Long-term insurance income has become key.
New China Life Insurance latest disclosure: In the first four months of 2025, the company accumulated original insurance premium income of 85.379 billion yuan, an increase of 27% year-on-year.
This announcement further explains that the company enriches its product system, comprehensively enhances product transformation, and that the rapid growth of first-year premium income and continuous improvement in business quality are helping to sustain the company's value growth, with the internal driving force for reform and development further strengthened.
New China Life Insurance pointed out in the announcement: The aforementioned original insurance premium income data has not been audited.
In fact, behind the growth of the aforementioned data is the company’s 'successful start'.
'Successful start'
According to the announcement, the cumulative original insurance premium income of New China Life Insurance from January 1, 2025, to April 30, 2025, is 85.379 billion yuan, an increase of 27% year-on-year.
'Original insurance premium income' refers to the premium income generated from insurance contracts directly signed between the insurance company and the policyholders.
In simple terms, if you purchase car insurance, health insurance, or life insurance, the premium paid is considered the "original premium income of the insurance." This money is the source of funds that the insurance company uses to pay for potential future claims and provide protection.
From the above diagram, it can be seen that in 2024, New China Life Insurance's original premium income gradually increases monthly, and the start of 2025 is better than the same period in 2024.
Long-term insurance income doubled.
The above trend has already been reflected in New China Life Insurance's quarterly report for the first quarter of 2025.
It recorded: In the first quarter of 2025, the company achieved original insurance premium income of 73.218 billion yuan, a year-on-year increase of 28.0%; Long-term insurance first-year premiums were 27.236 billion yuan, a year-on-year increase of 149.6%.
Among them, long-term insurance first-year regular premium was 19.471 billion yuan, a year-on-year increase of 117.3%; long-term insurance first-year lump sum premium income was 7.765 billion yuan, a year-on-year increase of 298.4%. In the first quarter, the company's surrender rate was 0.5%, consistent with the same period last year; the continuation rates for individual life insurance business at 13 months and 25 months increased year-on-year.
It should be noted that New China Life Insurance's latest announcement on original premium income (January-April) only mentioned the overall situation and did not disclose specific data for long-term and short-term insurance.
Sales team expansion.
The above-mentioned 'New Year Red' performance usually has seasonal factors.
For example, at the beginning of the year (especially in the first quarter), some people consider their insurance needs, such as purchasing life insurance or health insurance for themselves or their families to address potential risks, making this a peak season for insurance sales.
In addition, New China Life Insurance's sales channels have further expanded.
An analysis of announcements reveals that this listed insurance company is accelerating the construction of its channel team.
Taking the first quarter of 2025 as an example, the average monthly sales force in the individual insurance channel achieved double-digit growth year-on-year, with the average premium per person doubling year-on-year.
It is worth mentioning that insurance product sales are usually through individual insurance channels (insurance companies selling to individual customers through personal sales agents or brokers), bank insurance channels (products sold through banks), and group channels (sales targeting corporate, government, and other team clients).
Zhitang noticed that in the first quarter of this year, New China Life Insurance's bank insurance channel showed significant growth, achieving a year-on-year increase of 70% in premium income through this channel.
