The results of truncated regression reveal that intellectual capital, specifically human capital (HCE), structural capital (SCE), and financial capital (CEE), have significantly positive impacts on firm operating efficiency. The significantly positive coefficients of the three testing variables suggest that the three hypotheses of this study are supported, indicating that the greater the investment in intellectual capital, the better the performance. The results are consistent with prior studies [28], [74] and [75]. All of the control variables are positively associated with firm operating efficiency, with the exception of firm size. The significantly positive coefficient on DOM confirms that domestic Chinese life insurers have greater firm operating efficiency.