On April 16, New China Life Insurance disclosed that its first-quarter premium income reached RMB 73.218 billion, marking a 28% year-on-year increase. Compared to previous years, the company’s liability-side performance in Q1 2025 has stabilized and recovered:
1. Premium income hit a record high, surpassing RMB 70 billion for the first time. 2. The growth rate rebounded from its 2020 downturn, exceeding the previous year’s pace by 39.72 percentage points. Although some listed insurers ceased monthly premium disclosures in 2025, industry data suggests New China Life likely maintained a leading growth rate among peers. This indicates the early success of its revised “Basic Law” (marketing channel management rules) and the “XIN Generation” team-building initiative following 2024’s restructuring. During the post-2020 industry downturn, New China Life’s premium structure suffered due to its focus on lower-tier cities. In August 2023, newly appointed Chairman Yang Yucheng identified seven challenges, including inefficient regional resource allocation and inadequate client management systems. Subsequent liability-side reforms adjusted channels, marketing frameworks, organizational structures, and incentive mechanisms. Notably, headquarters departments underwent personnel changes, over 50% of branch heads were reassigned, and reforms expanded to third- and fourth-tier offices. Yang stated, “Entrepreneurial leaders can relocate to developed regions, while conservative ones focus on existing markets.” The reforms have yielded results: In 2024, the company significantly increased market share in the Yangtze River Delta, Greater Bay Area, and Chengdu-Chongqing economic zones, achieving record highs in premiums, total assets, and net profits. Long-term insurance first-year premiums rose 15.6% to RMB 27.2 billion, new business value doubled to RMB 6.3 billion, and embedded value grew 3.2% to RMB 258.4 billion. Yang emphasized adopting a “shopkeeper” spirit to prioritize clients and agents, translating customer-centric principles into practice. Risk Disclosure: Markets involve risks; invest cautiously. This content neither constitutes investment advice nor considers individual financial circumstances.Invest accordingly at your own risk.
