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In recent years, China's insurance industry has achieved rapid development and progress due to the support of national policies and the continuous adjustment of the social consumption structure, which indicates that more resources should flow to the life insurance industry but also faces great challenges. Therefore, this paper will analyze and evaluate the operating performance of current life insurance companies in China, and formulate effective policy suggestions. This paper introduces the research background and research meaning, selecting 25 2020 Chinese and foreign joint venture life insurance companies as the research sample, and from five aspects such as profitability, debt paying ability chosen from 20 indexes, set up the China life insurance business performance evaluation index system, through the principal component analysis (PCA), according to the common factor to explain the reasons for the influence of development conditions, Finally, combined with the factor ranking and the actual situation of China's insurance industry, the evaluation and analysis are carried out. The research results show that although China's insurance industry started late, the current development speed is objective. Small and medium-sized life insurance companies are also prominent in the overall ranking of business performance due to their operational flexibility and innovation. Based on the research results, the current problems of life insurance companies in China can be concluded, and reasonable suggestions can be put forward for further improving the business performance of life insurance companies.