Although research on insurers' efficiency has been increasing, this is the first paper to employ the DSBM model to evaluate the efficiency performance of Chinese life insurers by using a dynamic process. Furthermore, we are the first to apply Simar and Wilson's [32] and [33] approach to testing the relationship between intellectual capital and firm operating efficiency for the Chinese life insurance industry. Our analysis is particularly relevant to life insurers' managers, who may be interested in knowing whether investment in intellectual capital serves as a key performance driver.