公告 關連交易 成立合夥企業 董事會宣布，本公司、福建政府投資及福州金投（各方均作為有限合夥人）擬與金宏致 遠（作為普通合夥人）及福州合睿（作為特殊有限合夥人）訂立合夥協議，藉以成立合夥 企業。合夥企業全體合夥人擬認繳出資總額為人民幣4,015,400,000元，其中，本公司 擬認繳出資額為人民幣2,800,000,000元。國壽金石將作為合夥企業的管理人。 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。 CHINA LIFE INSURANCE COMPANY LIMITED 本公司（作為有限合夥人）亦擬與金宏致遠（作為普通合夥人）及國壽金石（作為管理人） 訂立附屬協議，以對合夥協議中的部分條款作出適用於本公司的修訂。 預計本公司將於2026年12月31日前與相關方訂立合夥協議及附屬協議。 集團公司為本公司的控股股東，目前持有本公司約68.37%的已發行股本，為本公司的 關連人士。國壽金石為集團公司的間接全資附屬公司，而金宏致遠為國壽金石的全資 附 ...

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 炷㕤ᷕ厗Ṣ㮹ℙ⚳姣Ⅎㆸ䩳ᷳ偉ấ㚱旸℔⎠炸! 炷偉ấẋ嘇;!3739炸! 保險公司償付能力報告摘要 註 2025年第4季度 公司簡介和報告聯繫人 | 公司中文名稱： | 中國人壽保險股份有限公司 | | --- | --- | | 公司英文名稱： | China Life Insurance Company Limited | | 法定代表人： | 利明光 | | 註冊地址： | 中國北京市西城區金融大街16號 | | 註冊資本： | 人民幣2,826,470.5萬元 | 註： 本 償 付 能 力 季 度 報 告 摘 要 根 據 原 中 國 銀 行 保 險 監 督 管 理 委 員 會（「原中國銀保監會 」）印 發 的《保 險 公 司 償 付 能 力監管規則（Ⅱ）》，國家金融監督管理總局（「金融監管總局 ...

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份內容而產 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 炷㕤ᷕ厗Ṣ㮹ℙ⚳姣Ⅎㆸ䩳ᷳ偉ấ㚱旸℔⎠炸! 炷偉ấẋ嘇;!3739炸! 截至2025年12月31日止年度的業績公告 董事長致辭 2025年是「十四五」收官之年 ，中國人壽深入學習貫徹黨的二十大和二十屆歷次全會精神 ， 認 真 落 實 中 央 經 濟 工 作 會 議 以 及 全 國 金 融 系 統 工 作 會 議 部 署 ，以 建 設 成 為「發 展 卓 越 、創 新 驅 動 、協 同 高 效 、治 理 現 代 」的 中 國 特 色 世 界 一 流 壽 險 公 司 為 願 景 ，堅 定 不 移 走 中 國 特 色金融發展之路 ，推動高質量發展行穩致遠 。 - 1 - 過去的一年 ，公司乘勢而上 、銳意改革 ，真抓實幹 、攻堅克難 ，核心業績指標再攀新高 ， 市 場 領 先 地 位 穩 固 ，綜 合 實 ...

Investment Rating - The report provides a "Buy" rating for the non-bank financial sector, indicating an expected performance that will exceed the market by more than 10% over the next 12 months [36]. Core Insights - The report emphasizes the importance of strengthening market stability mechanisms and suggests focusing on left-side opportunities within the sector. It highlights that external risk events may fluctuate, but the market's resilience remains strong, with a trend of incremental capital inflow expected to continue [5]. - The introduction of the Financial Law draft is seen as a significant step towards enhancing regulatory frameworks and promoting high-quality development in the financial sector. This law aims to strengthen supervision, prevent risks, and support long-term growth [16][17]. - The insurance sector is advised to be actively monitored, as it continues to increase its equity investment ratio despite market downturns. The report notes that the solvency ratio of life insurance companies remains robust, providing a buffer against potential market pressures [13][5]. Summary by Sections 1. Market Performance - As of March 21, 2026, the Shanghai Composite Index fell by 3.38%, while the Shenzhen Component Index decreased by 2.90%. The CSI 300 Index dropped by 2.19%, and the ChiNext Index rose by 1.26% [10]. 2. Industry Dynamics and Weekly Commentary (a) Insurance - The report indicates that the insurance sector is guided by the two sessions to pursue high-quality development. The solvency ratio of life insurance companies is at 115%, significantly above the regulatory threshold of 50%, allowing for continued investment in equities [13]. - The proportion of insurance funds allocated to stocks and funds has increased to 14.8%, up by 2.1 percentage points from the previous year. The report suggests that the current valuation of the insurance sector presents a good cost-performance ratio [13]. (b) Securities - The Financial Law draft aims to enhance financial regulation and promote high-quality development. It establishes a comprehensive legal framework for financial activities, emphasizing risk prevention and regulatory clarity [16][17]. - The report notes that the Hong Kong Securities and Futures Commission has reported a significant increase in the virtual asset market, with a daily trading volume increase of 89.5% year-on-year, indicating a growing market and regulatory framework [21][23]. 3. Key Company Valuations and Financial Analysis - The report includes detailed valuations for key companies in the sector, with several companies rated as "Buy," including China Ping An, China Life, and Huatai Securities, among others. The expected earnings per share (EPS) and price-to-earnings (PE) ratios for these companies indicate strong growth potential [6].

Core Insights - The report emphasizes the importance of strengthening market stability mechanisms and highlights potential left-side opportunities in the non-bank financial sector [1][7]. Group 1: Market Performance - As of March 21, 2026, the Shanghai Composite Index was at 3957.05 points, down 3.38%, while the Shenzhen Component Index fell 2.90% to 13866.20 points. The CSI 300 Index decreased by 2.19% to 4567.02 points, and the ChiNext Index rose by 1.26% to 3352.10 points [12]. Group 2: Industry Dynamics and Weekly Commentary Insurance Sector - The report indicates that the insurance sector is guided by the two sessions to develop a high-quality growth blueprint. As of March 20, 2026, the 10-year government bond yield was 1.83%, up 2 basis points from the previous week. The insurance sector is advised to be actively monitored due to its improving fundamentals and increasing equity investment ratio, which reached 14.8% by the end of 2025, up 2.1 percentage points from 2024 [15][18]. - The solvency ratio for life insurance companies was 115%, significantly above the regulatory threshold of 50%, indicating a strong capacity to maintain equity investments despite market fluctuations [15][18]. Securities Sector - The report discusses the introduction of the first financial law draft aimed at enhancing financial governance and promoting high-quality development. This draft, released on March 20, 2026, focuses on strengthening regulation, risk prevention, and facilitating high-quality growth in the financial sector [18][19]. - The draft aims to establish a comprehensive regulatory framework, clarifying responsibilities and enhancing risk management capabilities across financial institutions [19][21]. Group 3: Investment Recommendations - The report suggests focusing on specific stocks within the insurance sector, including China Ping An (A/H), China Life (A/H), and China Pacific Insurance (A/H), due to their favorable valuation and growth potential [15][18]. - In the securities sector, recommended stocks include Guotai Junan (A/H), China Merchants Securities (A/H), and CITIC Securities (A/H), which are expected to benefit from the ongoing market reforms and stability mechanisms [7][15].

Group 1 - Industry Investment Rating: Overweight [2] - Core Viewpoint: The demand for savings is driving the NBV (New Business Value) prosperity, and the importance of asset-liability linkage is increasing [2][4] - Investment Recommendations: Recommended companies include Ping An, China Pacific Insurance, New China Life, China Property & Casualty, China Life, and People's Insurance Company of China [3][4] Group 2 - Life Insurance: The growth in savings demand is expected to drive NBV growth, with the bancassurance channel being a significant driver [3][4] - Property Insurance: Premium scale is expected to grow steadily, with leading companies improving their combined ratio (COR) [3][4] - Economic recovery is anticipated to lead to stable profit and EV growth for listed insurance companies in 2026 [3][4] Group 3 - The liability side continues to grow, with an improvement in liability costs: It is expected that savings demand will drive NBV growth in 2026, with the bancassurance channel being a key driver [3][4] - The importance of asset-liability linkage is rising: The uncertainty in investment returns and the difficulty in reducing liability costs are raising concerns about insurance company profitability [3][4] - The expected growth in premium income for 2026 is driven by the migration of residents' asset allocation towards savings-type insurance, especially participating insurance [18]

董事名單與其角色和職能 中國人壽保險股份有限公司董事會（「董事會」）成員載列如下。 董事長及執行董事 蔡希良 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) 林志權 翟海濤 陳潔 盧鋒 職工董事 李偉 董事會設立 5 個委員會。下表提供各董事會成員在這些委員會中所擔任的職位。 | 委員會 | 審計委員會 | 提名薪酬委 | 風險管理與 | 戰略與資産 | 關聯交易控 | | --- | --- | --- | --- | --- | --- | | 董事 | | 員會 | 消費者權益 保護委員會 | 負債管理委 員會 | 制委員會 | | 蔡希良 | | | | | | | 利明光 | | | | M | | | 劉暉 | | | | M | | | 阮琦 | | | M | | | | 胡錦 | | M | | | | | 胡容 | | | M | | | | 牛凱龍 | | | | M | | | 林志權 | C | M | | | M | | 翟海濤 | M | ...

中国人寿保险股份有限公司 关于董事任职资格获金融监管总局核准的公告 中国人寿保险股份有限公司（"本公司"）第四届职工代表大会第四次 会议选举李伟先生为本公司第八届董事会职工董事。 证券代码：601628 证券简称：中国人寿 编号：临 2026－007 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。 李伟先生的简历请见本公司于 2025 年 12 月 31 日在上海证券交易所网 站（www.sse.com.cn）发布的《中国人寿保险股份有限公司关于选举职工 董事的公告》。 特此公告 中国人寿保险股份有限公司董事会 2026 年 3 月 19 日 本公司近日收到国家金融监督管理总局（"金融监管总局"）关于李伟 任职资格的批复。根据该批复，金融监管总局已核准李伟先生担任本公司 董事的任职资格，其任职自 2026 年 3 月 11 日起生效。 ...

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。 本公司近日收到國家金融監督管理總局（「金融監管總局」）關於李偉先生任職資格的批 覆。根據該批覆，金融監管總局已核准李偉先生擔任本公司董事的任職資格，其任職自 2026 年 3 月 11 日起生效。 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) 公告 董事任職資格獲金融監管總局核准 茲提述中國人壽保險股份有限公司（「本公司」）日期為 2025 年 12 月 30 日的公告，內容有 關本公司於第四屆職工代表大會第四次會議上，選舉李偉先生為本公司第八屆董事會（「董 事會」）職工董事。 李偉先生的簡歷請見本公司日期為 2025 年 12 月 30 日的公告。 承董事會命 中國人壽保險股份有限公司 邢家維 公司秘書 香港，2026 年 3 月 19 日 於本公告日期， ...

Investment Rating - The report maintains a "Buy" rating for China Life Insurance [1] Core Views - China Life Insurance is positioned as a leading player in the domestic life insurance industry, with strong business growth momentum and valuation recovery potential [1][7] - The company has achieved record high net profit attributable to shareholders, driven by favorable investment returns and a robust market position [7][29] - The report highlights the company's solid market share and growth in new business value (NBV), indicating a positive outlook for future performance [7][47] Summary by Relevant Sections Overall Performance - China Life's total revenue is projected to grow from 344.27 billion yuan in 2023 to 692.20 billion yuan by 2027, with a compound annual growth rate (CAGR) of 7.36% [1] - The net profit attributable to shareholders is expected to increase from 46.18 billion yuan in 2023 to 186.53 billion yuan 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, placing it among the top in the industry [7][29] Liability Side - The company has maintained a stable market share, with total premium income surpassing 700 billion yuan, achieving a CAGR of 7.3% from 2014 to 2024 [7][35] - New business premiums have shown a recovery, with a growth rate of 10.4% year-on-year in the first three quarters of 2025 [7][40] - The NBV has returned to a rapid growth trajectory, with year-on-year increases of 14.0%, 24.3%, and 41.8% for 2023, 2024, and the first three quarters of 2025, respectively [7][47] Asset Side - The investment asset scale has grown significantly, from 2.10 trillion yuan in 2014 to 6.61 trillion yuan in 2024, with a CAGR of 12.1% [7][33] - The company has increased its allocation to equity investments, with a high proportion of financial investments yielding significant returns [7][33] - The average net and total investment returns over the past decade have been 4.3% and 4.7%, respectively, indicating stable historical performance [7][33] Investment Recommendations - The report suggests that the current valuation remains low, with A and H shares trading at 0.70x and 0.41x 2026E PEV, respectively, indicating potential for upward adjustment [7][29] - The company is expected to benefit from its strong brand and product service capabilities, particularly in the dividend insurance era [7][29]