Investment Rating - The report maintains a "Buy" rating for China Life Insurance [1] Core Viewpoints - China Life Insurance is positioned as a leading player in the domestic life insurance industry, with strong business growth momentum and valuation recovery potential [7][9] - The company has achieved record high net profit attributable to shareholders, driven by favorable market conditions and robust investment returns [7][9] - The report highlights the company's solid market share and growth in new business value (NBV), indicating a positive outlook for future performance [7][9] Summary by Relevant Sections 1. Company Overview - China Life Insurance is the largest professional life insurance company in China, with a diverse business portfolio covering insurance, pension, asset management, and banking [13] - The company has a strong management team with extensive experience, contributing to operational efficiency and strategic direction [21][23] 2. Financial Performance - Total revenue is projected to grow from 344.27 billion CNY in 2023 to 692.20 billion CNY by 2027, with a compound annual growth rate (CAGR) of 7.36% [1] - Net profit attributable to shareholders is expected to increase significantly from 46.18 billion CNY in 2023 to 186.53 billion CNY in 2027, reflecting a CAGR of 9.06% [1] - The company's return on equity (ROE) has improved significantly, reaching over 20% in recent periods, positioning it favorably against peers [7][29] 3. Liability Side - The company has maintained a solid market share, with total premium income surpassing 700 billion CNY, reflecting a stable growth trajectory [35] - New business premiums have shown a recovery, with a year-on-year growth of 10.4% in the first three quarters of 2025 [40] - The NBV has returned to a rapid growth phase, with year-on-year increases of 14.0%, 24.3%, and 41.8% for 2023, 2024, and the first three quarters of 2025, respectively [47] 4. Asset Side - Investment assets have grown significantly, with a total exceeding 7.28 trillion CNY by the end of Q3 2025, reflecting a 10.2% increase from the beginning of the year [7][33] - The company has shifted its asset allocation strategy, increasing its exposure to equity investments, which enhances the potential for financial returns [7][33] 5. Investment Recommendations - The report suggests that the current valuation remains attractive, with A and H shares trading at 0.70x and 0.41x 2026E PEV, respectively, indicating significant upside potential [7][9] - The company is expected to benefit from its strong brand and product offerings in the evolving insurance market, particularly in the dividend insurance segment [7][9]

证券代码：601628 证券简称：中国人寿 编号：临 2026－006 重要提示 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 三、参加人员 本公司董事长、执行董事蔡希良先生，执行董事、总裁利明光先生， 其他高级管理人员及一名独立董事。 中国人寿保险股份有限公司 关于召开 2025 年年度业绩发布会的公告 重要内容提示： 一、业绩发布会类型 中国人寿保险股份有限公司（"本公司"）将针对 2025 年年度业绩和经 营情况与投资者进行交流，并对投资者普遍关注的问题进行回答。业绩发 布会将通过网络直播及文字互动方式召开。 二、业绩发布会召开的时间、地点 1 会议召开时间：2026 年 3 月 26 日（星期四）10:45-12:00 会议召开方式：网络直播及文字互动 投资者可于 2026 年 3 月 24 日（星期二）23:59 前将相关问题通过电子 邮件的形式发送至本公司投资者关系邮箱：IR@e-chinalife.com。本公 司将会于 2025 年年度业绩发布会（以下简称"业绩发布会"）上对投资 者普遍关注的问题进行回答。 ...

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Core Viewpoint - The Hong Kong stock market saw a collective rise in insurance stocks, driven by a recent meeting of the financial regulatory authority emphasizing the enhancement of financial services for the real economy and the development of various insurance products [1][3]. Group 1: Market Performance - China Pacific Insurance rose over 4%, while New China Life and Yunfeng Financial increased by over 3%. Other companies such as China People's Insurance Group, China Taiping, ZhongAn Online, China Reinsurance, Ping An, and China Life all saw gains exceeding 2% [1][3]. - The MACD golden cross signal formation indicates a positive trend for these stocks [3]. Group 2: Company Specifics - **China Pacific Insurance (00966)**: Increased by 4.29%, latest price at 22.360, market cap of 80.362 billion, year-to-date change of 19.64% [2][4]. - **New China Life (01336)**: Increased by 3.78%, latest price at 53.600, market cap of 167.208 billion, year-to-date change of -1.38% [2][4]. - **Yunfeng Financial (00376)**: Increased by 3.09%, latest price at 3.340, market cap of 13.558 billion, year-to-date change of 5.70% [2][4]. - **China People's Insurance Group (01339)**: Increased by 2.92%, latest price at 6.350, market cap of 280.822 billion, year-to-date change of -5.93% [2][4]. - **China Taiping (02601)**: Increased by 2.53%, latest price at 34.900, market cap of 335.75 billion, year-to-date change of -0.85% [2][4]. - **ZhongAn Online (06060)**: Increased by 2.38%, latest price at 14.630, market cap of 24.649 billion, year-to-date change of -9.07% [2][4]. - **China Reinsurance (01508)**: Increased by 2.96%, latest price at 1.740, market cap of 73.915 billion, year-to-date change of 3.57% [2][4]. - **Ping An (02318)**: Increased by 2.33%, latest price at 63.700, market cap of 1.15 trillion, year-to-date change of -2.23% [2][4]. - **China Life (02628)**: Increased by 2.18%, latest price at 29.060, market cap of 821.372 billion, year-to-date change of 6.14% [2][4].

Investment Rating - The report maintains an "Overweight" rating for the insurance industry [2][3]. Core Insights - Short-term trading factors are suppressing insurance stock valuations, but this is not expected to alter the profit improvement outlook for listed insurance companies. The government work report guides the industry towards high-quality development, with a growth in new insurance premiums through bancassurance channels. The report emphasizes the certainty of profit improvement in the insurance sector, supported by stable interest rates and a gradual recovery in the equity market [3][4][6]. Summary by Sections 1. Short-term Valuation Pressure Does Not Change Profit Improvement Expectations - From March 2 to March 13, the Shenwan Insurance Index (801194.SI) fell from 1401.76 to 1369.48, a decline of -2.30%. In the same period, the CSI 300 index decreased by -1.26%, the Shanghai Composite Index by -2.08%, and the Hang Seng Index by -2.28%. The report identifies trading concerns as the core factor behind the divergence between corporate profit improvement and stock prices, with a high certainty of profit improvement in the insurance sector [7][8]. 2. Industry Event Tracking 2.1. Government Work Report Guides High-Quality Development - The government work report emphasizes the role of insurance in various key areas, including livelihood security and rural revitalization. It sets high-quality development goals for the insurance sector, including improvements in commercial health insurance and agricultural insurance [12]. 2.2. Growth in New Insurance Premiums - In February, 79 life insurance companies reported a total of 69 billion yuan in new premiums through bancassurance channels, a year-on-year increase of 6.9%. Cumulatively, new premiums for January and February reached 281.4 billion yuan, up 21.7% year-on-year [13]. 2.3. Steady Increase in Industry Assets - As of the end of Q4 2025, the total assets of insurance institutions reached 41.31 trillion yuan, reflecting a year-on-year growth of 15.1% [13]. 2.4. Investment in Venture Capital - Several insurance companies, including Xinhua Insurance and Zhonghui Life, have invested in the Beijing-Tianjin-Hebei Venture Capital Guidance Fund, marking their participation in venture capital [14]. 2.5. Capital Increase by Multiple Insurance Companies - By March 13, several insurance institutions, including Ping An Life and Dajia Property Insurance, have initiated capital increases totaling over 5 billion yuan [15]. 3. Company Event Tracking 3.1. New Management at Taiping Life - Wang Xuze has been appointed as the General Manager of Taiping Life, effective March 2026 [16]. 3.2. Launch of New Insurance Product by ZhongAn Insurance - ZhongAn Insurance has launched the "Zhongminbao·High-end Medical Insurance 2026," which covers various medical scenarios for individuals with pre-existing conditions [16]. 4. Investment Recommendations - The report recommends stocks such as Ping An, China Pacific Insurance, Xinhua Insurance, China Property Insurance, China Life, and China People's Insurance Group, citing strong growth in new business value (NBV) and improved underwriting profitability in the property insurance sector [16].

Investment Rating - The report maintains an "Overweight" rating for the insurance industry [2][3]. Core Insights - Short-term trading factors are suppressing insurance stock valuations, but this is not expected to alter the profit improvement outlook for listed insurance companies. The government work report guides the industry towards high-quality development, with a growth in new insurance premiums through bancassurance channels. The report emphasizes the certainty of profit improvement in the insurance sector despite recent valuation pressures [3][6]. Summary by Sections 1. Short-term Valuation Pressure Does Not Change Profit Improvement Expectations - From March 2 to March 13, the Shenwan Insurance Index (801194.SI) fell from 1401.76 to 1369.48, a decline of -2.30%. In the same period, the CSI 300 index decreased by -1.26%, the Shanghai Composite Index by -2.08%, and the Hang Seng Index by -2.28%. The report identifies trading concerns as the core factor behind the divergence between corporate profit improvement and stock prices, with a high certainty of profit improvement in the insurance sector under stable interest rates and a slow bull market assumption [7][8]. 2. Industry Event Tracking 2.1. Government Work Report Guides High-Quality Development - The government work report emphasizes the role of insurance in various key areas, including livelihood security and rural revitalization. It sets high-quality development goals for the insurance sector, including improvements in commercial health insurance and agricultural insurance [12]. 2.2. Growth in New Insurance Premiums - In February, 79 life insurance companies reported a total of 69 billion yuan in new premiums through bancassurance channels, a year-on-year increase of 6.9%. Cumulatively, new premiums for January and February reached 281.4 billion yuan, up 21.7% year-on-year [13]. 2.3. Steady Increase in Industry Assets - As of the end of Q4 2025, the total assets of insurance institutions reached 41.31 trillion yuan, reflecting a year-on-year growth of 15.1% [13]. 2.4. Investment in Venture Capital - Several insurance companies, including New China Life and Zhonghui Life, have invested in the Beijing-Tianjin-Hebei Venture Capital Guidance Fund, marking their formal participation in venture capital [14]. 2.5. Capital Increases by Multiple Insurance Companies - By March 2026, several insurance institutions, including Ping An Life and Dajia Property Insurance, have initiated capital increases totaling over 5 billion yuan [15]. 3. Company Event Tracking 3.1. New Management at Taiping Life - Wang Xuze has been appointed as the General Manager of Taiping Life, effective March 2026, overseeing the company's overall management [16]. 3.2. Launch of New Insurance Product by ZhongAn Insurance - ZhongAn Insurance has launched the "Zhongminbao·High-end Medical Insurance 2026," which covers various medical scenarios for individuals with pre-existing conditions [16]. 4. Investment Recommendations - The report recommends stocks such as Ping An, China Pacific Insurance, New China Life, China Property Insurance, China Life, and China People's Insurance Group, citing strong growth in new business value (NBV) and improved underwriting profitability in the property insurance sector [16].

Investment Rating - The report maintains a positive outlook on the insurance sector, indicating a high cost-performance ratio for investment opportunities [2][11] Core Views - The insurance sector has experienced significant adjustments due to pessimistic narratives surrounding AI, geopolitical conflicts, and investor concerns about the investment performance of the insurance sector. However, the valuation has dropped to historically low levels, suggesting a high cost-performance ratio for investment [2][11] - The banking sector is expected to see a stabilization in interest margins due to marginal improvements in both assets and liabilities, with non-interest income likely to recover as the equity market rebounds [3][20] Summary by Sections Insurance Sector - The insurance sector's index fell by 2.10%, underperforming the CSI 300 index by 2.28 percentage points. The sector has seen a cumulative decline of over 9% this year, with current valuations indicating significant room for recovery [2][11] - The sector's price-to-earnings value (PEV) is at 0.65x for A-shares and 0.42x for H-shares, indicating potential recovery spaces of 53% and 137% respectively [11] - The long-term core logic of improvement in both assets and liabilities remains unchanged, with expectations for dual recovery in valuation and performance as market sentiment improves [2][11] Brokerage Sector - The brokerage sector index decreased by 1.75%, underperforming the CSI 300 index by 1.94 percentage points. The sector's price-to-book (PB) ratio is at 1.27x, indicating a significant mismatch between earnings and valuation [17][18] - The "14th Five-Year Plan" emphasizes the need for comprehensive reforms in the capital market, which will benefit leading brokerages with strong service capabilities [17][18] - Recommendations include focusing on large brokerages with strong fundamentals and low valuations, as well as those undergoing mergers or restructuring [18][19] Banking Sector - The banking sector index increased by 1.39%, outperforming the CSI 300 index by 1.20 percentage points. The sector's PB ratio is at 0.52x [20][21] - Expected improvements in both asset and liability sides are anticipated to stabilize interest margins, with a projected decrease in the average cost of interest-bearing liabilities by 40 basis points in 2025 [20][21] - The overall asset quality is expected to remain stable, with non-performing loans in corporate real estate and non-real estate consumer credit anticipated to stabilize at high levels [22][23] - Recommendations include focusing on high-dividend large banks and those with strong recovery potential in performance [23]

Summary of Insurance Industry Conference Call Industry Overview - The conference call focuses on the **insurance industry** in China, discussing the impact of stock market and interest rate fluctuations on insurance companies' performance and valuation. Key Points Sensitivity to Equity Assets - A **10% increase in equity prices** can lead to an average **38.7% increase** in pre-tax profits for listed insurance companies. If companies increase their equity positions by **10%**, profit elasticity will double. China Life and Xinhua Insurance show the highest sensitivity in the industry [1][3][6]. Impact of Interest Rate Changes - A **50 basis points (BP)** increase in interest rates can enhance the average pre-tax shareholder equity of insurance companies by **8.5%**. Xinhua Insurance and Sunshine Insurance exhibit the most significant increases [1][3][6]. - The direction of profit impact from rising interest rates varies among companies. China Life and China Pacific show significant positive elasticity, while others may experience negative effects due to differences in asset classification [3][7]. Embedded Value (EV) Growth - If both investment return rates and risk discount rates increase by **50 BP**, the effective business value can grow by an average of **35%**, with group EV increasing by **10.3%**. Xinhua and Sunshine Insurance show superior elasticity [1][4][8]. Liability Cost Trends - The average new business liability cost is projected to drop to **2.76%** in 2024, a year-on-year improvement of **57 BP**. This is driven by lower preset rates and a shift towards dividend insurance products [1][4][10]. Asset Allocation Shifts - By the end of Q4 2025, the insurance industry's asset allocation will reach **38.5 trillion yuan**, with stocks and funds accounting for **15.4%**. There is a noticeable trend of increasing equity positions [1][5]. Valuation Metrics - As of March 2026, the insurance sector's **PE ratio** stands at **7.3 times**, indicating it is at a historical low, suggesting potential for recovery as market conditions stabilize [2][11]. Market Outlook - The stock market is expected to experience a **slow bull market**, with the CSI 300 and Shanghai Composite Index projected to rise by approximately **18%** in 2025. This is supported by increased retail investment and favorable regulatory policies [5][11]. Profit and Equity Sensitivity - A **10% rise in equity prices** will lead to an average **9.6% increase** in pre-tax shareholder equity. Xinhua Insurance is expected to see an **18.6% increase** in its pre-tax shareholder equity [6][7]. Future Liability Cost Trends - Factors influencing liability costs include preset rate adjustments, fee reductions, and product structure optimization. The overall trend is expected to be a continued decline in liability costs [10][11]. Investment Recommendations - Given the current low valuation and potential for recovery in the insurance sector, it is recommended to focus on companies like China Life and Xinhua Insurance for better performance prospects [11]. Additional Insights - The insurance industry is experiencing a shift towards equity investments, with a notable increase in the proportion of stocks and funds in asset allocation. This trend reflects a strategic response to market conditions and anticipated returns [1][5]. This summary encapsulates the critical insights from the conference call, highlighting the dynamics of the insurance industry in relation to market fluctuations and internal financial metrics.

Investment Rating - The report maintains an "Overweight" rating for the insurance industry [2][3]. Core Insights - The 2026 government work report emphasizes the goal of enhancing the quality and expanding the coverage of the insurance industry, further promoting high-quality development [3][4]. - The report highlights multiple areas where insurance plays a crucial role, including livelihood security, rural revitalization, and risk prevention [4]. - Key tasks for 2026 include improving the multi-tiered medical security system, increasing the minimum monthly basic pension for urban and rural residents by 20 yuan, and enhancing agricultural insurance measures [5][6]. Summary by Relevant Sections Livelihood Security Insurance - The report outlines the establishment of a long-term mechanism for basic medical insurance participation and the introduction of an innovative drug directory for commercial health insurance, with long-term care insurance covering 300 million people [5][6]. - It also mentions the need to combat fraud in medical insurance and to accelerate the development of commercial health insurance [6]. Pension Insurance - The minimum standard for basic pensions will be increased by 20 yuan, and a personal pension system will be implemented nationwide [5][6]. Agricultural Insurance - Measures to promote agricultural insurance development will be formulated to enhance comprehensive disaster prevention and reduction capabilities [6]. Catastrophe Insurance - The report calls for the establishment of a catastrophe insurance guarantee system to maintain national security and social stability [6]. Export Credit Insurance - There will be increased support for credit and insurance to stabilize foreign trade and expand the use of the Renminbi in cross-border transactions [6]. Capital Market and Risk Management - The report emphasizes the need for orderly risk resolution and capital replenishment in the financial sector, with a focus on enhancing the stability of insurance companies [5][6]. - It highlights the importance of insurance funds as a significant source of long-term capital, with a recommendation for a more stable allocation of equity assets [5][6]. Investment Recommendations - The report recommends stocks such as Ping An Insurance, China Pacific Insurance, New China Life, China Property & Casualty Insurance (H), China Life, and China Re (H) for investment [5].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致 的任何損失承擔任何責任。 中 國 人 壽 保 險 股 份 有 限 公 司 China Life Insurance Company Limited ( ) 於 中 華 人 民 共 和 國 註 冊 成 立 之 股 份 有 限 公 司 (股份代號：2628) 董事會會議通告 中國人壽保險股份有限公司(「本公司」)董事會(「董事會」)茲通告謹定於 2026 年 3 月 25 日(星期三)舉行董事會會議，以考慮及通過本公司截至 2025 年 12 月 31 日止年度之末期業績，以及建議派付末期股息，並處理任何其他事項。 獨立非執行董事： 香港，2026 年 3 月 6 日 於本公告日期，本公司董事會由以下人士組成： 執行董事： 非執行董事： 蔡希良、利明光、劉暉、阮琦 胡錦、胡容、牛凱龍 林志權、翟海濤、陳潔、盧鋒 承董事會命 中國人壽保險股份有限公司 邢家維 公司秘書 ...