CHINA LIFE INSURANCE COMPANY LIMITED 本人╱吾等3 地址為3 （需與股東名冊上所載的相同），乃中國人壽保險股份有限公司（「本公司」）之股東，茲委任大會主席或4 ， 地址為 為本人╱吾等之代表，代表本人╱吾等出席於2025年9月25日（星期四）上午9時30分假座中國北京市西城區金融大街16號中 國人壽廣場A座二層多功能廳舉行之本公司2025年第一次臨時股東大會及其任何續會，並按以下指示代表本人╱吾等就日期 為2025年9月4日之2025年第一次臨時股東大會通告所載之決議案投票。若無指示，則由本人╱吾等之代表可自行酌情投票 表決。 | | 普通決議案 | 贊成5 | 反對5 | 棄權5 | | --- | --- | --- | --- | --- | | 1. | 審議及批准關於不再設立監事會的議案。 | | | | | 2. | 審議及批准對本公司股東大會議事規則的修訂建議。 | | | | | 3. | 審議及批准對本公司董事會議事規則的修訂建議。 | | | | | 4. | 審議及批准本公司2025年中期利潤分配方案。 | | | | | | 特別決議案 | 贊成5 ...

CHINA LIFE INSURANCE COMPANY LIMITED 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通告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本通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。 2025年第一次臨時股東大會通告 茲通告，中國人壽保險股份有限公司（「本公司」）將於2025年9月25日（星期四）上午9時30 分假座中國北京市西城區金融大街16號中國人壽廣場A座二層多功能廳舉行2025年第一次 臨時股東大會（「臨時股東大會」），以處理下列事項： 作為普通決議案 - 1 - 1. 審議及批准關於不再設立監事會的議案。 2. 審議及批准對股東大會議事規則的建議修訂（有關建議修訂全文載於本公司日期為 2025年9月4日之通函（「通函」）附錄二內），並授權董事會及其授權人根據有關監管機 構和本公司上市地交易所不時提出的修改要求，對股東大會議事規則修訂案作其認 為必須且適當的相應修改。 3. 審議及批准對董事會議事規則的建議修訂（有關建議修訂全文載於通函附錄三內）， 並授權董事會及其授權人根據有關監管機構和本公司上市地交 ...

此乃要件 請即處理 閣下如對本通函或應採取的行動有任何疑問，應諮詢 閣下的股票經紀或其他註冊證券商、銀 行經理、律師、專業會計師或其他專業顧問。 閣下如已將名下全部中國人壽保險股份有限公司股份售出或轉讓，應立即將本通函及隨附的臨 時股東大會代表委任表格交予買方或承讓人，或送交經手買賣或轉讓的銀行、股票經紀或其他 代理商，以便轉交買方或承讓人。 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通函的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本通函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 關於不再設立監事會的議案 修訂公司章程、股東大會議事規則及董事會議事規則 2025年中期利潤分配方案 及 2025年第一次臨時股東大會通告 中國人壽保險股份有限公司謹定於2025年9月25日（星期四）上午9時30分假座中國北京市西城 區金融大街16號中國人壽廣場A座二層多功能廳舉行臨時股東大會。臨時股東大會通告載列於 本通函的第EGM-1頁至第EGM-5頁。 不論 閣下能否出席臨時股東大會， ...

证券之星消息，9月3日保险板块较上一交易日下跌2.6%，中国太保领跌。当日上证指数报收于3813.56， 下跌1.16%。深证成指报收于12472.0，下跌0.65%。保险板块个股涨跌见下表： | 代码 | 名称 | 主力净流入 (元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601628 中国人寿 | | 1162.05万 | 1.32% | 2939.95万 | 3.35% | -4102.01万 | -4.68% | | 601336 新华保险 | | -4707.48万 | -3.46% | 4768.32万 | 3.50% | -60.84万 | -0.04% | | 601601 中国太保 | | -7783.76万 | -7.84% | 4247.59万 | 4.28% | - 3536.18万 | 3.56% | | 601319 中国人保 | | -8089.75万 | -12.10% | 3799.05万 | 5.68% | 4 ...

Group 1 - China Life Insurance Company reported a strong mid-year performance with total assets and investment assets exceeding 7 trillion yuan as of June 30, 2025, and total premiums reaching a historical high for the same period, indicating a steady increase in market share [1][2] - The company's chairman emphasized three proactive strategies: "strategic initiative," "transformation initiative," and "development initiative," which collectively reflect the company's focus on sustainable growth and effective asset-liability management [1][2] - The individual insurance channel generated total premiums of 400.45 billion yuan, a year-on-year increase of 2.6%, while the bancassurance channel saw a significant rise in total premiums to 72.44 billion yuan, up 45.7%, and new single premiums increased by 111.1% [2] Group 2 - The company plans to focus on three key areas for the second half of the year: enhancing service to meet customer needs in the fields of pension, health, and financial management; maintaining long-term and cross-cycle operations while ensuring reasonable premium growth; and emphasizing cost reduction, marketing reform, and technological empowerment to strengthen core competitiveness [3]

Core Viewpoint - The recent adjustment of the predetermined interest rates for various insurance products has highlighted the competitive advantage of participating insurance, encouraging consumers to reassess its value [1][2][3] Industry Trends - The maximum predetermined interest rate for ordinary insurance products is now 2.0%, for participating insurance it is 1.75%, and for universal insurance, it is 1.0% [1] - Participating insurance has seen significant growth, with China Life reporting that its floating income business accounted for over 50% of new premium income, reflecting a year-on-year increase of over 45 percentage points [1] - Ping An's participating insurance products accounted for approximately 40% of its new business in the first half of the year, while China Pacific Insurance reported a 42.5% share in its new premium income [2] Regulatory Impact - The regulatory environment has shifted to support participating insurance, with measures aimed at curbing short-term arbitrage and enhancing product pricing logic [2][3] - The adjustment in predetermined interest rates is seen as both an opportunity and a challenge, potentially increasing sales difficulty in the short term but enhancing the relative advantages of participating insurance in the long term [3] Market Dynamics - The low interest rate environment has made participating insurance more attractive, as it combines protection and returns, leading to a significant increase in its market share [2][5] - Despite the positive outlook, there are concerns about the sustainability of sales growth, as the recent surge in new business may not be long-lasting [6] Strategic Initiatives - Companies are forming dedicated teams to drive the transformation towards participating insurance, focusing on integrated sales strategies and management of participating accounts [3] - The insurance sector is recognizing the potential in health, pension, and wealth management markets, which are projected to be worth trillions, necessitating a transformation in technology, risk management, and product innovation [6]

Core Viewpoint - Morgan Stanley's research report indicates that the recent performance of domestic insurance stocks reflects positive signals such as a shift in reserve liabilities, improved asset-liability management, increased mid-term dividends, enhanced capital repayment, and strong operational conditions in both life and non-life insurance sectors [1] Group 1: Financial Performance - Domestic insurance stocks have shown a rebound this year, with current price levels corresponding to a projected price-to-earnings ratio of approximately 7 times for 2026 [1] - The expected dividend yield for these stocks is around 4%, indicating an improved risk-return profile [1] Group 2: Company Outlook - Morgan Stanley is optimistic about China Life and Ping An, anticipating continued strong performance in the third quarter [1] - The firm maintains an "overweight" rating for both companies, with target prices set at HKD 31 for China Life and HKD 80 for Ping An [1]

Group 1: Insurance Premium Growth - The insurance industry in China reported a premium income of 3.7 trillion yuan in the first half of 2025, marking a year-on-year increase of 5.1% [2] - Major insurance companies such as China Life and China Pacific have shown continuous growth in premium income, with China Life achieving a record high of 525.09 billion yuan, up 7.3% year-on-year [2][3] - China Pacific's premium income from property insurance reached 323.3 billion yuan, reflecting a 3.6% increase, maintaining the industry's leading market share of 33.5% [3] Group 2: Enhanced Insurance Capacity - The insurance industry has strengthened its capital operation capabilities, with New China Life achieving an annualized total investment return rate of 5.9%, up 1.1 percentage points year-on-year [3] - The total assets of insurance companies and asset management companies reached 39.2 trillion yuan by the end of the second quarter of 2025, an increase of 3.3 trillion yuan since the beginning of the year [5] - The industry is actively integrating into national development strategies and enhancing service to the real economy, with Ping An Property & Casualty developing 1,741 products to provide risk protection for small and micro enterprises [5] Group 3: Technological Advancements - China Pacific is leveraging AI technology to optimize insurance business processes, with AI applications covering nearly half of customer service interactions and achieving a 99% accuracy rate in liability recognition [4] - The automation rate for health insurance claims has reached 16%, with a 47% reduction in average costs per case [4]

Group 1: Industry Overview - Insurance companies listed on A-shares have significantly increased their allocation to equity assets, with a total stock investment scale of nearly 1.8 trillion yuan as of June 30, 2025, an increase of 405.36 billion yuan from the end of 2024, reflecting strong confidence in the stock market [1] - By the end of Q2 2025, the total amount of insurance funds invested in stocks reached 3.07 trillion yuan, up approximately 640 billion yuan from the end of Q4 2024, indicating a proactive approach to seizing investment opportunities in equity assets [1] Group 2: China Life Insurance - As of June 30, 2025, China Life's investment assets reached 71,271.53 billion yuan, a growth of 7.8% from the end of 2024, with total investment income of 1,275.06 billion yuan, a year-on-year increase of 4.2% [3] - China Life has significantly increased its equity asset allocation, adding over 150 billion yuan in the first half of the year, with stock investments totaling 620.14 billion yuan, an increase of 119.05 billion yuan from the end of 2024, raising its proportion from 7.58% to 8.70% [3] Group 3: China Ping An - As of June 30, 2025, China Ping An's stock investment scale reached 649.29 billion yuan, an increase of 211.92 billion yuan or 48.5% from the end of 2024, with stock investments accounting for 10.5% of total investments, up 2.9% [4] - The company plans to focus on new productive forces and high-dividend value stocks for future equity investments [4] Group 4: China Pacific Insurance - In the first half of 2025, China Pacific Insurance's stock scale reached 283.13 billion yuan, an increase of 28.06 billion yuan, with core equity (stocks and equity funds) accounting for 11.8% of total assets, up 0.6% from the end of the previous year [5] Group 5: China Reinsurance - As of June 30, 2025, China Re's stock investment totaled 152.13 billion yuan, an increase of 11.95 billion yuan from the end of 2024, with a notable rise in high-dividend OCI-type investments from 30.64 billion yuan to 37.47 billion yuan, an increase of 6.83 billion yuan [7] - The company emphasizes the value of high-dividend stock allocations, which provide stable cash flow and investment returns [7]

Core Insights - The five major listed insurance companies in the A-share market have released their semi-annual reports for 2025, highlighting significant investment dynamics and performance in the capital market [1] Investment Dynamics - The total stock investment of the five major insurance companies reached 1,846.43 billion yuan by the end of Q2, an increase of 411.86 billion yuan from the beginning of the year, reflecting a nearly 30% growth [1] - This increase indicates the insurance companies' confidence in the equity market and recognition of long-term investment value [1] Investment Performance - The five major insurance companies collectively achieved a total investment income of 367.38 billion yuan in the first half of the year, representing a year-on-year growth of nearly 9% [1] - China Life Insurance led with a total investment income of 127.51 billion yuan, accounting for over 30% of the total, attributed to its large investment asset scale [1] - New China Life Insurance reported an annualized total investment return rate of 5.9%, leading the industry and showcasing its efficient investment strategy [2] Return Rate Disparity - There is a notable disparity in the total investment return rates among the insurance companies, with New China Life and China Pacific Insurance achieving annualized rates of 5.9% and 5.1%, respectively, both showing significant year-on-year growth [2] - In contrast, China Life and China Taiping reported lower return rates of 3.29% and 2.3%, respectively [2] - China Ping An did not disclose its annualized return rate but achieved a non-annualized comprehensive investment return rate of 3.1%, up by 0.3 percentage points year-on-year [2] Asset Scale and Strategy - China Life and China Ping An are in the leading tier with investment assets of 7.13 trillion yuan and 6.20 trillion yuan, respectively [2] - China Taiping, China Pacific Insurance, and New China Life follow closely, with their asset scales gradually converging [2] - The differentiation in asset scale influences the investment strategies and performance of each insurance company [2] Market Adaptation - In response to low bond market interest rates and structural differentiation in the stock market, insurance funds have become a crucial stabilizing force in the capital market [2] - Insurance companies are adjusting their asset allocation strategies to adapt to market changes, such as New China Life expanding its equity layout through private equity funds and China Life increasing its allocation to high-dividend assets [2] Investment Strategy Implementation - China Ping An's co-CEO emphasized that the investment strategy is integral to the company's asset matching, focusing on duration, cost, cash flow, yield, and regulatory requirements to achieve a linkage between investment and liability [4] - This precise implementation of investment strategy allows China Ping An to maintain stable investment returns even in complex market conditions [4] - The trend of increasing stock asset allocation among insurance companies is expected to enhance investment returns and promote stable development in the capital market [4] Overall Performance - The five major listed insurance companies demonstrated robust investment styles and flexible market adaptability in their first-half investment performance [4] - As market conditions continue to evolve, these companies will further adjust and optimize their investment strategies to achieve more sustainable and efficient investment returns [4]