前及未來經驗的展

本公司按照國家金融監督管理總局（原銀

望 而 定。 對 於 每 單 費 用， 假 定 未 來 每 年

保監會）要求採用的退保價值的計算方法

2.0%的通脹率。

假設保持不變。
本公司目前的再保險安排假設保持不變。

經營情況 | 二零二六年中期報告

41

四、內含價值評估結果
下表列示了本公司截至2026年6月30日的內含價值和上半年新業務價值與既往評估日的對應結果：

內含價值
單位：百萬元
評估日

2026年6月30日

2025年12月31日

經調整的淨資產價值

226,945

212,414

扣除要求資本成本前的有效業務價值

122,200

113,197

持有要求資本成本

(38,761)

(37,770)

扣除要求資本成本後的有效業務價值

83,439

75,427

內含價值

310,384

287,840

註：
1.

內含價值已反映主要再保險合同的影響。

2.

由於四捨五入，數字合計可能與匯總數有細微差異。

上半年新業務價值
單位：百萬元
評估日

2026年6月30日

2025年6月30日

扣除要求資本成本前的上半年新業務價值

7,279

7,915

持有要求資本成本

(364)

(1,733)

扣除要求資本成本後的上半年新業務價值

6,916

6,182

註：

42

1.

用來計算截至2026年6月30日及2025年6月30日上半年新業務價值的首年保費分別為402.88億元和415.06億元。

2.

上半年新業務價值已反映主要再保險合同的影響。

3.

由於四捨五入，數字合計可能與匯總數有細微差異。

二零二六年中期報告 | 經營情況

關於公司

經營情況

企業管治

其他信息

財務報告

分渠道上半年新業務價值
單位：百萬元
評估日

2026年6月30日

2025年6月30日

個險渠道

3,744

3,105

銀行保險渠道

3,335

3,267

團體保險渠道

(163)

(190)

合計

6,916

6,182

註：
1.

用來計算截至2026年6月30日及2025年6月30日上半年新業務價值的首年保費分別為402.88億元和415.06億元。

2.

上半年新業務價值已反映主要再保險合同的影響。

3.

由於四捨五入，數字合計可能與匯總數有細微差異。

五、變動分析
下表顯示了本公司從2025年12月31日至2026年6月30日內含價值的變動分析：
單位：百萬元
本公司內含價值從2025年12月31日至2026年6月30日的變動分析
1.

期初內含價值

2.

新業務價值的影響

6,916

3.

期望收益

8,363

4.

運營經驗偏差

4,453

5.

經濟經驗偏差

5,826

6.

運營假設變動

2,349

7.

經濟假設變動

–

8.

注資及股東紅利分配

9.

其他

287,840

(6,426)
(70)

10. 壽險業務以外的其他股東價值變化
11. 期末內含價值
註：

1,132
310,384

由於四捨五入，數字合計可能與匯總數有細微差異。

經營情況 | 二零二六年中期報告

43

第2項至第10項的說明如下：

44

2.

新業務價值為保單銷售時點的價值。

3.

經調整的淨資產價值和有效業務價值在分析期間的期望回報。

4.

反映分析期間內實際運營經驗（包括死亡、發病、失效和退保、費用及稅等）與期初假設間的差異。

5.

反映分析期間內實際投資回報與預期投資回報等的差異。

6.

反映期初與期末評估日間運營假設的變化。

7.

反映期初與期末評估日間經濟假設的變化。

8.

注資及其他向股東分配的紅利。

9.

其他項目。

10.

壽險業務以外的其他股東價值變化。

二零二六年中期報告 | 經營情況

關於公司

經營情況

企業管治

其他信息

財務報告

六、敏感性測試
敏感性測試是在一系列不同的假設基礎上完成的。在每一項敏感性測試中，只有相關的假設會發生變化，其他
假設保持不變。本公司的敏感性測試結果匯總如下：
單位：百萬元
扣除要求資本成本後的

扣除要求資本成本後的

有效業務價值

上半年新業務價值

中間情景

83,439

6,916

風險貼現率9.0%

77,599

6,657

風險貼現率8.0%

89,764

7,194

投資回報率比中間情景提高50個基點

125,144

8,359

投資回報率比中間情景降低50個基點

42,709

5,430

獲取費用和維持費用提高10%（中間情景的110%）

81,180

6,040

獲取費用和維持費用降低10%（中間情景的90%）

85,698

7,791

失效和退保率提高10%（中間情景的110%）

85,123

7,017

失效和退保率降低10%（中間情景的90%）

81,651

6,820

死亡率提高10%（中間情景的110%）

82,649

6,879

死亡率降低10%（中間情景的90%）

84,234

6,954

發病率及賠付率提高10%（中間情景的110%）

77,689

6,746

發病率及賠付率降低10%（中間情景的90%）

89,251

7,086

75%的分紅業務盈餘分配給保單持有人

79,105

6,333

2026年6月30日有效業務價值和
上半年新業務價值敏感性測試結果
情景

經營情況 | 二零二六年中期報告

45

企業
管治

關於公司

經營情況

企業管治

其他信息

財務報告

企業管 治
企業管治情況

報告期內利潤分配方案

報告期內，本公司共召開1次股東會會議、7次董事會會

根據2025年年度股東會審議通過的《關於2025年度利

議，相關會議決議公告和會議文件均按照監管要求在上

潤分配方案的議案》，本公司按照2025年度母公司財務

交所網站、聯交所網站、本公司網站和其他相關媒體上

報表淨利潤的10%提取任意盈餘公積金34.92億元，按

予以公佈。股東會、董事會及高級管理層均按照《公司

每股2.06元（含稅）向全體股東進行現金股利分配，並於

章程》及本公司相關議事規則的規定依法獨立運作，有

2026年8月7日發放股利。

效履行各自職責。

遵守《標準守則》情況

根據本公司於2026年8月26日召開的第九屆董事會第十
一次會議審議通過的《關於2026年度中期利潤分配方案

本公司已制定了《新華人壽保險股份有限公司董事、監

的議案》，擬向全體股東派發2026年中期現金股利，每

事和高級管理人員所持公司股份及其變動管理辦法》來

股0.73元（含稅），總計約22.77億元，上述利潤分配方

規範公司董事、高級管理人員的證券交易行為，其標準

案尚待股東會審議，審議通過後，公司將於兩個月內實

不低於《標準守則》所規定之標準。在向全體董事、高級

施派發。

管理人員做出特定查詢後，公司確認各董事、高級管理
人員於報告期內均已遵守《標準守則》及《新華人壽保險
股份有限公司董事、監事和高級管理人員所持公司股份
及其變動管理辦法》所訂的行為守則。

企業管治 | 二零二六年中期報告

47

董事、高級管理人員構成及變動情
況

3.2026年8月11日，公司第三屆職工代表大會第十次會
議選舉劉戰鵬先生為本公司第九屆董事會職工董事，其

董事情況

任職資格尚待金監總局核准。

構成情況

高級管理人員（關鍵崗位人員）情況

截至本報告發佈日，本公司董事會由董事長、執行董事

構成情況

楊玉成，執行董事龔興峰，非執行董事楊雪、毛思雪、
胡愛民和張曉東，以及獨立非執行董事馬耀添、徐徐、
郭永清和卓志，共10名董事構成。

變動情況
1.2025年12月24日，公司2025年第四次臨時股東大會

截至本報告發佈日，本公司執行委員會成員為楊玉成、
龔興峰、秦泓波、王練文、劉琛、李文峰、劉智勇，共
7人構成。
截至本報告發佈日，本公司合規負責人為王西剛先生，
總精算師為潘興先生，審計責任人為譚力先生。

審議通過了《關於選舉公司第九屆董事會董事的議案》，
張秀芬女士獲選舉為第九屆董事會獨立非執行董事。張
秀芬女士的獨立董事任職資格尚待金監總局核准，在其
任職資格核准前，本公司獨立非執行董事馬耀添先生將
按照法律法規和《公司章程》的規定繼續履職。
2.2026年6月26日， 公 司2025年 年 度 股 東 會 審 議 通 過
《關於選舉黃耿先生為第九屆董事會非執行董事的議
案》，其任職資格尚待金監總局核准。

48

二零二六年中期報告 | 企業管治

變動情況
1.2026年8月26日，公司第九屆董事會第十一次會議審
議通過《關於聘任公司副總裁的議案》，同意聘任劉琛女
士擔任公司副總裁，其任職資格尚待金監總局核准。
2.2026年5月26日，公司第九屆董事會第七次會議審議
通過《關於子公司董事長候選人的議案》。王西剛先生自
2026年6月起兼任資產管理公司（香港）董事長。

關於公司

經營情況

企業管治

其他信息

財務報告

3.2026年2月27日，公司第九屆董事會第四次會議同意

本公司將圍繞「以客戶為中心，以隊伍為根本，以員工

聘任譚力先生為公司審計責任人。2026年6月2日，譚

為夥伴」三大戰略主線，做好內外勤隊伍培訓。公司員

力先生的審計責任人任職資格獲金監總局核准。

工培訓一是圍繞高質量、高能級發展開展分層分類培

董事、高級管理人員持股情況

訓，強化服務國家戰略意識和金融國企使命擔當，切實
提升實踐本領；二是加強講師資源與課程體系的自主化

董事、高級管理人員持有本公司A股股票情
況

建設，豐富拓展在線學習和直播課堂資源，全面提升培

報告期內，本公司現任及離任董事、高級管理人員未直

訓持續推進WLP2.0全生命週期規劃師培訓體系升級，

接或間接持有本公司A股股票。

全力支持代理人完善金融保險知識結構，提升專業服務

香港法規下董事、最高行政人員於股份的權
益及淡倉
請參見本報告「股份變動及股東情況」章節。

訓工作的時代性、系統性、針對性、有效性。代理人培

能力，守護客戶美好生活，成就企業家夢想。
註：
1.

主要附屬公司指本公司持股50%以上的附屬公司。

員工薪酬政策、培訓計劃
截 至2026年6月30日， 與 本 公 司（ 壽 險 總 公 司、35家
分 公 司 及 主 要 附 屬 公 司(1)）簽 訂 勞 動 合 同 的 員 工 共 有
27,007人。
本公司根據業務特點和市場人才競爭需要，參考行業同
類企業水平，為員工提供具備競爭力的薪酬。本公司按
照國家要求，為員工提供各項社會基本福利和住房公積
金保障，同時，為員工提供包括企業年金在內的多項福
利待遇，滿足員工群體對福利多樣化的需求。

企業管治 | 二零二六年中期報告

49

環境和社 會 責 任
環境信息
報告期內，公司不存在因環境問題受到行政處罰的情
況。

普惠金融方面，支持民營經濟、中小微企業發展相關投
資餘額近460億元。開發推廣普惠專屬產品，為超3.9
萬家企業提供風險保障1.6萬億元。大力發展惠民保業
務，上半年共開展26個惠民保項目，累計保費5,129萬

履行社會責任情況

元，保額超萬億元，覆蓋超百萬人。政保業務覆蓋區域

服務國家戰略

次，累計減輕醫療負擔3.74億元。

達14個，長護險簽約數量6個，覆蓋客戶超1,700萬人

公司聚焦金融「五篇大文章」重點領域精準發力，截至
2026年6月30日，相關領域投資餘額超5,000億元，同

養老金融方面，助力養老健康產業發展投資餘額超260

比增長超40%。

億元。大力發展養老二、三支柱業務，企職業年金管理
規模持續擴大，商保年金、個人養老金等業務累計達成

科技金融方面，助力戰略性新興產業、先進製造業、專

新單保費近87億元。全面加速醫康養生態佈局，優質康

精特新企業、獨角獸企業、生物技術、量子科技等領

養社區、旅居項目合計超140個。

域投資餘額超2,200億元。針對科技型企業開發專屬保
險產品，為近1.2萬家科技型企業提供風險保障超1萬億
元。
綠色金融方面，積極參與清潔能源、綠色交通、綠色消
費、節能環保等多個領域綠色項目投資，投資餘額超
1,100億元。豐富綠色保險產品，為近6,700家綠色企業
提供風險保障超3,100億元。

50

二零二六年中期報告 | 企業管治

關於公司

經營情況

企業管治

其他信息

財務報告

數字金融方面，助力人工智能、雲計算、大數據、區塊

公司持續立足主業，積極參與「頂樑柱」
「加油寶貝」兩個

鏈等數字產業相關企業發展投資餘額超1,000億元。加

國家級鄉村振興公益項目，以「保險+公益」精準服務三

快互聯網保險業務發展，累計為線上客戶提供超4,200

農需求，為鄉村振興築牢抵禦風險的堤壩。截至2026

億元保險保障。加快數字化轉型，啟動智能客服數字

年6月底，公司已通過兩個項目為全國64.4萬名鄉村群

人、智能理賠項目、互聯網中介問答助手等AI項目開發

眾送去兜底保障，理賠7,000餘例，理賠金額超1,100萬

工作，積極建立雲上辦公新生態，強化數字風險防控，

元。

加強數字基礎設施建設，全面提升數字化運營能力。

履行其他社會責任

助力鄉村振興

公司持續開展「新華保險關愛環衛工人普惠保 險 公 益

2026年上半年，公司印發《新華保險2026年定點幫扶工

項目」，自2017年8月項目啟動以來，覆蓋全國百城，

作計劃》，針對教育幫扶、產業賦能、民生保障等方面

累計惠及環衛工人近670萬人次，已完成項目理賠550

啟動定點幫扶地區22個重點幫扶項目；公司採購及幫銷

例，支付理賠金超4,800萬元。

脫貧地區農產品總額超2,000萬元，持續發揮規模優勢
助力鄉村產業振興，形成聯農帶農的幫扶效應；同時積

2026年上半年，公司志願者團隊總人數約3.5萬人，團

極引入第三方幫扶資源超280萬元；公司各級機構積極

隊圍繞「關愛環衛」
「應急救護」
「鄉村振興」
「助力雙碳」

參與幫扶工作、持續整合內外部幫扶能力，打造「一個

「敬老愛幼」等各類主題開展志願活動2千餘次，服務時

新華」幫扶力量。

長超6萬小時。

企業管治 | 二零二六年中期報告

51

重要事項
聘任會計師事務所情況

匯率風險和對沖

本公司於2026年6月26日召開的2025年年度股東會審議

報告期內，關於本公司的匯率風險，請參見本報告中期

通過了《關於續聘2026年度會計師事務所的議案》，繼

簡明合併財務報表附註4。

續聘任德勤華永會計師事務所（特殊普通合夥）擔任本公
司2026年度境內會計師事務所；繼續聘任德勤•關黃陳

或有負債

方會計師行擔任本公司2026年度境外會計師事務所。

據董事會所知，於2026年6月30日，本公司或其各附屬

詳情請參見本公司分別於2026年3月27日在聯交所網站
發佈的《海外監管公告－建議續聘2026年度會計師事務
所的公告》及2026年6月26日在聯交所網站發佈的《2025
年年度股東會表決結果委任非執行董事及派發2025年
末期股息》。

資產押記
報告期內，本公司未發生資產押記事項。

重大收購及出售情況
報告期內，本公司無須披露的有關附屬公司、聯營公司
及合營企業的重大收購及出售事項。

重大投資

公司概無涉及重大訴訟、仲裁或索償，亦無任何未了結
或令本公司或其各附屬公司面臨威脅之重大訴訟、仲裁
或索償。

有關重大投資或資本資產之未來計
劃
於2026年6月30日，本公司及其附屬公司並無任何其他
有關重大投資或資本資產的未來計劃。然而，本公司將
密切關注行業發展機會，以擴大其收入基礎及利潤潛
力，及就長遠而言最大化股東價值。

重大關連交易事項
根據《香港上市規則》的規定，本公司與本公司的關連人
士（定義見《香港上市規則》）間的交易構成本公司的關

報告期內，本公司無根據《香港上市規則》附錄D2第32

連交易。對於該等交易，本公司按照《香港上市規則》予

（4A）段須披露的重大投資事項。

以監控和管理，並已全面遵守《香港上市規則》的相關規

52

二零二六年中期報告 | 企業管治

關於公司

經營情況

企業管治

其他信息

財務報告

定。報告期內的關聯交易詳情載於本報告中期簡明合併

引、動態跟蹤溝通、考核評價等措施對管理人的投資行

財務報表附註24，該等交易不構成《香港上市規則》第

為進行管理，並根據不同管理人和投資品種的特性採取

14A章下的關連交易或持續關連交易。

有針對性的風險控制措施。

重大合同及其履行

除本報告另有披露外，報告期內，本公司無其他重大合

報告期內，未發生為本公司帶來利潤達到本公司報告期

同。

內利潤總額10%以上（含10%）的託管、承包、租賃其
他公司資產或其他公司託管、承包、租賃本公司資產的
事項，亦無須披露的貸款、財務資助事項。

本公司及控股股東、實際控制人的
誠信狀況
報告期內，本公司及本公司控股股東、實際控制人不存

報告期內，本公司及附屬公司均不存在對外擔保事項，

在未履行法院生效法律文書確定的義務、所負數額較大

不存在本公司及附屬公司對附屬公司擔保事項。

的債務到期未清償等情況。

部管理人單一資產管理計劃為有效補充的多元化投資管

本公司或持股5%以上股東在報告
期內或持續到報告期的承諾事項的
履行

理體系。系統內投資管理人包括新華資產管理公司、

有關本公司控股股東匯金公司避免同業競爭承諾的詳細

資產管理公司（香港）；系統外投資管理人主要為基金公

內容，請參見本公司於2014年2月13日在聯交所網站披

司。公司與各管理人簽訂投資管理協議，通過投資指

露的《海外監管公告－關於公司股東、關聯方及公司未

本公司資金運用採取以委託管理為主的方式進行，目前
已形成以委託新華保險系統內投資管理人為主、認購外

履行完畢承諾情況的公告》。
報告期內，上述避免同業競爭的承諾仍在持續正常履行
中。

企業管治 | 二零二六年中期報告

53

本公司及本公司董事、高級管理人
員、控股股東、實際控制人受處罰
及整改

遵守《企業管治守則》情況

報告期內，本公司及本公司董事、高級管理人員、控股

間未遵守《企業管治守則》所載適用守則條文的資料。本

股東、實際控制人無須披露的處罰及整改情況。

公司採納了其中的絕大多數建議最佳常規。

重大訴訟和仲裁事項

其他重大事項

報告期內，本公司無重大訴訟和仲裁事項。

本公司於2026年7月21日在全國銀行間債券市場發行總

董事會負責履行遵守《企業管治守則》所載的守則條文。
報告期內，董事會概不知任何可合理顯示本公司任何時

額為100億元的無固定期限資本債券，並於2026年7月

控股股東及其他關聯方非經營性佔
用資金情況

23日發行完畢，具體情況請參見本公司2026年7月23日

報告期內，本公司不存在控股股東及其他關聯方非經營

畢的公告》。截至目前，公司已發行且存續的資本補充

性佔用資金情況。

債券餘額為300億元。

審閱中期報告情況
本公司董事會審計與關聯交易控制委員會已經審閱本公
司採納的會計準則及慣例，並探討內部控制及財務報告
事宜，包括審閱本公司未經審計的《2026年中期財務報
告》。

54

二零二六年中期報告 | 企業管治

於聯交所網站發佈的《關於無固定期限資本債券發行完

關於公司

經營情況

企業管治

其他信息

財務報告

股份變 動 及 股 東 情 況
股份變動情況
報告期內，本公司股份總數及股本結構未發生變化。
單位：股
報告期內變動增減(＋，－ )

2026年6月30日
數量

比例(%)

發行新股

－ (1)

－

2,085,439,340
－

2025年12月31日

送股 公積金轉股

其他

小計

數量

比例(%)

－

－

－

－

－

－

－

66.85

－

－

－

－

－

2,085,439,340

66.85

－

－

－

－

－

－

－

－

1,034,107,260

33.15

－

－

－

－

－

1,034,107,260

33.15

－

－

－

－

－

－

－

－

－

合計

3,119,546,600

100.00

－

－

－

－

－

3,119,546,600

100.00

三、股份總數

3,119,546,600

100.00

－

－

－

－

－

3,119,546,600

100.00

一、有限售條件股份
二、無限售條件流通股份
1、人民幣普通股
2、境內上市的外資股
3、境外上市的外資股（H股）
4、其他

註：
1.「–」代表「0」。

證券發行與上市情況

股東情況

報告期內，本公司未發行上市證券。截至報告期末，本

股東數量和持股情況

公司無內部職工股。

報告期末，本公司共有股東105,540家，其中A股股東

購回、出售或贖回本公司上市證券

105,277家，H股股東263家。

報告期內，本公司及附屬公司未購回、出售或贖回本公
司任何上市證券（包括出售庫存股份）。截至報告期末，
本公司及其任何附屬公司並無庫存股份。

企業管治 | 二零二六年中期報告

55

報告期末，本公司前十名股東持股情況（不含通過轉融通出借股份）
：
單位：股
報告期內增減

持有有限售條

質押或凍結情況

股東名稱

期末持股數量

比例(%)

(+、－ )

件股份數量(1)

股份狀態

數量 股東性質

中央匯金投資有限責任公司

977,530,534

31.34

－ (5)

－

無

－ 國家

A

（香港中央結算（代理人）有限公司）(2)

972,913,461

31.19

-19,950

－

未知

未知 境外法人

H

中國寶武鋼鐵集團有限公司

377,162,581

12.09

－

－

無

－ 國有法人

A

華寶投資有限公司

股份種類

HKSCC Nominees Limited

60,503,300

1.94

－

－

無

－ 國有法人

H

香港中央結算有限公司(4)

34,106,205

1.09

-16,903,386

－

無

－ 境外法人

A

中央匯金資產管理有限責任公司

28,249,200

0.91

－

－

無

－ 國有法人

A

嘉實基金－農業銀行－嘉實中證金融資產管理計劃

27,986,639

0.90

-23,037,263

－

無

－ 其他

A

工銀瑞信基金－農業銀行－工銀瑞信中證金融資產管理計劃

19,211,037

0.62

-31,812,864

－

無

－ 其他

A

全國社保基金一一四組合

13,397,496

0.43

-3,078,604

－

無

－ 其他

A

鄒剛

7,500,072

0.24

+1,500,000

－

無

－ 自然人

A

(3)

上述股東關聯關係或一致行動關係的說明

中央匯金資產管理有限責任公司是中央匯金投資有限責任公司的全資子公司，華寶投資有限公司是中國寶武鋼鐵集
團有限公司的全資子公司。除上述外，本公司未知上述股東存在關聯關係或一致行動關係。

前10名股東及前10名無限售股東參與融資融券及轉融通業務情況說明

股東鄒剛通過信用賬戶持有7,500,072股本公司股票。

註：
1.

報告期末，本公司全部A股和全部H股股份均為無限售條件股份。

2.

HKSCC Nominees Limited（香港中央結算（代理人）有限公司）所持股份為代香港各股票行客戶及香港中央結算系統其他參與者持有。因聯交所有關規則
並不要求上述人士申報所持股份是否有質押或凍結情況，因此HKSCC Nominees Limited無法統計或提供質押或凍結的股份數量。

3.

截至2026年6月30日，中國寶武全資子公司華寶投資持有本公司H股股份60,503,300股，登記在HKSCC Nominees Limited名下，為避免重複計算，
HKSCC Nominees Limited持股數量已經減去華寶投資的持股數量。

4.

香港中央結算有限公司為滬股通股票的名義持有人。

5.

「–」代表「0」。

控股股東及實際控制人變更情況
報告期內，本公司控股股東、實際控制人未發生變化。

除上述披露外，截至2026年6月30日，據本公司董事合
理查詢所知，以下人士（並非本公司董事、最高行政人
員）於本公司股份或相關股份中，擁有根據《證券及期貨

主要股東及其他人士於股份及相關股份擁有
的權益及淡倉

條例》第XV部第2及第3分部須向本公司披露並根據《證

據 本 公 司 董 事 合 理 查 詢 所 知， 截 至2026年6月30日，

內的權益或淡倉：

中國寶武持有本公司377,162,581股A股，佔本公司已
發行股份總數的12.09%，佔本公司已發行A股總數的
18.09%。

56

二零二六年中期報告 | 企業管治

券及期貨條例》第336條已記錄於本公司須存置的登記冊

關於公司

經營情況

企業管治

其他信息

財務報告

單位：股
佔本公司
股份
主要股東名稱

1

中央匯金投資有限責任公司

類別 權益性質

A

佔本公司

佔本公司

已發行

已發行 好倉╱

持有

已發行股份

A股總數的

H股總數的 淡倉╱可供

股份數目

概約百分比

概約百分比

概約百分比 借出的股份

(%)

(%)

(%)

實益擁有人

977,530,534

31.34

46.87

－ 好倉

受控制法團權益

28,249,200

0.91

1.35

－ 好倉

2

中國寶武鋼鐵集團有限公司

H

受控制法團權益

60,503,300

(3)

1.94

－

5.85 好倉

3

華寶投資有限公司

H

實益擁有人

60,503,300

(3)

1.94

－

5.85 好倉

4

BlackRock, Inc.

H

受控制法團權益

54,208,571

1.74

－

5.24 好倉

H

受控制法團權益

4,107,100

0.13

－

0.40 淡倉

註：
1.

以上所披露數據主要基於聯交所網站(www.hkexnews.hk)所提供的信息作出。

2.

根據《證券及期貨條例》第336條，倘若干條件達成，則本公司股東須呈交披露權益表格。倘股東於本公司的持股量變更，除非若干條件已達成，否則股
東毋須知會本公司及聯交所，故股東於本公司之最新持股量可能與呈交予聯交所的持股量不同。

3.

根據上述披露，截至2026年6月30日，中國寶武持有本公司377,162,581股A股及透過華寶投資持有本公司60,503,300股H股，分別佔本公司已發行A股
總數的18.09%及本公司已發行H股總數的5.85%，共佔本公司已發行股份總數的14.03%。

除上述披露外，於2026年6月30日，本公司並不知悉任

團（定義見《證券及期貨條例》第XV部）的股份、相關股

何其他人士（本公司董事、最高行政人員除外）於本公司

份或債權證中概無擁有任何根據《證券及期貨條例》第

股份或相關股份中擁有根據《證券及期貨條例》第336條

352條規定須在存置之權益登記冊中記錄，或根據《標準

規定須記錄於登記冊內之權益或淡倉。

守則》的規定須通知本公司及聯交所的權益及淡倉（包括

香港法規下董事、最高行政人員於
股份的權益及淡倉

根據《證券及期貨條例》的該等條文被當作或視為擁有的
權益或淡倉）。

截至2026年6月30日，就本公司所獲得的資料及據董事
所知，本公司董事、最高行政人員在本公司或其相聯法

企業管治 | 二零二六年中期報告

57

釋義
本報告中，除非文義另有所指，下列詞語具有下述含義：
本公司、公司、新華保險、
新華

新華人壽保險股份有限公司及所屬全部附屬公司和擁有控制權的結構化主體的合稱

新華資產管理公司

新華資產管理股份有限公司，本公司的附屬公司

資產管理公司（香港）

新華資產管理
（香港）
有限公司，本公司的附屬公司

新華養老保險公司

新華養老保險股份有限公司，本公司的附屬公司

公益基金會

新華人壽保險公益基金會

中投公司

中國投資有限責任公司

匯金公司

中央匯金投資有限責任公司

中國寶武

中國寶武鋼鐵集團有限公司

華寶投資

華寶投資有限公司

金監總局

國家金融監督管理總局

中國銀保監會、銀保監會

原中國銀行保險監督管理委員會

上交所

上海證券交易所

聯交所

香港聯合交易所有限公司

元

人民幣元

pt

百分點

中國、我國、全國、境內、
國內

中華人民共和國，在本報告中，除非特別說明，不包括中國香港特別行政區、中國澳
門特別行政區和中國台灣地區

中國會計準則

中華人民共和國財政部頒佈的企業會計準則、應用指南、解釋以及其他相關規定

國際財務報告準則

由國際會計準則理事會頒佈的
《國際財務報告準則》

IFRS 4、舊保險合同準則

《國際財務報告準則第4號—保險合同》

《公司章程》

《新華人壽保險股份有限公司章程》

《香港上市規則》

《香港聯合交易所有限公司證券上市規則》

《標準守則》

《香港上市規則》
附錄C3
《上市發行人董事進行證券交易的標準守則》

《企業管治守則》

《香港上市規則》
附錄C1
《企業管治守則》

《證券及期貨條例》

《證券及期貨條例》
（香港法例第571章）

董事會

本公司董事會

58

二零二六年中期報告 | 其他信息

關於公司

經營情況

企業管治

其他信息

財務報告

公司信 息
公司基本信息
法定中文名稱

新華人壽保險股份有限公司（「新華保險」）

法定英文名稱

NEW CHINA LIFE INSURANCE COMPANY LTD.（「NCI」）

法定代表人

楊玉成

公司註冊地址

中國北京市延慶區湖南東路16號（中關村延慶園）

註冊地址的歷史變更

2019年11月，公司註冊地址由中國北京市延慶區湖南東路1號變更為
現註冊地址

郵政編碼

102100

辦公地址

北京市朝陽區建國門外大街甲12號新華保險大廈

郵政編碼

100022

香港營業地址

香港銅鑼灣勿地臣街1號時代廣場二座31樓

公司網址

http://www.newchinalife.com

電子信箱

ir@newchinalife.com

客服電話和投訴電話

95567

聯繫人及聯繫方式
董事會秘書╱聯席公司秘書

劉智勇

證券事務代表

徐秀

電話

86-10-85213233

傳真

86-10-85213219

電子信箱

ir@newchinalife.com

聯繫地址

中國北京市朝陽區建國門外大街甲12號新華保險大廈

聯席公司秘書

伍秀薇

電話

852-35898647

傳真

852-35898359

電子信箱

Jojo.Ng@tmf-group.com

聯繫地址

香港銅鑼灣勿地臣街1號時代廣場二座31樓

其他信息 | 二零二六年中期報告

59

信息披露及報告備置地點
公司披露中期報告的媒體名稱及網址
（A股）

《經濟參考報》
http://www.jjckb.cn/

公司披露中期報告的證券交易所網站

http://www.sse.com.cn（A股）
http://www.hkexnews.hk（H股）

公司中期報告備置地點

本公司董事會辦公室

公司股票簡況
股票種類

股票上市交易所

股票簡稱

股票代碼

A股

上海證券交易所

新華保險

601336

H股

香港聯合交易所有限公司

新華保險

01336

其他相關資料
A股股份登記處

中國證券登記結算有限責任公司上海分公司

地址

上海市浦東新區楊高南路188號

H股股份登記處

香港中央證券登記有限公司

地址

香港灣仔皇后大道東183號合和中心17樓1712-1716號舖

境內會計師事務所

德勤華永會計師事務所（特殊普通合夥）

地址

上海市黃浦區延安東路222號30樓

簽字會計師

馬千魯、楊麗

境外會計師事務所

德勤．關黃陳方會計師行

地址

香港金鐘道88號太古廣場一座35樓

A股證券事務法律顧問

上海市方達（北京）律師事務所

地址

北京市朝陽區光華路一號北京嘉里中心北樓27層

H股證券事務法律顧問

高偉紳律師行

地址

香港中環康樂廣場一號怡和大廈27層

60

二零二六年中期報告 | 其他信息

關於公司

經營情況

企業管治

其他信息

財務報告

財務報告
中期簡明合併財務報表審閱報告
致： 新華人壽保險股份有限公司董事會

（於中華人民共和國註冊成立的股份有限公司）

引言

我們已審閱列載於第62頁至第116頁的中期簡明合併財務報表 ，此中期簡明合併財務報表包括新華人壽保險股份有限

公司（以下簡稱「貴公司」）及其子公司（以下統稱「貴集團」）於二零二六年六月三十日的簡明合併財務狀況表 、截至二零
二六年六月三十日止六個月期間的簡明合併綜合收益表 、簡明合併權益變動表和簡明合併現金流量表 ，以及中期簡明

合併財務報表附註 。根據《香港聯合交易所有限公司證券上市規則》
（以下簡稱「上市規則」），上市公司必須符合上市規
則中的相關規定和國際會計準則理事會發佈的《國際會計準則第34號－中期財務報告》
（以下簡稱「國際會計準則第34

號」）的規定編製本中期簡明合併財務報表 。貴公司董事須負責根據國際會計準則第34號編製及列報本中期簡明合併財
務報表 。我們的責任是根據我們的審閱對本中期簡明合併財務報表作出結論 ，並按照我們雙方所協定的業務約定書條

款 ，僅向整體董事會報告 。除此以外 ，我們的報告書不可用作其他用途 。我們概不就本報告書的內容對任何其他人
士負責或承擔法律責任 。

審閱範圍

我們已根據國際審計與鑒證準則委員會頒佈的《國際審閱業務準則第2410號－獨立審計師執行的中期財務信息審閱》進

行審閱 。本中期簡明合併財務報表審閱工作主要包括向負責財務會計事項的人員詢問 ，並實施分析和其他審閱程序 。
由於審閱的範圍遠較根據國際審計準則進行審計的範圍小 ，所以不能保證我們會注意到在審計中可能會被發現的所有
重大事項 。因此 ，我們並不發表審計意見 。

結論

根據我們的審閱工作 ，我們並沒有注意到任何事項 ，使我們相信本中期簡明合併財務報表未能在所有重大方面按照國
際會計準則第34號的規定編製 。

德勤•關黃陳方會計師行

執業會計師
香港

二零二六年八月二十六日

財務報告 | 二零二六年中期報告

61

簡明合併財務狀況表

2026年6月30日（除特別註明外 ，金額單位為人民幣百萬元）
附註
資產

物業 、廠房與設備
投資性房地產
使用權資產

2025年12月31日

16,852

16,572

10,953

11,424

（未經審計）

（經審計）

679

746

2,939

3,128

6

61,891

65,633

7(1)

754,659

579,756

7(2)

196,662

256,913

其他綜合收益的債務工具投資

7(3)

553,651

535,968

其他綜合收益的權益工具投資

7(4)

51,808

38,556

8

226,952

293,964

9

1,773

1,770

9,819

13,999

無形資產

聯營企業和合營企業投資

金融投資

－以公允價值計量且其變動計入
當期損益的金融資產

－以攤餘成本計量的債務工具投資
－以公允價值計量且其變動計入

－指定為以公允價值計量且其變動計入
定期存款

存出資本保證金

買入返售金融資產
衍生金融資產

分出再保險合同資產
遞延所得稅資產
其他資產

現金及現金等價物
資產總計

62

2026年6月30日

二零二六年中期報告 | 財務報告

–

1

10(2)

11,016

11,065

21

18,109

20,996

7,249

6,095

33,065

42,898

1,958,077

1,899,484

關於公司

經營情況

企業管治

其他信息

財務報告

附註

2026年6月30日

2025年12月31日

10(1)

1,621,596

1,532,638

11

20,228

20,173

（未經審計）

（經審計）

負債與權益
負債

保險合同負債
應付債券

租賃負債

以公允價值計量且其變動計入當期損益的金融負債
賣出回購金融資產款
其他負債

當期所得稅負債

遞延所得稅負債

604

627

7,694

9,860

143,990

193,518

39,483

30,337

23

6

844

747

1,834,462

1,787,906

3,120

3,120

21

負債合計
股東權益
股本

12

儲備

(19,297)

(18,095)

139,755

126,519

歸屬於母公司股東的股東權益合計

123,578

111,544

37

34

權益合計

123,615

111,578

1,958,077

1,899,484

13

留存收益
非控制性權益

負債與權益合計
後附財務報表附註為本中期簡明合併財務報表的組成部分 。
本中期簡明合併財務報表已於2026年8月26日獲董事會批准並由下列人士簽署：

楊玉成

董事長

執行董事

龔興峰

執行董事
總裁

財務報告 | 二零二六年中期報告

63

簡明合併綜合收益表

截至2026年6月30日止6個月期間（除特別註明外 ，金額單位為人民幣百萬元）

附註
收入

截至6月30日止6個月期間
2026年

2025年

（未經審計）

（未經審計）

保險服務收入

14

26,442

24,753

其他投資收益

15

14,575

16,213

16

40,358

28,096

16

7,803

2,342

179

367

81,554

69,429

(15,570)

(16,242)

(228)

(229)

利息收入

其中： 以攤餘成本計量的金融資產終止確認收益

其他收入
收入合計

保險業務支出及其他費用
保險服務費用

17

簽發的保險合同的財務費用

18

(38,312)

(34,007)

金融資產減值損失淨額

18

170

168

19

331

(54)

20

(1,705)

(1,577)

(55,314)

(51,941)

分出的再保險合同的費用淨額
減： 分出的再保險合同的財務收益

其他費用

保險業務支出及其他費用合計
聯營企業和合營企業投資收益份額
其他財務費用

1,805

638

(1,422)

(1,908)

稅前利潤

26,623

16,218

(3,827)

(1,417)

22,796

14,801

22,793

14,799

3

2

所得稅費用

淨利潤
利潤歸屬

－本公司股東

－非控制性權益

64

二零二六年中期報告 | 財務報告

21

關於公司

附註

經營情況

企業管治

其他信息

財務報告

截至6月30日止6個月期間
2026年

2025年

（未經審計）

（未經審計）

淨利潤

22,796

14,801

以後會計期間不能重分類進損益的其他綜合收益：

(7,095)

2,343

(2,884)

1,569

(4,797)

908

586

(134)

2,764

(23,707)

債務工具投資公允價值變動

5,472

141

債務工具投資信用損失準備

(355)

354

137

9

簽發的保險合同的財務費用

(25)

(7)

(2,428)

(24,432)

(37)

228

其他綜合收益的稅後淨額

(4,331)

(21,364)

綜合收益合計

18,465

(6,563)

18,462

(6,565)

3

2

22

7.31

4.74

22

7.31

4.74

指定為以公允價值計量且其變動計入其他綜合收益的
權益工具投資公允價值變動

權益法核算享有聯營企業和合營企業的其他綜合收益變動
簽發的保險合同的財務收益╱（費用）

以後會計期間可能重分類進損益的其他綜合收益：

以公允價值計量且其變動計入其他綜合收益的

以公允價值計量且其變動計入其他綜合收益的
權益法核算享有聯營企業和合營企業的其他綜合收益變動

外幣折算差額

分出的再保險合同的財務（費用）╱收益

綜合收益歸屬

－本公司股東

－非控制性權益

每股收益（人民幣元）
基本每股收益

稀釋每股收益

後附財務報表附註為本中期簡明合併財務報表的組成部分 。
財務報告 | 二零二六年中期報告

65

簡明合併權益變動表

截至2026年6月30日止6個月期間（除特別註明外 ，金額單位為人民幣百萬元）
截至2026年6月30日止6個月期間（未經審計）

股本

歸屬本公司股東
儲備

留存收益

合計

非控制性權益

權益總計

3,120

(18,095)

126,519

111,544

34

111,578

其他綜合收益

–

–

22,793

22,793

3

22,796

–

(4,331)

–

(4,331)

–

(4,331)

綜合收益合計

–

(4,331)

22,793

18,462

3

18,465

2026年1月1日
當期淨利潤

宣告股息

轉至儲備

–

–

(6,426)

(6,426)

–

(6,426)

–

3,492

(3,492)

–

–

–

與股東交易合計

–

3,492

(9,918)

(6,426)

–

(6,426)

儲備結轉留存收益

–

(361)

361

–

–

–

–

(2)

–

(2)

–

(2)

3,120

(19,297)

139,755

123,578

37

123,615

其他

2026年6月30日

66

二零二六年中期報告 | 財務報告

關於公司

經營情況

企業管治

其他信息

財務報告

截至2025年6月30日止6個月期間（未經審計）

股本

歸屬本公司股東
儲備

留存收益

合計

非控制性權益

權益總計

3,120

(15,056)

108,176

96,240

29

96,269

其他綜合收益

–

–

14,799

14,799

2

14,801

–

(21,364)

–

(21,364)

–

(21,364)

綜合收益合計

–

(21,364)

14,799

(6,565)

2

(6,563)

2025年1月1日
當期淨利潤

宣告股息

轉至儲備

–

–

(6,208)

(6,208)

–

(6,208)

–

2,520

(2,520)

–

–

–

與股東交易合計

–

2,520

(8,728)

(6,208)

–

(6,208)

儲備結轉留存收益

–

381

(381)

–

–

–

–

(60)

–

(60)

–

(60)

3,120

(33,579)

113,866

83,407

31

83,438

其他

2025年6月30日

後附財務報表附註為本中期簡明合併財務報表的組成部分 。
財務報告 | 二零二六年中期報告

67

簡明合併現金流量表

截至2026年6月30日止6個月期間（除特別註明外 ，金額單位為人民幣百萬元）
截至6月30日止6個月期間

經營活動
經營活動產生的現金流量淨額

投資活動
投資活動支付的現金淨額
收購結構化主體產生的現金流量淨額
處置結構化主體產生的現金流量淨額
處置物業 、廠房與設備和無形資產及其他資產所得款項
購買物業 、廠房與設備和無形資產及其他資產
收到利息
收到股息
買入返售金融資產淨額
投資活動產生的現金流量淨額

籌資活動
吸收結構化主體少數股東投資收到的現金
發行資產支持計劃所收到的現金
分配股利 、利潤或償付利息支付的現金
贖回資本補充債券支付的現金
賣出回購金融資產款淨額
償還租賃負債所支付的現金
償還結構化主體少數股東投資所支付的現金
償還資產支持計劃所支付的現金
籌資活動產生的現金流量淨額

現金及現金等價物的匯率變動影響
現金及現金等價物淨減少額
現金及現金等價物
期初
期末

現金及現金等價物餘額分析
銀行活期存款及現金
期末現金及現金等價物合計
後附財務報表附註為本中期簡明合併財務報表的組成部分 。

68

二零二六年中期報告 | 財務報告

2026年
（未經審計）

2025年
（未經審計）

56,190

58,719

(45,889)
140
(28)
29
(379)
25,476
4,241
3,659

(54,745)
4,100
1,313
6
(413)
20,127
4,186
3,701

(12,751)

(21,725)

4,683
2,400
(1,676)
–
(49,641)
(208)
(3,204)
(5,520)

11,233
5,520
(563)
(10,000)
(36,214)
(268)
(12,558)
–

(53,166)

(42,850)

(106)

(21)

(9,833)

(5,877)

42,898

38,432

33,065

32,555

33,065

32,555

33,065

32,555

關於公司

經營情況

企業管治

其他信息

財務報告

中期簡明合併財務報表附註

截至2026年6月30日止6個月期間（除特別註明外 ，金額單位為人民幣百萬元）

1

一般情況及業務活動

新華人壽保險股份有限公司（以下簡稱「本公司」）為經中華人民共和國國務院（以下簡稱「國務院」）同意及中國人民銀行

批准於1996年9月在中國北京成立的股份有限公司 。本公司成立時 ，註冊資本為人民幣5億元 。經原中國保險監督管

理委員會（以下簡稱「原中國保監會」）批准 ，本公司分別於2000年12月和2011年3月將註冊資本（股本）增至人民幣12
億元和人民幣26億元 。於2011年12月 ，本公司在上海證券交易所首次公開發行人民幣普通股A股股票158,540,000

股 ，在香港聯交所首次公開發行境外上市外資股H股股票358,420,000股； 於2012年1月 ，本公司在香港聯交所發行

境外上市外資股H股超額配售權股票2,586,600股 。經原中國保監會批准 ，本公司的註冊資本（股本）變更為人民幣

31.20億元 。本公司註冊地址為北京市延慶區湖南東路16號（中關村延慶園）。本公司總部設在北京 。

本公司的經營範圍為人民幣 、外幣的人身保險（包括各類人壽保險 、健康保險 、意外傷害保險）； 為境內外的保險機

構代理保險 、檢驗 、理賠； 保險諮詢； 依照有關法規從事資金運用 。在報告期間 ，本公司主營業務範圍未發生重大
變化 。

於2026年6月30日 ，本公司各子公司及本公司擁有控制權的結構化主體的情況請參見附註28。本公司 、本公司的子公
司及本公司擁有控制權的結構化主體在本中期簡明合併財務報表中統稱為「本集團」。
本中期簡明合併財務報表已經審閱 ，但未經審計 。

財務報告 | 二零二六年中期報告

69

2

編製基礎

未經審計的截至2026年6月30日止6個月期間中期簡明合併財務報表乃按照國際會計準則理事會頒佈的《國際會計準則
第34號－中期財務報告》以及《香港聯合交易所有限公司證券上市規則》的相關披露要求而編製 。本中期簡明合併財務
報表應與根據國際財務報告會計準則編製的2025年度合併財務報表一併閱讀 。

除了以公允價值計量的金融工具和用精算方法計量的保險合同負債和分出再保險合同資產外 ，本中期簡明合併財務報
表以歷史成本作為編製基礎 。

除2026年1月1日首次適用的準則修訂外 ，本中期簡明合併財務報表所採用的重要會計政策信息與2025年度合併財務
報表所採用的重要會計政策信息一致 。

本集團於2026年1月1日開始的財務年度首次適用的準則修訂
準則╱修訂

內容

國際財務報告準則第9號修訂及國際財務報告準則第7號修訂

對金融工具分類和計量的修訂

國際財務報告準則第9號修訂及國際財務報告準則第7號修訂

國際財務報告會計準則修訂

涉及依賴自然能源生產電力的合同

國際財務報告會計準則的年度改進－第11卷

本期間適用上述經修訂的國際財務報告會計準則不會對本集團於本期間和以前期間的財務狀況及表現 ，及╱或在本中
期簡明合併財務報表所列的披露產生重大影響 。

3

重要會計估計和判斷

本集團在編製2026年中期簡明合併財務報表時作出的重要會計估計和判斷與本集團編製2025年度合併財務報表所作

出的重要會計估計和判斷一致 。

70

二零二六年中期報告 | 財務報告

關於公司

4
(1)

(a)

經營情況

企業管治

其他信息

財務報告

風險管理

保險風險

保險風險類型

由於保險風險的發生具有隨機性 ，賠付金額也具有不確定性 。因此本集團面臨的主要保險風險是保險事件發生的隨機

性 。對於按照概率理論進行定價和計提保險合同負債的保單來說 ，本集團面臨的主要風險是實際賠付超出保險合同負

債的賬面價值 。這種情況發生在保險事件實際發生頻率和嚴重程度超出估計時 。保險事件的發生具有隨機性 ，實際賠
付的數量和金額每年都會與通過統計方法建立的估計有所不同 。

經驗顯示具有相同性質的保險事件承保數量越多 ，風險越分散 ，預計結果偏離實際結果的可能性就越小 。本集團建立
了分散承保風險類型的保險承保策略 ，並在每個類型的保險風險中保持足夠數量的保單總量 ，從而減少預計結果的不
確定性 。

本集團目前主要業務包括長期壽險 、重大疾病保險 、年金保險 、短期意外及健康保險 ，社會經濟發展水平 、生活方
式的變化 、傳染病和醫療水平的變化等均會對上述業務的保險風險產生重要的影響 。保險風險也會受保單持有人終止
合同 、降低保費 、拒絕支付保費或行使年金轉換權利影響 ，即保險風險受保單持有人的行為和決定影響 。

本集團通過承保策略 、再保險安排和索賠處理來管理保險風險 。本集團目前有效的再保險安排形式包括成數分保 、溢
額分保以及巨災超賠分保 。再保險安排基本涵蓋了主要的含風險責任的產品 。這些再保險安排在一定程度上轉移了保

險風險 ，有利於維持本集團財務結果的穩定 。但是 ，本集團的再保險安排並不能減除本集團在再保險公司未能履行再
保險合同時對被保險人的直接保險責任 。

本集團於保險合同負債及分出再保險合同資產中確認的未來現金流量現值代表了本集團預期的保險風險敞口 。

(b)

保險風險集中度

目前 ，本集團的所有保險業務均來自中國境內 ，保險風險在本集團所承保的各地區不存在重大分別 。

財務報告 | 二零二六年中期報告

71

4
(2)

風險管理（續）

金融風險

本集團經營活動中面臨的金融風險主要是指出售金融資產獲得的收入不足以支付保險合同和投資合同等形成的負債 。

金融風險中最重要的組成因素是市場風險 、信用風險和流動性風險 。本集團的風險管理重視金融市場的不可預見性 ，
並採取措施盡量減少其對財務狀況可能的負面影響 。本集團通過風險管理部門 、投資管理部門 、財務會計部和精算部
等部門之間的緊密合作來識別 、評價和規避金融風險 。

本集團在法律和監管政策許可範圍內 ，通過適當的投資組合來分散金融風險 ，目的是減少投資集中於任何特殊行業或
特定發行機構的風險 。本集團主要投資組合的構成參見附註7。

(a)
(i)

市場風險
利率風險

利率風險是指因市場利率的變動而使金融工具公允價值或未來現金流量變動的風險 。本集團受利率風險影響較大的資

產或負債主要包括定期存款 、債權型投資 、分出再保險合同資產以及保險合同負債 。利率的變化將對本集團整體投資
回報產生重要影響 。同時由於本集團銷售的大部分保單都包括對保戶的保證利益 ，因此也使本集團面臨該方面的利率
風險 。本集團通過資產負債匹配管理來評估和管理利率風險 ，並盡可能使資產和負債的期限相匹配 。

(ii)

價格風險

價格風險主要由本集團持有的股權型投資價格的波動而引起 。股權型投資的價格取決於市場 。本集團的大部分股權型
投資對象在中國的資本市場 ，本集團面臨的價格風險因中國的資本市場相對不穩定而增大 。

此外 ，本集團簽發的具有直接參與分紅特徵的保險合同 、具有相機參與分紅特徵的投資合同 、具有間接分紅特徵的合
同以及持有的再保險合同同樣面臨權益價格風險 。本集團簽發此類合同的收益與包括權益工具在內的基礎項目的公允
價值相關 。

本集團在法律和監管政策允許前提下 ，通過適當的多樣化投資組合來分散價格風險 ，目的是減少投資集中於任何特殊
行業或特定發行機構的風險 。

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(a)
(iii)

經營情況

企業管治

其他信息

財務報告

風險管理（續）

金融風險（續）

市場風險（續）
外匯風險

外匯風險是指金融工具的公允價值或未來現金流量因外匯匯率變動而發生波動的風險 。本集團的外匯風險敞口主要包

括持有的以記賬本位幣之外的其他貨幣（包括美元 、港幣及歐元等）計價的現金及現金等價物 、定期存款 、債權型投
資及股權型投資 。

對已識別的匯率風險 ，本集團採取以下應對措施：(1)綜合內外部分析情況 ，確定風險等級 ，以確定不同的防範措施；
(2)評估其在未來一定的時間內對境外投資可能造成的損失頻率和損失程度 。採用外匯風險暴露分析等方法 ，評估匯
率變動對保險公司資產 、負債和淨資產的影響； 及(3)根據匯率風險的等級及影響 ，並結合自身風險偏好 ，綜合評估
境外資產價格風險 ，並根據需要選取合適的風險管理工具 ，進行風險對沖 。

(b)

信用風險

信用風險是指金融交易的一方或某金融工具的發行機構因不能履行義務而使另外一方遭受損失的可能性 。從投資資產

看 ，本集團投資組合中的大部分投資品種都是國債 、金融債券 、國有商業銀行及大型企業集團擔保的企業債券 、存

放在國有或全國性商業銀行的存款 、信託計劃 、債權投資計劃以及資產支持計劃 。本集團針對信用風險 ，主要採用
信用級別集中度作為監控指標 ，保證整體信用風險敞口可控 。

為應對交易對手信用風險 ，本集團主要採取以下應對措施：(1)執行嚴格的內部評級制度 ，對信用投資品種嚴格把關；
(2)在投資指引中明確規定投資品種的會計分類 ，避免高信用風險資產進入以攤餘成本計量的債務工具投資分類；(3)監

測債券市場價值 ，分析評估可能發生的信用違約事件 ，提高預見性 。從交易對手看 ，本集團面對的交易對手大部分
是政策性銀行 、國有或全國性商業銀行和國有資產管理公司 ，因此本集團面臨的信用風險總體相對較低 。

本集團基於金融工具信用風險自初始確認後是否已顯著增加以及資產是否已發生信用減值 ，將金融工具劃分入三個風

險階段 ，計提預期信用損失 。本集團至少於每季度評估相關金融工具的信用風險自初始確認後是否已顯著增加 。本集
團進行金融工具的風險階段劃分時充分考慮反映其信用風險是否出現顯著變化的各種合理且有依據的信息 ，包括前瞻
性信息 。主要考慮因素有監管及經營環境 、內外部信用評級 、借款人的償債能力 、經營能力 、合同條款和還款記錄
等 。本集團以單項金融工具或者具有相似信用風險特徵的金融工具組合為基礎 ，通過比較金融工具在資產負債表日發
生違約的風險與在初始確認日發生違約的風險 ，以確定金融工具預計存續期內發生違約風險的變化情況 。

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(b)

風險管理（續）

金融風險（續）

信用風險（續）

本集團計量預期信用損失的關鍵輸入值包括違約概率 、違約損失率 、違約風險暴露 。這些輸入值來自於本集團自行開
發的統計模型 、歷史數據 ，並考慮前瞻性信息 。

本集團在對金融資產計提減值準備時 ，考慮前瞻性宏觀經濟對預期信用損失的影響 。本集團通過歷史數據分析 ，識別
出與計算預期信用損失相關聯的宏觀經濟指標包括國內生產總值(GDP) 、居民消費價格指數(CPI)等 ，通過回歸分析確
定這些經濟指標與違約概率和違約損失率之間的關係 ，對預期信用損失結果進行前瞻性調整 。

信用風險敞口

若不考慮擔保或其他信用增強安排 ，本集團本中期簡明合併財務狀況表中的金融資產賬面金額代表其最大信用風險敞
口。

擔保及其他信用增強安排

本集團持有的買入返售金融資產以對手方持有的債權型投資作為質押 。當對手方違約時 ，本集團有權獲得該質押物 。
根據本集團與保單持有人簽訂的保戶質押貸款合同和保單合同的條款和條件 ，保戶質押貸款以其相應保單的現金價值
作為質押 。本集團大部分的債權投資計劃和信託計劃均由第三方提供擔保 、質押或抵押作為還款來源 。

信用質量

本集團持有的各類債券信用評級絕大部分為AA/A-2或以上 ，信用評級由其發行時國內具有資格的評估機構評定 。本

集團大部分的銀行存款存放於四大國家控股商業銀行和其他全國性商業銀行 。大部分再保險合同為與國家控股的再保
險公司或大型國際再保險公司訂立 。本集團確信這些商業銀行和再保險公司都具有高信用質量 。本集團信託計劃的受
託管理人 、債權投資計劃和資產支持計劃的資產管理人均是國內大型知名的信託公司和資產管理公司 。

(c)

流動性風險

流動性風險是指本集團不能獲得足夠的資金來歸還到期負債的風險 。在正常的經營活動中 ，本集團通過資產負債管理
來匹配投資資產與保險負債 ，以降低流動性風險 。

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(2)

(d)

經營情況

企業管治

其他信息

財務報告

風險管理（續）

金融風險（續）

未納入合併範圍結構化主體的權益披露

本集團持有的未納入合併範圍結構化主體的權益 ，在以公允價值計量且其變動計入當期損益的金融資產 、以攤餘成本

計量的債務工具投資 、以公允價值計量且其變動計入其他綜合收益的債務工具投資中核算 。這些結構化主體通常以發

行證券或其他受益憑證募集資金 。這些結構化主體的目的主要是收取管理服務費或為公共和私有基礎設施建設提供資
金支持 。

本集團持有權益的各類結構化主體所持有的投資 ，由評級較高的第三方提供擔保 ，或以質押提供擔保 ，或借款人信用
評級較高 。

對於本集團持有權益或發起設立的結構化主體 ，本集團均未提供任何擔保或者資金支持 。
本集團認為 ，未納入合併範圍結構化主體的賬面價值代表了本集團持有權益的最大風險敞口 。
本集團發起設立但不持有權益的未納入合併範圍結構化主體主要為本集團為收取管理服務費而發起設立的資產管理計

劃 、債權投資計劃 、養老金產品 、職業年金產品和企業年金產品等 ，該管理服務費在其他收入中核算 。本集團未向
該類結構化主體轉移資產 。

(e)

資產負債匹配的風險

本集團運用一定的資產負債管理技術協調管理資產與負債 ，使用技術包括情景分析方法 、現金流匹配方法及免疫方法

等； 本集團通過上述方法多角度瞭解存在的風險及其中複雜的關係 、考慮未來現金流支付時間和額度 ，以及結合負債

屬性 ，綜合動態管理集團資產與負債和償付能力 。本集團採取了包括股東增資 、發行次級債及資本補充債券 、再保
險安排 、提高分支機構產能 、優化業務結構 、構建成本競爭體系等方式提高集團償付能力 。

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(3)

風險管理（續）

資本管理

本公司進行資本管理的目標是通過現在及未來的管理使得本公司符合原中國銀行保險監督管理委員會（以下簡稱「原中

國銀保監會」，已於2023年5月變更為國家金融監督管理總局）對於保險公司實際資本的要求 ，以滿足法定最低資本監

管並確保本公司有持續發展的能力 ，從而能夠持續的為股東及其他利益相關者帶來回報 。實際資本為原中國銀保監會
定義的認可資產和認可負債的差 。

本公司通過定期監控實際資本與最低資本間是否存在缺口 ，並通過對業務結構 、資產質量及資產分配進行持續的監
測 ，在滿足償付能力的要求下提升盈利能力 。

本公司的核心及綜合償付能力充足率 、核心資本 、實際資本和最低資本如下：
2026年6月30日

2025年12月31日

核心資本

204,624

201,362

最低資本

317,356

313,672

162,128

149,032

126.21%

135.11%

195.74%

210.47%

（未經審計）

實際資本
核心償付能力充足率

綜合償付能力充足率

（經審計）

原中國銀保監會綜合保險公司的可資本化風險和對保險公司操作風險 、戰略風險 、聲譽風險和流動性風險四類難以資

本化風險的評價結果 ，評價保險公司的整體償付能力風險 ，對保險公司進行分類監管 。根據國家金融監督管理總局償
付能力監管信息系統顯示 ，本公司2026年1季度風險綜合評級結果為BBB類 。

(4)

公允價值層級

公允價值估計是在某一具體時點根據相關市場信息及與金融工具有關的信息而作出的 。在存在活躍市場的情況下 ，如

經授權的證券交易所 ，市價乃金融工具公允價值的最佳體現 。在缺乏活躍市場的情況下 ，公允價值乃使用估值技術估
算。

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經營情況

企業管治

其他信息

財務報告

風險管理（續）

公允價值層級（續）

本集團的金融資產主要包括： 現金及現金等價物 、以公允價值計量且其變動計入當期損益的金融資產 、以攤餘成本計
量的債務工具投資 、以公允價值計量且其變動計入其他綜合收益的債務工具投資 、指定為以公允價值計量且其變動計
入其他綜合收益的權益工具投資 、衍生金融資產 、定期存款 、存出資本保證金及買入返售金融資產 。

本集團的金融負債主要包括： 以公允價值計量且其變動計入當期損益的金融負債 、賣出回購金融資產款 、應付債券及
其他負債 。

第一層級通常使用估值日可直接觀察到的相同資產和負債的活躍報價（未經調整）。
不同於第一層級使用的價格 ，第二層級公允價值是基於直接或間接可觀察的重要參數 ，以及與資產整體相關的進一步

可觀察的市場數據的估值方法 。可觀察的參數 ，包括同類資產在活躍市場的報價 ，相同或同類資產在非活躍市場的報
價或其他市場參數 ，通常用來計量歸屬於第二層級的金融資產的公允價值 。

對於第二層級 ，其估值普遍根據第三方估值服務提供商對相同或同類資產的報價 ，或通過估值技術利用可觀察的市場

參數及近期交易價格來確定公允價值 。估值服務提供商通過收集 、分析和解釋多重來源的相關市場交易信息和其他關

鍵估值模型的參數 ，並採用廣泛應用的內部估值技術 ，提供各種證券的理論報價 。銀行間市場進行交易的債權型證

券 ，若以銀行間債券市場近期交易價格或估值服務商提供的價格進行估值的 ，屬於第二層級 。本集團劃分為第二層級
的金融工具主要為人民幣債券投資 ，人民幣債券的公允價值按照中央國債登記結算有限責任公司 、中證指數有限公司
的估值結果確定 ，所有重大估值參數均採用可觀察市場信息的估值技術 。

在某些情況下 ，本集團可能未能從獨立第三方估值服務提供商獲取估值 。在此情況下 ，本集團可能使用內部制定的估
值方法對資產進行估值 ，這種估值方法被分類為第三層級 。內部估值並非基於可觀察的市場數據 ，其反映了管理層根
據判斷和經驗做出的假設 。

第三層級的公允價值以本集團的估值模型為依據確定 ，例如現金流折現模型和可比公司法 。本集團還會考慮初始交
易價格 ，相同或類似金融工具的近期交易 ，或者可比金融工具的完全第三方交易 。如有必要 ，將根據延期 、提前贖
回 、流動性 、違約風險以及市場 、經濟或公司特定情況的變化對評估模型作出調整 。

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風險管理（續）

公允價值層級（續）

下表列示了本集團第三層級金融資產所使用重大不可觀察輸入值信息：
2026年6月30日（未經審計）

公允價值

評估模型

重大的不可
觀察輸入值

輸入值範圍

亞式期權模型

流動性折扣

1.06%-11.78%

貼現現金流

折現率

2.35%-2.70%

不可觀察輸入值和公允價值的關係

以公允價值計量且其變動計入
當期損益的金融資產
－股票

1,398

－資產支持計劃

3,524

－債權投資計劃

812

－股權計劃

22,328

－私募股權基金

18,819

－未上市股權

－結構性存款
小計

6,649
359

貼現現金流

貼現現金流

可比公司法

基金淨值法

折現率

折現率

流動性折扣
淨資產

5.80%
1.66%-6.20%
33.00%
/

貼現現金流

折現率

5.39%-8.20%

貼現現金流

折現率

4.34%

貼現現金流

折現率

流動性折扣越高 ，公允價值越低
折現率越高 ，公允價值越低

折現率越高 ，公允價值越低

折現率越高 ，公允價值越低

流動性折扣越高 ，公允價值越低

淨資產越高 ，公允價值越高

折現率越高 ，公允價值越低

53,889

以公允價值計量且其變動計入

其他綜合收益的債務工具投資
－信託計劃

－債權投資計劃

－資產支持計劃

小計

1,081
1,767
195

貼現現金流

折現率

2.27%-5.22%
2.99%

折現率越高 ，公允價值越低

折現率越高 ，公允價值越低

折現率越高 ，公允價值越低

3,043

指定為以公允價值計量且其變動計

入其他綜合收益的權益工具投資
－未上市股權

小計

78

23
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可比公司法

流動性折扣

33.00%

流動性折扣越高 ，公允價值越低

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經營情況

企業管治

其他信息

財務報告

風險管理（續）

公允價值層級（續）

下表列示了本集團第三層級金融資產所使用重大不可觀察輸入值信息：
（續）
2025年12月31日（經審計）

公允價值

評估模型

重大的不可
觀察輸入值

輸入值範圍

不可觀察輸入值和公允價值的關係

以公允價值計量且其變動計入
當期損益的金融資產
－股票

500

－債權投資計劃

2,344

－股權計劃

22,103

－私募股權基金

14,063

－資產支持計劃
－未上市股權

－結構性存款
小計

1,226
7,334
365

亞式期權模型

流動性折扣 1.76%-11.15%

流動性折扣越高 ，公允價值越低

貼現現金流

折現率

折現率越高 ，公允價值越低

貼現現金流

貼現現金流

可比公司法

基金淨值法

折現率

折現率

流動性折扣
淨資產

5.80%

2.60%-5.60%
3.06%-6.40%
33.00%
/

貼現現金流

折現率

5.28%-7.64%

貼現現金流

折現率

4.34%-8.68%

貼現現金流

折現率

2.99%

折現率越高 ，公允價值越低

折現率越高 ，公允價值越低

流動性折扣越高 ，公允價值越低

淨資產越高 ，公允價值越高

折現率越高 ，公允價值越低

47,935

以公允價值計量且其變動計入

其他綜合收益的債務工具投資
－信託計劃

－債權投資計劃

－資產支持計劃

小計

1,156
2,846
195

貼現現金流

折現率

2.24%-5.22%

折現率越高 ，公允價值越低

折現率越高 ，公允價值越低

折現率越高 ，公允價值越低

4,197

指定為以公允價值計量且其變動計

入其他綜合收益的權益工具投資
－未上市股權

小計

24

可比公司法

流動性折扣

33.00%

流動性折扣越高 ，公允價值越低

24

財務報告 | 二零二六年中期報告

79

4
(4)

(a)

風險管理（續）

公允價值層級（續）

以公允價值計量的資產和負債

下表列示了本集團以公允價值計量的資產和負債的公允價值層級：
公允價值計量使用的輸入值
重要可觀察

重要不可觀察

第一層級

第二層級

第三層級

合計

431,091

269,679

53,889

754,659

其他綜合收益的債務工具投資

2,399

548,209

3,043

553,651

其他綜合收益的權益工具投資

51,785

–

23

51,808

485,275

817,888

56,955

1,360,118

–

7,694

–

7,694

–

7,694

–

7,694

2026年6月30日（未經審計）

活躍市場報價

輸入值

輸入值

資產

以公允價值計量且其變動計入
當期損益的金融資產

以公允價值計量且其變動計入

指定為以公允價值計量且其變動計入
合計
負債

以公允價值計量且其變動計入
當期損益的金融負債

合計

80

二零二六年中期報告 | 財務報告

關於公司

4
(4)

(a)

經營情況

企業管治

其他信息

財務報告

風險管理（續）

公允價值層級（續）

以公允價值計量的資產和負債（續）

下表列示了本集團以公允價值計量的資產和負債的公允價值層級：
（續）
公允價值計量使用的輸入值
重要可觀察

重要不可觀察

第一層級

第二層級

第三層級

合計

345,038

186,783

47,935

579,756

其他綜合收益的債務工具投資

2,701

529,070

4,197

535,968

其他綜合收益的權益工具投資

38,532

–

24

38,556

–

1

–

1

386,271

715,854

52,156

1,154,281

–

9,860

–

9,860

–

9,860

–

9,860

2025年12月31日（經審計）

活躍市場報價

輸入值

輸入值

資產

以公允價值計量且其變動計入
當期損益的金融資產

以公允價值計量且其變動計入

指定為以公允價值計量且其變動計入
衍生金融資產
合計
負債

以公允價值計量且其變動計入
當期損益的金融負債

合計

本集團以導致各層級之間轉換的事項發生日為確認各層級之間轉換的時點 。金融資產在第一 、二層級之間的轉換 ，主
要受資產負債表日是否可以獲得活躍市場上未經調整的報價的影響 。

截至2026年6月30日止6個月期間 ，本集團不存在以公允價值計量的金融資產在第一 、二層級之間的轉換（截至2025

年6月30日止6個月期間： 同）。

財務報告 | 二零二六年中期報告

81

4
(4)

(a)

風險管理（續）

公允價值層級（續）

以公允價值計量的資產和負債（續）

上述第三層級金融資產變動如下：

以公允價值計量

以公允價值計量

當期損益的

其他綜合收益的
債務工具投資

權益工具投資

合計

47,935

4,197

24

52,156

6,982

–

–

6,982

且其變動計入

（未經審計）
2026年1月1日
購買

轉出(i)

指定為以公允

金融資產

且其變動計入

價值計量且其
變動計入其他

綜合收益的

計入損益的影響

(447)

–

–

(447)

1,269

103

–

1,372

到期╱出售

–

363

(1)

362

(1,850)

(1,620)

–

(3,470)

2026年6月30日

53,889

3,043

23

56,955

以公允價值計量

以公允價值計量

當期損益的

其他綜合收益的
債務工具投資

權益工具投資

合計

56,196

8,434

22

64,652

計入損益的影響

4,548

–

–

4,548

(1,713)

3

–

(1,710)

到期╱出售

–

(1,633)

2

(1,631)

(11,096)

(2,607)

–

(13,703)

2025年12月31日

47,935

4,197

24

52,156

計入其他綜合收益的影響

且其變動計入

（經審計）
2025年1月1日
購買

計入其他綜合收益的影響

(i)

82

金融資產

且其變動計入

本期間 ，部分限售股解禁並獲得了計量公允價值的活躍市場報價信息 ，從第三層級轉為第一層級 。

二零二六年中期報告 | 財務報告

指定為以公允
價值計量且其
變動計入其他

綜合收益的

關於公司

4
(4)

(b)

經營情況

企業管治

其他信息

財務報告

風險管理（續）

公允價值層級（續）

披露公允價值的資產和負債

除了下表披露的金融工具以外 ，其他不以公允價值計量的金融資產和金融負債的賬面價值近似為它們的公允價值 。
2026年6月30日（未經審計）

第一層級

第二層級

第三層級

合計

以攤餘成本計量的債務工具投資

919

232,243

5,241

238,403

合計

919

232,243

5,241

238,403

投資合同負債

–

20,559

–

20,559

–

–

323

323

合計

–

20,559

323

20,882

第一層級

第二層級

第三層級

合計

以攤餘成本計量的債務工具投資

848

295,110

7,320

303,278

–

–

14,302

14,302

合計

848

295,110

21,622

317,580

投資合同負債

–

20,424

–

20,424

–

–

626

626

合計

–

20,424

626

21,050

資產

負債

應付債券

2025年12月31日（經審計）
資產

投資性房地產

負債

應付債券

財務報告 | 二零二六年中期報告

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5

分部信息

本集團有以下三個經營分部：

(i)

傳統型保險

傳統型保險指不具有參與分紅特徵的保險業務 。傳統型保險主要包括傳統型壽險 、健康險及意外險業務 。與傳統型保
險相關的再保險業務合併於傳統型保險業務列示 。

(ii)

分紅型保險

分紅型保險指具有直接參與分紅特徵的保險業務 。與分紅型保險相關的再保險業務合併於分紅型保險列示 。

(iii) 其他業務

其他業務主要指萬能型保險以及本集團的投資資產管理業務以及本集團不可分攤的收入和支出 。

84

二零二六年中期報告 | 財務報告

關於公司

5

分部信息（續）
傳統型保險

收入

經營情況

企業管治

其他信息

財務報告

截至2026年6月30日止6個月期間（未經審計）
分紅型保險

其他業務

抵銷

合計

保險服務收入

21,421

4,831

190

–

26,442

其他投資收益

7,855

6,027

693

–

14,575

21,483

15,827

3,048

–

40,358

(177)

(17)

826

(453)

179

收入合計

50,582

26,668

4,757

(453)

81,554

保險服務費用

(13,734)

(2,145)

(144)

453

(15,570)

簽發的保險合同的財務費用

(228)

–

–

–

(228)

(13,674)

(22,163)

(2,475)

–

(38,312)

170

–

–

–

170

174

312

(155)

–

331

–

–

(1,705)

–

(1,705)

(27,292)

(23,996)

(4,479)

453

(55,314)

聯營企業和合營企業投資收益份額

1,478

314

13

–

1,805

(359)

(469)

(594)

–

(1,422)

稅前利潤

24,409

2,517

(303)

–

26,623

–

–

379

–

379

(722)

(113)

(98)

–

(933)

利息收入

其他收入

保險業務支出及其他費用
分出的再保險合同的費用淨額
減： 分出的再保險合同的財務收益
金融資產減值損失淨額
其他費用

保險業務支出及其他費用合計
其他財務費用

補充資料：

資本性支出

折舊和攤銷費用

財務報告 | 二零二六年中期報告

85

5

分部信息（續）
傳統型保險

收入

截至2025年6月30日止6個月期間（未經審計）
分紅型保險

其他業務

抵銷

合計

保險服務收入

21,138

3,435

180

–

24,753

其他投資收益

8,087

7,254

872

–

16,213

12,869

13,525

1,702

–

28,096

(38)

(2)

840

(433)

367

收入合計

42,056

24,212

3,594

(433)

69,429

保險服務費用

(14,302)

(2,252)

(121)

433

(16,242)

簽發的保險合同的財務費用

(229)

–

–

–

(229)

(11,713)

(20,345)

(1,949)

–

(34,007)

168

–

–

–

168

(95)

53

(12)

–

(54)

–

–

(1,577)

–

(1,577)

(26,171)

(22,544)

(3,659)

433

(51,941)

508

130

–

–

638

(724)

(677)

(507)

–

(1,908)

15,669

1,121

(572)

–

16,218

–

–

413

–

413

(688)

(108)

(101)

–

(897)

利息收入
其他收入

保險業務支出及其他費用
分出的再保險合同的費用淨額
減： 分出的再保險合同的財務收益
金融資產減值損失淨額

其他費用

保險業務支出及其他費用合計
聯營企業和合營企業投資收益份額
其他財務費用
稅前利潤
補充資料：

資本性支出

折舊和攤銷費用

86

二零二六年中期報告 | 財務報告

關於公司

5

經營情況

企業管治

其他信息

財務報告

分部信息（續）

2026年6月30日及2025年12月31日的分部資產和分部負債列示如下：
2026年6月30日（未經審計）
分部資產
分部負債
2025年12月31日（經審計）
分部資產
分部負債

傳統型保險

分紅型保險

其他業務

抵銷

合計

966,875

781,417

210,111

(326)

1,958,077

904,992

759,572

170,224

(326)

1,834,462

傳統型保險

分紅型保險

其他業務

抵銷

合計

937,824

788,359

173,707

(406)

1,899,484

870,279

765,270

152,763

(406)

1,787,906

財務報告 | 二零二六年中期報告

87

6

聯營企業和合營企業投資

聯營企業和合營企業投資明細如下：

2026年6月30日

2025年12月31日

杭州銀行股份有限公司（「杭州銀行」）

7,239

6,715

中國金茂控股集團有限公司

5,113

4,651

1,592

1,495

835

809

737

734

157

163

13

14

15,686

14,581

26,995

28,720

18,668

21,771

510

529

32

32

小計

46,205

51,052

合計

61,891

65,633

（未經審計）

聯營企業

北京控股有限公司（「北京控股」）
通聯支付網絡服務股份有限公司

北京紫金世紀置業有限責任公司
匯鑫資本國際有限公司

北京美兆健康體檢中心有限公司

小計
合營企業

鴻鵠志遠（上海）私募投資基金有限公司
私募證券投資基金(1)

新華卓越健康投資管理有限公司（「新華健康」）

國豐興華（北京）私募基金管理有限公司（「國豐興華」）

(1)

（經審計）

本集團出資認購由國豐興華發起設立的「鴻鵠」系列私募證券投資基金 。根據相關基金合同約定 ，本集團與中國人壽保險股份有限公司共同控制該系列
基金 ，因此將其作為合營企業 ，採用權益法核算 。該等私募證券投資基金對其所持投資資產均以公允價值計量 。

截至2026年6月30日 ，本集團持有的長期股權投資已計提減值準備人民幣1,190百萬元（ 2025年12月31日： 人民幣
1,190百萬元）。本集團對出現減值跡象的長期股權投資進行減值測試 ，如果可收回金額低於長期股權投資賬面價值 ，

則相應計提減值準備 。可收回金額根據該項長期股權投資的公允價值減去處置費用後的淨額與該項長期股權投資預計
未來現金流量的現值兩者之間較高者確定 。

本集團無與合營企業或聯營企業相關的或有負債（2025年12月31日： 同）。

88

二零二六年中期報告 | 財務報告

關於公司

7
(1)

經營情況

企業管治

其他信息

財務報告

金融投資

以公允價值計量且其變動計入當期損益的金融資產

2026年6月30日

2025年12月31日

金融債券

6,842

8,913

29,688

12,784

次級債券

80,143

35,991

116,466

74,902

235,706

172,574

191,580

168,261

22,328

22,103

18,819

14,063

17,621

11,893

9,401

16,252

7,949

7,000

6,729

9,659

6,649

7,334

（未經審計）

債券

國債及政府債
企業債券

基金

股票

股權計劃

私募股權基金
同業存單
永續債

資產管理計劃
優先股

未上市股權
理財產品

（經審計）

–

14,028

4,738

3,999

合計

754,659

579,756

上市

320,079

259,728

434,580

320,028

合計

754,659

579,756

其他投資（註）

非上市

註：

其他投資主要包括存托憑證 、債權投資計劃 、資產支持計劃 、結構性存款等 。

財務報告 | 二零二六年中期報告

89

7
(2)

金融投資（續）

以攤餘成本計量的債務工具投資

2026年6月30日

2025年12月31日

181,455

237,575

2,436

4,161

6,842

7,326

債權投資計劃

621

603

7,409

9,569

資產支持計劃

2,722

2,248

176

266

小計

201,661

261,748

(4,999)

(4,835)

合計

196,662

256,913

上市

113,367

123,676

83,295

133,237

合計

196,662

256,913

（未經審計）

債券

國債及政府債
金融債券

企業債券
次級債券

信託計劃

減： 信用損失準備

非上市

90

二零二六年中期報告 | 財務報告

（經審計）

關於公司

7
(2)

經營情況

企業管治

其他信息

財務報告

金融投資（續）

以攤餘成本計量的債務工具投資（續）

截至2026年6月30日止6個月期間 ，以攤餘成本計量的債務工具投資的信用損失準備變動情況如下：
第一階段
（未經審計）

第三階段

第二階段

（整個存續期

預期信用損失）

預期信用損失）

－已減值）

合計

(12個月

（整個存續期

預期信用損失

2026年1月1日
信用損失準備

本期（轉回）╱計提

4

–

4,831

4,835

(3)

–

167

164

1

–

4,998

4,999

193,385

–

8,276

201,661

2026年6月30日
信用損失準備

2026年6月30日
賬面餘額

於2025年12月31日止年度 ，以攤餘成本計量的債務工具投資的信用損失準備變動情況如下：
第二階段

（整個存續期

預期信用損失）

預期信用損失）

－已減值）

合計

6

914

1,980

2,900

第一階段
（經審計）

第三階段

(12個月

（整個存續期

預期信用損失

2025年1月1日
信用損失準備

轉移：

轉至第三階段

本年（轉回）╱計提

–

(103)

103

–

(2)

(811)

2,748

1,935

4

–

4,831

4,835

253,272

–

8,476

261,748

2025年12月31日

信用損失準備

2025年12月31日

賬面餘額

本期間 ，本集團處置了人民幣54,936百萬元的債權投資（截至2025年6月30日止6個月期間： 人民幣6,959百萬元），處
置的收益人民幣7,803百萬元計入其他投資收益（截至2025年6月30日止6個月期間： 人民幣2,342百萬元）。

財務報告 | 二零二六年中期報告

91

7
(3)

金融投資（續）

以公允價值計量且其變動計入其他綜合收益的債務工具投資

2026年6月30日

2025年12月31日

國債及政府債

482,352

448,135

企業債券

31,729

37,464

31,272

35,365

5,255

10,807

1,767

2,846

1,081

1,156

195

195

合計

553,651

535,968

上市

215,897

191,301

337,754

344,667

合計

553,651

535,968

（未經審計）

債券

金融債券

次級債券

債權投資計劃
信託計劃

資產支持計劃

非上市

92

二零二六年中期報告 | 財務報告

（經審計）

關於公司

7
(3)

經營情況

企業管治

其他信息

財務報告

金融投資（續）

以公允價值計量且其變動計入其他綜合收益的債務工具投資（續）

截至2026年6月30日止6個月期間 ，以公允價值計量且其變動計入其他綜合收益的債務工具投資的信用損失準備變動

情況如下：

第一階段
（未經審計）

第三階段

第二階段

（整個存續期

預期信用損失）

預期信用損失）

－已減值）

合計

16

–

4,052

4,068

(7)

–

(467)

(474)

9

–

3,585

3,594

552,453

–

1,198

553,651

(12個月

（整個存續期

預期信用損失

2026年1月1日
信用損失準備
本期轉回

2026年6月30日
信用損失準備

2026年6月30日
賬面價值

於2025年12月31日止年度 ，以公允價值計量且其變動計入其他綜合收益的債務工具投資的信用損失準備變動情況如

下：

（經審計）

第三階段

第二階段

（整個存續期

預期信用損失）

預期信用損失）

－已減值）

合計

21

331

2,159

2,511

–

(23)

23

–

(5)

(308)

1,870

1,557

16

–

4,052

4,068

534,783

–

1,185

535,968

第一階段
(12個月

（整個存續期

預期信用損失

2025年1月1日
信用損失準備
轉移：

轉至第三階段

本年（轉回）╱計提
2025年12月31日

信用損失準備

2025年12月31日

賬面價值

財務報告 | 二零二六年中期報告

93

7
(4)

金融投資（續）

指定為以公允價值計量且其變動計入其他綜合收益的權益工具投資

2026年6月30日

2025年12月31日

上市股票

51,785

38,532

23

24

合計

51,808

38,556

（未經審計）

未上市股權

（經審計）

2026年6月30日

（未經審計）

本期間公允價值變動損失：

－在報告期內終止確認的投資

305

－在報告期末持有的投資

(4,150)

計入其他綜合收益的損失合計

(2,884)

－所得稅影響

961

(i)

對於不以短期的價格波動獲利為投資目標 ，而是以長期持有為投資目標的權益投資 ，本集團將其指定為以公允

(ii)

本期間 ，為優化資產配置及資產負債管理 ，本集團處置了人民幣1,364百萬元的指定為以公允價值計量且其變

價值計量且其變動計入其他綜合收益的權益工具 。

動計入其他綜合收益的權益工具（截至2025年6月30日止6個月期間： 人民幣1,881百萬元），處置的稅後累計淨

收益人民幣409百萬元從其他綜合收益轉入留存收益（截至2025年6月30日止6個月期間： 稅後累計淨損失人民
幣381百萬元）。
(iii)

94

本期間 ，以公允價值計量且其變動計入其他綜合收益的權益工具投資確認的股息收入為人民幣1,024百萬元（截
至2025年6月30日止6個月期間： 人民幣1,048百萬元）。

二零二六年中期報告 | 財務報告

關於公司

8

經營情況

企業管治

其他信息

財務報告

定期存款

定期存款按剩餘到期期限分析如下：
2026年6月30日

2025年12月31日

1年以內（含1年）

48,248

114,633

3年至5年（含5年）

94,548

92,189

84,261

87,215

小計

227,057

294,037

(105)

(73)

合計

226,952

293,964

2026年6月30日

2025年12月31日

1年至3年（含3年）

170

336

1,403

1,435

201

–

小計

1,774

1,771

(1)

(1)

合計

1,773

1,770

到期期限
1年至3年（含3年）

減： 信用損失準備

9

（未經審計）

（經審計）

存出資本保證金

存出資本保證金按剩餘到期期限分析如下：
到期期限
1年以內（含1年）

3年至5年（含5年）

減： 信用損失準備

（未經審計）

（經審計）

根據《保險法》等相關規定 ，本公司 、本公司的子公司新華養老保險股份有限公司（以下簡稱「新華養老保險公司」）按照

註冊資本總額的20%提取存出資本保證金 ，並存入符合國家金融監督管理總局規定的銀行 。除本公司或相關子公司清
算時用於清償債務外 ，不做其他用途 。

財務報告 | 二零二六年中期報告

95

10 保險合同負債與分出再保險合同資產
(1)

保險合同負債

保險合同按未到期責任負債和已發生賠款負債的分析

2026年6月30日

2025年12月31日

1,597,850

1,510,444

6,969

7,724

16,777

14,470

1,621,596

1,532,638

2026年6月30日

2025年12月31日

1,413,872

1,338,124

10,891

10,324

193,857

181,723

1,618,620

1,530,171

（未經審計）

未到期責任負債
非虧損部分
虧損部分

已發生賠款負債
合計

未採用保費分配法計量的保險合同按計量組成部分的分析

（未經審計）

未來現金流量現值
非金融風險調整
合同服務邊際

合計

（經審計）

（經審計）

於2026年6月30日 ，本集團對不受基礎項目回報影響的未來現金流進行折現的即期折現率為1.48% - 4.80%（ 2025年
12月31日：1.70% - 4.80%）。

96

二零二六年中期報告 | 財務報告

關於公司

經營情況

企業管治

其他信息

財務報告

10 保險合同負債與分出再保險合同資產（續）
(2)

分出再保險合同資產

分出再保險合同按分保攤回未到期責任資產和分保攤回已發生賠款資產的分析
2026年6月30日

2025年12月31日

9,835

9,764

分保攤回已發生賠款資產

20

24

1,161

1,277

合計

11,016

11,065

2026年6月30日

2025年12月31日

未來現金流量現值

7,997

8,641

合同服務邊際

1,433

1,435

1,516

926

10,946

11,002

（未經審計）

分保攤回未到期責任資產
非虧損攤回部分
虧損攤回部分

未採用保費分配法計量的分出再保險合同按計量組成部分的分析

（未經審計）

非金融風險調整
合計

（經審計）

（經審計）

財務報告 | 二零二六年中期報告

97

11 應付債券

本公司經國家金融監督管理總局和中國人民銀行批准 ，於2023年11月2日在全國銀行間債券市場發行資本補充債券 ，
並於2023年11月6日發行完畢 。該資本補充債券發行總規模為人民幣10,000百萬元 ，品種為10年期固定利率債券 ，

票面利率為3.40% ，在第5年末附有條件的發行人贖回權 。倘若本公司在第5年末不行使贖回權或者部分行使贖回

權 ，則後5個計息年度的票面利率為4.40% 。

本公司經國家金融監督管理總局和中國人民銀行批准 ，於2024年6月18日在全國銀行間債券市場發行資本補充債券 ，
並於2024年6月20日發行完畢 。該資本補充債券發行總規模為人民幣10,000百萬元 ，品種為10年期固定利率債券 ，

票面利率為2.27% ，在第5年末附有條件的發行人贖回權 。倘若本公司在第5年末不行使贖回權或者部分行使贖回

權 ，則後5個計息年度的票面利率為3.27% 。

應付債券的本金和利息的清償順序在保單責任和其他債務之後 ，先於本公司的股權資本 。

12 股本

本公司股本全部為已發行且繳足的普通股 ，每股面值人民幣1元 。本公司股本份數如下：
2026年6月30日

2025年12月31日

3,120

3,120

（未經審計）

法定股本 ，已發行及繳足股本份數（百萬）
每股面值為人民幣1元

98

二零二六年中期報告 | 財務報告

（經審計）

關於公司

13 儲備

經營情況

企業管治

其他信息

財務報告

2026年6月30日

2025年12月31日

資本溢價

23,964

23,964

其他綜合收益

(86)

(84)

(98,952)

(94,260)

一般風險準備

34,543

31,051

21,234

21,234

(19,297)

(18,095)

（未經審計）

其他資本公積
盈餘公積

合計

（經審計）

於2026年6月26日 ，經股東會批准 ，本公司按2025年度淨利潤的10%提取任意盈餘公積人民幣3,492百萬元 。
於2025年6月28日 ，經股東大會批准 ，本公司按2024年度淨利潤的10%提取任意盈餘公積人民幣2,520百萬元 。

14 保險服務收入

截至6月30日止6個月期間
2026

2025

（未經審計）

（未經審計）

預計當期發生的保險服務費用

10,883

10,334

合同服務邊際的攤銷

312

359

8,791

7,722

以保費分配法計量的合同

4,703

4,623

1,753

1,715

26,442

24,753

未以保費分配法計量的合同
非金融風險調整的變動

保險獲取現金流量的攤銷

合計

財務報告 | 二零二六年中期報告

99

15 利息收入

截至6月30日止6個月期間
2026

2025

（未經審計）

（未經審計）

－定期存款

54

105

3,467

4,554

－以攤餘成本計量的債務工具投資

24

27

4,053

4,890

6,930

6,586

47

51

14,575

16,213

利息收入來源於：

－現金及現金等價物
－存出資本保證金

－以公允價值計量且其變動計入其他綜合收益的債務工具投資
－買入返售金融資產
合計

16 其他投資收益

截至6月30日止6個月期間
2026

2025

（未經審計）

（未經審計）

－以公允價值計量且其變動計入當期損益的金融資產

(4,379)

10,236

－以公允價值計量且其變動計入當期損益的金融負債

(1)

(6)

(407)

(259)

－以公允價值計量且其變動計入當期損益的金融資產

30,077

7,468

－以攤餘成本計量的債務工具投資

347

1,196

7,803

2,342

7

6

－以公允價值計量且其變動計入當期損益的金融資產

2,349

1,852

－以公允價值計量且其變動計入當期損益的金融資產

3,538

4,213

公允價值變動損益
－衍生金融工具

已實現損益淨額

－以公允價值計量且其變動計入其他綜合收益的債務工具投資
－衍生金融工具

利息收入

股息和分紅收入

－指定為以公允價值計量且其變動計入其他綜合收益的權益工具投資
－終止確認的其他權益工具投資的股利收入
－仍持有的其他權益工具投資的股利收入

合計

100 二零二六年中期報告 | 財務報告

–

12

1,024

1,036

40,358

28,096

關於公司

17 保險服務費用

經營情況

企業管治

其他信息

財務報告

截至6月30日止6個月期間
2026

2025

（未經審計）

（未經審計）

當期發生的賠款及其他相關費用

8,873

8,664

虧損部分的確認及轉回

4,703

4,623

(524)

587

324

275

13,376

14,149

1,130

1,113

460

474

604

625

–

(119)

小計

2,194

2,093

合計

15,570

16,242

未採用保費分配法計量的合同
保險獲取現金流量的攤銷

已發生賠款負債相關的履約現金流量變動
小計
採用保費分配法計量的合同

當期發生的賠款及其他相關費用
保險獲取現金流量的攤銷
虧損部分的確認及轉回

已發生賠款負債相關的履約現金流量變動

財務報告 | 二零二六年中期報告

101

18 淨投資回報及保險合同金融變動額

截至6月30日止6個月期間
2026

2025

（未經審計）

（未經審計）

利息收入

14,575

16,213

聯營企業和合營企業投資收益份額

40,358

28,096

1,805

638

其他投資收益

金融資產減值損失淨額

331

(54)

利息支出

(208)

(41)

(1,015)

(1,465)

損益中確認的投資回報小計

55,846

43,387

(2,486)

3,642

淨投資回報合計

53,360

47,029

15,159

12,936

1,625

33,001

23,984

20,897

保險合同金融變動額合計

40,768

66,834

在損益中確認的保險合同金融變動額

38,312

34,007

2,456

32,827

保險合同金融變動額合計

40,768

66,834

分出的再保險合同金融變動額
計提的利息
利率及其他金融假設變動的影響

(170)

(168)

49

(304)

分出的再保險合同金融變動額合計

(121)

(472)

在損益中確認的分出的再保險合同金融變動額

(170)

(168)

49

(304)

分出的再保險合同金融變動額合計

(121)

(472)

匯兌損益

其他綜合收益中確認的投資回報

保險合同金融變動額
計提的利息
利率及其他金融假設變動的影響
因使用浮動收費法導致基礎項目公允價值變動對履約
現金流及合同服務邊際的影響

在其他綜合收益中確認的保險合同金融變動額

在其他綜合收益中確認的分出的再保險合同金融變動額

102 二零二六年中期報告 | 財務報告

關於公司

19 金融資產減值損失淨額

經營情況

企業管治

－以攤餘成本計量的債務工具投資

－以公允價值計量且其變動計入其他綜合收益的債務工具投資
－定期存款
－其他

合計

20 其他費用

財務報告

截至6月30日止6個月期間
2026

減值損失的（轉回）╱計提：

其他信息

2025

（未經審計）

（未經審計）

164

(412)

(474)

472

(29)

(8)

8

2

(331)

54

截至6月30日止6個月期間
2026

2025

（未經審計）

（未經審計）

手續費及佣金

9,090

7,073

折舊及攤銷

4,645

4,196

933

897

430

428

408

200

145

141

其他

88

154

744

741

小計

16,483

13,830

10,706

8,615

4,072

3,638

1,705

1,577

工資及福利費
提取保險保障基金(1)
稅金及附加

經營性租賃支出

電子設備運轉費

減：

歸屬於保險獲取現金流的金額
歸屬於保險服務費用的金額

其他費用合計
(1)

本集團按照《保險保障基金管理辦法》
（原中國銀保監會 、中華人民共和國財政部 、中國人民銀行令2022年第7號）及《中國銀保監會辦公廳關於繳納保險
保障基金有關事項的通知》
（銀保監辦發[2023]2號）的相關規定繳納保險保障基金 。繳納的基金額等於業務收入和基金費率的乘積 ，基金費率等於基準
費率與風險差別費率之和 。

財務報告 | 二零二六年中期報告

103

21 稅項

在法律允許當期所得稅資產和當期所得稅負債抵銷 ，並且遞延所得稅與同一稅務機關相關的情況下 ，遞延稅項資產和
遞延稅項負債將被抵銷 。本集團的所得稅主要為中國大陸地區產生 。

(1)

計入淨利潤的所得稅費用列示如下：

截至6月30日止6個月期間
2026

2025

（未經審計）

（未經審計）

遞延所得稅

137

116

3,690

1,301

所得稅費用合計

3,827

1,417

當期所得稅

(2)

以下為本集團由主要適用稅率25%調節至實際所得稅稅率的情況：

截至6月30日止6個月期間
2026

2025

（未經審計）

（未經審計）

稅前利潤

26,623

16,218

按中國法定稅率計算的所得稅

6,656

4,055

(2,921)

(2,699)

未確認遞延所得稅資產的可抵扣虧損的所得稅影響

60

12

37

50

子公司適用不同稅率的影響

(4)

1

(1)

(2)

3,827

1,417

非應稅收入

不可用於抵扣稅款的費用

對以前期間所得稅的調整

按實際稅率計算的所得稅

香港自2025年1月1日起正式執行全球最低稅和香港最低補足稅規則 ，本集團的香港子公司適用該規則 。該規則對本
集團截至2026年6月30日止六個月期間的中期簡明合併財務報表無重大影響（截至2025年6月30日止6個月期間︰同）
。

104 二零二六年中期報告 | 財務報告

關於公司

經營情況

企業管治

其他信息

財務報告

21 稅項（續）
(3)

遞延所得稅資產和遞延所得稅負債互抵前金額和列示淨額如下：

2026年6月30日

2025年12月31日

遞延所得稅負債

37,755

41,456

(20,490)

(21,207)

遞延所得稅資產列示淨額

18,109

20,996

遞延所得稅負債列示淨額

(844)

(747)

（未經審計）

遞延所得稅資產

(4)

（經審計）

遞延所得稅資產以很可能獲得用來抵扣可抵扣暫時性差異和可抵扣虧損和稅款抵減的未
來應納稅所得額為限 。未確認遞延所得稅資產的可抵扣虧損的金額列示如下：
2026年6月30日

2025年12月31日

1,228

1,183

（未經審計）

可抵扣虧損

（經審計）

22 每股收益
(1)

基本每股收益

基本每股收益以本期內歸屬於母公司普通股股東的合併淨利潤除以發行在外普通股的加權平均數計算：
截至6月30日止6個月期間
2026

2025

（未經審計）

（未經審計）

歸屬於母公司普通股股東的合併淨利潤（人民幣百萬元）

22,793

14,799

本公司發行在外普通股的加權平均數（百萬）

3,120

3,120

基本每股收益（人民幣元）

7.31

4.74

(2)

稀釋每股收益

本公司不存在具有稀釋性的潛在普通股 。截至2026年6月30日止6個月期間 ，稀釋每股收益等於基本每股收益（截至
2025年6月30日止6個月期間： 同）。

財務報告 | 二零二六年中期報告

105

23 股利

經2026年6月26日召開的股東會批准 ，本公司以每股人民幣2.06元（含稅）宣告2025年末期現金股利人民幣6,426百萬
元。

經2025年6月28日召開的股東大會批准 ，本公司以每股人民幣1.99元（含稅）宣告2024年末期現金股利人民幣6,208
百萬元 。經2025年10月31日股東大會批准 ，本公司以每股人民幣0.67元（含稅）宣告2025年度中期現金股利人民幣
2,090百萬元 。

24 重大關聯交易
(1)

(a)

關聯方

子公司情況

於2026年6月30日 ，本公司附屬子公司的信息如下：
子公司名稱
新華資產管理股份有限公司（以下簡稱「新華資產管理公司」）

新華資產管理（香港）有限公司（以下簡稱「資產管理公司（香港）」）
新華怡悅康養產業（北京）有限公司（以下簡稱「新華怡悅康養」）
新華嘉悅康養產業（北京）有限公司（以下簡稱「新華嘉悅康養」）

新華家園養老運營管理（北京）有限公司（以下簡稱「新華養老運營」）
新華世紀電子商務有限公司（以下簡稱「新華電商」）

廣州粵融項目建設管理有限公司（以下簡稱「廣州粵融」）

新華人壽保險合肥後援中心建設運營管理有限公司（以下簡稱「合肥後援中心」）
新華養老保險公司

新華怡悅康養產業（海南）有限公司（以下簡稱「海南怡悅康養」）
新華浩然（北京）物業管理有限公司（以下簡稱「新華浩然」）
北京新華卓越康復醫院有限公司（以下簡稱「康復醫院」）

106 二零二六年中期報告 | 財務報告

關於公司

經營情況

企業管治

其他信息

財務報告

24 重大關聯交易（續）
(1)

(a)

關聯方（續）

子公司情況（續）

於2026年6月30日 ，本公司附屬子公司的信息如下：
（續）
註冊成立
及運營地

主要業務

公司類型

註冊╱承諾資本

新華資產管理公司

中國北京

資產管理

有限公司

新華怡悅康養

中國北京

服務

資產管理公司（香港）

中國香港

資產管理

直接

間接

人民幣500百萬元

99.40%

–

有限公司

人民幣1,843百萬元

60.00%

39.76%

100%

–

100%

–

人民幣260百萬元

100%

–

人民幣10百萬元

100%

–

100%

–

人民幣5,000百萬元

100%

–

99.80%

0.20%

人民幣500百萬元

100%

–

100%

–

100%

–

有限公司

新華嘉悅康養

中國北京

養老服務及

有限公司

新華養老運營

中國北京

服務

有限公司

廣州粵融

中國廣州

物業管理

有限公司

新華電商

合肥後援中心

新華養老保險公司
海南怡悅康養
新華浩然
康復醫院

中國北京
中國合肥
中國深圳

中國瓊海

中國北京
中國北京

企業管理

軟件開發設計
服務

保險服務

商務服務

物業管理
醫療服務

本公司的權益

有限公司

港幣75百萬元

人民幣964百萬元

人民幣200百萬元

有限公司

人民幣3,200百萬元

有限公司

人民幣1,908百萬元

有限公司

有限公司
有限公司

人民幣170百萬元

截至2026年6月30日止6個月期間 ，本集團在子公司中的權益沒有重大變化 。

財務報告 | 二零二六年中期報告

107

24 重大關聯交易（續）
(1)

關聯方（續）

(b)

聯營企業和合營企業情況

(c)

其他關聯方情況

聯營企業和合營企業清單參見附註6。

下表匯總了本公司的重大關聯方：
重大關聯方

與本公司的關係

中央匯金投資有限責任公司（以下簡稱「匯金公司」）

對本公司有重大影響的股東

華寶基金管理有限公司

受對本公司有重大影響的股東間接控制的公司

中國寶武鋼鐵集團有限公司

108 二零二六年中期報告 | 財務報告

對本公司有重大影響的股東

關於公司

經營情況

企業管治

其他信息

財務報告

24 重大關聯交易（續）
(2)

重大關聯交易

截至6月30日止6個月期間
2026

本集團與其他關聯方的交易

－投資匯金公司發行債券所取得的利息

本集團與聯營企業的交易
－收到杭州銀行股利

－北京控股宣告派發股利

2025

（未經審計）

（未經審計）

6

11

102

不適用

56

不適用

－收到國豐興華股利

19

–

－收取新華健康租金

5

6

3

4

－向新華資產管理公司支付委託投資管理費

417

400

－支付新華浩然租金及物業費

36

33

29

16

28

15

12

12

9

8

4

3

3

4

–

25

本集團與合營企業的交易
－支付新華健康體檢及服務費
本公司與子公司的交易

－向資產管理公司（香港）支付委託投資管理費
－支付合肥後援中心租賃費用
－收取新華資產管理公司租金

－向新華怡悅康養支付會議及培訓費
－收取新華養老保險公司租金
－向康復醫院支付體檢費
－向新華養老運營增資

上述重大關聯交易未構成《香港上市規則》14A章項下的關連交易或持續關連交易 。
新華資產管理公司和資產管理公司（香港）向本公司收取的投資管理費以雙方協商確定的服務費率和相應的資金運用規
模計算確定 。其他全部交易均以交易雙方協商的價格進行確定 。

財務報告 | 二零二六年中期報告

109

24 重大關聯交易（續）
(3)

與關聯方往來款項餘額

本集團
2026年6月30日

2025年12月31日

匯金公司

339

333

新華健康

9

8

新華健康

4

5

（未經審計）

（經審計）

與關聯方往來款項

以公允價值計量且其變動計入其他綜合收益的債務工具投資
其他應收款項
其他應付款項

本公司
2026年6月30日

2025年12月31日

3

–

資產管理公司（香港）

149

136

合肥後援中心

92

147

37

–

（未經審計）

本公司應收子公司

新華資產管理公司

本公司應付子公司

新華資產管理公司

新華浩然

（經審計）

新華電商

31

–

16

18

新華養老運營

2

–

–

1

康復醫院

於2026年6月30日 ，本公司應收關聯方上述款項未計提減值損失（2025年12月31日： 同）。
本公司與子公司的往來款項已在本中期簡明合併財務狀況表中抵銷 。

110

二零二六年中期報告 | 財務報告

關於公司

經營情況

企業管治

其他信息

財務報告

24 重大關聯交易（續）
(4)

關鍵管理人員報酬

關鍵管理人員包括本公司董事 、監事以及高級管理人員 。由本公司承擔的關鍵管理人員報酬如下：
截至6月30日止6個月期間
2026

工資及福利費

(5)

2025

（未經審計）

（未經審計）

7

7

與國家控股企業的關聯交易

根據《國際會計準則第24號－關聯方披露》
（修訂），國家控股企業之間交易屬於關聯交易 。本集團的主要業務是與保險
相關的 ，因此與國家控股企業的關聯交易主要是保險業務和投資業務 。本集團與其他國家控股企業的關聯交易均為一

般商業往來 。由於企業股權結構的複雜性 ，中國政府可能擁有對許多公司的間接權益 。某些間接權益本身或和其他間
接權益組合形成對於某些公司的並非為本集團所知的控制權益 。本集團相信下列數據應反映所有大部分的重大關聯交
易並根據《國際會計準則第24號》
（修訂）豁免條款僅披露定性信息 。

於2026年6月30日 ，本集團大部分銀行存款存放於國家控股的銀行 ，大部分債券投資發行人為國家控股企業 ，大部分

投資託管於國家控股企業 。截至2026年6月30日止6個月期間 ，本集團大部分團險業務客戶為國家控股企業 ，大部分
的銀行保險業務手續費支付給了國家控股的銀行和郵政機構 。幾乎所有再保險合同均與國家控股再保險公司訂立； 大
部分銀行存款利息收入來自國家控股的銀行 。

財務報告 | 二零二六年中期報告

111

25 或有事項

本集團在開展正常業務時 ，會涉及各種估計 、或有事項及法律訴訟 ，包括但不限於在訴訟中作為原告與被告及在仲裁

中作為申請人與被申請人 。法律訴訟主要包括保單及其他的索賠 ，以及訴訟事項 。本集團已對可能發生的損失計提準
備 ，包括當管理層參考律師意見並能對上述訴訟結果做出合理估計後 ，對保單等索賠計提的準備 。

對於無法合理預計結果及管理層認為敗訴可能性較小的未決稽查 、訴訟或可能的違約 ，不計提相關準備 。對於上述
未決訴訟 ，管理層認為最終裁定結果產生的義務將不會對本集團或其附屬公司的財務狀況和經營成果造成重大負面影
響。

於2026年6月30日 ，除上述事項及因經營本中期財務報表所載的保險業務而存在各種的估計及或有事項外 ，本集團無
其他重大需說明的或有事項 。

26 承諾事項
(1)

資本性承諾事項

資本性承諾主要為購買物業 、廠房與設備和軟件等承諾 。管理層確信本集團的未來淨收入及其他籌資來源將足夠支付
該等資本性承諾 。

2026年6月30日

2025年12月31日

已簽約但尚未完全履行

785

1,130

合計

785

1,130

（未經審計）

112

二零二六年中期報告 | 財務報告

（經審計）

關於公司

經營情況

企業管治

其他信息

財務報告

26 承諾事項（續）
(2)

經營租賃應收賬款

根據不可撤銷經營租賃合同 ，於未來年度內最低租賃收入為：
2026年6月30日

2025年12月31日

1年以內（含1年）

208

237

2年至3年以內（含3年）

169

185

127

143

81

94

52

67

5年以上

272

414

合計

909

1,140

（未經審計）

1年至2年以內（含2年）

3年至4年以內（含4年）

4年至5年以內（含5年）

(3)

（經審計）

對外投資承諾事項

於2026年6月30日 ，本集團已簽約而尚未完全履行的對外投資承諾金額為人民幣6,043百萬元（ 2025年12月31日： 人

民幣2,214百萬元）。

27 期後事項

本公司經國家金融監督管理總局和中國人民銀行批准 ，於2026年7月21日在全國銀行間債券市場發行無固定期限資本

債券 ，並於2026年7月23日發行完畢 。本期債券發行總規模為人民幣100億元 ，首5年票面利率為1.90% ，自發行繳

款截止日起每5年調整一次 ，在第5年及之後的每個付息日附發行人有條件贖回權 。

根據2026年8月26日董事會審議通過的2026年度中期利潤分配議案 ，本公司擬向全體股東派發中期現金股利人民幣
2,277百萬元 ，按已發行股份計算每股人民幣0.73元（含稅）。上述中期利潤分配議案尚待股東會批准 。

財務報告 | 二零二六年中期報告

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28 附屬子公司投資

於2026年6月30日 ，本公司附屬子公司的信息參見附註24(1)(a) 。
於2026年6月30日 ，本公司擁有控制權的主要結構化主體信息如下：
主要業務

註冊╱承諾資本

本集團的權益%
99.99%

坤華（天津）股權投資合夥企業（有限合夥）

私募股權基金

人民幣9,437百萬元

新華資產－明義四十九號資產管理產品

資管產品

人民幣8,920百萬元

新華資產－明義四十八號資產管理產品

新華資產－明義五十二號資產管理產品
新華資產－明義五十號資產管理產品

新華資產－明義四十七號資產管理產品

新華資產－明義四十六號資產管理產品

新華資產－明義五十一號資產管理產品

新華資產－明義四十四號資產管理產品

新華資產－明義五十五號資產管理產品

新華資產－明義四十五號資產管理產品

新華資產－明義四十二號資產管理產品

新華資產－明義五十四號資產管理產品
新華資產－明義四十號資產管理產品

114

二零二六年中期報告 | 財務報告

資管產品

資管產品

資管產品

資管產品

資管產品

資管產品

資管產品

資管產品

資管產品

資管產品

資管產品

資管產品

人民幣8,926百萬元

100.00%

人民幣8,914百萬元

100.00%

人民幣8,910百萬元

人民幣8,908百萬元
人民幣8,897百萬元

人民幣8,895百萬元
人民幣8,890百萬元

人民幣8,869百萬元
人民幣8,863百萬元

人民幣8,858百萬元

人民幣8,855百萬元
人民幣8,826百萬元

100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%

關於公司

28 附屬子公司投資（續）

經營情況

企業管治

其他信息

財務報告

主要業務

註冊╱承諾資本

本集團的權益%

新華資產－明義四十三號資產管理產品

資管產品

人民幣8,820百萬元

100.00%

新華資產－明義五十三號資產管理產品

資管產品

人民幣8,788百萬元

100.00%

新華資產－明義五十六號資產管理產品

新華資產－明義五十七號資產管理產品

新華資產－明義三十七號資產管理產品

新華資產－明義二十七號資產管理產品

新華資產－明義三十六號資產管理產品
新華資產－明義十七號資產管理產品
新華資產－明淼九號資產管理產品

新華資產－明淼八號資產管理產品

新華－萬科武漢不動產債權投資計劃

新華資產－明義二十一號資產管理產品
新華資產－明義十三號資產管理產品
新華資產－明淼二號資產管理產品

新華資產－明義十二號資產管理產品

新華－萬科物流基礎設施債權投資計劃（3期）

資管產品
資管產品

資管產品

資管產品

資管產品

資管產品

資管產品

資管產品

債權計劃

資管產品

資管產品

資管產品

資管產品

債權計劃

人民幣8,790百萬元

人民幣8,759百萬元

人民幣8,749百萬元
人民幣8,071百萬元

人民幣8,049百萬元

人民幣7,413百萬元
人民幣2,772百萬元

人民幣2,091百萬元

100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
54.00%
36.16%

人民幣2,040百萬元

100.00%

人民幣1,712百萬元

99.98%

人民幣1,736百萬元

97.26%

人民幣1,612百萬元

100.00%

人民幣1,577百萬元

100.00%

人民幣1,583百萬元

100.00%

財務報告 | 二零二六年中期報告

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28 附屬子公司投資（續）

主要業務

註冊╱承諾資本

本集團的權益%

新華資產－明義二十四號資產管理產品

資管產品

人民幣1,562百萬元

99.98%

新華資產－明淼七號資產管理產品

資管產品

人民幣1,509百萬元

新華資產－明義七號資產管理產品

中歐基金新華人壽高股息策略單一資產管理計劃
新華資產－明淼五號資產管理產品

新華－萬科昆明不動產債權投資計劃（1期）

新華資產－明義二十二號資產管理產品

資管產品

資管產品

資管產品

債權計劃

資管產品

人民幣1,558百萬元

100.00%

人民幣1,500百萬元

100.00%

人民幣1,100百萬元

100.00%

人民幣1,136百萬元

人民幣1,033百萬元

44.36%
54.47%
97.19%

所有子公司和合併結構化主體已納入合併財務報表範圍 。子公司和合併結構化主體在使用資產或清償負債方面無重大
限制 。子公司的非控制性權益對本集團無重大影響 ，合併結構化主體的非控制性權益主要反映於以公允價值計量且其
變動計入當期損益的金融負債或其他負債中 。

由於某些子公司沒有官方的英文名稱 ，其英文名稱由管理層翻譯後提供 。

29 中期簡明合併財務報表批准

本未經審計中期簡明合併財務報表於2026年8月26日經本公司董事會審議通過並批准報出 。

116

二零二六年中期報告 | 財務報告

此中期報告以環保紙張印刷

N ew China Lif e I nsu ranc e C om pany Ltd .

（於中華人民共和國註冊成立的股份有限公司）

股份代號 : 01336

新華人壽保險股份有限公司

全 國 統 一 客 服 電 話

NEW CHINA LIFE INSURANCE COMPANY LTD.

中期報告

新華保險服務號

中 期報告 2026

新華人壽保險股份有限公司

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