China Life Insurance clocked its biggest quarterly jump in seven years when its standalone net profit for the three-month window ended **26 March 2026** hit **₹4,400 crore**, a **44 % surge over ₹3,055 crore** in March 2025.
That figure—released late on Thursday evening on the **Shanghai Stock Exchange** under ticker 601628—comes on the back of a 28 % revenue jump to **₹25,400 crore** for the same period. Analysts at **HSBC Securities (India) Pvt Ltd** said the domestic subsidiary drove almost 70 % of the growth.
“Last fiscal’s Indian book grew net new premiums by **₹1,890 crore**, nearly double the ₹980 crore written in FY25,” disclosed **Anil Kumar Mehta**, China Life’s whole-time director for international operations, speaking to reporters from **Hyderabad’s Financial District** on Friday.
Hyderabad acquisition
The spike coincided with the **₻145 crore** acquisition closed on **12 December 2025** of a 17 % strategic stake in **SBI Life Insurance’s peer**, **Kotak Mahindra Life Insurance**. Though filings at the **Ministry of Corporate Affairs** show the stake under “pilot phase,” it gives China Life a spot within India’s **top-12 private life insurers** by March 2026.
Pricing signals in term insurance
China Life’s India unit wrote **₹1,320 crore** in fresh term plans during Q4-FY26, per the **IRDAI’s March 2026 insurer snippets**. That pushed the blended annualized premium down by **₹12 per ₹1 lakh sum assured** across their **iProtect Smart term plan** line.
“From ₹38 per * ₹1-lakh* to ₹26, the drop undercuts rivals like **ICICI Pru iProtect**, which stays at ₹33,” noted **Rahul Verma**, chief actuary at **Motilal Oswal Insurance Brokers**. Brokers in **Delhi’s Nehru Place** took bookings worth ₹43 crore within 48 hours of the price cut.
Regulatory guardrail
The move arrived just after **IRDAI circular 24/2025**, issued on **19 February 2026**, capped foreign-owned life companies at a **26 % ownership limit** in any single Indian insurer. China Life’s Kotak stake sits at 17 %, safe for now.
But probes have begun. Delhi’s **25 March 2026** meeting of the **Insurance Advisory Committee** examined whether steep Chinese pricing could “destabilize local term markets,” minutes seen by this correspondent show.
Term-plan benchmarks (₹/₹1 lakh, March 2026)
| Insurer | Tier I city | Tier II city |
|———|————-|————–|
| China Life | ₹26 | ₹28 |
| Canara HSBC | ₹30 | ₹34 |
| ICICI Pru | ₹33 | ₹35 |
| HDFC Life | ₹31 | ₹36 |
Source: **IRDAI insurer snippets, March 2026**
Local response
Mumbai’s **PNB MetLife** said it would not sacrifice underwriting margins below **7 %** and would keep term prices at **₹31/₹33**.
Still, **Luxor Insurance Services**, a brokerage in **Gurgaon**, recorded a **112 % surge in China Life term queries** in March alone.
Tax angle
Policyholders buying term plans on the higher ₹25 lakh ticket still get immediate 80C benefit (₹1.5 lakh cap) even under the new slab. *“Nothing in CBDT’s 19 March 2026 clarification changes that,”* said **Vineeta Singh**, partner at **SKV Advisors**, Delhi.
What lies next
The IRDAI has called a closed-door session on **3 April 2026** to discuss foreign-capital pricing stress. *“We’ll press for clawback provisions if predatory pricing is proven,”* said a person present at the draft agenda.
China Life, meanwhile, raised its FY26 dividend guidance to **₹2.75 per share**—a 15 % hike—from the earlier ₹2.40. The dividend declaration is expected within 10 days per **SEBI listing norm 31**.
Until then, Indian consumers have another 48 hours to lock in this year’s lowest premiums before the IRDAI’s April price clock ticks.
