--- title: "New Highs on a High Base! NCI Nets RMB 6.5 Billion in Q1" type: "News" locale: "en" url: "https://longbridge.com/en/news/284684844.md" description: "Premiums and net profit hit new highs" datetime: "2026-04-30T03:12:06.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/284684844.md) - [en](https://longbridge.com/en/news/284684844.md) - [zh-HK](https://longbridge.com/zh-HK/news/284684844.md) --- # New Highs on a High Base! NCI Nets RMB 6.5 Billion in Q1 On April 29, the life insurance giant released its first-quarter report. NCI reported operating revenue of RMB 22.133 billion in the first quarter of 2026, a year-on-year decrease of 33.7%; net profit attributable to shareholders was RMB 6.5 billion, a year-on-year increase of 10.5%. The first quarter is generally regarded as a bellwether for the full year’s performance, which is particularly critical for life insurers. Although the market environment remained complex in the first quarter of 2026, with the central interest rate trending downward and equity markets experiencing volatility, NCI’s initial performance report featured several highlights. It is no small feat that the company’s key business indicators maintained positive growth against the high base set by last year’s strong “Good Start” campaign. ## **Premiums and Net Profit Hit New Highs** In the first quarter of 2026, NCI recorded original insurance premium income of RMB 83.5 billion, a year-on-year increase of 14%; net profit attributable to shareholders amounted to RMB 6.5 billion, up 10.5% year on year. Zishitang notes that this performance represents consecutive growth achieved on top of a high base from the same period last year, when premiums grew by 28% and net profit rose by 19%. ## **Liability Side Draws Attention** The so-called liability side refers to the insurance reserve liabilities formed through policy sales, representing future claims or benefit obligations to customers. It is one of the primary sources of funds for insurance companies. During the reporting period, NCI’s insurance service revenue reached RMB 13 billion, a year-on-year increase of 5.5%. First-year premiums for long-term insurance totaled RMB 28.3 billion, up 3.9% year on year; renewal premiums amounted to RMB 53.3 billion, rising 20.7% year on year, continuing to serve as a “ballast.” Meanwhile, the company made breakthroughs in long-term business. First-year regular premiums for long-term insurance reached RMB 24.5 billion, a year-on-year increase of 25.6%; regular premiums for policies with terms of ten years or longer totaled RMB 1.15 billion, surging 113% year on year. ## **Annualized Total Investment Yield** NCI stated that its investment segment withstood pressure amid a highly uncertain external environment. As of the end of the first quarter, the company achieved an annualized total investment yield of 2.1%, with invested assets totaling RMB 1.80 trillion, an increase of 10.8% from the end of the previous year. Amid the trend of long-term capital entering the market, the investment segment has become a key focus for optimizing asset allocation and boosting performance returns for insurance funds. ## **Steady Growth Across Three Core Channels** The first-quarter report also showed that NCI’s insurance business across all channels achieved steady growth. Among them, the individual agency channel generated premium income of nearly RMB 53.5 billion, a year-on-year increase of 20%; the bancassurance channel recorded premium income of approximately RMB 28 billion, up 4% year on year; and the group channel realized premium income of about RMB 2.1 billion, a year-on-year increase of 16.9%. The individual agency channel refers to the insurer’s own force of agents providing one-on-one services to individual clients; the bancassurance channel leverages bank branches to recommend products to depositors, offering broad coverage and large scale; the group channel targets enterprises or institutions, providing collective protection services such as employee benefits and group accident insurance. Data shows that during the reporting period, NCI achieved first-year regular premiums for long-term insurance of approximately RMB 14.5 billion, registering growth of over 20% despite the high base from the same period last year. The second phase focused on businesses with terms of ten years or longer, effectively improving the business structure. In addition, the life insurance giant made remarkable progress in team building. The number of high-performing agents in the first month of the quarter hit a four-year high, while the average regular premiums per high-performing agent in the first quarter increased by more than 25% year on year. ## **“Patient Capital” Continues to Increase Positions** NCI disclosed that as of the end of the first quarter, the balance of investments related to serving the “Five Major Articles” of finance exceeded RMB 450 billion, with a year-on-year growth rate exceeding 25%. Of this, the balance of investments in technological innovation approached RMB 180 billion, with a year-on-year growth rate exceeding 40%; green investments amounted to approximately RMB 86 billion, up 15% year on year; investments related to inclusive finance exceeded RMB 60 billion, rising 19% year on year; investments in the health and elderly care industry totaled about RMB 25 billion, increasing 20% year on year; and investments in the digital industry surpassed RMB 65 billion, up 14% year on year. ### Related Stocks - [601336.CN](https://longbridge.com/en/quote/601336.CN.md) - [01336.HK](https://longbridge.com/en/quote/01336.HK.md) - [512070.CN](https://longbridge.com/en/quote/512070.CN.md) - [510650.CN](https://longbridge.com/en/quote/510650.CN.md) - [513750.CN](https://longbridge.com/en/quote/513750.CN.md) ## Related News & Research - [China Vered Financial Holding publishes 2025 annual report](https://longbridge.com/en/news/284734581.md) - [The Social Security Trust Fund Is Now Projected to Run Out in 2032 -- One Year Sooner Than Expected](https://longbridge.com/en/news/284365256.md) - [Hong Kong IPOs lure mainland China insurers seeking higher returns](https://longbridge.com/en/news/283579371.md) - [Natural disasters are rewriting home-insurance costs. See how it impacts you.](https://longbridge.com/en/news/284537378.md) - [Morgan Stanley Keeps Their Buy Rating on China Pacific Insurance (Group) Co (CHPXF)](https://longbridge.com/en/news/284665365.md)