China Life’s revenue surges as top insurer ramps up investment in AI, chips and biotech

China Life Insurance, the nation's leading life insurer, announced a record-breaking first-half financial performance, attributing its success to a strategic focus on technology-driven sectors.

The Shanghai- and Hong Kong-listed firm reported revenue of 434.3 billion yuan (US$64.6 billion), marking an impressive 81.5% increase from the previous year. Net profit skyrocketed by more than 228%, reaching 134.5 billion yuan.

Company officials cited business expansion with risk management, diversification of products and services, strategic asset allocation, and robust investment returns as key factors driving this growth. Liu Hui, vice-president of China Life, emphasized the significance of investing in new quality productive forces during a press briefing in Beijing. He highlighted investments in artificial intelligence, semiconductors, healthcare, biotechnology, and new-generation infrastructure as key areas of focus.

China Life has already ramped up its investments in technology finance, surpassing 1 trillion yuan during the half-year period. Moreover, the company's investments in new quality productive forces exceeded 540 billion yuan. Premiums from new policies totaled 180 billion yuan, representing an 11.6% year-on-year increase. The board of directors proposed an interim cash dividend of 3.58 yuan per 10 shares, totaling 10.12 billion yuan, a 50.4% year-on-year rise.