China Life outpaces rivals with 17% inflow rise

Its Southbound inflows were highest growth amongst Chinese life insurers.

China Life Insurance is experiencing a significant rebound in investment from mainland buyers, separating itself from industry competitors. 

According to a market note released by CGS International on 4 June 2026, China Life’s Southbound inflows under the Stock Connect programmes have risen by 17% since 10 April 2026, marking the highest growth amongst Chinese life insurers during this period. 

This follows a 150% year-on-year increase in Southbound inflows throughout 2025.

The surge is being driven almost entirely by Ping An Asset Management. As of 28 May 2026, Ping An held 56% of all Southbound holdings in China Life. 

Between 21 January and 28 May 2026, Ping An’s purchasing volume was more than four times the insurance industry average, whilst buying from all other Southbound investors combined actually declined over the same timeframe.

Market analysts have raised concerns regarding how much further this buying trend can continue. Ping An currently owns 4.49% of China Life’s total A and H shares. 

Despite the looming ownership cap, financial forecasts for China Life remain positive. Analysts expect strong double-digit net profit growth for the second quarter of 2026, rebounding from a year-on-year drop recorded in the first quarter of 2026. 

This projected recovery is driven by robust investment income resulting from recent equity market strength. 

Additionally, a low base effect is expected to maintain favourable growth for the value of new business (NBV), following a 75.5% year-on-year NBV increase in the first quarter of 2026.