China Life dividend: payout and cash coverage
China Life pays CNY0.856 per share in its 2025 total dividend. A simple free-cash-flow test is not meaningful for China Life because policy claims, surrenders, maturities and required capital come first.
How much does China Life pay per share?
The base dividend path is CNY1.20 per share in October 2027, CNY1.30 in October 2028 and CNY1.40 in October 2029. The latest interim dividend was CNY0.358 per share, up 50.4% year on year, while the 2025 total was CNY0.856. The bear path falls to CNY0.75 in the second window before a modest recovery. The bull path rises to CNY1.50 and then CNY1.70. The stated rolling three-year distribution floor supports the base path, but it is conditional on profits and distributable reserves.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| EPS, diluted | 5.45 | 3.78 | 1.63 | 2.36 | 1.80 |
| − Dividends, per share | 0.69 | 0.63 | 0.49 | 0.65 | 0.64 |
| − Share buybacks, per share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| = Kept, per share | 4.76 | 3.15 | 1.14 | 1.71 | 1.16 |
Is China Life's dividend covered by its cash?
Operating cash inflow reached RMB459,925 million in 2025, but claims, surrenders, maturities and required capital come first. Subtracting office or technology spending does not create a meaningful free-cash-flow measure because acquisition and servicing costs occur before much insurance profit is recognised.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Net income | 154,078 | 106,935 | 46,181 | 66,680 | 50,766 |
| = Earnings for common shareholders | 154,078 | 106,935 | 46,181 | 66,680 | 50,766 |
| − Dividends paid on ordinary shares | 19,446 | 17,807 | 13,850 | 18,372 | 18,089 |
| − Share buybacks | 0 | 0 | 0 | 0 | 0 |
| = Kept to grow and build capital | 134,632 | 89,128 | 32,331 | 48,308 | 32,677 |
| Paid out, % of earnings for common | 12.6% | 16.7% | 30.0% | 27.6% | 35.6% |
What could change China Life's dividend?
Solvency updates and annual payout decisions will be decisive. Stronger capital and distributable profits could support the bull dividend path and a narrower valuation discount. Pressure on solvency or distributable earnings would restrain dividends and keep the shares near the bear multiple.
What is China Life's dividend yield against its price?
China Life looks inexpensive, but its headline valuation needs careful interpretation. The P/E, or price-to-earnings ratio, compares the share price with profit per share. Its trailing P/E is low, while the forward P/E is higher, implying that expected earnings will fall. The dividend yield offers a more tangible return, but future payments depend on profits, capital needs and board decisions.
| Today (Oct 12, 2026) | |
|---|---|
| Share price | 26.26 |
| P/E, last 12 months (calculated) | 2.6x |
| Dividend yield (calculated) | 3.8% |