China Life Insurance

What China Life Insurance does

China Life Insurance (Group) Company is a state-owned financial and insurance conglomerate headquartered in Beijing, founded in 1949 as New China's first insurance company and placed under direct central government management in 2012. The group operates three integrated business segments — insurance, investment, and banking — anchored by the listed subsidiary China Life Insurance Co., Ltd. (SSE: 601628; HKEX), wholly-owned banking subsidiary Guangfa Bank (acquired 2016), and additional subsidiaries covering property and casualty insurance, pension, asset management, alternative investments, e-commerce, health industry investment, and overseas operations (Hong Kong). The primary listed subsidiary is China Life Insurance Co., Ltd.

The group serves individual consumers, corporate clients, and high-net-worth segments across China through a distribution network of 20,000+ branches and service points and nearly 900,000 employees and sales personnel, complemented by bancassurance, corporate sales teams, and digital channels. Product offerings span life insurance, health insurance, accident insurance, savings and investment-linked policies, annuities, corporate pensions, property and casualty coverage, and alternative investments. The company manages 17.5 trillion yuan in assets across these segments and reported FY2025 group consolidated revenue of 1.28 trillion yuan (+11.3% YoY) with net profit of 154.08 billion yuan (+44.1% YoY). Total assets stood at 8.57 trillion yuan with equity holdings exceeding 1.2 trillion yuan.

The June 2026 launch of the China Life One-Account Platform (一账通平台) represents the unification of the group's insurance, investment, and banking capabilities into a single digital customer interface, supported by an AI-powered assistant (Guo Shou Niu / 国寿牛) and an asset-liability panorama management system. Revenue is generated through recurring insurance premiums, investment returns on managed assets, banking fees and interest from Guangfa Bank, and pension fund management fees, with cumulative corporate annuity scale exceeding 2.2 trillion yuan. Under Chairman Cai Xiliang (appointed November 2024) and President Li Zhu Yong (appointed February 2025), the group is executing a "333 Strategy" focused on high-quality development and comprehensive digital intelligence transformation.

Name

China Life Insurance

Legal name

中国人寿保险（集团）公司

Website

http://www.chinalife.com.cn

Company type

Public

Founded year

1949

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

China Life Insurance is a state-owned Chinese financial conglomerate founded in 1949 that provides life, health, and property insurance, pension and asset management, and banking services through Guangfa Bank. It serves hundreds of millions of individual, corporate, and high-net-worth customers via 20,000+ branches and 900,000 agents, managing 17.5 trillion yuan in assets.

Ownership category

akta.pro rank

Product category

Life Insurance

NAICS

Direct Life Insurance Carriers (524113), Direct Life, Health, and Medical Insurance Carriers (52411), Direct Property and Casualty Insurance Carriers (524126)

SIC

Life Insurance (6311), Accident & Health Insurance (6321), Fire, Marine & Casualty Insurance (6331)

akta.pro primary industry

Whole Life Insurance (FSAIABAA)

akta.pro secondary industries

Basic Group Term Life (Employer-Paid) (FSAIADAA), Participating (Dividend) Whole Life Insurance (FSAIABAI)

Keywords

• Life insurance products
• Property casualty insurance
• Pension fund management
• Asset management services
• Commercial banking services

Headquarters

HQ city

Beijing

HQ country

China

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Others

Revenue model

1. Insurance Premiums: Life insurance, health insurance, and accident insurance premiums from individual and corporate clients through extensive branch and agent network
2. Investment Income: Returns from managing 17.5 trillion yuan in assets across equity investments, fixed income, alternative investments, and real estate
3. Banking Revenue: Interest income and fee revenue from Guangfa Bank operations including corporate banking, retail banking, and financial services
4. Pension Fund Management: Corporate annuity and employee pension fund management fees, with cumulative scale exceeding 2.2 trillion yuan and leading market position

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

China Life Insurance is a state-owned comprehensive financial insurance group providing life insurance, health insurance, accident insurance, property and casualty insurance, pension and annuity products, asset management, alternative investments, and commercial banking through its subsidiaries including Guangfa Bank. The group operates three integrated business segments—insurance, investment, and banking—serving individual consumers, corporate clients, and high-net-worth customers across China.

Product overview

China Life Insurance operates as a comprehensive financial insurance group with three core business segments: insurance, investment, and banking. The flagship product is the 'China Life One-Account Platform' (中国人寿一账通平台) launched in June 2026, providing unified digital access to the group's integrated financial services. The core insurance businesses include Life Insurance (寿险), Property Insurance (财险), and Pension Insurance (养老险). The investment segment comprises Asset Management (资产管理), Alternative Investment (另类投资), and Health Industry Investment (健康投资). The banking arm includes Guangfa Bank (广发银行). Additional services include E-commerce (电子商务), Overseas Business (海外业务), Corporate Pension (企业年金), Fund management (基金), and the China Life Charity Foundation (中国人寿慈善基金会). The group manages 17.5 trillion yuan in assets across over 20,000 branches with nearly 900,000 employees and sales personnel.

Differentiator

Problem solved

Functional benefit

Products and services

• China Life One-Account Platform (中国人寿一账通平台) Unified digital platform launched in 2026 providing integrated financial services including insurance protection, asset allocation, retirement planning, and rights services across the group's insurance, investment, and banking segments with one-stop digital access.
• Life Insurance (寿险) Core life insurance business providing long-term protection, savings products, and investment portfolios for individual customers.
• Property and Casualty Insurance (财险)

Quantifiable outcome

• 2025年净利润增长44.1%达到154.1 billion yuan
• +2 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered core.

• HKSH Medical GroupcoreStrategic or Co-development Partner · 4 March 2026HKSH Medical Group and China Life Insurance (Overseas) formed a strategic collaboration, making HKSH the first healthcare institution in Hong Kong to offer personalized, end-to-end health management and medical concierge services for CLIO ENRICH's top Diamond-tier clients across 30+ specialties.
• China Life QiyuancoreStrategic or Co-development Partner · 23 January 2026China Life Insurance announced partnership with sister company China Life Qiyuan to invest 8.5 billion yuan in the senior-care industry through establishment or acquisition of project companies engaged in senior-care real estate business.
• China Electronics Technology Group (中国电子)coreStrategic or Co-development Partner · 23 December 2025China Life deepened strategic cooperation with China Electronics Technology Group to jointly serve national strategic objectives and high-quality economic development.
• China Baowu (中国宝武)coreStrategic or Co-development Partner · 30 September 2025China Life and China Baowu deepened all-round cooperation to better serve high-quality development of the steel industry. The partnership covers investment, insurance, and comprehensive financial services.

Scale indicators12 records

Recent moves6 records

Expansion highlights7 records

Direct peers

• PICC (People's Insurance Company of China): State-owned insurance giant operating across life, P&C, and health insurance in China. PICC is a direct peer in the integrated state-owned insurance space and overlaps with China Life in corporate group insurance and institutional investing.
• Ping An Insurance Group: China's largest comprehensive financial services group, offering life, P&C, and health insurance alongside banking and asset management. It directly competes with China Life across virtually every product line and customer segment in mainland China.
• China Pacific Insurance (CPIC): Top-three Chinese life and P&C insurer with integrated life/health, property, and asset management operations. CPIC is a direct competitor in life insurance distribution, group benefits, and investment products.
• China Taiping Insurance: Central-government-owned insurance group offering life, P&C, reinsurance, pensions, and asset management. Competes directly with China Life in mainland China and Hong Kong across similar product lines and customer segments.
• New China Life Insurance: Another major state-affiliated Chinese life insurer offering individual and group life, health, and accident insurance with a national distribution network — a close head-to-head competitor of China Life in the domestic life market.
• China Reinsurance Group: China's dominant reinsurer and a state-owned financial institution. China Re is comparable as a state-backed capital allocator and risk-taker that interacts closely with primary insurers including China Life.

Broad incumbents

• AIA Group: The largest pan-Asian life insurer by market cap, operating across 18 Asian markets. AIA is a broad incumbent competing with China Life's overseas subsidiary in Hong Kong and serving as a benchmark for Asian life insurance scale and embedded value.
• Manulife Financial: Global life insurer with major Asia operations, especially Hong Kong and Japan. Comparable to China Life in life insurance product design, distribution model, and asset-liability management sophistication.
• Sun Life Financial: Global life and health insurer with strong Asia footprint. Comparable to China Life in group benefits, individual life, and asset management scale, and a benchmark for capital allocation and product innovation in life insurance.

Regional players

• Cathay Life Insurance: Taiwan's largest life insurer, similarly focused on long-term savings and protection products with significant investment portfolio operations. A useful regional peer for product mix, distribution, and embedded value benchmarking.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/profile.php
• LinkedInlinkedin.com/company/china-life-insurance-co-ltd

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries9 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments20 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about China Life Insurance